Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

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

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

Savills

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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.
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j.ballantyne1990-6AQqhLzZaK

$20 million plus expected for Keysborough warehouse

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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
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Retail property sales remain above long term average: Savills

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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.
 
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Retail centre at Bribie Island sells for $7.3 million

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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.
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Dingley Bypass a boon for local industrial property

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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.”
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Buyer nails down Mitre 10 property on Bribie Island

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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.
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Quicklift pays $2.96m for Mulgrave industrial

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

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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).
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Hong Kong office tower sold via Savills for $776 million

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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.
 
 
 
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Office properties in Melbourne's Box Hill up for sale

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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.
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