The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 52-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 52-storey tower, which has just shy of 250 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

Joel Robinson

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

Sherpa Group has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at Flourish Soleira in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with Flourish Amargo, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

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]

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

Savills

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A Malaysian Investor has paid $5 million on a tight 4.86 percent yield for a Burgundy Street, Heidelberg investment property with development upside.
The Savills deal established a new land value record for the area of $11,655 a square metre.
The new single storey, 420 square metre retail building in the heart of the Burgundy Street retail precinct, was sold subject to a new lease to Chemist Warehouse returning $243,101 per annum.
There are plans and a permit for the construction of 16 apartments over six levels above.
Savills’ Director CBD &amp; Metropolitan Sales, Nick Peden, who brokered the 156 Burgundy Street deal with Jesse Radisich, said, with foundations already in place to support the approved project, the new development was ready to go. 
"This was truly a rare opportunity with income from a blue chip tenant during construction.
Heidelberg, within easy reach of Melbourne’s CBD, has become increasingly popular over recent years with developers selling up to 90 percent of apartment projects before and during construction.
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j.ballantyne1990-6AQqhLzZaK

Savills secures land value record for Heidelberg

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The recent Savills Prime Full Floor Availability Report indicates the state of the leasing market and is used to assess office stock vacancy in a different manner to most vacancy surveys.
The report graphically shows each Premium and A grade building, as well as top B grade buildings in the CBD on a floor-by-floor basis.
The report highlights which floors are available for lease in each building, now and in the near future, including those under construction and refurbishment.
The September 2016 Adelaide Prime Full Floor Availability Report results are detailed below.
<a href="/images/2016/10/25/Adelaide%20full%20floor.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Adelaide%20full%20floor.jpg" alt="">
Compared to September 2015, the number of full floors available has increased from 47 to 65 in September 2016.
Of the 65 prime floors, all are available for occupation within the next six months. All of this space is available for occupation as either direct or sub-lease vacancies.
Further options exist for tenants seeking B grade buildings, with 38 full floors currently available to the market.
The chart below tracks available space within prime office buildings as a percentage of the total prime office space in the CBD.
On a quarterly basis, the number of prime full floors available has increased from 57 in June 2016 to 65 in September 2016, representing 13.1 percent availability rate.
<a href="/images/2016/10/25/Adelaide%20office%20full%20floors.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Adelaide%20office%20full%20floors.jpg" alt="">
According to the Property Council of Australia (PCA), the Adelaide CBD office market vacancy rate increased in the 12 months to June 2016, reaching 15.8 percent, up from 13.5 percent in June 2015.
This is the highest vacancy rate since 1999, however not significantly higher than the five year average of 13.0 percent.
A similar trend has occurred in the Fringe office market. The headline vacancy rate in the Fringe increased from 8.0 percent in June 2015 to 10.2 percent in July 2016, according to the PCA.
There is an increasing gap between prime and secondary grade space, with A- Grade buildings recording a decline in the vacancy rate for the first time in two years.
<a href="/images/2016/10/25/Adelaide%20CBD%20vacancy%20rates.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Adelaide%20CBD%20vacancy%20rates.jpg" alt="">
The majority of the increase in the overall CBD vacancy rate at the tail-end of 2015 can be attributed to an increase in the availability of sub-lease space in A and B Grade buildings, however sublease vacancy now declined marginally during the first half of 2016.
Around 10,000 square metres of sublease space has been leased, while direct vacancy has increased. A and B Grade buildings are mostly responsible, with vacancy in both of these grades showing the largest movement in available space in the six months to July.
The return of refurbished space in 81-95 Waymouth Street recently, along with 50 Flinders Street and the partial return of 1 King William Street earlier this year, added almost 40,000 square metres of A Grade stock to the market.
While some of this has been absorbed through the relocation of PCCU and the Department of Environment, Water and Natural Resources, subsequent backfill and rationalisation of other space has placed some pressure on supply levels and thus the amount available vacant space in the market.
<a href="/images/2016/10/25/Adelaide%20office%20vacancy%20rate.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Adelaide%20office%20vacancy%20rate.jpg" alt="">
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Number of full floors available in Adelaide has increased compared to last year: Savills

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In the 12 months to September 2016, Savills' latest quarterly report identified approximately 137,100 square metres of leasing activity in the central Adelaide office market, including Adelaide CBD and fringe areas.
This an increase on activity levels 12 months prior and above the five year average of approximately 97,500 square metres.
The majority of these leases (approximately 80% of the volume identified leased) were in the Adelaide core precinct.
Some 70% the deals reported in the 12 months to September 2016 period were new tenants, while 30% were renewals and sub-lease deals.
Of the 137,100 square metres identified leased in central Adelaide in the 12 months to September 2016, the government and community sector dominated activity by volume of space leased.
However, the property and business services sector had the greatest number of transactions.
A selection of recent leasing transactions is displayed in the tables below.
<a href="/images/2016/10/25/Adelaide%20leasing%20table.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Adelaide%20leasing%20table.jpg" alt="">
Savills’ Adelaide Lease Expiry Report analyses a database of lettable floor space in the CBD and fringe office markets. As at the September 2016 report, it is estimated that an average of 115,000 square metres of leased space in the CBD will come up for renewal each year for the next three years.
Around 43% of this space is leased by the government and community sector, one of Adelaide’s largest occupiers, however, the finance and insurance and the property and business services sectors combined have a similar amount of space coming up for renewal.
In the short-term there is likely to be ongoing demand from tenants seeking to rationalise existing space, as well as from those seeking expand or upgrade into new space.
<a href="/images/2016/10/25/Adelaide%20office.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Adelaide%20office.jpg" alt="">
The state and federal government have been significant takers of space during the last quarter.
Traditionally one of the largest occupiers in Adelaide, the recent deals by government occupiers during the last three months were a combination of new transactions and renewals.
In August 2016, Country Health SA (state government) renewed their lease for two floors in 22 King William Street, adding a part floor as expansion space in the process. The National Centre for Vocational Education Research (NCVER) leased two floors in 60 Light Square, which became vacant after People’s Choice Credit Union (PCCU) relocated to their newly completed building in 50 Flinders Street.
Another state government department leased a full floor in 60 Light Square in June. In addition, following the sale of the buildings in the State Administration Precinct portfolio in September, the government occupied buildings are subject to new 12-year leases.
In June 2016, UK firm, Babcock International, together with the state government, announced Babcock would be moving their regional headquarters to Adelaide.
The state government has provided a multi-million dollar incentive to the firm for the relocation, including incentive payment towards the fitout of their new Adelaide office, which will be based in 70 Franklin Street.
Botten Levinson Lawyers has moved into level one of the old Darling Building on Franklin Street, following its refurbishment by a syndicate group led by Williams Burton Leopardi.
Williams Burton Leopardi relocated to the top floor in May. The syndicate purchased the building in 2013 for $1.05 million and undertook a complete refurbishment.
Other deals of note, include Bank of China leasing part level 8 in 1 King William Street plus the ground floor for their retail outlet.
Fyfe has relocated one of their Core located offices on Flinders Street to Viterra’s old building at 124-130 South Terrace in the Frame.
Hudson has relocated from 75 Hindmarsh Square to 101 Pirie Street, rationalising about 500 square metres in the move.
Morgan Stanley has also relocated, moving from 115 Grenfell Street to 2 King William Street recently, although only reduced space requirements by about 100 square metres.
As at September 2016, net face rents in Adelaide CBD typically range from $395 to $460 per square metre per annum for premium grade, $330 to $410 per square metre per annum for A Grade and $265 to $335 per square metre per annum for B Grade.
In Adelaide’s fringe, as at September 2016, net face rents typically range from $330 to $355 per square metre per annum for A Grade and $270 to $300 per square metre for B Grade.
Although incentives had shown signs of stabilising earlier this year, over the last quarter they have increased to above 26% or in some cases, higher, in CBD prime space, resulting in a slight drop in net effective rents over the last three months.
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Office leasing activity increases in Adelaide: Savills

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Melbourne based Pluto Property has sold a Derrimut industrial property.
It was bought by a private investor for $3.8 million on a 7.3 percent yield in a deal brokered by Savills agents Chris Jones and Ben Hegerty.
The 2/80-100 Fulton Drive property comprises a 3240 square metre (GLA) office and warehouse facility on a 7104 square metre site.
The property is located on the Gilbertson’s Estate about 12 kilometres west of the CBD and within easy reach of major arterial networks.
Mr Jones said the property was sold with approximately three years remaining on the initial lease term to global supply chain solutions company, BR International Logistics, at an annual rental of $277,661.
He said the sale represented a GLA value rate of $1173 a square metre.
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Pluto sells Derrimut industrial for $3.8 million

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The price of larger industrial land allotments in some of Melbourne’s northern and western industrial precincts has risen by up to 23 percent in the year to date as a shortage of ready to go development site, according to Savills.
Savills Industrial Director, Michael Green, sees further rises are possible as the availability of sites is not expected to improve significantly before 2018.
"We have seen significant rises in land values in some key pockets and that has been driven by the shortage of development options at the same time as low interest rates are driving a surge in pre-commitments and leasing demand has risen more than 25 per cent on the long term average.
"With delivery of key subdivisions a little way off we are likely to see that upward pressure on values remain until closer to 2018 especially with the strong push from occupiers wanting to get into the market,’’ Mr Green said.
Savills research identified approximately 505,200 square metres of industrial accommodation reported leased in the Northern and Western industrial markets in the 12 months to September.
This is up just over 26 per cent on the five year average of 402,193 square metres.
Nearly a third of the total leased was in pre-commitments.
<a href="/images/2016/11/15/Untitled1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/15/Untitled1.jpg" alt="">
Associate Director Research in Melbourne, Monica Mondkar, said the increases in land value were generally related to land parcels sized between one to five hectares and 10 hectares plus, in precincts within close proximity of key road infrastructure.
"Proximity to freeways and major arterials remains the key long term driver of choice for larger industrial users, particularly those from the transport and logistics sectors, and our research would suggest that quality infrastructure projects in the pipeline such as the Western Distributor and the widening of the Tullamarine Freeway will attract the same level of demand,’’ Ms Mondkar said.
She said while land at the smaller end of the scale, currently at $230 a square metre, had moved only minimally, over the ten years since September 2006, one to five hectare allotments had seen significant change rising 48 per cent from $135 a square metre in 2006 to $200 a square metre in 2016.
The latter, Ms Mondkar said, had been driven by institutional grade property development, buildings designed to attract large occupiers and the attention of large institutional buyers
She said the most dramatic rise in 2016 had been the 23 per cent increase in values of 10 hectare plus allotments.
Land which was selling in January for $110 a square metre is now fetching $135 driven by developers’ land banking requirements.
Ms Mondkar said the mooted North-East Link project, which would connect industrial operators in the east and southeast to the north without going through the city, the State Government’s commitment to develop a freight and logistics hub at Avalon Airport, along with the Western Distributor and Tullamarine Freeway widening projects, would all underpin the continued dominance of Melbourne’s north and west as Australia’s key industrial market.
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Industrial land values up across Melbourne

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The ABC has put its Selwyn Street, Elsternwick property on the market through Savills Australia. 
The property comprises offices, storage facilities and some of the ABC’s Melbourne television studios.
It has produced iconic Australian television productions.
The corner site of 6,155 square metres is located nine kilometres from Melbourne’s CBD.
It is zoned Mixed Use, includes six titles and has frontages to Selwyn Street (110 metres) and Sinclair Street (41 metres) as well as the use of a rear laneway.
The onsite buildings, total approximately 5,000 square metres, include a two level office, several warehouses and a two level carpark.
The site is within 100 metres of Elsternwick station, trams and retail facilities along Glen Huntly Road, while recreational reserves and several schools are all within one to two kilometres.
<img src="/images/2016/11/14/2-16%20Selwyn%20St%20ABC%20Elsternwick%20aerial.jpg" alt="">
Given its attributes, Savills’ State Director, Clinton Baxter, who is marketing the property with Jesse Radisich and Nick Peden, said the property would undoubtedly attract a great deal of attention.
"The existing buildings date back to the 1950s and offer a wide range of potential uses in what is one of the best and most highly credentialed development locations in Melbourne,’’ Mr Baxter said.
The offices, storage facilities and studios will be decommissioned next year as the productions move to its new facility at the ABC's studios in Southbank.
The property will be sold following an expressions of interest process, closing December 6.
The ABC TV Websters Project building on the corner of Selwyn and Sinclair Streets was described in Architect magazine as a "sensitive program of alteration and extension in a mixed area in Elsternwick. It won a commendation at the 1994 Victorian RAIA awards.
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Savills lists ABC Elsternwick studios

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A private Asian investor from Sydney has paid $5.06 million on an aggressive 3.61 percent passing yield for a Shell-Coles Express Service Station property at Kingsgrove.
It was at a hotly contested auction conducted by Savills.
Savills agent Steven Lerche said the property was sold subject to a five year lease to Viva Energy Australia Pty Ltd at an estimated net income of $183,022 per annum.
There were 160 enquiries, with over 65 requests for the contract of sale prior to the auction of the 137-139 Kingsgrove Road property.
It came with the bonus of future redevelopment potential of the 3320 square metre site, which includes a portion of undeveloped land, is located at the prime intersection of Kingsgrove and St Albans roads.
It boasts a combined 122 metres street frontage, and is only 600 metres north of the M5 East.
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Shell servo at Kingsgrove sells on 3.61 percent yield through Savills

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 A fully-leased modern convenience centre in a high profile location in Brisbane’s northern growth corridor has been sold for $5.044 million.
The Anzac Avenue Retail Centre is 25 kilometre north of the Brisbane CBD.
Savills agents Jon Tyson and Michael Harcourt sold the centre to a Sydney-based private investor on a 6.94% yield.
The marketing campaign generated more than 200 investor enquiries and 10 expressions of interest.
The 2008-built Anzac Avenue Retail Centre at 1646 Anzac Avenue occupies a 3,349 square metre site and features a total floor area of 584 square metres, incorporating a dynamic mix of national and chain brand tenants including Nando’s, Sunshine Kebabs, Pizza Temptations and Baskin Robbins.
The centre also provides ground level car parking for 40 vehicles.
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Sydney investor secures Brisbane retail asset

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Coles Group Property Developments has sold its newly developed Coburg North Village shopping centre for $38 million on a fully leased record low yield of 4.94 per cent, to a Melbourne based private investor.
Savills agents Pat De Maria, Tom Forrest and Steven Lerche secured the sale that generated an unprecedented response with a record 300 enquiries.
There were 27 offers to purchase from a range of privates (local and interstate), off-shore and institutional investors with 18 offers at a sub 6 per cent yield.
"In this case the limited availability of quality retail investments and the high level of demand resulted in offers totaling an extraordinary $860 million and a genuine record sub 5 per cent yield for a fully leased neighborhood centre,’’ Mr De Maria said.
Anchored by a flagship Coles Supermarket, on the corner of Gaffney and Sussex streets, the property is fully leased and comprises a 6283 square metre GLA neighborhood centre on an 18,560 square metre site with four street frontages.
It was sold with a new 15 year lease to Coles and Liquorland and an estimated net income of $1.87 million per annum.
Mr Forrest said the key factor was the Coles Supermarket (incl Liquorland) lease.
"It was, without doubt, an unequivocal vote of confidence in the Coles brand,’’ Mr Forrest said.
Located just over nine kilometres north of Melbourne the centre opened in August 2015 and offers a state of the art, flagship full-line market-style Coles Supermarket and Liquorland of 4175 square metres.
The fully leased centre is further supported by 15 convenience based specialty retailers, including a medical centre and pharmacy, and provides sensor activated on-grade parking for 303 vehicles.
The centre also benefits from a large main trade area accommodating in excess of 46,100 residents which is forecast to grow to 52,050 or 12 per cent by 2026.
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Coles Coburg sells for $38 million on record yield through Savills

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An owner-occupier in the building industry has paid $590,000 for an office/warehouse unit at Clayton in Melbourne’s south-east in a deal brokered by Savills agent Daniel Kelly. 
The <a href="https://www.commercialrealestate.com.au/property/1-1866-princes-highway-clayton-vic-3168-2012556827" target="_blank">unit 25, 1866 Princes Highway</a> property comprises a modern 335 square metre facility which is part of Pomeroy Pacific’s speculative 24 unit Wareca showroom and warehouse development.
"The purchaser was keen to secure a property which offered the best location, not just in terms of access to freeways but also exposure, and a modern building that facilitated operational efficiencies,’’ Kelly said.
He said the vendor, Stockwood Building Group, would relocate to Notting Hill.
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