Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Joel Robinson

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

&nbsp;

&nbsp;

&nbsp;

Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place

Central Element is seeking approval for a significant residential redevelopment in Lavender Bay, lodging plans for a dual-tower apartment project that would deliver 163 new homes on a prominent site at the northern gateway to Milsons Point.

The Sydney-based builder-developer has lodged a concurrent rezoning proposal and State Significant Development Application for <a href="https://www.apartments.com.au/new-apartments/64-66-lavender-street-lavender-bay-nsw-2060">64-66 Lavender Street and 3-7 Middlemiss Street</a>, a 2,305 sqm amalgamated site currently occupied by a collection of ageing residential flat buildings.

Designed by SJB, the proposal would replace the existing 32 apartments with two residential towers rising 23 and 32 storeys, comprising 163 apartments including affordable housing managed by a community housing provider. The project forms part of the NSW Government's Housing Delivery Authority program and has been progressing through a fast-tracked state planning pathway since being endorsed for further assessment in 2025.

The proposal is one of the most significant redevelopment opportunities currently under consideration on Sydney's lower north shore, sitting between the high-density towers of Milsons Point and the lower-scale heritage fabric of Lavender Bay.

<img alt="Lavender Bay" data-entity-type="file" data-entity-uuid="93ecf0ee-487d-4292-afc4-0bc9579475d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.30.48%E2%80%AFAM.png?VersionId=PunU2ipMaTxiJcJ8NdMyUlWA7d98eNUb" />

The planning proposal seeks a substantial uplift from the current 12 metre height limit, which would only allow for a four-storey building, however the submission argues a scheme within these limits would not be&nbsp;economically feasible given the complexity of site amalgamation and would fail to maximise housing delivery on land located within walking distance of major transport infrastructure.

SJB said the design evolved significantly following discussions with the Department of Planning, Housing and Infrastructure and independent design review processes.&nbsp;Rather than pursuing a single larger tower, the architects adopted a two-tower approach aimed at reducing perceived bulk, preserving view corridors and creating greater permeability at ground level.

The northern tower would rise 23 storeys and contain 81 apartments, while the southern tower would reach 32 storeys and accommodate 82 apartments. Five basement levels would provide 174 car spaces, 181 bicycle spaces and 10 motorcycle spaces.

"The proposal for 3–7 Middlemiss Street and 64–66 Lavender Street is driven by a clear ambition to complete the Middlemiss Peninsula, delivering the final piece of a carefully evolving urban precinct," SJB noted in its design report.

"Positioned at the threshold between Lavender Bay and the North Sydney CBD, the development is envisioned as a unifying element—one that completes the skyline composition while providing a considered and harmonious transition between the peninsula’s established character and the intensity of the CBD beyond.

"Collectively, the development aspires to create a landmark that is generous, inclusive, and deeply connected to its setting, one that enhances the skyline, strengthens the public realm, and contributes to a more equitable and sustainable urban future."

Communal spaces would be distributed across multiple levels, including landscaped podium gardens, swimming pool facilities, barbecue areas and rooftop-style retreat spaces designed for residents. The proposal delivers more than 1,500 sqm of communal open space and nearly 400 sqm of indoor communal facilities.

<img alt="Central Element" data-entity-type="file" data-entity-uuid="0671c276-6dd8-4cfc-97b0-134a45d2c8cf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.30.17%E2%80%AFAM.png?VersionId=90D7lRaCTMTsFx92tIBrHlZcuaV_a4cw" />

A major focus of the planning assessment has been the project's relationship with surrounding public open spaces.

Clark Park, Bradfield Park and Wendy Whiteley's Secret Garden are among the lower north shore's most valued public landscapes, and overshadowing impacts have been closely examined through the design process. Central Element is proposing to also create a new public plaza and pocket park as part of the development.

Central Element has been developing across Sydney since 2010.

They have recently completed their Chatswood tower, Ethos Chatswood, as well as their luxury redevelopment of Coogee's landmark Ballamac House. They are currently selling Pearl Bondi, just seven high-end homes, while future plans include a tower on Hyde Park, and a boutique project in Neutral Bay.

First look: Central Element reveals Lavender Bay apartment plans

Woolworths

<html><body>
Woolworths will scrap its $1 dollar-a-litre milk in support of a more sustainable Australian dairy industry.
From tomorrow, Woolworths will remove $1 per litre milk from all stores around the country with its own brand milk to sell for $2.20 and $3.30 respectively.
Woolworths has announced plans to permanently increase the price of milk with the extra cost to be passed onto dairy farmers. 
Woolworths Group CEO Brad Banducci said the move would deliver higher prices to more than 450 dairy farmers.
Dairy farmers have rallied against $1 per litre milk ever since the supermarket giants started their price war in 2011, arguing the cheap price was unsustainable.
There was an <a href="https://www.facebook.com/775904401/videos/10156967043899402/" target="_blank">emotive video last week</a> from the daughter of a South Australian dairy farmer who was farewelling the herd as they abandoned the farm.
Casey Treloar, from South Australia, a third generation dairy farmer saw her facebook go viral with emotional farewell video.
The supermarket giant and rivals Coles previously put up the price of their two and three litre milk varieties in September as a temporary drought relief measure. 
Australian Dairy Farmers CEO David Inall welcomed Woolworths’ move, describing it as a ‘game changer’. 
“It is reassuring that Woolworths has committed to deliver the full 10 cent increase back to those farmers who supplied the milk into that product category,” Mr Inall said. 
“Removing $1 milk is not just intended to restore farmers’ financial confidence, but it will also boost confidence in regional communities and small businesses that rely on the industry."
Coles is yet to announce if it will follow Woolworths’ lead.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Woolworths scraps $1-a-litre milk to support Australian dairy industry

<html><body>
The Woolworths Metro beneath the soon to be completed Omnia residential block above Kings Cross Station has been listed for sale just a week after opening its doors.
It is being marketed as the ultimate inner Sydney supermarket.
<div class="page" title="Page 12">
<div class="section">
<div class="layoutArea">
<div class="column">
Kings Cross railway station drives over 22,000 commuters through each day.
</div>
</div>
</div>
</div>
The brand new state of the art 980 sqm space is tenanted by Woolworths, while there's also two supporting speciality shops spanning 315 sqm.
It last traded off the plan in 2016 when reportedly <a href="/news/new-woolworths-potts-point-premises-sold">bought for $16.3 million</a> by New Zealand investor Brian Cook.
The sale was subject to Woolworths not exercising a final right of refusal to acquire the property. The Woolworths was designed to cater to the area's high volume of pedestrian traffic.
<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/2018/11/5/omnia2.jpg" alt=""> 
The retailers are signed to a 15 year net lease with a net income of $946,000 per annum, with the Woolworths base rate calculated as $505,215 p.a.
The $459,710 p.a. speciality shop rental has been guaranteed for two years.
The lease has built in fixed annual rent reviews.
<div class="page" title="Page 24">
<div class="layoutArea">
<div class="column">
Its initial base rent is $515 per square metre plus GST per annum.
The annual rent increased are CPI capped at 3 percent.
</div>
<div class="column">
The tenant must pay to the Landlord the Tenants Proportion of Outgoings each year, excluding management fees.
</div>
</div>
</div>
The trade area just off the busy Darlinghurst Road and King Cross high street is described as highly affluent, with income levels 92 percent above the Sydney Metro average.
CBRE retail investments agents Harry George and Nick Willis are marketing the property until November 29.
There are $3 million benefits from depreciation over the life of the investment.
Omnia is the latest residential and retail development in Potts Point.
The $320 million building was developed by Chinese-backed developer Greenland.
Sherwood Luo, Greenland Australia's managing director, said the Woolworths Metro store further strengthens one of Omnia’s key points of difference – convenience.
 “Having the Woolworths Metro store on the podium level really is the icing on the cake for our residents," he said.
"We are also targeting premium bar and restaurant operators for the ground floor retail tenancies, so Omnia will provide an immense level of lifestyle convenience all within the building itself.
“Omnia offers the ultimate in convenience on a number of fronts. Firstly, it’s in an exemplary position, ideally located between Victoria Street and Darlinghurst Road, adjacent to the iconic Coca-Cola sign, right in the centre of all the action, you can’t get much better. It’s also a stone’s throw from the CBD.
</body></html>

jrobinson-rf4aSBido9

Woolworths space underneath Kings Cross's new Omnia development listed

<html><body>
A Woolworths Metro has become the anchor tenant of Greenland Australia’s $320 million Omnia apartment building in Kings Cross.
It is in the final stages of completion.
Positioned on level one of Omnia’s podium level, the Woolworths Metro will be joined by seven other retail spaces on the ground floor, which are currently available for lease.
Greenland Australia’s managing director, Sherwood Luo, said the Woolworths Metro store underpinned Omnia’s key points of difference - convenience.
Luo said the group is now targeting premium bar and restaurant operators for the ground floor retail tenancies.
Located on the Victoria Street and Darlinghurst Road corner, adjacent to the iconic Coca-Cola sign, the Woolworths Metro will be open from 6am until midnight seven days a week.
<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/2018/11/1/woolworth%202.jpg" alt="">
Justin Nolan, the Metro, Woolworths general manager said the customers were "looking for food they can either eat now on the go, or later, along with a convenient grocery shop".
Woolworths will retain its Macleay Street, Potts Point store.
</body></html>

Woolworths Metro opens at Omnia, Kings Cross

<html><body>
Investa has announced Woolworths as its newest tenant in The Sydney Arcade at 400 George Street.
It represents Woolworth’s fifth Metro store in the Sydney CBD.
Woolworths has committed to a seven-year term, over the 1,240 square metre basement space.
The lease includes two, five-year options.
The deal was negotiated by Alex Alamsyah from Knight Frank.
“Woolworths is a great addition to the retail tenancy mix at 400 George Street.
"Supermarkets traditionally favour basement-style space and this prime location at Pitt Street Mall is expected to attract even more customers to The Sydney Arcade,” said Michael Cook at <a href="https://www.investa.com.au/properties/400-george-street" target="_blank">Investa</a>.
“It also reflects the emerging trend in CBD retail away from a complete reliance on fashion to incorporate more serviced-based offerings that appeal to city workers,” he said.
400 George Street is a 51,034 square metre office tower and retail arcade located in the centre of the Sydney CBD, jointly owned by Investa Commercial Property Fund, the M&amp;G Asia Property Fund and funds managed by Mirvac.
The Sydney Arcade incorporates over 5,000 square metres of prime retail space accommodating a range of leading Australian and international brand including Adidas, Bally, Oroton and Ben Sherman.
Located within the Pitt Street Mall precinct, the tower has Telstra occupying over 40,722 square metres of office space.
Just next door 396 George Street, which sits at the intersection of King Street, has been listed for sale in Sydney’s premium retail precinct.
</body></html>

Sydney Arcade to host 5th Woolworths Metro in the CBD

<html><body>
CBRE has sold the Woolworths Hadfield in Melbourne’s northern suburbs for $11.75 million.
It was the third time in two years the shopping centre has transacted. 
Located on a 5,600sqm site in Melbourne’s inner north, the freestanding Woolworths was first sold by CBRE in 2016 to St Albans-based plumber Emmanuel Zahra for $9.75 million. 
Then in 2017, it was sold for $8.75 million, however, the contract was forfeited. 
The property was purchased recently by a Melbourne investor for $11.75 million – reflecting a yield of 3.5% and profit of $2 million since it last transacted. 
The property, which has a one-year lease remaining to Woolworths, marks the fourth freestanding supermarket sale nationally this year, and the second in Victoria. 
The sale follows the trend of low returns on supermarket investments, with recent transactions including Coles Clayton in VIC for $17.115 million (2.57% yield) and Coles Earlwood in NSW for $28.72 million (4.22% yield). The assets were purchased by a Melbourne and Asian investor respectively. 
Recent supermarket transactions undertaken by CBRE
<table style="width: 468px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td nowrap width="83">
MAJOR TENANT
</td>
<td nowrap width="61">
CITY
</td>
<td nowrap width="42">
STATE
</td>
<td nowrap width="44">
DATE
</td>
<td nowrap width="68">
PRICE
</td>
<td width="71">
INTIAL YIELD
</td>
<td width="42">
GLA  (SQM)
</td>
<td width="57">
$ / SQM
</td>
</tr>
<tr>
<td nowrap width="83">
Coles
</td>
<td nowrap width="61">
Clayton
</td>
<td nowrap width="42">
VIC
</td>
<td width="44">
Mar-18
</td>
<td nowrap width="68">
$17,100,000
</td>
<td nowrap width="71">
2.58%
</td>
<td width="42">
2,852
</td>
<td nowrap width="57">
$5,995
</td>
</tr>
<tr>
<td nowrap width="83">
Woolworths
</td>
<td nowrap width="61">
Smithton
</td>
<td nowrap width="42">
TAS
</td>
<td width="44">
Mar-18
</td>
<td nowrap width="68">
$7,500,000
</td>
<td nowrap width="71">
6.83%
</td>
<td width="42">
2,200
</td>
<td nowrap width="57">
$3,409
</td>
</tr>
<tr>
<td nowrap width="83">
Coles
</td>
<td nowrap width="61">
Earlwood
</td>
<td nowrap width="42">
NSW
</td>
<td width="44">
May-18
</td>
<td nowrap width="68">
$28,720,000
</td>
<td nowrap width="71">
4.22%
</td>
<td width="42">
2,675
</td>
<td nowrap width="57">
$10,736
</td>
</tr>
<tr>
<td nowrap width="83">
Woolworths
</td>
<td nowrap width="61">
Hadfield
</td>
<td nowrap width="42">
VIC
</td>
<td width="44">
May-18
</td>
<td nowrap width="68">
$11,750,000
</td>
<td nowrap width="71">
3.57%
</td>
<td width="42">
2,101
</td>
<td nowrap width="57">
$5,593
</td>
</tr>
<tr>
<td nowrap width="83">
Total
</td>
<td nowrap width="61">
 
</td>
<td nowrap width="42">
 
</td>
<td width="44">
 
</td>
<td nowrap width="68">
$65,070,000
</td>
<td nowrap width="71">
4.30%
</td>
<td width="42">
 
</td>
<td nowrap width="57">
$6,433
</td>
</tr>
</tbody></table>
</body></html>

Woolworths Hadfield sold for third time in two years

<html><body>
Urban.com.au was on hand late last week for the soil turning ceremony for the first stage of OSK Property's $2.8bn Melbourne Square project, which marked the official commencement of construction by head contractor Multiplex. 

Designed by Cox Architecture, Melbourne Square is <a href="/buildings/melbourne-square-93-119-kavanagh-street-southbank">one of the largest development projects in Victoria</a>, and will feature six mixed-use towers of varying heights and programme, in addition to a new 3,700 sqm public park for Southbank, which will also be delivered as part of stage one.

Already at the time of writing, 95% of piling for stage one has been completed, with the tower structures becoming apparent in coming months.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/melbourne-square-park.jpg" rel="gallery-all" title="Melbourne Square's 3,700 sqm public park will provide much needed open space for Southbank residents. Image : Floodslicer"><img alt="" class="image-article-full-width-580px" height="266" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/melbourne-square-park.jpg?itok=Z6UUXUm8" title="Melbourne Square's 3,700 sqm public park will provide much needed open space for Southbank residents. Image : Floodslicer" width="580"></a>

<figcaption>Melbourne Square's 3,700 sqm public park will provide much needed open space for Southbank residents. Image: Floodslicer</figcaption></figure>Over 7,000 tonnes of steel and 50,000 cubic metres of concrete will be used in the first stage of construction, with the workforce expected to peak at approximately 600 people. 

Stage one of Melbourne Square comprises two residential towers of 54 and 69-storeys accommodating 1,048 apartments and delivering essential amenity and services to Southbank residents.

This includes the delivery of a retail precinct incorporating shopping, dining and café facilities as well as Southbank’s first full-line supermarket, through a recently announced deal with Woolworths who will occupy 3,800 sqm over two levels.

The ambitious project will play a pivotal role in bringing much-needed community amenity to Southbank, with the entire city block revitalised to become a vibrant vertical village and deliver much-needed green open space and services to the precinct.

COX Architecture's design for stage one is characterised by fully glazed pleated towers highlighted by a dramatic shard element at level 54. The unique pleated facade provides a bay window type feel with the added effect of widening the external views and maximizing natural light.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/melb_square_shard.jpg" rel="gallery-all" title="The two towers which form stage one feature fully glazed pleated facades. Image : Floodslicer"><img alt="" class="image-article-full-width-580px" height="386" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/melb_square_shard.jpg?itok=B6T2BiiB" title="The two towers which form stage one feature fully glazed pleated facades. Image : Floodslicer" width="580"></a>

<figcaption>The two towers which form stage one feature fully glazed pleated facades. Image : Floodslicer</figcaption></figure>Speaking about OSK Property's vision for the Melbourne Square project OSK Group's executive chairman Tan Sri Ong Leong Huat remarked that the intent was to create "a fully integrated iconic project" that provided a memorable entry experience for visitors coming from Melbourne airport - "a symbol, a landmark". 

Tan Sri added that very early on the development team worked closely with DELWP and City of Melbourne to create a vision for the site that met their expectations and adhered to planning requirements, and provided another landmark for Melbourne that "blended in with the city."

Melbourne Square will add to Southbank's growing list of green spaces joining the new expanded park at the former Boyd School, Sturt Street spine, Southbank Boulevard linear park and improvements to City Road.

Stage one of Melbourne is due for completion in October 2020. A hotel operator and tenant(s) for the commercial tower are being finalised with an announcement expected in the 2nd quarter of 2018.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/20180322_102940.jpg" rel="gallery-all" title="Piling nears completion as construction proper is set to get underway. "><img alt="" class="image-article-full-width-580px" height="435" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/20180322_102940.jpg?itok=SOYAByvD" title="Piling nears completion as construction proper is set to get underway. " width="580"></a>

<figcaption>Piling nears completion as construction proper is set to get underway.</figcaption></figure><h2>What they say</h2>

<blockquote>
We are excited to see Melbourne Square come to life. The project will breathe life into an area that is already a coveted location within walking distance of the CBD, Southbank arts precinct, Royal Botanic Gardens and the Crown entertainment precinct. We are also delighted to be able to do our part in providing much-needed amenity to the Southbank community.

- Tan Sri Ong Leong Huat, Executive Chairman of OSK Group
</blockquote>

 

<blockquote>
We’re pleased that we’ll soon be able to offer local residents the convenience of a supermarket that will include all the usual features our customers have come to expect. From fresh fruit and vegetables to a large range of grocery items at great prices, those living in the area will be able to pick up all their shopping essentials, without needing to travel too far.

- Brad Karge, Woolworths’ State Property Manager
</blockquote>

 

<blockquote>
We’re pleased to kick off the construction process on what is set to be one of Central Melbourne’s most exciting new developments. It will be a busy three years ahead to bring Melbourne Square to life and we’re looking forward to working closely with OSK Property in its delivery.

- Graham Cotton, Multiplex Victoria’s Regional Managing Director 
</blockquote>
</body></html>

Laurence Dragomir

Soil turns on Stage 1 of Melbourne Square as piling nears completion

<html><body>
Woolworths has won its legal battle with Harris Farm to prevent organic grocer About Life from transferring its lease at Kiaora Lane precinct in Sydney’s Double Bay to the latter.
The dispute started after About Life sold the store to family-owned grocer Harris Farm for $10 million in April and agreed to transfer the 77-year lease as part of the sale.
Woolworths went to the Supreme Court of NSW saying it had the first right of refusal over About Life's retail lease,  while Harris Farm alleged that Woolworths was engaging in anti-competitive practices by entering into leases that gives the supermarket giant the first right of refusal.
Justice Arthur Emmett ruled in the supermarket giant’s favour that it was entitled to an order restraining About Life from transferring the lease to Harris Farm unless it first offered the lease to Woolworths, The Daily Telegraph reported.
Woolworths is now expected to make an offer to take over the site, which is still occupied by About Life.
The organic grocer has been planning to close its Double Bay outlet to focus on its flagship store at Bondi Junction.
The decision would allow Woolworths to open a smaller retail offering such as a Woolworths Food Quarter on the site when About Life vacates the premises.
According to the judgement, Woolworths’ general manager of property management Matthew Franich said the supermarket giant was “content” to see About Life lease the space because it had dropped plans to build a Thomas Dux there and because of the “symbiotic relationship” that existed between Woolworths and About Life.
“Mr Franich said that, conversely, if the subject premises were occupied by a retailer that sells many of the same products that are sold by the Woolworths supermarket, as a typical Harris Farm store would, Woolworths would lose the benefit that the co-location with About Life brings to the supermarket, without obtaining any offsetting benefit,” it said.
According to Franich, Woolworths has plans for a “smaller innovative retail offering such as a Woolworths Food Quarter”, which would predominantly provide ready-to-eat meals in a similar fashion to About Life.
It could expand the supermarket chain’s “Click &amp; Collect” point for online shoppers and a Dan Murphy’s cellar business.
Woolworths already has a flagship supermarket at Kiaora Place.
But the judgement noted that Harris Farm had no knowledge of Woolworths’ first right of refusal and its  CEO Angus Harris was assured by About Life earlier that there were no restrictions on the organic grocer selling its interest in the premises.
Justice Emmett dismissed Harris Farms’ allegations the supermarket giant had breached an “enforceable undertaking” with the Australian Competition and Consumer Commission to not enter into restrictive, anti-competitive leases.
A Woolworths spokeswoman said it welcomes the decision upholding its first right of refusal while About Life and Harris Farm did not comment.
</body></html>

jonathanchancellor-7SQnKwU6yx

Woolworths wins Double Bay dispute with Harris Farm over About Life lease

<html><body>
Woolworths and Harris Farm are locked in a battle for a prime retail shop lease at a $110 million Kiaora Lane development in Sydney's Double Bay.
Woolworths is in the NSW Supreme Court seeking orders against organic grocer About Life and Harris Farm, saying it had the first right of refusal over About Life's retail lease, according to The Australian Financial Review. 
Family-owned grocer Harris Farm says Woolworths is engaging in anti-competitive practices by entering into leases that gives the supermarket giant the first right of refusal.
In 2009, Woolworths gave an undertaking to the Australian Competition and Consumer Commission it would not enter into new leases that gives Woolworths a first or last right of refusal in relation to additional supermarket space in a shopping centre where Woolworths had its store.
In 2014, Woolworths signed a 30-year lease with About Life where the latter granted Woolworths a "first right of refusal to retail" the retail shop if it wished to transfer the lease to a third party.
Harris Farm bought the About Life store in the Double Bay retail precinct in April for $10 million and About Life agreed to transfer the lease to Harris Farm. 
The bone of contention is the ‘first right of refusal’ in the lease, with Woolworths saying the deal cannot proceed because Woolworths says the lease rules were breached.
The Kiaora Lane Double Bay precinct was developed by Woolworths and Woollahra Council in a $110 million joint venture.
It has a Woolworths supermarket and a Dan Murphy liquor store, which is part of the Woolworths group.
In his opening submission, Woolworths' barrister Matthew Darke, SC, said the object of the agreement between About Life and Harris Farm was for Harris Farm to occupy the retail premises in Double Bay because following the sale, Harris Farm was to demolish the shop's fitout and dispose of the equipment.
Darke said About Life breached the lease because it did not first offer Woolworths the right to take over the lease on the same commercial terms as Harris Farm.
Woolworths director of property Ralph Kemmler told the court the first right of refusal was added to secure its right over the site.
"It was a valuable piece of real estate... and we wanted the ability to go back to that piece of real estate," he said.
When asked by Harris Farm's barrister Peter Wood, Kemmler said large scale supermarkets such as Woolworths face strong competition from specialist retailers for food and grocery sales.
When Darke asked co-CEO of Harris Farm, Angus Harris, whether it is "not seeking to be a supermarket at all", Harris told the court while Harris Farm advertises itself as a "market" as part of a marketing strategy but it remains a supermarket that competes in the grocery space.
"We know we're a supermarket but we're like going to the market."
The hearing continues.
</body></html>

Woolworths, Harris Farm lock horns in court over shop in Sydney's Double Bay shopping centre

<html><body>
Melbourne’s appetite for Woolworths supermarket investments shows no signs of passing.
While the sale of Woolworths Glenroy for about $9.8 million was recently announced, an off-the-plan opportunity at Brunswick has just been listed.
Both were brought to the market through CBRE.
A group of local private investors has snapped up the freestanding Woolworths Glenroy for $9,750,000, reflecting a tight yield of around 4 percent.
Positioned in the northern suburb of Glenroy, the Woolworths supermarket has a remaining lease term of three years. 
The deal follows the sale of Woolworths Middle Brighton which transacted for $32,080,000, at a yield of 3.77 percent, in 2016.
CBRE’s Mark Wizel, Justin Dowers, Kevin Tong and Joseph Du Rieu steered the latest sale campaign. 
“The level of enquiry and interest that we experienced from buyers during the sales campaign was extremely positive, particularly given the short remaining lease term and the prospect of a decline in the turnover rent,” Wizel said.
Dowers said the rental agreement was based on a low base rental, with a significant proportion of the income derived from turnover rent. 
Although rival Coles Coburg North has impacted Woolworths Glenroy, Dowers said investors were ultimately attracted to the opportunity of owning a Woolworths supermarket only 16 km from the Melbourne CBD. 
<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/2017/02/13/WoolworthsGlenroy.jpg" alt="">
Meanwhile, the first Woolworths investment opportunity of 2017 has also been listed. The Woolworths Metro supermarket, Brunswick will be sold off-the-plan and is estimated for completion in 2018.
Pace Development Group are set to sell the ground floor Woolworths Metro Supermarket.
The Woolworths Metro store at 808-818 Sydney Road, Brunswick, will service 86 residential apartments on the seven upper levels of the property. 
CBRE’s Victorian Retail Investments team lead by Mark Wizel, Justin Dowers and Joseph Du Rieu are looking after the sales campaign.
Duane Vella, commercial development manager at Pace, said; “Given the 86 apartments that will be constructed above the supermarket are now sold out, we are confident investors will be eager to secure the retail component as a long term investment.”
Vella said Pace has managed the project in partnership with Woolworths from design to completion which should appeal to the buyer market.
Dowers said there is an increased demand for highly secure retail investment properties being sold off the plan. In the past 18 months the market has seen the sale of Woolworths Launceston, Woolworths North Caulfield and a Bunnings in Yarrawonga all off the plan.
“The pending sale of Woolworths Brunswick is the first metropolitan supermarket in Victoria to be offered to the market since Woolworths Middle Brighton was sold for a record yield of 3.77 percent by CBRE in June 2016.”  
The property will be sold by way of an international public expressions of interest, closing in late March 2017.
 
</body></html>

prateek24-ezbwHMbNAk

Investors make a beeline for Woolworths stores in Melbourne

<html><body>
<img src="https://counter.theconversation.edu.au/content/63051/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Woolworths’ shareholders have endured a bumpy ride these last few years. From its peak close to $40 in mid-2014, the share price has been flirting with $20 most of this year before yesterday’s rather unconvincing spike.
Woolworths’ travails of recent years have been well documented. Most notable has been the disastrous Masters foray. This slow motion train wreck got most of the attention, but in hindsight it was a sideshow. The real issue has been the assiduous ascendance of Aldi - a serious and focused competitor that has quietly, patiently but very deliberately moved into Woolworths’ heartland and destroyed its fundamental value.
Australian shoppers, once sceptical of Aldi’s rather idiosyncratic own-brand products, have embraced the German upstart with gusto in recent years. Aldi has been able to position itself as the underdog, when in reality it is one of the world’s most capable and deep-pocketed retailers. Its “piling it high, selling it cheap” approach has been welcomed by Australian shoppers who for far too long knew they were being taken for a ride by a grocery duopoly with some of the highest margins in the world.
Woolworths’ new chief executive, Brad Banducci has the unenviable task of turning all this around and yesterday he fired the one shot he probably has in the locker.
In an absolute sense the announcement yesterday was underwhelming – 500 staff to go and another 1000 moving closer to the retail frontline. Together with the mooted store closures, these add to more than $4 billion of write-downs and charges this year. Banducci has taken the charge on the capital account to embellish the profit and loss by clearing the decks of baggage.
However, the real problem is none of this does anything where it matters, in the stores where the customers are and in the relationships with suppliers. In both areas Woolworths has fundamental and structural problems and yesterday’s announcement does little to address these.
A major problem for Woolworths is its history. Woolworths became corpulent on its own success, shoehorning more and more products into its increasingly large format stores. A large format Woolworths has 15 horizontal metres of yoghurt – Aldi has about 50cm of horizontal space in its refrigerated section devoted to this product. It’s a case in point of how we humans can have too much of a good thing.
Aldi has its own version of most of the products it sells while Woolworths stocks a variety of supplier versions and quite a few of its own. Its growth in the range of what it sells, undertaken while it was riding high on a wave of oligopolistic profitability is virtually impossible to reverse.
The focus of Aldi has so many benefits – lower wastage, more reliable and economical supply arrangements and more efficient in-store logistics. These are the fundamental drivers of profitability that Woolworths simply cannot replicate.
The other major problem facing Woolworths is its relationships – with employees, customers and suppliers. While it was riding high it took the opportunity to strong-arm suppliers into supply arrangements that accrued massive profits to Woolworths, but left suppliers struggling. Woolworths’ employees too must shake their head in disbelief at the payout for outgoing CEO Grant O’Brien who was most closely associated with the Masters debacle. Customers are also are deserting in droves.
Some may hope that the future can only look better, but this hope may be forlorn. Exiting unprofitable store locations creates a vacuum for Aldi or, worse still, its fellow German retailer, Lidl.
The willingness of Australians to switch allegiance has delivered Aldi better growth in Australia than any of its other international expansions. This has not gone unnoticed in the board rooms of other global retailers. Australia is still seen as one of the most cosseted and hence promising grocery markets anywhere.
So, taken together while the times are tough for Woolworths, they may well be about to become tougher still. Buying Woolworths shares at their current level may well be a great idea - or we may yet see its shares plummet again as the realities of its huge fixed costs and shrinking margins combine to see more long term pain for the company. <a href="https://theconversation.com/profiles/john-rice-93120" rel="author"></a>
John Rice is professor of management, University of New England and can be contacted <a href="https://theconversation.com/profiles/john-rice-93120" target="_blank">here</a>.
Nigel Martin is lecturer, College of Business and Economics, Australian National University and can be contacted <a href="https://theconversation.com/profiles/nigel-martin-117971" target="_blank">here</a>.
Both are authors for The Conversation.
</body></html>

Woolworths

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Woolworths

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News