For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

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Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

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Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

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The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

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The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

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According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

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Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

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Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

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Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

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Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

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Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

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Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Shopping Centre

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An offshore private investor has purchased the Kallangur Fair Shopping Centre from the Charter Hall Retail REIT for $21.38 million, representing a near 15% premium to book value.
Savills' Peter Tyson and Jon Tyson negotiated the sale of the Woolworths anchored neighbourhood centre following a competitive expressions of interest campaign.
Peter Tyson said continued deep investor demand for retail assets generated strong interest from the market and the result was not surprising.
“The sale process generated multiple offers from local and off shore buyer groups, including private investors, syndicators and fund managers,” Tyson said. 
Situated 24 kilometres north of Brisbane, Kallangur Fair comprises an enclosed mall featuring a 3,247 square metre Woolworths supermarket, a 420 square metre discount variety mini-major and 10 specialties with a total GLA of 4,703 square metre. 
The centre is located on Kallangur's main thoroughfare, Anzac Avenue on a 15,800 square metre site and features parking for 270 cars.
“Kallangur Fair was extensively refurbished in 2017 and provided a strong WALE of eight years,” Tyson said. 
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Woolworths-anchored Kallangur Fair shopping centre sold

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Stockland has sold the Wallsend Shopping Centre in Newcastle to Sydney-based Haben Property Group for $81 million – reflecting a yield of 6.6%.
The 12,000 square metre shopping centre, anchored by Coles and Aldi supermarkets, is set on a 42,114 square metre site, some 11 kilometres west of the CBD.
The sale was in line with Stockland's book value.
The 1988 centre includes 37 specialty stores, including three kiosks, one office, five ATMs and a McDonald’s.  
CBRE, who sold the property, noted a lower supply pipeline of new shopping centres was being offered to the market across NSW. 
According to CBRE Research, just over 12,000 square metres of new space is forecast for delivery in 2018 – well below the long-term average of 47,500 square metres.
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Stockland sells Wallsend Shopping Centre for $81 million

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The retail centres of tomorrow are all about democratisation, according to Susanne Pini, the national director of retail and mixed-use at HDR who says the local shopping centre was evolving to take on the role of the suburb’s town square.
However she suggest one of the country’s leading mixed-use architects advised there was only a handful of neighbourhood centres in Australia with the capacity to play the social infrastructure role expected of them today.
Pini says the generic design of existing neighbourhood shopping centres results in physical and cultural isolation.
A radical shift needs to take place, she says.
“Design which resonates with the community and is of its time and of its place has been the issue.
"Design which reflects its community will be the solution,” Pini says.
“Traditional shopping centres are providers of ‘stuff’. People come, buy, then leave.
"They’re generic in design and there’s no natural light so you lose track of the day.
"The internally focused ‘Vegas’ model makes no reference to the community externally.
"It’s an architecture of ‘anywhere, anyplace, anyone’ which produces the effect of ‘nothing, nowhere for nobody’.
“Limited and stretched local resources have authorities struggling to provide all the ‘glue’ such as libraries, markets, community centres and local shops, that used to bind our communities together. 
“This means the role of the local shopping centre has had to grow and evolve to take on the role of the suburb’s town square.
The shopping centre is becoming the community lounge room, dining room and backyard.
“This recognition necessitates a new design approach, moving away from a model of isolation to a model of connection. They need to form part of our everyday life and not because of the ‘stuff’ we need but because they connect us to the community. They need to connect physically and culturally to the community they are within.
“Shopping centres must deconstruct the pieces that have us living in isolation and connect them together. And while it sounds obvious, you can count on one hand the number of centres in Australia that actually do that,” says Pini.
She identifies The Ponds Shopping Centre and Rouse Hill Town Centre in Sydney as being in this extreme minority.
HDR has also designed the town centre for Ed.Square, a brand new mixed-use community in south west Sydney, to embrace new community design expectations.
<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/2018/7/25/fraser2.jpg" alt="">
“The ‘democratisation of design’ means there is no longer anywhere to hide,” Pini says.
“The prevalence of design programs, and the elevation of the notion of design in the public consciousness, has brought greater attention to the importance and possibility of design when it comes to the community arena. 
“This is the democratisation of design.
"Once viewed as the exclusive domain of the affluent, good design is now a community expectation.
"It is a symbol of the pride we take in our towns. But how many shopping centres in communities across the country are a source of pride for the people that visit them?”
<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/2018/7/25/fraser3.jpg" alt="">
According to Joanna Russell, General Manager – Retail Development, Frasers Property Australia, increased design expectations have given rise to a new sub-sector in retail assets: the super-neighbourhood centre.
Typically between 10,000 square metres and 25,000 square metres in retail area, super-neighbourhood centres differ from sub-regional centres through their tenant mix and response to local community needs.
They may share some qualities with sub-regionals, including commitments from anchor tenants, but the slightly smaller retail area, as well as the target mix of anchor tenants and supporting speciality shops, reflect their community in a much deeper way. 
Super-neighbourhood centres balance everyday convenience shopping needs with non-retail services, such as collaborative working spaces, lounge areas, education zones and childcare, as well as experiential offers, such as cinemas, play areas, yoga and meditation areas, and gardens.
“The super-neighbourhood centre has now emerged conceptually, but not yet in widespread reality. But these centres have an opportunity to claim the position of the community’s natural heart and soul and the right design will legitimise this claim,” Russell says.
“These centres have the opportunity to create a sense of place where people really feel comfortable and want to spend time. 
“To achieve this, the design must understand and consider more than just census demographics or LGA statistics of the local community, going much deeper to investigate the surroundings, history, culture and aspirations of the people that live there. 
“Going beyond the site’s footprint, the super-neighbourhood centre should be a natural part of the townscape, designed from a whole-of-neighbourhood perspective, complementing the existing amenity, nestled within the natural street grid, and in symbiosis with the land and the people in its catchment.
“Achieve this balance, and you create a super-neighbourhood centre that the local community feels belongs to them. It becomes a source of pride. Visiting the centre becomes part of daily routines. 
“Get the design wrong – design in a generic or inauthentic way – and the centre does not form an intrinsic part of the neighbourhood.”
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The inside-out shopping centre of the future

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Griffith Central, the largest shopping centre in Griffith in the NSW Riverina region, has been listed for sale.
The centre at <a href="http://commercialpropertysearch.savills.com.au/f50bad55-9158-e811-80e4-005056816353/Sale/Griffith/10-12-Yambil-St" target="_blank">10-12 Yambil Street</a> opened in 2007 and is anchored by Ritchies Supa IGA and Target and mini majors Chemist Warehouse and Cotton On.
It is supported by a further 31 stores and includes a 200 seat food court.
<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/2018/6/20/grif2.jpg" alt="">
Griffith Central attracts over 1.25 million customers annually, equating to 23,000 per week.
It has a fully leased net income over $2,165,551 per annum across its 11,520 sqm lettable area.
Expressions of interest close July 4 through Savills agents Jonathan Tyson and Steven Lerche.
 
 
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jrobinson-rf4aSBido9

Griffith Central shopping centre for sale

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Vicinity Centres are set to sell up to $1 billion of neighbourhood shopping centres to fund the development of its prestige retail projects.
In 2016 the firm offloaded four shopping centres worth $841 million in Victoria, with Mirvac and Blackstone and Mirvac the buyers.
Vicinity Centres have said they will pour the proceeds of the next batch of centres for sale to redevelopment The Glen and Box Hill Central in Melbourne, Chatswood Chase (above) and Bansktown Central in Sydney, as well Galleria in Perth.
Grant Kelley, Vicinity Centres chief executive and managing director, told The Australian the decision came after reviewing their portfolio.
"Following an extensive review of our portfolio, it is clear that we need to focus our resources on creating destinations that provide market-leading shopping, dining and entertainment experiences," Kelley said.
Vicinity’s portfolio includes Chadstone, the Queen Victoria Building and DFOs.
Macquarie Capital have been appointed by Vicinity Centres to be its corporate advisor on the asset sales program for the sale of up to $1 billion of the sub-regional and neighbourhood shopping centres, with sale proceeds through JLL to be reinvested into value-accretivedevelopment opportunities.
"This continues Vicinity’s focus on ongoing portfolio enhancement and delivering superior income and sustainable long-term capital growth for securityholders."
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Mr Grant Kelley, CEO and Managing Director, said since the merger in 2015, it had created "significant securityholder value and improving portfolio specialty sales productivity by 22% to $10,243 per sqm."
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Vicinity Centres to sell $1 billion worth of shopping centres

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Coles Earlwood in south-west Sydney has sold for $28.72 million, selling for well over its reserve by around $5.5 million.
The commercial property at <a href="https://www.commercialrealestate.com.au/property/5-13-clarke-street-earlwood-nsw-2206-2014306264" target="_blank">5-13 Clarke Street</a> was auctioned through Damien Cooley at Cooley Auctions.
There were 49 bids from 14 registered bidders.
Bidding started at $21 million and flew past the $23.1 million reserve.
The offering was a freestanding supermarket leased to Coles and BWS Liquor. 
The Coles spans 2,528 sqm and the BWS 147 sqm and they service over 25,000 people. It has a net income of $1.21 million.
It sits on a 3075 sqm corner parcel.
CBRE agent Dylan Kilner handled the marketing.
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Coles Earlwood sells for $28.72 million, smashing reserve by $5.5 million

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Chadstone has achieved annual sales of more than $2 billion dollars in an Australian shopping centre first.
The milestone means Chadstone is again ranked among the top five best-performing shopping centres in the world by sales.
 The $2 billion is an increase of close to $400 million on the previous year, when sales came in at $1,671 billion. 
It is the first time Chadstone has reached $2 billion in a 12 month period.
▪  1960 Chadstone officially opened, built at a cost of £6,000,000 ▪  1983 John Gandel purchased Chadstone from Myer for $37m ▪  1984 The original mall was enclosed, Target added to the retail mix ▪  1986 Development included the addition of Chadstone’s first cinemas ▪  1989 Bi-Lo came to Chadstone as fresh food offer expanded ▪  1990 The Galleria Mall was built including Australia’s first food court and additional specialties ▪  1991 The first office spaces were opened at Chadstone ▪  1995 Chadstone Corner, K Mart introduced ▪  1998 Expansion included Myer, 20 specialties ▪  1999 David Jones opened along with another 40 specialty retailers ▪  2000 The Entertainment Precinct was opened – Hoyts expansion, Time Zone food, offer ▪  2007 Expansion of fresh food including Safeway and the development of a five-level office tower. ▪  2009 West Mall opened, including ground and lower ground levels, as well as luxury retailers ▪  2016 Stage 40 opened including LEGOLAND Discovery Centre, Hoyts, H&amp;M, Uniqlo, Zara, food central, dining terrace, more luxury and Tower One commercial office building.
Vicinity Centres CEO Grant Kelley said Chadstone continues to be the number one shopping, dining and entertainment destination in Australia.”
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Mr Kelley said the centre’s success was a credit to the visionary role of John Gandel who fashioned Chadstone into a world-class retail destination, and created the benchmark for Australia’s premiumshopping experience, which now attracts more than 23 million visitors every year.
“The $2 billion milestone is an opportunity to reflect on the rich history of Chadstone and the importantrole it has played in Melbourne’s shopping past and present,” Mr Kelley said.
Chadstone’s growth and evolution continues, following a $660 million major redevelopment in 2016, with the $130 million, 250-room Chadstone hotel expected to open late 2019. 
Stage 43 also includes a new food atrium and Australia’s first full-range Victoria’s Secret store. Other projects include the $17 million West Piazza redevelopment including visitor lounge and more luxury retailers in time for Christmas.
Mr Kelley said fashion remained a drawcard for Chadstone’s customers with 40 per cent of this year’s salesin the fashion category. Chadstone continued to attract a growing number of diners with 17 million people now eating at the centre each year and more than a fifth of the centre devoted to food.
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Chadstone is co-owned by Vicinity Centres and the Gandel Group.
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Chadstone was built at a cost of approximately £6 million by the Myer family and was the first regional shopping centre in Australia when it opened in 1960. In 1983, Mr Gandel paid $37 million to acquire Chadstone when sales were approximately $100 million a year.
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Chadstone's $2 billion sales milestone

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The world's largest property owner Blackstone is selling its Top Ryde shopping centre.
Bought from receivers five years ago for $341 million, the private equity group has spent about $90 million on the Top Ryde complex.
Located 12 kilometres from the Sydney CBD, the centre includes a Coles, Woolworths, Aldi, Kmart, Big W, Harris Scarfe, Event Cinemas, 20 mini majors, 200 specialties and kiosks, and  parking for 2925 cars.
Its total shopping area space is 76,958 square metres.
Recent comparable shopping centre deals include AMP's purchase of Indooroopilly in Brisbane for $800 million and GPT's unlisted fund's $680 million purchase of a 25 per cent share in Highpoint, Melbourne. Both deals reflected sales prices of about 4.25 per cent. 
The Australian Financial Review suggests Top Ryde was likely to sell for about $700 million, a yield of about 5 per cent.
The shopping centre was valued at $840 million in 2008, Property Observer noted on its last sale.
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Top Ryde shopping centre set to fetch $700 million as Blackstone moves to sell

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A large format retail (LFR) portfolio with assets in New South Wales and Queensland is set to hit the market. 
Listing agent Simon Rooney, JLL’s Head of Retail Investments – Australasia, says that LFR assets offer attractive yields and suggest they are less likely to encounter disruption from online competition.
The assets included in the portfolio up for grabs are: Homemaker The Valley, Fortitude Valley, QLD (pictured above); Homemaker Lake Haven, NSW; Homemaker Greenway &amp; Greenway Plaza, NSW and Homemaker Prospect, NSW. 
 “The LFR sector has clearly benefitted from high growth in residential construction and household turnover,” Rooney said.  
LFR assets offer value-add opportunities such as future redevelopment and high-yielding cash flow, he said.
“The diverse range of tenants and use-types in the assets have transformed them into much more than traditional homemaker centres,” Rooney said.
“ The introduction of gyms, food and lifestyle uses have enhanced customer foot traffic and responded to the strong consumer trend towards health and well-being.
“Last year was a record year for LFR, with over $1.6 billion in transaction volumes recorded – boosted by the sale by LaSalle of Home Hub Castle Hill and Home Hub Marsden Park for $436 million to Aventus in May 2017.
“The LFR sector will benefit from the proposed planning reforms by the NSW Government,which plan to expand the use-types that can operate in LFR zoning and relax the requirements for loading facilities, bringing it in line with VIC and QLD.”
The portfolio will be offered for sale via a formal international expressions of interest campaign, closing 14 June 2018.
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Large format retail portfolio hits the market

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Fund manager Clarence Property has purchased The Zone shopping centre at Underwood in south-east Brisbane.
Paying $31.25 million, The Zone was purchased at a 7.85% yield.
Its anchor retailers include OfficeWorks, Rebel Sport, Good Price Pharmacy and Best Friends Pet Warehouse.
It will be within Clarence Property's flagship unlisted Westlawn Property Trust which has more than $250 million in assets between Yamba and the Sunshine Coast.
Its target asset allocation is about 30 to 45% retail, especially high-yield neighbourhood shopping centres in growth regions.
It started in Grafton some two decades ago, expanding its strong presence in northern New South Wales into south-east Queensland.
The Zone is a sub-regional large format shopping centre 16 kilometres south of the Brisbane CBD.
It is made up of four buildings of about 11,000 square metres on a 2.85-hectare site on the corner of Compton and Kingston roads.
It opened in 2005.
CBRE's Joe Tynan, Peter Rossi, Michael Hedger and Nick Willis negotiated the sale of the property for a private Queensland investor.
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