Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

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

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

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

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

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

Savills

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SPONSORED POST
When I read that Myer’s biggest store is now its warehouse, it made me think, ‘Are we at the tipping point’? 
Pressure is on supply chains to perform at speeds not seen before. Traffic demand on our aging city infrastructure means slower transits and higher costs.  But ‘time is the new currency’, and customers are demanding different services. 
Supply chains with relatively cheap warehouses on a city fringe struggle to meet the need. Designed to support ‘bricks and mortar’ shops, are they obsolete? It depends… 
A truly demand-driven supply chain needs to understand who the customer is and develop strategies to profitably serve them.  ‘Segmentation’ is required to match time, place and what customers are prepared to pay for. 
A mix and match network model may be required as a result, so that a ‘one size fits all’ strategy is not blindly adopted. While online is becoming a normalised and accepted form of retailing, the recent NAB Online Retail Sales Index highlights that on-line represents under 10 percent of all retail sales. 
In a true ‘omnichannel’ world, the customer can buy goods and services from many options. For the supply chain, there may be a requirement to service a fast paced ‘pull’ online world, a slower replenishment based model to stores and a ‘push’ supply chain that supports Christmas type events.
Processes that we once fit for purpose need to be refined, economies of scale where attainable should still be exploited and the right locations chosen to enable service at the right time. Finding the best location in a network model needs to contemplate how the inventory will flow, inbound and outbound transport costs, demographics of current and future customers, IT costs, operating costs plus what properties are available now and in the future.
Big Data to the Rescue?
Data is all around us. In the age of ‘Internet of Things’, sensors and data capture, there are massive amounts of data to be captured and purposed. The challenge is how to use it in a model that provides true insights to support supply chain decisions. Building models takes time and expertise. Loading and maintaining the data takes discipline. But fortunately when both come together, quick precise fact based decisions can be made. 
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. 
Bob Quirk is the Director of Supply Chain, Industrial &amp; Logistics at Savills Australia. To learn more about Savills, visit <a href="http://www.savills.com.au/" target="_blank">savills.com.au</a>.
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jrobinson-rf4aSBido9

Have we reached the supply chain tipping point?

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An office and warehouse located in Castle Hill is being offered to the market
Located in the suburbs industrial precinct, <a href="https://search.savills.com/au/en/property-detail/aus2ms035839s" target="_blank">Suite G, 2 Hudson Avenue</a> offers 1,512 sqm and internal clearance of up to 7.2 metres.
It has two storeys, and there is access via one container-height roller door, and 26 car spaces on title.
Savills are marketing the property which also offers energy efficient solar panels which were recently installed delivering low operational outgoings.
“We expect buyers to be drawn to this offering mainly due to ambient storage, multiple docks, ramp for on grade access and ample room for container and truck access" said David Hickey at Savills Australia.
 
 
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wdavis-8cCN98p7xp

Savills marketing a Castle Hill office warehouse

<html><body>
SPONSORED POST
According to data from Accru.com, as at the end of May 2019, there are now over 326 ‘unicorn companies’ around the world and since January 2018, 119 new companies have joined the club.  
Unicorn companies are privately owned startups with a valuation of US$1 billion or more. These billion-dollar-babies owe their existence to huge amounts of venture capital.
Topping the 2019 list of Unicorns is China’s Bytedance, an Internet technology company delivering individually tailored news and media content with a $75 billion valuation. Uber is still the world’s second largest unicorn at $72 billion, with Chinese ride hailing competitor Didi Chuxing close behind at $56 billion. The USA still has the most number of unicorns (around half) followed by China with about a third. 
According to Christina Malcolm, Director, <a href="https://www.savills.com.au/services/commercial-leasing/office-leasing.aspx" target="_blank">Office Leasing at Savills Australia</a>, many global businesses, especially tech companies, are choosing to start their empire in a co-working environment, where there is room for expansion, flexible lease terms and competitive rents.
“The Sydney office market is seeing a shift in landlord behaviour – as they become further in tune with what their tenants want and need, offering flexible lease terms, not just in the co-working space but also within the REIT portfolio arena to help deal with expansion.” 
Ms Malcolm said today’s office environment needs to cater for this new age of workplace talent.
“Savvy agents and in turn, landlords are educating themselves about attracting Unicorn status groups and offering an office environment that suits these successful start-ups, technology, wellness, flexibility, location – retaining and attracting staff. 
Ms Malcolm said this is not just a CBD based trend, with a number of regional and interstate landlords breaking the mould and focusing on offering their tenants a better work/ life balance, while future proofing their buildings with inviting and flexible turn-key specs and wellness rooms. 
“Many new tenants are looking for a collaboration culture in their workplace with plenty of amenities and facilities that will keep their employees happy.
“The tenant community is definitely influencing the market,” she continued, “These companies are our future so they have to be aligned with the forward thinking landlord. 
“In a way, landlords are becoming more Chameleon-esque to fit in with the ever changing workplace terrain.
“Buildings are maturing, growing up. In years gone by they would cry (set off alarms) when things were wrong and it was up to the building‘s guardian (building managers) to work out what was wrong. Much like a toddler, buildings were incapable of explaining why they were crying. 
“But now buildings are young adults. Current buildings are akin to Unicorns’ favoured Gen I employees. They are smart, connected, able to communicate, not just advise what is wrong, but also how to fix it, they take the initiative and in some cases fix themselves. They even help write apps to make life easier, they let you, the user, bring your own device and hook it up to access its amenities like lifts, parking, meeting rooms, wellness spaces and end of trip facilities.
“Building owners are using this new found maturity and teaching their buildings to think for themselves by adding Integrated Communication Networks (ICNs) which are only limited by future technological advances”. 
These networks will allow buildings to grow as technology grows and is evidenced by Dexus’ investment in the Skynet platform and Investa’s work with Willow on its digital twin initiatives. 
With long-term retention of assets and tenants being their goal, the introduction of these systems improves the maintainability of the buildings and more importantly, provides options for the tenants to better connect with, customise and more efficiently utilise the building and its amenities.
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. Christina Malcolm is a Director within Savills Office Leasing team. To learn more about Savills, visit <a href="http://www.savills.com.au/" target="_blank">savills.com.au</a>.
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Fantasy vs. Reality: How Unicorn Groups are influencing the market 

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SPONSORED POST
The previous 12-18 months have seen undeniably challenging conditions throughout Melbourne’s residential development market, leading to a significantly reduced level of development site transactions and even the failure of some prominent development companies.
However, a sudden surge of transactions over the past two months has been indicative of an abrupt confidence boost amongst the city’s development sector from early August onward. 
Three recent interest rate cuts, a shortage of projects being delivered across Melbourne, very tight rental markets, 75%-80% weekend auction results, and record ongoing population growth, are all factors putting immense pressure on the housing sector and giving developers the confidence to snap up sites, and ready themselves for a new wave of construction activity.
The ABC reported that, “The biggest winners from low interest rates will be those taking out a mortgage to buy a home,” with Savills Melbourne having already experienced a significant uplift in residential development site sales, coinciding with the return to 80% weekend auction clearance rates.
“Over the past eight weeks or so, the market for development sites right across Melbourne has completely rebounded with developers again scrambling to secure high quality sites with or without planning permits,” said Clinton Baxter, State Director at Savills Melbourne.
“Melbourne’s population is set to continue its remarkable growth of well over 100,000 people per annum, requiring in excess of 40,000 dwellings to be constructed each and every year.  With construction activity falling off a cliff last year, pressure within the housing market has built up incredibly quickly, and the market has roared back to life since the first week of August.” 
Mr Baxter reported that sites suitable for boutique development, catering to owner-occupiers and empty nester buyers, are in highest demand, followed by infill townhouse sites. “We’ve sold 27 development sites during the past eight weeks for a total of $145 million, with many others currently in negotiation.”
“The leafy inner eastern municipalities of Boorondarra and Stonnington remain firmly at the top of the list for developers, followed by bayside areas in and close to Brighton,” he said.  
“Asian developers, especially those from China, are back in the market in a very big way and actively scouting for suitable purchase opportunities,” said Mr Baxter. “Box Hill and Glen Waverley are particularly popular within these groups, and our recent sale in Burwood saw the top 11 bidders all being of Chinese background.”
According to Savills research, approximately 60 percent of Savills Melbourne development site sales in 2019 have been to either local Asian or off-shore Asian developers, with the highest demand being for smaller projects of 10-50 units. 
“Smaller projects are more easily sellable,” said Savills Asian Services Director Benson Zhou. “And there’s more likelihood of construction funding being readily available.” 
Mr Baxter also commented that, “A demand for student housing and accommodation within walking distance of the major universities, particularly in Carlton and the northern CBD, remains at fever pitch with a significant lack of housing to cater to the fast-rising international student population.”   
He reported an acute shortage of sites available to this market sector, resulting in escalating land values.  
“And it’s not just student housing that’s seen growth,” said Mr Baxter. “Aged care developers are increasingly active in their pursuit of large suburban sites suitable to fully integrated aged care facilities. Ryman from New Zealand is the most active player, with multiple recent land purchases in the middle suburbs.”
“On average land values have jumped 10-20% in just 8 weeks in inner and middle ring suburbs as developers again compete to secure high quality sites.” 
“Melbourne’s residential development sector is leaping out of its short slump!” 
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. Clinton Baxter is a State Director of Savills CBD and Metropolitan Sales. To learn more about Savills, visit <a href="http://www.savills.com.au/" target="_blank">savills.com.au</a>.
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Melbourne’s residential development sector rapidly rising out of slump: Savills

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A prime Taringa development site in Brisbane's Inner West has been offered to the market 100% preleased to Coles.
The purchasor will obtain the development approvals and construct the development.
Savills National Retail Investments Jon and Peter Tyson are marketing the 5,306 sqm site.
Situated at 216-224 Moggill Road, the site is for sale via an expressions of interest campaign closing October 31.
The Coles lease is for a period of 12 years plus options and includes the construction of a Liquorland.
Located 5.5 km from the Brisbane CBD, the GLA of the property will be 2,840 sqm (proposed).
The freestanding supermarket will be the most convenient in the area, according to the marketing material, with access to over 17.2 million cars annually.
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Savills marketing Inner West Brisbane development site offered with Coles pre-lease

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SPONSORED POST
Melbourne is the most sought after office real estate location in Australia, with unprecedented local and offshore appetite for Melbourne CBD office assets continuing. Part of what is contributing to this trend is the overall cost of capital. With a strong chance of further interest rate cuts in 2019, pressure is building on banks to start freeing up credit. Another major factor is Melbourne’s anticipated rental growth. 
Rents are increasing in Melbourne faster than anywhere in Australia, particularly in the Melbourne CBD. And while investors are naturally attracted to longer leases at lower rents, Melbourne’s market is so strong that we’re seeing an equal amount of rental growth and security with short-term leases at higher rents.  
The trend and history of Melbourne’s rental growth 
There was a time in the mid-2000s when the Melbourne office market was ‘held back’ because of major developments such as Docklands. Since then, to say that Melbourne’s office space has recovered would be somewhat of an understatement.  
Melbourne’s total office vacancy now sits at a record low of 3.3% (including Docklands which now sits at &lt;1%), down from a high of 10% in mid-2004. 
More recently, nearly all of the additional 300,000sq m of CBD Prime office space has be pre-committed. These are developments such as 80 Collins St (South Tower), Collins Arch, Olderfleet, 405 Bourke St, 150 Lonsdale St and Flinders Gate. As further proof of Melbourne’s outperformance, a significant amount of the backfill of these major pre-commit deals have been leased. 
What the fringe says about the city
Aside from low vacancy and pre-committed leases, probably the most telling rental growth factor is the performance of properties in Melbourne’s city fringe when compared to properties in the CBD. 
Traditionally, rents within city fringe areas are cheaper than rents within the CBD, so that when fringe rents are high, we know that CBD rents are even higher. 
There are major pre-commit deals currently being leased at approximately $600/sq m net in areas such as Richmond, Cremorne and South Yarra. ‘A’ Grade CBD rents are currently hovering around sub-$600/sq m net and even some Premium Grade passing rental profiles are reflecting rents at similar levels. Most of the recent Premium Grade deals are pre-commit leases. These deals usually reflect a discount to the sitting market, so there is significant room for growth in the CBD in the short to medium term.
While the attractiveness of long term leases may not be going anywhere (particularly amid current and anticipated interest rate cuts), there’s now a significant strength in short-term options. Demand for CBD office assets with the ability to capture rental growth in the short to medium term (i.e. short WALE), will continue to be on the radar of local and offshore investors. 
Essentially the Melbourne CBD market covers both ‘cash-on-cash’ or ‘running’ yield buyers, as well as a buyer seeking a ‘total return’, whose basic benchmark metric is an internal rate of return (IRR). 
Much of this is predicated on forecasted rental growth. Melbourne’s story for most investors is extremely positive, even for assets with high capital expenditure.  Buyers in this space, generally of a B-Grade nature, are backing rental growth to offset the capex spend, as well as B-Grade assets’ rental profiles reflecting sub-$400/sq m net in the Melbourne CBD.
The investment story bodes well for Melbourne in the short and long term, which is reflective of current transaction volumes, which are at an all-time low. Those that own Melbourne CBD assets wish to capture the growth and those that are looking to purchase have a very strong reason to invest. 
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. James Girvan is a Director within the Savills Capital Transactions team. To learn more about Savills, visit <a href="http://www.savills.com.au/">savills.com.au</a>.
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Why it’s the right time to invest in the Melbourne office market 

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A local investor has snapped up a KFC in Mentone, southeast of the Melbourne CBD, for over $5.6 million amid a heated international contest.
The premium 2,360 sqm commercial site at 157-159 Nepean Highway saw more than 230 enquiries and 17 offers from local and international investors during its expressions of interest campaign.
The sale, through Savills agents Benson Zhou, Julian Heatherich, and Yvonne Zhou, exceeded the $5 million price expectation.
“The level of interest in the property and attraction to the KFC brand caused the whole agency team to spend late nights and weekends answering enquiries,” said Mr Zhou.  
“Our expressions of interest campaign was especially strong, and the property received over 90,000 views on realcommercial.com.au.” 
Mr Zhou said investors were also attracted to the security, scarcity, and prominence of the KFC investment. 
“KFCs really don’t come up for sale very often,” he noted. “The last comparable sale of a KFC was in 2016 in Altona North.” 
The 157-159 Nepean Highway KFC has invaluable vehicle access onto two of Melbourne’s busiest roads--- Lower Dandendong Road and Nepean Highway. 57,000 cars are estimated to pass the site daily. 
The site currently provides an income stream of $262,836 and is leased on a 12-year term with options to extend until 2043. 
KFC has been operating at the property since 2000. It was refurbished in 2013.
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Mentone KFC sells for over $5.6 million amid heated investor interest

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Property developer Pace has purchased a development site in Hawthorn East.
They've paid $4,062,500 for the warehouse property at 9 Montrose Street which is currently the home of Crossfit Gym. It currently returns $75,000 per annum.
Despite being sold with plans for a nine level apartment building with 34 units designed by Rothelowman, Pace chief executive Shane Wilkinson says the development firm intend to turned the 475 sqm property in to a high-end boutique office building.
“The timing is right for us to take advantage of the record low commercial vacancy throughout the inner eastern suburbs,” Wilkinson said. 
“With the abundance of local amenity surrounding the property, we are confident that a new office project will be very well received by the market.” 
Savills Australia agents Clinton Baxter, Jesse Radisich, and Glenn Ye negotiated the deal with a yield of 1.8%.
It sold at $8,500 per sqm.
Baxter said market development sites had “roared back to life” over the last two months after a “period of stagnancy.” 
“With local and offshore developers snapping up sites and competing aggressively for prime real estate, clearly the looming shortfall in construction activity coupled with ongoing population growth is creating a perfect scenario for developers over the next 1-3 years.”
 
 
 
 
 
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Developer Pace snap up $4 million Hawthorn East site to create boutique office block

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It's been a busy month in Sydney's hole in the wall coffee industry.
Fresh off the back of a <a href="/expert-insights/investing/14-sqm-york-street-sydney-normcore-coffee-premises-sold-for-112-143-per-sqm-at-auction">14 sqm hole in the wall selling on York Street</a>, a <a href="https://www.realcommercial.com.au/property-retail-nsw-sydney-503328030" target="_blank">cafe at 229 Macquarie Street</a> has popped up for sale.
Hole in the Wall Café has been listed for sale with a secure tenant paying $60,106 per annum, with annual two per cent increases.
There are currently 11 years remaining on the lease, with six years + a six year option.
The property comprises a tiny five square metre shop front and a 38 sqm kitchen upstairs on level five where sandwiches are made.
It has been held in the same family for two generations.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/16/Hole%20in%20the%20Wall%20Cafe%20229%20Macquarie%20Street.jpg" alt="">
Savills agents Tom Tuxworth, Nick Lower and Selin Ince are taking the commercial property under the hammer October 18, with industry sources speculating it will sell in excess of $800,000.
The agents suggest the space gets heavy foot traffic from the surrounding train stations and Law Courts of NSW. 
Kim Beazley and Nick Whitlam are said to have been customers.
Lower says early interest is "incredibly strong."
The listing comes shortly after Savills secured $1.57 million for <a href="/expert-insights/investing/14-sqm-york-street-sydney-normcore-coffee-premises-sold-for-112-143-per-sqm-at-auction">another hole in the wall coffee shop</a> on York Street.
The sale of the Normcore Coffee premises (below) represented $112,143 per sqm, given it's small 14 sqm size.
<img src="https://www.urban.com.au/images/2019/9/16/Normcore%20Coffee%20-%20York%20Street.jpeg" alt="">
The successful purchaser was a Sydney local who was making his first foray in to the commercial property market.
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Hole in the Wall Cafe on Sydney's Macquarie Street listed through Savills

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The Oaks, a former World War II airport 80 kilometres west of Sydney near Campbelltown, has been listed for sale for the first time in over four decades.
The 40.6 hectare property on Burragorang Road is a privately owned aerodrome which was originally built by the Royal Australian Air Force during World War II.
It's the only airport constructed during WWII to still be operational.
Today the airfield caters mostly to recreational aircraft and flight training.
Savills agents Tom and Nick Tuxworth, Nick Lower and Michael Fenton are marketing the heritage-listed site that is one of only four commercially licensed airports in the Sydney Basin.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/12/The%20Oaks%203.jpg" alt="">
“We are expecting a wide range of interest from local and offshore developers, land bankers, private high net worth families, aviation operators and logistics companies,’’ Tom Tuxworth said.
“100 acres of prime land in this location should be well suited to many astute buyers including Australia leading institutions," Tuxworth added.
“With alternate investments being looked at closely by many buyer groups on the back of a softening bond market and volatile stock exchange, we are excited to see the types of buyers investigate this opportunity further.
"When do buyers have the chance to purchase their own airport in Sydney? We are expecting strong engagement from all parties” Tuxworth noted.
The current owner purchased the airfield in 1975.
In late 1981, the owner acquired a Hawker-Siddeley HS.125 training jet from Qantas and transported it to the field.
The derelict jet (below) has since become a popular attraction with aviation enthusiasts and photographers.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/12/The%20Oaks.jpg" alt="">
 
The Oaks airfield was constructed in 1942 as a satellite field of <a class="mw-redirect" href="https://en.wikipedia.org/wiki/Camden_Airport_(Sydney)" title="Camden Airport (Sydney)">Camden Airport</a>, at the time a major operational base and RAAF station.
The Oaks was built with a sealed 1,500 m runway and could function as a dispersal base to hide aircraft should the major bases in Sydney come under attack.
 The construction of Burragorang Road between the late 1940s and 1960 as the main access to Warragamba Dam cut across the original runway, and only the southern end of the site is still used for aviation purposes.
 
 
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