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.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> 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 <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> 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 <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, 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

<html><body>
A 64,000 square metre Keysborough industrial property looks set to fetch more than $20 million plus as investors seek scarce opportunities in Melbourne’s south-eastern market.
Located two kilometres west of Dandenong CBD, the office and warehouse facility at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-keysborough-502157002" target="_blank">68-80 Kirkham Road</a> comprises 32,203 square metres of office, factory and warehouse buildings, including three large 10 metre high factory cells and on-site parking for 130 cars.
According to Savills agents Ben Hegerty, Paul Jones, and Chris Jones, the property will be sold subject to a lease to Venture DMG Pty Ltd, a subsidiary of Venture Global, at a total net income of $1,584,000 per annum.
<img src="/images/2016/11/02/68-80%20Kirkhams%20Road%20Outline.jpg" alt="">
Jones said the property offered opportunities for owner-occupiers, core-plus, add value investors, and developers.
"The facility also offers huge warehousing and multiple hardstand and truck marshalling areas ideally suited for transport and logistics occupiers," he said.
According to Savills Research, approximately $2.08 billion worth of reported industrial property transactions occurred in the south-east market in the 12 months to September, well over half a billion more than the five year average of $1.44 billion.
The research also revealed a strong south-east leasing market with nearly 500,000 square metres leased over the same period, well up on the five year average of 276,407 square metres.
Expressions of interest close November 24.
</body></html>

j.ballantyne1990-6AQqhLzZaK

$20 million plus expected for Keysborough warehouse

<html><body>
Investors continue their love affair with Australia’s retail property with sales of more than $8.4 billion nationally in the year to September, $1.3 billion over the five year average, as yields continue to tighten, according to Savills Australia’s latest research.
The buyer profile varies across the states however trusts and foreign buyers again figured prominently with each accounting for 30 percent of total purchases nationally while private investors also took a large chunk with 20 percent of purchases. 
According to Savills National Head of Research, Tony Crabb, Brisbane lead the capital city markets with sales of $2.39 billion just ahead of Sydney ($2.3 billion) and Melbourne ($2.1 billion) while Perth recorded sales of $989 million and Adelaide $649 million. While some totals were down on the previous corresponding period all were up on the five year average.
Yields for enclosed centres continued to firm with Regional centres in the most populous states of New South Wales and Victoria as low as 4.75 per cent, while Neighbourhood centres were as low as 7 percent in Melbourne and up to 8.5 per cent in Perth.
Shop yields were again lowest in Melbourne with 3.5 percent and Sydney (4 percent) for CBD malls and up to 9 per cent for strips in Perth while bulky goods sales again reflected the strong housing market with $1.13 billion in sales up 31.5 percent on the five year average of $857 million.
"Retail property continues to attract significant investment dollars and while foreign investment has again been very strong, local buyers, institutional and private, have also figured prominently in snapping up any opportunities that are put to the market,’’ Mr Crabb said.
The figures include a number of major September quarter transactions including:
<ul>
<li>Adelaide – Hilton Plaza - $19.2 million - Fort Street Capital.</li>
<li>Brisbane - Annandale Central Shopping Centre - $33.5 million - SCA Property Group</li>
<li>Melbourne – Bentons Square - $38.25 million (50 percent share) – Vicinity Centres</li>
<li>Perth - Subiaco Square Shopping Centre - $38.35 million - private investor</li>
<li>Sydney - Campbelltown Mall - $197 million -  Charter Hall</li>
</ul>
By far the largest transaction in the quarter was South African retail giant Woolworths Holdings Ltd’s sale of the David Jones Sydney store (pictured above) for $360 million to Scentre Group and Cbus Property.
In Sydney, Savills’ National Director Retail Investments, Steven Lerche, said the availability of  retail assets for sale continued to diminish and while the amount of money chasing retail remained huge, yields would continue to tighten.
"Yield compression can only go so far, eventually it is going to taper off. The question is when do yields become so tight that private investors are tempted to sell? We may see some evidence of that soon as privates capitalise on the tight market and look at selling.
Timing is important here because it is only going to be when they see that the market is on the cusp of turning, and they are going to realise absolute full value for their assets, that they will feel comfortable making that move,’’ Mr Lerche said.
In Melbourne Savills Associate Director Retail Investments, Pat De Maria, agreed that both the number of properties on the market and yields were falling in unison leading investors chasing yield to a broader retail offering.
He said there was evidence that the bigger players were increasingly being forced to look at the smaller end of the market for opportunities.
"Six per cent is now seen as a reasonable return and, what you might call alternative sectors of the market such as petrol stations, are attracting increasingly greater scrutiny,’’ Mr De Maria said.
He said what had been a frenetic retail market looked set to continue for the foreseeable future.
<a href="/images/2016/11/02/Retail%20property%20sales%20buyer%20profile.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/02/Retail%20property%20sales%20buyer%20profile.jpg" alt="">
Retail sales, 12 months to September 2016, at a glance:
Adelaide
$649m up from $514m to September 2015 and up on the $466m five year average
Perth
$989m up from $525m to September 2015 and up on the $755m five year average
Melbourne
$2.1b down from $2.64b to September 2015 and up on the $1.86b five year average
Sydney
$2.3b up down from $2.9b to September 2015 and up on the $2.1b five year average
Brisbane
$2.39b down from $2.74b to September 2015 and up on the $1.93b five year average
Totals
$8.428b down from $9319b to September 2015 and up on the $7.11b five year average
</body></html>

Retail property sales remain above long term average: Savills

<html><body>
A fully-leased retail centre on Bribie Island, north of Brisbane, has been sold for $7.3 million.
The Bribie Retail Centre located at 5-7 Fortune Avenue, Bongaree boasts a high-profile location in the heart of Bribie Island’s main retail precinct.
The property was sold by Glenn Conridge of Burgess Rawson and Jon Tyson of Savills following an expressions of interest campaign that attracted multiple offers.
The property was purchased by Brisbane-based syndicator Arcana Capital, chaired by former Queensland Premier Campbell Newm‎an.
The property is set on a site area of 5,916 square metres and features a total floor area of 1,567 square metres.
Jon Tyson said the Bribie Retail Centre benefits from its prominent location in the dominant retail precinct on Bribie Island as well as its dynamic mix of well-known retailers and strong lease expiry profile of circa 4.6 years.
He said the centre is adjacent to the Woolworths-anchored Bribie Island Shopping Centre, and a future proposed Coles Shopping Centre.
"The modern architect-designed building is divided into four tenancies occupied by Domino’s, Tattsbet, Supercheap Auto and Bargain City with three-street frontage to Fortune Avenue, Bongaree Avenue and Goodwin Drive plus ample grade level parking at the shopfronts."
It also neighbours a freestanding Mitre 10 property that was recently sold by Burgess Rawson and Savills in a separate sale to a private buyer for $2.6 million.
 
</body></html>

Retail centre at Bribie Island sells for $7.3 million

<html><body>
Industrial tenants are seeking suburbs around the newly opened Dingley Bypass confirming predictions that the new $156 million link road would drive local economic growth.
Savills Director Industrial, Gareth Jackson, said in the 12 months to September 160,000 square metres of leases (1000sqm +) have been recorded while sales have been more than $42 million across the Dingley, Moorabbin, Cheltenham, and Braeside industrial precincts.
"The market’s reaction to the new road both before and after its opening has been phenomenal to say the least. Enquiry since the road opened has especially been strong.
In the last six months alone nearly 100,000 square metres of industrial space has been leased and sold and much of that can be attributed to the primary business rationale that had formerly lured tenants to other areas – improved road infrastructure,’’ Mr Jackson said.
<img src="/images/2016/10/26/Dingley%20Bypass%20aerial.jpg" alt="">
In the latest deals, brokered by Mr Jackson and Director Lynton Williams, an undisclosed tenant has leased a 12,660 square metre distribution centre at 41-51 Mills Road, Braeside while Global Trading solutions has leased 2951 square metres at 31-33 Lakewood Boulevard, Braeside.   
Other recent deals include:
<ul>
<li>355 Warrigal Rd Cheltenham – 1765 square metres;</li>
<li>354 Boundary Rd  Dingley– 2200 square metres; and,</li>
<li>13 Lennox Street Moorabbin – 1000 square metres.</li>
</ul>
The 6.4 kilometre, six lane, Dingley Bypass which links Warrigal Road at Moorabbin and Westall Road at Dingley Village was opened five months ahead of schedule in March, by Minister for Roads and Road Safety, Luke Donnellan, with the promise of reduced traffic delays and congestion and improved traffic flow on the road network with more direct road connections.
Mr Jackson said the Dingley corridor industrial precinct had been historically, a tightly held precinct, based on its relatively close proximity to the CBD, via the Nepean Highway, the Moorabbin Airport and affluent ‘sand belt’ suburbs.
However, over the years, tight vacancy levels and road infrastructure improvements in other locations had gradually attracted tenants away from the region, Mr Jackson said.
"I guess you could say the region temporarily fell out of favour as new industrial developments opened up farther from Melbourne along new transport routes, including EastLink, but more recently the tables have turned and the Dingley Bypass has been the catalyst,’’ Mr Jackson said.
</body></html>

Dingley Bypass a boon for local industrial property

<html><body>
A hardware store on Brisbane's Bribie Island has been sold for $2.6 million through an expressions of interest campaign.
The Mitre 10 Hardware &amp; Garden Centre, 1-7 Victory Road, Bongaree, is a 1,246sq m retail building set on a 4,172sq m corner site.
It was sold by Glenn Conridge of Burgess Rawson and Jon Tyson of Savills.
Jon Tyson said the Mitre 10 property boasts a high-exposure main road location in Bribie Island’s dominant retail dominant retail precinct, which includes the adjoining Bribie Retail Centre, the adjacent Woolworths-anchored Bribie Island Shopping Centre, and a future proposed Coles Shopping Centre.
“The property has excellent exposure and convenient access due to its corner location and also provides ample grade level car parking,” he said.
“The sale demonstrates the continued high investor demand for well-located retail properties in high-growth locations, secured by major national tenants.”
</body></html>

Buyer nails down Mitre 10 property on Bribie Island

<html><body>
Owner-occupier Quicklift Garage Doors has paid $2.96 million for an office and warehouse facility at Mulgrave in Melbourne’s south-east.
The deal was brokered by Savills agent Daniel Kelly.
Located within Enterprise Park, the 61-63 Glenvale Crescent property comprises a 2775 square metre office/warehouse, which includes 2375 square metres of warehousing on a 5741 square metre site with 50 on-site car spaces.  
Kelly said Quicklift had been in the market for more than 12 months, with a requirement to find a property which was well located to key arterials and that would accommodate the company‘s consolidation of operations from two other locations.
"Like a significant number of companies, Quicklift wished to take advantage of low interest rates to move from multiple smaller locations and wished to rationalise its current operations into one modern facility," he said.
"The Glenvale property offered good utility and a superior location with great access to the Monash Freeway."
Kelly said the former tenant, Rectron Electronics, which had been at the property for 10 years, would relocate to a smaller distribution facility at Forster Road, Mt Waverley.
</body></html>

Quicklift pays $2.96m for Mulgrave industrial

<html><body>
In times of economic uncertainty retail property is largely regarded as a defensive investment due to the large percentage of non-discretionary spending supporting income streams, such as food.
Over the past 25 years, shopping centres have been increasingly acquired by institutional owners who could actively manage, develop and maintain these centres. The global financial crisis severely curtailed the purchasing power of institutions and allowed other buyers to enter the market.
A sub regional shopping centre is generally defined in the industry as a local shopping centre comprising at least one full line supermarket, a full line discount department store and around 40 or more specialty shops.
The total gross lettable area of retail  floorspace will typically range between 10,000 and 30,000 square metres. The key features include convenience and an expanded range of food, fashion and services, located in residential areas servicing many immediate neighbourhoods. Trading hours will generally be extended and will cater for basic day-to-day retail needs.
Clearly, a number of important factors impact the performance of a sub regional shopping centre. The performance of the supermarket and discount department store has a very strong bearing on the returns of the centre. The supermarket and discount department store can be impacted by the range on offer, the price point, the ratio of car parking and opening hours. This, in turn, can impact the performance of the adjoining specialty stores.
The catchment area also impacts the performance of the centre. The road system, the points of access and competition are important factors. Critically, the size and age of the population as well as capacity for growth in population over the long term can have a material impact on centre performance. Increasingly, ethnic factors are playing a role as centres need to deal with strong levels of immigration.
Employment
The retail sector always faces cyclical and structural issues. Some cyclical issues are starting to move in its favour.
Employment is growing strongly in four or five sectors and shrinking in four or five sectors and the jobs gained and lost are not necessarily in the same physical place. This means certain catchment areas are doing it tough and some are doing well.
The size and shape of the workforce has a profound impact on retail property because wages determine spending and jobs de ne catchment areas. Australia is almost unique in the world as being one of very few countries that have expanded their workforce over the last decade. The size of the Australian workforce continues to grow and unemployment edges down.
This has occurred partly because wages growth has been insipid allowing more workers to be hired than may otherwise be the case. Asset price inflation has bolstered household wealth whilst household income growth has been subdued. Positive contributions to household spending capacity have come in the form of lower interest rates, lower petrol prices and greater comfort around job security. Nevertheless, growth in household disposable income remains below average.
The newly arrived population has a profound impact on property because they need somewhere to live and goods to put in their homes. Instant housing and bulky goods demand. Less people leaving the country means fewer houses freed up for those arriving.
With the size of the workforce growing and more people coming into the country (and less leaving), it is little wonder that a record level of housing construction is underway. A moderation in bank lending coupled with changes to taxation on foreign investors and stringent planning rules has seen a recent fall in dwelling building approvals. This leads us to believe we are at, or near, the peak in housing construction for this cycle. 
Consumer spending
Changes in consumer spending patterns since 2007 appear to have had an adverse effect on department store, apparel and discretionary retailing turnover generally.
This has impacted tenants in regional and some sub regional shopping centres. Some sub regional shopping centres have been immune from this. The ABS turnover statistics in the accompanying table show strong growth over a long period in most of the retail categories found at a sub regional shopping centre. Supermarkets have been enjoying strong turnover growth as have their associated liquor stores.
Discount department stores dealing in electronics, household goods including furniture and discount clothing have also enjoyed strong turnover growth. Associated specialty stores such as a chemist, a take away food store, a bakery, a newsagent and other local service providers such as a dry cleaner may be found in the tenancy mix.
<a href="/images/2016/09/29/National%20Retail%20Turnover%20Growth%20by%20Category%20Seasonally%20Adjusted%2012%20months%20to%20May%202016.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/National%20Retail%20Turnover%20Growth%20by%20Category%20Seasonally%20Adjusted%2012%20months%20to%20May%202016.jpg" alt="">
The structural issues facing retail are more formidable but not insurmountable. Savills expects the retail sector to evolve to take advantage of the structural issues rather than be over-run by them. The ageing of the population will continue to create challenges for retailers as they jockey for the dollars of retirees.
Retirees can be expected to prefer services over goods and will not necessarily continue to dwell in their traditional catchment areas. Internet retailing has already changed the face of retailing for certain categories of goods and will no doubt continue to evolve and challenge more categories over time. New business models are establishing themselves.
<a href="/images/2016/09/29/Change%20in%20Moving%20Annual%20Turnover%20by%20Category.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/Change%20in%20Moving%20Annual%20Turnover%20by%20Category.jpg" alt="">
Sales activity
Savills recorded $1.9 billion of sub regional shopping centre transactions nationally in the 12 months to June 2016, commensurate with $1.9 billion in the previous year and up on the five-year average of $1.6 billion.
In the year to June 2016, 20 sub regional shopping centres were sold against 23 the previous year and is commensurate with the five year average of 20 sales per annum.
<a href="/images/2016/09/29/Sub%20Regional%20Property%20Sales.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/Sub%20Regional%20Property%20Sales.jpg" alt="">
There are several factors at work in the capital markets which are having an impact on asset prices. First, there is an abundance of debt and equity available to purchase prime commercial assets on current metrics; second, the pricing of debt and equity domestically, and especially overseas, continues to fall; third, investment fundamentals are sound with no oversupply, little vacancy and good rental growth; and, finally, catchment area fundamentals remain appealing with strong population growth, low unemployment and stable to rising household incomes.
<a href="/images/2016/09/29/Sub%20Regional%20Property%20Sales%20by%20State.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/Sub%20Regional%20Property%20Sales%20by%20State.jpg" alt="">
Institutions remained active in the investment market for the 12 months ended June 2016, purchasing 77% of all sub regional shopping centres sold. Foreign investors continue to pursue sub regional shopping centres purchasing 9% of sub regional shopping centres sold. Conditions for Australian institutions have continued to improve and so private investors are increasingly finding themselves unable to compete.
<a href="/images/2016/09/29/Sub%20Regional%20Property%20Sales%20Buyer%20Profile.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/Sub%20Regional%20Property%20Sales%20Buyer%20Profile.jpg" alt="">
The average initial yield analysed from transactions of sub regional shopping centres in the year to June 2016 was 6.84% and compares to 7.47% the previous year. The average equated market yield analysed from transactions in the year to June 2016 was 6.97% and compares to 7.49% the previous year
<a href="/images/2016/09/29/Sub%20Regional%20Property%20Sales%20Vendor%20Profile.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/Sub%20Regional%20Property%20Sales%20Vendor%20Profile.jpg" alt="">
 . Prime neighbourhood yields at 6.75% in 2006, softening 100 basis points to 7.75% during the GFC and firming 200 basis points to 5.75% currently
. Prime sub regional yields were also at 6.75% in 2006, softening 50 basis points to 7.25% during the GFC and firming 150 basis points to 5.75% currently
. Prime regional (excluding super regional) yields were at 4.75% in 2006, softening 100 basis points to 5.75% during the GFC and firming 100 basis points to 4.75% currently
<a href="/images/2016/09/29/Sub%20Regional%20Property%20Sales%20by%20State%20graph.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/Sub%20Regional%20Property%20Sales%20by%20State%20graph.jpg" alt="">
Given the falling costs of both debt and equity and the adopted “lower for longer” view of Savills Research we believe there is more yield compression to come.
Nationally, shopping centre investment yields have continued to firm as highlighted in the both the chart below and in the tables of recent transactions. Sub regional shopping centres continue to transact across a broad range of yields in line with the characteristics of the individual properties.
<a href="/images/2016/09/29/Buyers%20and%20Vendors.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/Buyers%20and%20Vendors.jpg" alt="">
Sub regional shopping centre yields as at June 2016 currently range between 5.75% and 7.00%. Typically, yields have firmed from the trough in 2010 by 160 basis points for sub regional shopping centres.
<a href="/images/2016/09/29/Market%20Yields%20by%20Centre%20Type.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/29/Market%20Yields%20by%20Centre%20Type.jpg" alt="">
Outlook
Australia has been enjoying strong population growth for over a decade and this policy of immigration retains bi-partisan support at Federal Government level.
The history of wealth (and real estate wealth in particular) is the history of immigration. Australia, and Australian capital cities in particular, is forecast to enjoy the fruits of strong immigration.
Retail property can be expected to be a beneficiary of strong population growth. Clearly, some catchment areas will do better than others and this will continue to present the greatest challenge and greatest opportunity for investors.
Catchment areas that can grow their populations through new land release or infill development or pro-active planning policies, should show dramatic increases in turnover especially if the ability to increase retail floorspace is limited. Conversely, those catchment areas that cannot grow their populations with limited available new land supply, draconian or archaic residential planning systems and the capacity for expanded retail competition should deliver below average increases in turnover.
Savills is of the view that interest rates will be “lower for longer” and, combined with a weight of investment capital, should continue to see assets keenly sought after and strong yields given prevailing catchment area fundamentals.
</body></html>

Many factors in play for sub-regional shopping centre success: Savills

<html><body>
An office tower in Hong Kong’s Kowloon district has been snapped up by Chinese conglomerate Cheung Kei Group for HK$4.5 billion ($776 million).
The en-bloc sale of East Tower and East Villa of One HarbourGate Hong Kong was through Savills, which follows the record transaction last year of the West Tower.
Savills CEO of Greater China, Raymond Lee, said the real estate firm was delighted to be chosen as the consultant for Cheung Kei Group in their headquarters search in Hong Kong.
He added that Wheelock Properties's avant-garde design and architecture of office buildings in Hong Kong has attracted many potential investors and buyers.
The 18 Hung Luen Road property comprises a 15-storey, 23,500 sqm office tower and a two storey, 2400 sqm retail villa.
Savills Australia CEO Paul Craig said the sale demonstrated the investor demand for office property in strong locations.
"We have seen a similar level of demand for Australian commercial property from new international groups as our reputation as a safe haven for investors continues to grow with record levels of transactions over the last three years,’’ Craig said.
In the eight months since November, Savills Hong Kong office has concluded three major deals totalling more than HK$14.1 billion including the sale of West Tower of One HarbourGate (HK$5.85 billion), East Tower of One HarbourGate (HK$4.5 billion) and NWS Kwai Chung Logistics Centre (HK$3.75 billion).
</body></html>

jonathanchancellor-7SQnKwU6yx

Hong Kong office tower sold via Savills for $776 million

<html><body>
Two development sites in Melbourne's Box Hill have been put up for sale through an expressions of interest campaign by Savills.
The adjoining landholdings at 826 and 830 Whitehorse Road are being offered individually or can be purchased together. The EOIs close on June 23.
Each property comprises a multi-level office building. 
The land area for 826 Whitehorse Road is 1,078 sqm, while 830 sits on 1,572 sqm.
Zoned Commercial 1, each property has an office building with car parking, and short-term holding income. Each office building suits ongoing occupancy and/or owner-occupation.
The site is within the 'Prospect Street Activity Precinct' and the 'Major Development Built Form Precinct' of the Box Hill Metropolitan Activity Centre, and planning advice from Urbis indicates an allowable development height of 30+ levels subject to council approval.
The listing agents are Clinton Baxtor, Nick Peden and Jesse Radisich of Savills.
 
 
 
</body></html>

Office properties in Melbourne's Box Hill up for sale

<html><body>
Cbus Property has appointed agent Savills to handle the sale of the hotel portion of their pending 447 Collins Street development.

With the overall value of the urban renewal project tipped to exceed $1.25 billion, Cbus Property will look to capitalise upon the booming Melbourne hotel sector by offering the pre-purchase of a new 294 room 5 star luxury hotel which forms part of the overall development.

The project has maintained a high degree of public interest of late owing to the project's design impetus and the altogether public manner in which its planning process has transpired.

With the hotel component designated a 435 Collins Street address, the successful buyer will inherit the freehold title over the property and can expect Cbus Property to oversee the turn-key delivery of the hotel with a targeted completion date of Q4 2019.

<h2>Hotel facilities</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/imagepreview_1.jpg" rel="gallery-all" title="Artist's impression of a typical hotel suite. Image: Savills"><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/imagepreview_1.jpg?itok=_eDy9xyR" title="Artist's impression of a typical hotel suite. Image: Savills" width="580"></a>

<figcaption>Artist's impression of a hotel suite. Image: Savills</figcaption></figure>As noted 435 Collins Street will hold 294 hotel suites with three separate configurations on offer: Standard, Junior Suite and King Suite. The smallest suites within the project begin at 37sqm and increase to 86sqm for the largest King suite.

An average of 24 suites are spread over each floor, with 12 levels dedicated to hotel accommodation which will be set above a double height vaulted lobby with multiple entrances.

435 Collins Street's indicative hotel area schedule also sees a raft of facilities attached to the hotel. An all-day restaurant and hotel bar are slated for ground level while Level 1 will include a 529sqm ballroom, function room and meeting room.

More typical amenities such as 223sqm pool deck, sauna, fitness centre and a 202sqm business lounge are also included over lower levels.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/imagepreview_3.jpg" rel="gallery-all" title="Artist's impression of the hotel lobby. Image: Savills"><img alt="" class="image-article-full-width-580px" height="604" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/imagepreview_3.jpg?itok=BvU_CCNT" title="Artist's impression of the hotel lobby. Image: Savills" width="580"></a>

<figcaption>Artist's impression of the hotel lobby. Image: Savills</figcaption></figure><h2>A clearer picture of the overall development</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image4coll.jpg" rel="gallery-all" title="Artist's impression of the project's exterior. Image: Savills"><img alt="" class="image-article-full-width-580px" height="185" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image4coll.jpg?itok=Ywy_qLmh" title="Artist's impression of the project's exterior. Image: Savills" width="580"></a>

<figcaption>Artist's impression of the project's exterior. Image: Savills</figcaption></figure>In addition to the 5 star hotel, the mixed-use development will also hold approximately 49,000sqm of premium commercial office with typical floorplates of between 1,800sqm and 2,300sqm, and in excess of 200 luxury apartments.

Supporting the expected 5 star NABERS Energy Rated - 5 star Green Star Rated commercial space will be 130 car parking spaces and extensive end of trip facilities which include 500 lockers, 500 bicycle parks and 50 showers.

As has been reported extensively near on 2,000sqm of highly activated public realm will surround the tower footprints. A retail emporium with an approximate NLA of Net lettable area of 800sqm is also designed into the project's lower levels, supplementing the dedicated hotel facilities.

Savills agent Michael Simpson is handling the sales process which will close at 4pm on Friday 17 June 2016.
</body></html>

Savills

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Savills

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News