Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

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After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

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Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

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Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Savills

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Savills Australia have successfully managed the sale of two Darwin CBD office buildings which have been acquired by Melbourne based property fund Peak Equities for $50 million.
Jack Morrison and Peter Chapple of Savills Capital Transactions introduced the buyer who purchased both Darwin’s Old Admiralty Towers, located at 68 The Esplanade (pictured above), and the nearby Heritage building.
They worked in conjunction with Seth Chin from Darwin’s Chin Associates to sell the assets.
The buildings were both previously a part of the Jalouise property portfolio.
Jack Morrison said, “combining our knowledge of active buyers with Seth’s knowledge of the unique Darwin market yielded a great result for both parties."
Peak Equities currently portfolio is valued at near $250 million comprising nine syndicated trusts operating across retail, industrial and office sectors.
These assets' are the group's first purchase first Darwin purchasse.
Both properties are currently 100 percent leased with a mix of government and established tenants in place/
They have staggered lease expiries and an average remaining lease term of more than 12 years.
“Our client was largely attracted to the opportunity due to the prominent Esplanade location and Darwin’s strong economic growth potential,” Mr Morrison stated.
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Savills complete sale of two Darwin CBD office buildings for $50 million

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Savills Australia has increased its Occupier Services division, welcoming a new director into the NSW team.
Katherine Moss (pictured below) joins Savills from JLL, where she spent eight years between the Perth and Sydney tenant representation teams. 
She will now lead Savills’ Sydney team, focusing primarily on representing commercial-based tenants. 
<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/2019/2/12/Katherine-Moss--2.jpg" alt=""> 
Savills national head of Occupier Services, Mark Smith, said, “recruiting Katherine provides for a stronger presence within our Occupier Services division, and she will play a pivotal role in delivering a high level of leadership and management within the team."
Ms Moss described Savills as an “agile” agency that maintained a strong Australian reputation with global elements. 
“Savills will provide me with the ability to deliver a tailored business approach and high-quality service to each client,” she said.
“I am looking forward to leading a dynamic team and further establishing solid client relationships in order to build and develop the national division further.” 
 “The occupier services division continues to grow its market presence and we look forward to delivering strategic real estate solutions to existing and new clients alike,” Mr Smith concluded. 
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Savills Australia improves NSW team with new Commercial Tenancies director

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Boarding houses already with development approval are in high demand, according to the estate agency Savills.
The spike in interest comes after the NSW government has sought to limit boarding houses to a maximum of 12 rooms per site.
They are also seeking to limit boarding houses to just 0.5 car spaces per boarding room.
Savills Australia is seeing an influx of property owners looking to offload their assets and capitalise on the market in response to market uncertainty surrounding the new legislation.
Nick Tuxworth, associate director for the metropolitan &amp; regional Sales team, said he expected to see a spike in prices for properties that have already received development approval.
“We anticipate demand for such sites to build from developers who see them as high-yielding investments with 15-20 per cent returns and low vacancy rates,” he said.
"The tough rules exist to ensure boarding houses are only approved where they are close to public transport and adequate additional parking, and are compatible with council rules on density and building height”.
“The reason for the 12-boarding-room limit on boarding house developments in the R2 Zone is to address community concerns about amenity impacts, such as overlooking, overshadowing, and the loss of on-street car parking,” he said.
The metropolitan &amp; regional sales team recently sold a <a href="https://www.commercialrealestate.com.au/property/60-william-street-jesmond-nsw-2299-2014791772" target="_blank">Jesmond site</a> (top) for $1.175million, which had approval for 40 rooms, to a Sydney developer looking for “something more affordable in rural NSW”.
Director Nick Lower said many developers have been caught out by the changes.
“This market has been regulated by the government in the past 12 months, which has caught many developers out, and has forced changes in their DAs,” director Nick Lower said.
“We are finding several owners wanting to offload their sites due to these regulations so it’s a good time to be selling, as there is huge demand for approved sites with future uncertainty.”
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jrobinson-rf4aSBido9

Savills expects high demand for boarding houses with development approval as NSW seek room limits

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Hollywood’s post-production and effects giant, Technicolor, has secured a 10 year lease for an Adelaide CBD office.
Technicolor be situated on levels seven, eight and nine of 178 North Terrace.
Their focus for this office will initially be on delivering visual effects (VFX) for major film studios and streaming services around the world.
Savills Australia’s Adam Hartley negotiated the 10-year lease term at circa $370 per sqm for the 4,200 sqm space.
Mr Hartley said it was a "game changer... Technicolor will create 300 to 400 new jobs, boosting the state’s economy, and reinvigorating the Myer Centre trading precinct".
“Ongoing support from the state government and local council will continue to entice a variety of companies to establish footprints in Adelaide."
“Financial incentives from the state government, combined with factors such as lifestyle, competitive business conditions and best in class internet connection via the Ten Gigabit Adelaide network.will become increasingly attractive to internationally based companies,” Mr Hartley concluded.
Technicolor was given a $6 million grant from the state’s economic investment fund and is expected to inject an economic benefit of more than $252 million into the city throughout the next 10 years.
Similarly, last year, Savills Australia negotiated a lease agreement for New Zealand-based technology company, Medi-Map, which also chose to set up shop in Adelaide with support from government funding.
Built Holdings Pty Ltd is constructing the fit-outs for the Technicolor space, which are currently underway and expected to be ready for operation in April.
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Savills arranges Adelaide CBD office space for global film company Technicolor

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SPONSORED POST
Australia’s CBD office markets have recorded a drop in vacancy rates throughout the second half of 2018, with Canberra leading the charge by falling 200 basis points, according to Savills Australia.
The findings come as a preview to the Property Council of Australia’s (PCA) release of its 2019 Office Market Report on Thursday, with all CBD markets recording falls in their vacancy rates throughout the six months to December 2018.
Savills Australia’s director for Research &amp; Consultancy, Shrabastee Mallik, said that the drivers for each CBD market were “vastly different”, though a normalisation in economic conditions across sectors and states, paired with strong office market fundamentals, were buoying CBD office markets across the country.
“We are at a point where we are seeing significant growth across a diverse range of industries, which is evident from gains in corporate profits in 2018,” she said.
“This has organically translated to growing requirements for workers in these industries. 
“In the September quarter, we saw the healthcare, mining, construction, and professional and technical services sectors driving total economic growth.”
NEW SOUTH WALES
In the Sydney CBD, the vacancy rate fell 50 basis points in the latter half of 2018 to 4.1 per cent, the lowest it has been since 2011, and one of the three lowest figures since the PCA started its Office Market Report series in 1990. There was a skew towards lessees from the property and business services, and finance and insurance industries seeking new office space.
NSW state director for Office Leasing, Tom Mott, said occupiers looking for office space greater than 3,000sqm with a start date in 2018 had been hard-pressed to find anything suitable.
“There was also merger and acquisition activity among law firms, and centralisation from the suburbs to the CBD, and the co-working trend continued,” he said.
“Apart from the co-working deals, staff attraction and retention were at the top of the agenda for why major office moves took place.” 
Mr Mott went on to say that despite the upcoming state and federal elections, which would typically suppress demand, building owners would continue to benefit from the lack of supply.
“As a result, we will continue to see net effective rental growth and ongoing competition for space,” he said.
<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/2019/2/5/Savills-Office1.jpg" alt="">
“With the tight supply in 2019, many occupiers will look to refurbish their existing premises, which will see them upgrade their break-out areas and collaboration zones.
“We’re seeing an ongoing focus on mental health and overall wellness, which is an evolving trend to encourage staff to engage with each other on a more personal level, and in turn retain them.”
Mr Mott said building owners with vacant space would be well advised to “create a customer-focused, innovative and warm end-to-end experience in their buildings to capture the tenants looking to move”.
Key lease deals in 2018 included Allianz for 10,820sqm at 10 Carrington Street; WeWork for 3,800sqm at 64 York Street; Mills Oakley for 5,673sqm and Pfizer for 4,640sqm, both at 151 Clarence Street; and Norton Rose Fulbright for 9,527sqm at 60 Martin Place.
VICTORIA
In Melbourne, the CBD office vacancy rate fell 40 basis points to 3.2 per cent in the six-month period to December 2018, the lowest of all CBD markets nationally, which was largely in line with market expectations, given the limited amount of space available to lease. 
Savills research shows this phenomenon reflected in the leasing volumes, with just more than 250,000sqm (for space greater than 1,000sqm) leased in 2018, which was well below the numbers recorded in the past two years. 
“The simple fact is that office space in the Melbourne CBD is limited,” Ms Mallik said.
“The vacancy rate in June 2018 was already at a record low, so the scope for further downward movement is restricted.
“Tellingly, of the total leasing volume that was recorded last year, nearly half was for pre-commitments, further highlighting the lack of space currently available in the CBD.”
Melbourne’s CBD is experiencing a greater diversification in the tenant base, with government and education providers more prevalent than in Sydney, due to the lower rents.
Key lease deals in 2018 included NAB for 65,000sqm at 405 Bourke Street; Energy Australia for 22,000sqm at 697 Collins Street; Cbus Super for 9,600sqm at 130 Lonsdale Street; and the Australian Financial Complaints Authority for 7,600sqm, also at 130 Lonsdale Street.
VIC state director for Office Leasing, Mark Rasmussen, said Melbourne’s office market and economy had been “the powerhouse of the nation” in 2018, recently outpacing the rest of the eastern seaboard. 
“The dramatic falls in office vacancy rates throughout the past two years are becoming more gradual, as Melbourne moves towards a vacancy trough at the end of 2019,” he said. 
“We simply do not have the space to lease.”
Mr Rasmussen went on to say that the current vacancy rate was at an all-time low of circa 3.0 per cent, with the early 2020s trough expected to sink to mid-2.0 per cent, and A-grade office vacancy significantly lower again.
“At the coalface of the leasing market, we feel the frenetic pace of the Melbourne economy will slow with the looming federal election, the expected change of government, the reduced availability of credit, and the geo-political challenges across the globe,” he said.
“Despite these challenges, tenants with leases expiring in 2019 are faced with a lack of options and continued high rental growth, which has been close to 10 per cent per annum these past two years.
“Tenants with 2019 lease expiry dates and their landlords should ensure they seek advice to understand and keep up with this dynamic marketplace.”
Mr Rasmussen predicted that despite the recent sharp increases to rental rates, the higher base would become the new normal, “as Melbourne finally starts to catch up with other Australian capital city rents”.
QUEENSLAND
PCA data showed the Brisbane CBD’s office vacancy rate lead the national drop in office vacancy, falling 170 basis points in the latter half of 2018, to 13.0 per cent, which exceeded market expectations.
Recent leasing activity suggests there will be greater movement in the vacancy rate in the first half of 2019, with several large leasing deals currently underway. 
“Leasing activity in the CBD is often restricted by the proximity of the city’s fringe office market, allowing occupiers to move easily between the two precincts, though similar rents and incentives are providing the impetus for occupiers to look for space in the more viable CBD,” Ms Mallik said. 
“Complementary development activity in the form of Queens Wharf, has really brought the CBD to life, and the wellness movement that has taken off recently is also aiding occupier moves into the city.”
Savills Office Leasing manager, Daniel Boyes, confirmed that Brisbane’s leasing enquiry had continued to strengthen on the back of the downward trend in vacancy.
“The CBD has seen several new additions with WeWork, Hub and various other groups absorbing large portions of space,” he said.
“Demand for smaller fitted suites has also seen consistent growth despite a significant increase in supply.” 
Mr Boyes went on to say that the Brisbane CBD hosted “a healthy mix” of tenants and was not as skewed towards the mining industry as the media was suggesting.
“Throughout the past 12 months, we have actually seen several lessees from the finance and insurance industries capitalise on low rents and relatively high incentives to recentralise into the CBD,” he said.
“That said, we will see continued growth and demand from coal miners, along with the state government, two sectors we have identified as major growth occupiers in 2019.” 
Key lease deals in 2018 included Suncorp for 39,600sqm at 80 Ann Street; Deloitte for 8,000sqm at 123 Eagle Street; the state government for 5,319sqm Capital Hill; and Sonic Healthcare for 2,138sqm at 545 Queen Street.
WESTERN AUSTRALIA
In Perth, PCA data showed the CBD office vacancy rate falling 90 basis points to 18.5 per cent in the six-month period to December 2018, with leasing activity showing an uplift, and recentralisation a recurring theme among occupiers. 
“In 2018, we saw just under 70,000sqm (for space greater than 1,000sqm) of leasing volume recorded, which was up from the year prior,” Ms Mallik said.
“We are likely to see leasing volumes continue to be supported by the recentralisation trend, as lessees look to capitalise on record low rents and relatively high incentives. 
“Perth is similar to Brisbane, in that we are seeing the city come alive with complementary development activity, most notably in the form of Elizabeth Quay. 
“Infrastructure activity is also pushing this story, with Perth City Link aiding connectivity to the CBD.”
Savills national head of Office Leasing, Graham Postma, said the significant decline in vacancy was “a direct result of the key trends of 2018 – recentralisation to the CBD and the flight to quality”.  
“This is clearly evidenced by the divergence in direction of the premium and A-grade vacancy, both of which are declining, compared to Sydney levels in the case of premium stock, while lower-grade stock continues to increase,” he said.
Perth has long been known as the mining capital of Australia, with Ms Mallik saying the mining resurgence was underpinning the CBD leasing market.
“In 2018, almost half of the total leasing volume was to tenants from the mining and utilities industry,” she said.
Key lease deals included Wood Group for 9,198sqm at 240 St Georges Terrace; the Department of Human Services for a combined 13,037sqm across two deals at 556 Wellington Street and 226 Adelaide Terrace; Minter Ellison for 3,440sqm at 77 St Georges Terrace; and Macquarie Bank for 3,311sqm at 240 St Georges Terrace.
SOUTH AUSTRALIA
Adelaide’s CBD office market experienced a vacancy rate fall of 50 basis points to 14.2 per cent in the latter half of 2018, with leasing volumes recording a significant increase on 2017, and more than 30,000sqm (for space greater than 1,000sqm) of leasing transactions recorded in Savills research.
The city is at a turning point, with prospects for growth notably greater this year, according to SA director for Office Leasing, Adam Hartley.
“This contraction is likely to continue in response to office relocations in the first quarter of 2019,” he said.
“Interestingly, the vacancy rate for prime-grade office space will contract the most, with the majority of office vacancy available in secondary-grade accommodation.
“The contraction will swing the balance towards a lessor market, which in turn will reduce incentive rates in high B-grade and A-grade office buildings.”
Mr Hartley said recent record-breaking transactions showcased the desire of several major international companies to establish a footprint in Adelaide. 
“Suncorp taking up 4,660sqm of space and building signage rights at 1 King William Street represented Adelaide’s largest net-lettable-area deal to date,” he said.
Mr Hartley went on to say that the entrance of global post-production effects company, Technicolor, into Adelaide at 178 North Terrace was another internationally successful outcome that reinforced South Australia’s position on the world map.   
“The Technicolor win for South Australia was the largest office accommodation tenant attracted to Adelaide, which will in turn employ up to 400 new staff,” he said.
AUSTRALIAN CAPITAL TERRITORY
Canberra had the second-largest drop in its vacancy rate in 2018, falling 140 basis points to 11.0 per cent between June and December, which was largely driven by a withdrawal of stock. 
That said, prime-grade vacancy in city-fringe precincts like Barton were already at record low levels, with limited options for tenants to move around, according to ACT director for Office Leasing, Pip Doogan
 “We have seen demand shift from larger office spaces to smaller occupiers in the 250sqm to 500sqm market, making up the majority of the lease transactions across Canberra throughout the past six months,” she said.
“Spec fit-outs are proving to be the favorable option for tenants who are considering a move.”   
Ms Doogan said that Canberra “hasn’t really moved throughout the past 12 months” in regards to rents or incentives across all markets.
“Looking forward, we cannot see that it will shift in the next six months, especially with an election this year and the likelihood of a change in government,” she said.
“Private sectors are still floating around but the majority of the deals are being done in the sub-1,000sqm market.”
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. For further information, please feel free to reach out to any of our <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx" target="_blank">Office Leasing</a> agents or Savills Director of Research &amp; Consultancy Shrabastee Mallik. To learn more about Savills, visit <a href="http://www.savills.com.au/" target="_blank">savills.com.au</a>.
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Strong economic conditions and office leasing fundamentals buoy CBD markets across Australia: Savills

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International student visa numbers are continuing to rise at double digit growth levels and because of this PBSA (Purpose Built Student Accommodation) is a rapidly growing industry, according to the latest Savills report on student accomodation.
<a href="http://www.savills.com.au/blog/article/170261/australia-articles/the-2018-savills-australian-student-accommodation-market-update.aspx?utm_source=PropertyObserver&amp;utm_medium=DigitalAdvert&amp;utm_campaign=POOnlineBannerLeaderboard-StudentAccomm-19Nov2018" target="_blank">The report</a> found there are 76,201 beds of PBSA in the eight Australian capital cities, however the existing supply in each city is less than 12% of the full-time student population with the exception of Canberra (27.2%).
Over the first three quarters of 2018, the key focus for the major developers in this sector has been the continued acquisition of sites and the construction and delivery of new PBSA.
Sydney currently has a total development pipeline of 4,787 beds (2.2% full-time students) expected to be delivered over the next four years, of which circa 41% is proposed by universities.
<img src="https://www.urban.com.au/images/2018/11/22/Savills%20Graph%201.JPG" alt="">
Melbourne has the largest development pipeline of 16,137 beds (5.5% full-time students), which is a quite significant increase compared to 12 months ago.
However, the Melbourne market is underpinned by a strong demand for accommodation, with new schemes trading well.
Melbourne’s universities are active in developing their accommodation, with several projects contributing to just over 25% of the proposed pipeline.
<img src="https://www.urban.com.au/images/2018/11/22/Savills%20Graph%202.JPG" alt="">
The pipeline of new PBSA projects in Brisbane has slowed somewhat in the past 12 months, following an extremely busy period over the 18 months prior, backed by the positive initiatives of Brisbane City Council.
Brisbane’s development pipeline is currently 6,865 beds (4.8% of full-time students).
There are some concerns Student One, 363 Adelaide St, Brisbane (pictured above) regarding the potential uptake of new PBSA being delivered into the market in the short to medium term, as there is also an increasing pipeline of residential apartments being delivered in the city in the same timeframe.
<img src="https://www.urban.com.au/images/2018/11/22/Savills%20Graph%203.JPG" alt="">
A number of new PBSA projects have entered the development pipeline in Adelaide, predominantly focused towards the northern end of the CBD and North Terrace.
Recently completed schemes are trading with good occupancy levels.
<img src="https://www.urban.com.au/images/2018/11/22/Savills%20Graph%204.JPG" alt="">
Currently there is no direct-let accommodation in Perth.
It is also a market that has witnessed a new phase of development, with a number of direct-let projects being promoted in the past 12 months.
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Australia's student accommodation industry a rapidly growing opportunity: Savills

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SPONSORED POST
Private golf courses across Melbourne are experiencing a change in demographics and player participation, with more than half of all Victorian golf clubs in financial stress yet occupying land potentially worth hundreds of millions of dollars, according to one commercial property expert.
The changes affecting the future of golf have the potential to create a rapid shift in golf course land use, as metropolitan land values continue to rise and golf courses occupy huge areas of residentially zoned land, often in established locations.
Savills Australia’s Clinton Baxter envisages numerous golf courses will opt to sell their landholdings for huge windfalls to compensate for dwindling revenues and rising operating costs.
“Melbourne’s golf courses are an incredible source of land wealth, making them susceptible to closure and redevelopment,” he said.  
“Without the proper planning framework in place, the potential loss of local amenity, open space, and opportunity for long-term public benefit is very real.
“At some point, the value of the land for a single-use sport with limited players must put pressure on the sustainability of the club.”
<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/2018/11/20/golf3.jpg" alt="">
Mr Baxter referred to the 2017 Planning for Golf in Victoria discussion paper prepared by the Victorian state government, and cited the urgency of the issue in light of population pressures and escalating land values.  
Several clubs have already elected to sell up, including The Eastern Golf Club in Doncaster for $100 million to Mirvac in 2011, which was relocated to Yering in the Yarra Valley. Other clubs to sell have included Kingswood in Dingley, Croydon Golf Club to Australand in Croydon, and Kingston Links in Rowville.
“All of these sales were as a result of pressure from developers and declining memberships,” Mr Baxter said.
Examples of the immense potential value of the land occupied by private golf clubs include Riversdale Golf Club at Mount Waverley, which sits on 130 acres of General Residential-zoned land and could be worth upwards of $300 million; and Victoria Golf Club in Cheltenham, which sits on 143 acres of General Residential-zoned land and could be valued at more than $400 million. 
“Many other public courses are currently zoned for public use but would be worth huge amounts if rezoned,” Mr Baxter said.
An example is Brighton Public Golf Course, which sits on 85 acres and could be worth upwards of $250 million if rezoned for residential development.
“We recently sold a 38-acre former orchard in Wantirna South for almost $100 million,” Mr Baxter said.
“Almost all of Melbourne’s golf course landholdings are far larger, better located, and vastly more valuable – developers would be chomping at the bit to access such sites and develop them for high-density housing.
“There are squillions of dollars to be made in developing such land, and golf clubs would reap huge wealth by selling to developers.”
Mr Baxter said this raised the question as to whether the Victorian planning minister and related authorities should pre-empt a transition in the sport of golf, and step in and rezone private golf courses for public use, in order to prevent Melbourne’s suburbs from losing their parks and green areas.
“There is an opportunity for planning authorities to get the right balance of public use and residential-zoned land before a major potential sell-up of golf courses takes place,” he said. 
“It may be appropriate to review the land currently occupied by golf courses and put measures in place that ensure the land is allocated to best serve the needs of a rapidly growing Melbourne, well into the future.
“We want to see Melbourne’s renowned liveability retained, and ensuring major green open space for future generations remains intact is one such way to retain our global standing – it can be a legacy for future generations.”
Mr Baxter said similar pressures were building on other sports clubs with declining memberships, and highlighted lawn bowls clubs in key locations as an example.
 Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. Clinton Baxter is State Director of Savills CBD and Metropolitan Sales. To learn more about Savills, visit <a href="http://www.savills.com.au/" target="_blank">savills.com.au</a>.
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Pressure mounts to assess the future of golf course land: Savills

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A Chinese investor has purchased retail premises in Balwyn for $7.3 million.
Savills Australia’s Benson Zhou, Jesse Radisich, Julian Heatherich and Glenn Ye brokered the deal for 313-315 Whitehorse Road at a record C1Z land rate of $10,181 per sqm.
Mr Zhou said that despite the noise on recent cooling down on residential market, the property has made more than $1 million dollars in capital gains within two years’ time.
The premise last sold in 2016 for $6.18 million a near doubling from it's 2013 sale price of $3.1 million.
”This transaction highlights the sturdy market competition between investors seeking income-producing assets that present significant future development upside potential,” Mr Zhou said.
The property is anchored by a bedding store, Back to Sleep, and a technology firm is called Websilk on level one, and generates a rental income of approximately $416,878 per annum.
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Savills sell Balwyn retail premises to Chinese investor for $7.3 million

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NSW Land Registry Services has committed to lease one and a half floors at 175 Liverpool Street, in the southern end of the Sydney CBD.
Savills Australia’s Rob Dickins negotiated the term of five years and six months at a rate of $985 per sqm, saying the tenant was attracted to the prominent A-grade quality of the building.
“Offices in 175 Liverpool Street have panoramic views over Hyde Park to the harbour and provide spacious, fitted-out accommodation,” Mr Dickins said.
<img src="https://www.urban.com.au/images/2018/11/7/Liverpool%202.JPG" alt="">
The office tower has retail on the ground floor, a large underground parking station, and modern end-of-trip facilities.
NSW Land Registry Services will relocate from the land titles office opposite St Mary’s Cathedral on April 1, 2019.
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Savills negotiates relocation to Liverpool Street for NSW Land Registry Services

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A five-level Melbourne CBD office and retail building has sold for $11.98 million to a Chinese investor who beat out several local and off-shore groups.
Savills Australia’s Clinton Baxter, Ming Li and Jesse Radisich negotiated the deal for 26-32 King Street on a tight yield of 2.9 per cent on behalf of a local private investor. 
“The scarcity of Melbourne CBD properties on the market, particularly below $20 million, is apparent among active buyers, resulting in significant pent-up demand,” Mr Baxter said.
The property, a retail and office building of about 1,200 sqm, on a landholding of about 304 sqm, is leased to multiple tenants, including a 7-Eleven on the ground level, and returns a net rental of $352,000 per annum.
“The buyer was seeking to secure a prime CBD asset for long-term capital growth, and this sale demonstrates the strong market appetite for premium properties generating solid income within the CBD,” Mr Baxter said.
The property last traded for $5.1million at a Savills auction in 2010, and has grown in value by 135 per cent over just eight years.
Mr Li said that despite recent media reports of a withdrawal of Chinese money from the Melbourne market, Savills was “actually experiencing an uptick in capital from Asia seeking prime commercial assets”.
“We have Asia-based clients actively seeking all forms of CBD and inner-metropolitan commercial assets,” he said.
The Australian Financial Review reported Rialto Tower co-owner Lorenz Grollo was an underbidder.
The property is across the road from the Rialto tower. <cite> </cite>
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