The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Savills

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SPONSORED POST
Designing a workplace that meets the needs of a diverse workforce is a challenge. What appeals to Millennials may not appeal to Baby Boomers when it comes to a functional work environment. In the 80s we saw the rise of the ‘cubicle farm’, which slowly but surely has faded out to the now open plan layouts that we see in offices. However, to accommodate for different working styles, whether they are generational needs or personal preferences, companies need to provide alternative working areas within an office that go beyond the employee’s desk. The overall design of an office has a major impact on employee productivity and wellbeing, so how do we take all of these factors into account when fitting out an office space?
The Layout
Different generations have different needs when it comes to effective working environments, so how can we design work spaces that cater to such a widespread demographic? In recent years we have seen a shift towards open plan offices, with 70 percent of companies opting for this type of layout. However, according to research conducted in 2019 by Savills titled ‘What Workers Want’, 30% of employees find that this type of layout has a negative impact on their productivity.
Buildings, a journal published by MDPI, found that perceived productivity in open-plan offices was impacted by seven factors including: amount of interruption, noise levels, work area aesthetics, furnishing, cleanliness, ability to adapt the work area, and personal control over lighting levels.  
These are factors that Associate Director of Project Management at Savills, Simon Gazeley, takes into consideration when working with a client to fit out an office space. “Starting by surveying your staff to understand what works and what can be improved upon, plus setting up focus groups to steer the design is highly beneficial to the process. By understanding your peak occupancy ratio, you can release space for alternative settings rather than empty workstations,” Mr Gazeley commented.
For different industries, different layouts will benefit the employees and their overall productivity. For those working in offices where employees are constantly taking phone calls, one-person quiet rooms are beneficial to minimise the distraction to others. Whereas for creative industries where staff are frequently collaborating, less formal, flexible spaces are more appropriate for productivity, rather than staff brainstorming around a boardroom table. “Optimise the building’s attributes by creating focus areas in the darker and quieter spaces, with a variety of furniture settings from high tables, booths, lounge chairs, acoustic screens and the like,” Mr Gazeley said. 
For Millennials in particular, restrictive work environments are perceived by many to hinder their ability to work effectively, so common-use spaces are a real asset when it comes to optimising productivity. “Providing a variety of work settings for different tasks, whilst being cognisant of ensuring equitable access where the office is not fully agile is key to limiting disruption to others, whilst boosting productivity,” Mr Gazeley said. 
Key findings from the ‘What Workers Want’ study by Savills indicated that within the workplace, employees place the greatest value on having the option to work in a variety of spaces, and being provided with quality IT infrastructure. The same study revealed that above all other factors, 37% of employees were dissatisfied with the provision of quiet spaces within their workplace. 
The Technology 
New trends and updates to technology occur frequently – what once seemed like a novelty has become an integral part of daily life, and more so a part of working life. With a heavy reliance on technology, it makes sense to incorporate technology into the design of an office space. However Mr Gazeley points out that with all technology implemented, it should be planned for change and upgrade as it quickly becomes superseded and improved. 
The relationship between technology and architecture has been dubbed ‘Techiture’, with technology embedded in inanimate objects. By digitising buildings, we are able to gather data on the trends of the people who inhabit them. An article by the Kinnarps Trend Report points out that this enables architects to see how employees use the different spaces in their offices. “This is a game changer for the design and construction industry when it comes to designing workplaces that are tailored to the staff, and upgrading or reconfiguring spaces that are not well utilised,” Mr Gazeley said. 
The Wellness Factor
With the average person spending one third of their life at work, we are seeing employers placing greater value on overall employee wellness. While most employers offer their staff discounted health or mental health benefits, research shows that the physical working environment has the biggest impact on overall wellness. With many considerations to take into account, the WELL Building Standard has been established to ensure employee wellbeing is met. Seven factors are taken into account including air, water, nourishment, light, fitness, comfort, and mind. 
Studies have shown that simple factors such as adequate lighting positively impacts employee mood and productivity. According to research conducted by global management software company, Ceridian, dimly lit areas have a negative impact on the brain, with employees who work in poorly lit spaces more likely to suffer from poor moods. “In developing buildings and designing fit-outs, access to daylight or views such as atriums are highly desirable. Built zones tend to be located in NLA farthest from the perimeter, whilst circadian rhythm lighting is currently cost prohibitive in many workplaces, good human centred lighting design should always be adhered to,” Mr Gazeley said. 
The Australian HR Institute says poor air quality reduces cognitive ability and leads to employees feeling fatigued and even suffering from headaches. Air quality can be easily improved by having greenery in the workplace, plus plants also help to absorb noise pollution.  We are seeing nature brought indoors with the trend of vertical gardens and greenery walls taking off, with Gazeley agreeing that Landscape Architects are becoming a key consultant in many large workplace design teams. 
An alternative way to bring the outdoors in is by using natural textures and materials, which is also shown to have a positive impact on wellbeing. Using different types of timbers and incorporating natural lighting is said to make the indoor environment have a calming effect on people. Research is indicating that highly productive workplace design predominately embraces organic shapes intended to bring spaces together without visual barriers. 
Working ergonomics seamlessly into the design of an office space is important not just for aesthetic reasons, but because being seated for prolonged periods of time has a negative impact on a person’s health. The comfort factor of the WELL Building Standard considers different working areas, and places value on ergonomics. “While sit-to-stand workstations may not last the test of time, as workspaces become more agile they represent current best practice when combined with other initiatives to ensure an active workforce. As the cost premium is reducing, we are seeing the ratio increase in current fit-outs,” Mr Gazeley said. 2019 Research by Savills indicates that 6% of employees prefer to work at a standing desk. 
Companies are starting to introduce designated recharging or wellness spaces into their offices, with Google and the Huffington Post going as far as providing high tech sleep pods. With employees clocking up an estimated 90,000 hours at work in their lifetime, providing a space where they can recharge for 20 minutes will be a benefit to how employees utilise their time overall. A wellness area should be a separate space to a staff breakout or kitchen area, where employees can de-stress, switch off their phone, or even meditate. “Even small part floor workplaces can assign a small private quiet room for multiple uses, with the contents of these rooms or spaces being quite modest,” Mr Gazeley said. 
In Conclusion 
Having the correct balance of office layout mixed with technology, plus incorporating the factors that contribute to overall employee wellness helps to accommodate for the multi-generational workplace of today. Taking these combined elements into account helps to maximise the potential work spaces within an office, and in turn boosts overall employee productivity. Considering generational needs and differed working styles will lead us to being able to design workplaces of the future with maximum functionality. 
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. Simon Gazeley is an Associate Director within the Savills Project Management team. To learn more about Savills, visit <a href="http://www.savills.com.au/">savills.com.au</a>.
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jrobinson-rf4aSBido9

Workplace fit-out fundamentals that accommodate our multi-generational workforce: Savills

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Sydney has ranked sixth on the Savills World Cities Prime Residential Rental Index for H1 2019.
Prime residential rental growth across leading world cities slightly picked up pace during the first half of 2019, rising 0.9% to take average year on year growth to 1.3%.
Continuing a four-year long pattern of low level, but steady increases, resulting in the first uptick in average yields since late 2014 as capital value growth stalled, according to the Savills World Cities Prime Residential Rental Index.
In the year to the end of June 2019, capital values across the Savills index slowed to 0.7% annually, pushing yields up to 3.2%.
"While there are variations at an individual city level, the trend across both prime rents and capital values in leading world cities is broadly stable," says Sophie Chick, head of Savills World Research.
"Very few cities are seeing annual rental growth above 2%, a trend we expect to persist, given prevailing global political and economic headwinds.
"In the sales market, these forces translate into weakened sentiment and delayed decision-making, which has caused price growth to stall.
"But at the same time, although this pushes some demand into the rental markets, squeezed corporate relocation budgets continue to put pressure on rents.
"This means that while rents are outperforming capital values, we expect both markets to stabilise rather than continue to move apart, thus limiting the scope for yields to push out further."
<img src="https://www.urban.com.au/images/2019/8/16/Savills%20Prime%20Residential%20Rental%20Index%20-%20H1%202019.JPG" alt="">
The latest data from the Savills World Cities Prime Residential Rental Index of 21 cities shows that only seven cities – Los Angeles, Barcelona, Berlin, Tokyo, Hong Kong, Beijing and Shanghai - saw annual rental growth above 3%.
"Leading world cities will continue to be magnets for an increasingly global young, affluent workforce and this will support demand for prime rental properties," says Chick. 
Los Angeles was the standout city in the first half of the year, with rental growth of 4%, taking yields to 5.2%, the highest in the index. Similarly, Berlin saw rental growth pick up pace in H1 2019, but strong capital price growth kept yields close to the index average at 3.1%.
Sydney has seen an influx of new stock, but affordability constraints in the sales market has kept rental demand high, allowing rents to tick up 1.4% year on year. Dubai, by contrast, which has also seen high levels of new stock, but a slowdown in global trade and financial markets continued to suppress rents in the first half of 2019, continuing the trend seen since 2014.
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j.ballantyne1990-6AQqhLzZaK

Sydney ranks sixth on Savills' prime residential rental index

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The Ray White Randwick office premises just off Randwick high street have been listed for sale through Savills.
The premises had initially been listed by the Ray White office, however the ground floor space at <a href="https://www.realcommercial.com.au/property-retail-nsw-randwick-503291458" target="_blank">126-128 Avoca Street</a> failed to sell when asking $1.5 million.
Savills agents Tom and Nick Tuxworth, as well as David Hickey, are now marketing the property for a September 12 auction.
Ray White Randwick have a lease in the 145 sqm office space until December 2021 which yields $94,000 per annum gross.
Holding a prominent corner location on Avoca and Alison Road, the floor area is spread across three separate titles which provides future subdivision potential.
It has an 18 metre corner frontage with exposure to high levels of vehicular and pedestrian traffic.
 
 
 
 
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Savills list Ray White Randwick office

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A land parcel at 18 Garfield Terrace, Surfers Paradise has been listed.
The 3,239 square metre holding already has development approval for 486 units over 56 levels.
Across the 486 units, 873 bedrooms may be constructed.
It comprises a total net selling area of 43,489 square metres.
<img src="https://www.urban.com.au/images/2019/8/5/Savills%20LUXE.JPG" alt="">
The land package is listed for $25 million.
Christopher Jones and Robert Dunne of Savills are marketing the property.
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Surfers Paradise site with development approval listed for $25 million

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SPONSORED POST
We all know that the Sydney lockout laws were introduced by the Government of NSW in 2014 with the objective to reduce alcohol-fuelled violence.  
The legislation requires 1.30am lockouts and 3am last drinks at bars, pubs and clubs in the Sydney CBD entertainment precinct. 
But did you know that since this time, pedestrian traffic has dropped by 40% in Kings Cross, falling from a Saturday peak of 5,590 per hour between 1am- 2am in 2010, to a Saturday peak of 3,888 between 12am - 1am in 2015. 
According to data from Liquor &amp; Gaming NSW, 418 licensed premises in Kings cross and CBD have closed since 2014, 242 new licenses – net loss of 176 venues and a 19% revenue loss for clubs. 
With reduced foot traffic, mass venue closures, high vacancy rates and challenging head winds, the retail sector is currently experiencing an upheaval as owners are now forced to look for alternative options to generate income. 
The saving grace is yet to come for owners, tenants and consumers with the CBD and city fringe area having five key changes proposed to the late-night trading planning controls:
<ol class="ol1">
<li class="li7">A 24-hour city centre – extend the late night management area along George Street across the city centre and increase maximum trading hours from 5am to up to 24 hours.</li>
<li class="li7">Increase hours for low impact venues in local centres – align the controls with NSW Government rules and allow lower impact venues, including small bars, to trade until 2am.</li>
<li class="li7">New areas for new communities – identify late-night trading areas in suitable urban renewal precincts. These include Barangaroo, Walsh Bay, Green Square town centre, Danks Street, East Village shopping centre and an arts focused industrial heritage warehouse area in Alexandria. </li>
<li class="li7">Extend existing areas – recognise venues in Chippendale, Redfern, Surry Hills and Lankelly Place in Potts Point, which have emerged since the planning controls were reviewed in 2007. </li>
<li class="li7">
Encourage performance, culture and unlicensed businesses – a. Allow unlicensed shops and business, such as bookshops, clothing stores, drycleaners and hairdressers to trade up to 24 hours in city living or late night management areas and up to 2am in local centres. b. Describe dedicated performance venues, such as theatres, concert halls and cinemas with up to 250 patrons, as lower risk premises and allow these venues an additional trading hour at closing time. c. Allow venues that host performances one additional trading hour at closing time on the night of the performance. </li>
</ol>
We all know something has to change to help these areas continue to evolve, so hopefully these proposed changes happen sooner rather than later… 
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. 
David Hickey is a Senior Executive in the Metropolitan &amp; Regional Sales team. To learn more about Savills, visit <a href="http://www.savills.com.au/">savills.com.au</a>.
 
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Sydney’s lockout laws need a key change: Savills

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Two investment properties in Riverland, South Australia are being offered to market by Savills for sale either together or individually.
Located at <a href="https://www.commercialrealestate.com.au/property/29-kernich-street-renmark-west-sa-5341-2015428286" target="_blank">29 Kernich Street, Renmark West</a> (pictured in title) and <a href="https://www.commercialrealestate.com.au/property/38-kuhlmann-road-old-calperum-sa-5341-2015428287" target="_blank">38 Kuhlmann Road, Old Calperum</a>, the two sites are leased long term to Better Drinks Co Pty Ltd, a subsidiary of Asahi Beverages.
For sale through Peter Isaksson, Steve Bobridge and Andrew Nagy of Savills Australia, each property is integral to the operations of Better Drinks and Asahi in Renmark.
The 29 Kernich Street property offers an office and factory facility comprising 3,474 sqm with a canopy of 630 sqm, totaling 4,104 sqm, together with concrete and gravel hardstand areas.
It sits on a site area of approximately 40,420 sqm with a street frontage of approximately 258 metres.
The guide price is $6.25 million. for the Primary Production – Horticulture Policy Area 4 zoned property.
The current annual rental is $468,856 pa plus GST plus outgoings.
38 Kuhlmann Road (pictured below) offers an office warehouse of approximately 2,400 sqm on a 5,958 sqm site with a street frontage of approximately 66 metres.
<img src="https://www.urban.com.au/images/2019/7/29/Renmark%202.JPG" alt="">
 
There is also a modern cool storage facility, which was constructed in 2002 and was extended in 2011 and 2018.
The property is zoned Industry- Calperum Policy Area 2.
The current annual rental is $238,76 7pa plus GST plus outgoings. The guide price is $3.25 million.
According to Peter Isaksson, Director at Savills Australia, “Both properties are located some 5 km from the Renmark township, the largest of the Riverland towns and a major SA Regional Centre."
“The area is highly regarded with the cultivation of fruit, vegetables, wheat and wool. In addition, tourism is also an important component of the township.”
Mr Isaksson went on to say both properties offer a five year plus five year right of renewal to The Better Drinks Co Pty Ltd, with leases expiring in February 2033 and October 2027 for 38 Kuhlmann Road and 29 Kernich Street respectively.
“This supports the long term secure nature of the offerings and there is a likelihood of expanding the Kernich Road site which the 4ha land holding can well accommodate.”
Both properties are being offered for sale by private treaty combined or separately through Savills Australia, with expressions of Interest closing August 7 2019.
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Savills marketing Adelaide home's of Better Drinks Co

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The Sydney CBD home of the BBQ King Restaurant has been listed for sale with price expectations of around $25 million.
The six storey heritage building at 76-78 Liverpool Street at the southern end of the CBD has undergone a full scale renovation since last trading for $6.3 million in 2010.
It followed updates in 1982 and 1999 to the building that dates back to 1906.
Some time in 1911 the building became occupied by the Government Printing Office.
Their occupation of the building was brief and machinery merchants Benson Bros Ltd and steel merchants Sanderson Bros &amp; Newbould Ltd.
It was used as a warehousing facility for businesses associated with nearby Darling Harbour Goods Yard and Wharves.
Now it comprises a basement, ground floor and four upper levels with 1,500 sqm of lettable area on its 350 sqm site.
It is split in to two retail spaces and four office levels.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/9/BBQ%20King%20Sydney%202.jpg" alt="">
The ground floor tenancy was designed and refurbished for BBQ King before they took the space three years ago.
BBQ King relocated to the Liverpool Street property in 2016, having first opened in Chinatown in 1983.
Savills Australia agents Jordan Lee and Andy Hu are marketing the property.
Jordan Lee says the southern precinct is a lively sector of the Sydney CBD with its mix or retail, office, residential, entertainment, educational and hotel uses.
“BBQ King is a famous dining destination that all locals know and love and its location at 76-78 Liverpool Street is strategically positioned to benefit from the master planned Barangaroo and Darling Harbour Live projects.
“The beautiful Heritage façade catches your eye and you can even see the chefs cooking in the kitchen” he said.
Hu said they expect interest from a range of buyers, both locally and offshore, looking for a safe haven investment.
He said the a popular tenancy such as BBQ King is "just the icing on the cake for a property such as this.”
 
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Savills list BBQ King Sydney building for around $25 million

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A private investor has purchased a Toowong property in Brisbane’s inner suburbs for $1.46 million.
Exclusive marketing agent Will Carman of Savills negotiated the deal of the Toowong property, located at 104 Sherwood Road.
Set on 809 sqm, the property has an existing Development Approval in place.
The existing DA allows the property to be developed with a total approved floor area of 1,157 sqm over three storeys.
However, Executive of Commercial Sales Will Carman said the buyer has plans to obtain a new Development Approval to build six town homes over three levels.
Mr Carman said, “This move by the buyer shows the strength that we are seeing within the detached dwelling market, rather than units"
The sales campaign attracted a high level of interest, with 154 interested parties identified, and seven formal offers received.
The property is located approximately 4 km from the Brisbane CBD, close to the thriving local commercial and shopping precincts.
“Toowong is a highly sought after suburb within the Inner West, as it provides great access to retail amenity and the nearby university,” Mr Carman added.
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Savills successfully market Toowong property with development approval

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EXPERT OBSERVER
Tuesday, 2 July saw the Reserve Bank of Australia ease rates again by 25bp to 1%, the second such easing in consecutive months and to a record low. 
The RBA argues it is needed to “support employment growth and provide greater confidence that inflation will be consistent with the medium-term target”. The RBA is also uncertain about the “trade and technology disputes…affecting investment and means that the risks to the global economy are tilted to the downside”. The RBA is sending a clear message that it wants the economy to tighten up on spare capacity to weather any storms in the future.
However perhaps the underlying reasoning could be the continuing benign economic growth at 1.8% (below trend), subdued consumption due to protracted low wage and income growth and declining house prices (the RBA with APRA did trigger this one through tighter macro-prudential rules). While the RBA acknowledges employment growth has been strong and the participation rate is at a record level, there is still spare capacity with unemployment at 5.2%. Historically full employment has been seen with 5% unemployment, but this metric appears to have now been contracted…is 4% unemployed now deemed the sweet spot?
Underlying Inflation is also deemed below ideal at 1.4% March 2019 (RBA is targeting between 2-3%), with the target to be circa 2% by 2020 and “a little higher after that”.
This is positive for Australian Property overall, but in particular for Office where, with the RBA’s backing, business is encouraged to invest into its future, resulting in stronger employment growth and as such stronger Office space demand across all sub-sector types.
Savills believes Office supply is becoming tight in the major cities and in particular Sydney and Melbourne. Rental growth, tightening vacancy rates and reducing incentives are beginning to bite into spare capacity in the CBD’s and having a flow-on effect into the major suburban CBD’s of North Sydney, Parramatta, St Kilda and some more decentralised locations. Our latest 2Q analysis highlights CBD net face rents are now at post GFC highs across all grades, while yields are at all-time lows.
Brisbane and Perth are also seeing demand driven tightness emerging, with asset price stabilisation and appreciation, helped by vacancy rates falling.
We expect national Office to continue its capital valuation uplift, supported by rent growth and falling vacancies and incentives, which in time will result in further yield compression as investors rebase their investment returns requirements to an Australian environment of low for longer interest rates. Of course Global money has had this funding advantage for some time, which will add to the competition for assets and the further decentralisation of capital to select suburban CBD’s – North Sydney is an example of uplift by proximity.
Industrial Property will also continue to see capital value growth as the second derivative to lower interest rates boosting economic activity and a more confident consumer. Logistics will be the primary beneficiary here, supported by supply constraints around population densities especially relevant to Sydney and Melbourne markets.
From a Retail perspective, the RBA and the Government is wanting to encourage the consumer to spend. The Federal Governments Tax Cut Policy passed yesterday in the lower house and is now to be presented to the Senate will, if passed, give further impetus to the consumer to spend. In the last 5-7 years, the consumer has changed its spending patterns influenced by online e-tailing; low income growth; employment frequency (casual versus full-time) and what we deem the “Canberra Effect” – Governmental policy indecision and political disruption of the last 10 years and its psychological impact on the electorate. We see the RBA move coupled with Tax Cuts as a positive pivotal moment for retailers and Retail asset values going forward.
But it’s worth noting that RBA Governor Lowe stated that “Given the circumstances, the board is prepared to adjust interest rates again if needed to get us closer to full employment and achieve the inflation target”. 
So the RBA would further adjust rates if required! 
The RBA is clearly pursuing a path to pump prime the economy to boost confidence, employment and spending. It is targeting all time low rates to partner with the Federal Governments Tax Cuts Policy, passed yesterday in the lower house and now in the Senates’ hands, to give the electorate circa $158bil back into their hip pocket over the next 5 years. If passed in the Senate, those earning up to $90,000 would get an extra $1,000 back in tax within weeks, that could be spent at your local Mall or on a domestic holiday (The Aussie dollar may constrain the overseas holiday).
In Summary, the RBA’s easing to record lows and if the Senate passes the proposed Tax Cuts Policy with little amendment, Retail could see a much need boost into Christmas which in turn will boost landlord rental streams and stabilise asset values. Industrial, particularly logistics, will also benefit as retail recovers. 
However, Office Property will be the near term winners, as business investment prompts employment growth and the demand for Office space tightens an already limited supply base. Rental growth will continue and further cap rate compression will eventuate, as investment returns requirements allow for further asset purchases.
Phil Montgomerie is the head of research at Savills.
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RBA rate cut to record lows is good for property: Savills

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An industrial investment in Kunda Park has been offered to market through Savills.
The 10 meter high span building with office space has been offered for sale fully leased.
Featuring a net lettable area of approximately 2,556 sqm, Heka Diprose Pty Ltd currently occupy Unit 1, 49 Enterprise Street, and are secured on a five year lease with a further four x five year options.
Set on a 3,156 sqm site, it is being offered for sale by Scott Gardiner and Jason O’Meara of Savills.
Director of Savills, Scott Gardiner, said the property ticks a lot of boxes for the current tenant, so he is expecting Heka Group will stay on a long term lease.
“This is a superb industrial investment opportunity zoned medium impact industry in the heart of the well-established Kunda Park Enterprise Estate,
“Properties of this size, scale and positioning on a solid lease rarely come to the market,” Mr Gardiner said.
The current net rental is $240,000 per annum, subject to annual rental increases of 3% with adjusted as at 1 August to $247,200 per annum.
The property was built in 2004 with high end industrial warehousing and office space across two levels, plus it has car parking accommodation for 26 vehicles.
Director of Savills, Jason O’Meara, said Kunda Park is a highly sought after location for investors and tenants, given its strategic location just west of the Bruce Highway and ease of access to key road links such as Maroochydore Road.
Improvements to the property include two x ten tonne cranes, large oven, spray booth, and a sand blasting room, plus strengthened mezzanine floor.
Neighbouring tenants include Toll, One Steel, Kelly Green Crane Hire, Stoddart Group, and Country Chef.
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