One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

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The iconic Australian Exchange Centre, home of the ASX, is soon to hit the market with price expectations of more than $325 million. 
The listing of the building at 20 Bridge Street in the heart of Sydney’s financial district makes it the first institutional grade Sydney CBD core offering since June 2013. 
The Malaysian pension fund Kumpulan Wang Persaraan is selling the Exchange Centre.
The A-grade 20,329 sqm commercial building comprises 13 upper levels of office accommodation, ‘Exchange Square’ retail on the ground level and an auditorium at basement level.
The building is 96 per cent leased with a long Weighted Average Lease Expiry (WALE) of more than seven years and managed by Investa.
It last exchanged hands for $185 million in 2011, being snapped up by an offshore institutional investor, according to RP Data.  
The ASX Group occupies more than 45 per cent of the building, with a lease expiry of more than 11 years.
The listing agents are Simon Fenn, Ian Hetherington and Ben Azar of Savills.
The high profile asset is only one of six buildings valued at over circa $200 million and which is 100 per cent owned within the CBD core.
“This is a rare opportunity to purchase 100 per cent interest in the Sydney core and we expect a strong mix of both local and offshore interest, likely to come from China, Hong Kong, Singapore, Japan and parts of Europe,” said Simon Fenn, managing director NSW at Savills. 
The Exchange Centre is minutes from Circular Quay and Wynyard Train Station. 
 
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Sydney’s coveted Exchange Centre lists through Savills with price hopes of more than $325 million

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ASX-listed Propertylink Group (ASX:PLG) has posted net earnings of $18.71 million for the six months ending December 31, 2016, the first since its disappointing debut on the market last year.
Propertylink, which owns industrial and logistics properties and also invests in them,  said total comprehensive income for the half year was $38.13 million.
The company said it was on target to deliver the FY2017 forecasts of distributable earnings per security of 6.67 cents and distribution per security of 6.32 cents (pro-rata from the completion of the IPO).
The company declared an interim distribution of 2.7 cents per security, to be paid on March 3.
Propertylink, which raised $502 million from its IPO, made a disappointing market debut in August 2016 when its shares slumped 9 percent.
Chief executive Stuart Dawes hinted that the company was looking to acquire more assets.
“We currently have a strong pipeline of additional assets in due diligence for continued growth in our investment management business and anticipate adding new investors to the investment management platform,” said Dawes.
“We will also continue to assess opportunities to realise assets where strong performance can be crystalised for our investors.”
Financial Highlights
<table style="width: 342px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="179">
 
</td>
<td valign="top" width="82">
1HY15 ($m)
</td>
<td valign="top" width="82">
1HY16 ($m)
</td>
</tr>
<tr>
<td valign="top" width="179">
Net property income
</td>
<td valign="top" width="82">
0.165
</td>
<td valign="top" width="82">
18.714
</td>
</tr>
<tr>
<td valign="top" width="179">
Co-investment income
</td>
<td valign="top" width="82">
1.699
</td>
<td valign="top" width="82">
2.957
</td>
</tr>
<tr>
<td valign="top" width="179">
Investment management revenue
</td>
<td valign="top" width="82">
5.729
</td>
<td valign="top" width="82">
31.278
</td>
</tr>
<tr>
<td valign="top" width="179">
Total comprehensive income
</td>
<td valign="top" width="82">
1.592
</td>
<td valign="top" width="82">
38.137
</td>
</tr>
<tr>
<td valign="top" width="179">
Distributable Earnings
</td>
<td valign="top" width="82">
N/a
</td>
<td valign="top" width="82">
18.045
</td>
</tr>
</tbody></table>
The company said it had kept good momentum in leasing transactions with tenant retention of more than 80 percent. Dawes said Properylink’s portfolio had increased to $697.8 million due to the "team’s active approach to asset management". It completed 35 leasing transactions during the six months, covering 128,418 sqm and accounting for 25.5% of the portfolio. It also increased the weighted average lease expiry (WALE) of the overall portfolio to 4.4 years.
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Propertylink posts net income of $18.7 million, says on the lookout for assets

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DEXUS Property has advised occupancy (by area) at Grosvenor Place, Sydney increased to 96 percent from 94.5 percent at 30 June 2016.
 
It also secured 2,981 square metres of leasing at 385 Bourke Street, Melbourne increasing occupancy to 97.9 percent from 94.5 percent.
 
The advisory was part of DEXUS Property Group updating the leasing status across its property portfolio.
 
It advised it had leased 54,734 square metres of office space across 78 transactions, with occupancy maintained at 96 percent.
 
It also leased a significant amount of industrial space in a three month period securing 158,811 square metres1 of industrial space across 47 transactions, with occupancy improving to 92.3 percent.
 
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="142">
Key metrics
</td>
<td valign="top" width="142">
30 September 2016
</td>
<td valign="top" width="142">
30 June 2016
</td>
</tr>
<tr>
<td valign="top" width="142">
Occupancy by income
</td>
<td valign="top" width="142">
96.0%
</td>
<td valign="top" width="142">
96.3%
</td>
</tr>
<tr>
<td valign="top" width="142">
Occupancy by area
</td>
<td valign="top" width="142">
95.9%
</td>
<td valign="top" width="142">
96.3%
</td>
</tr>
<tr>
<td valign="top" width="142">
WALE by income
</td>
<td valign="top" width="142">
4.9 years
</td>
<td valign="top" width="142">
4.7 years
</td>
</tr>
<tr>
<td valign="top" width="142">
Average incentive
</td>
<td valign="top" width="142">
15.4%
</td>
<td valign="top" width="142">
17.7%
</td>
</tr>
</tbody></table>
Kevin George DEXUS Executive General Manager, Office &amp; Industrial said the strength of demand in the Sydney office market continued to flow through to the DEXUS portfolio during the quarter.
"We have seen our overall average incentives fall across the portfolio, driven by some properties which are in high demand and as a result have achieved solid growth in rents and reduced incentives at these properties.”
Notable activity for the quarter included:
<ul>
<li>Securing leasing commitments across 10,784 square metres of space at 30 The Bond, Sydney, after the surrender of office space previously occupied by Lend Lease – including securing a new lease with Roche across 4,418 square metres. Only 5,347 square metres remains to be leased at 30 The Bond</li>
<li>Securing three new leases with various tenants across 4,000 square metres at Waterfront Place, Brisbane</li>
<li>Renewing a lease with the South Australian State Government across 9,253 square metres at 11 Waymouth Street, Adelaide</li>
</ul>
Despite the surrender of lease by Lend Lease, occupancy (by income) only decreased slightly to 96.0 percent from 96.3 percent at 30 June 2016 across the total office portfolio, while the weighted average lease expiry (WALE) increased by 0.2 years to 4.9 years.
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Grosvenor Place, Sydney sitting at 96 percent full

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Property Connect, a rental property technology company, is raising $2.5 million through a public listing on the Australian Securities Exchange (ASX) as as part of a reverse takeover by Conquest Agri (ASX:CQA).
The company will issue 50 million shares at A$0.05 per share, giving it a market cap of A$12.28 million upon listing, expected March 7 under the proposed ASX code PCH.
Property Connect has developed a program called LiveOffer, through which potential tenants can make an offer on a rental property, thus creating a fair market value for rental properties.
LiveOffer™ provides the renter with the ability to adjust the rent paid, move in date and lease term to create an overall scenario for the property manager.
“We provide a win-win situation, instantly matching the ideal renter for the property and securing the optimum outcome for the property manager,” said Property Connect founder, former Sydney property developer Tim Manson.
Manson has relocated to California seeking to launch the LiveOffer™ technology into the US multi-family apartment market.
“Feedback from those who have trialled the technology has been excellent and we have a host of clients eagerly anticipating the new version.”
Version 2.0 of LiveOffer™ is expected in Q2 CY2016.
Property Connect will charge a set-up fee and monthly fee for each community placed on the LiveOffer™ system by the property manager, in addition to a 1-3% transaction fee per lease passed through the platform.
The product also provides an opportunity for tenants to upgrade to premium apartments that become available.
The company has signed agreements with 10 US property management groups, with more than 100,000 combined listings per annum, for use of the LiveOffer™ platform.
Funds from the capital raising will be used for system development, hiring and working capital. 
GTT Ventures Pty Ltd is sole lead manager for the equity raising.
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Rental tech firm Property Connect set to list on ASX

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Updater, the United States company that specialises in home relocation services, listed on the ASX today at 36 cents after its 20 cents IPO which raised $22 million from Australian investors for an $85 million market capitalisation.
Although the company is listed on the ASX, with investors including Melbourne billionaire Alex Waislitz , it won't sell any products in Australia, just in the US where it intends seeking Nasdaq listing at a later stage in its growth. 
Updater will list on the ASX via Chess Depositary Interests (CDIs), which allow international companies to trade on the local stock exchange. 
It will be priced at 20¢ a CDI, 25 of which will equate to one share of the company's common stock.
Moelis &amp; Co and Euroz Securities were the co-lead managers for the float.
Its private investors include Domain executive Antony Catalano and investor David Paradice, portfolio manager for Paradice Investment Management.
Updater, specialises in home relocations, arranging the forwarding of mail, updating of accounts and records and organising other relocation logistics, via a centralised online platform.
Founder and chief executive David Greenberg said Updater had about two% of the US home relocation market with hopes of five per cent by the end of next year.
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Updater lists on ASX with influential investors

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Mooted on and off for the past two decades, the public float of the McGrath estate agency is now tipped as possibly scheduled for November this year.
The much-read Australian Financial Review Street Talk columnists write McGrath Estate Agents has kicked off a beauty parade for advisers on a potential initial public offering.
It was mooted last year and before that as far back to the late 1990s.
The company, formally founded by high-profile chief executive John McGrath in 1988, along with his adviser, Luminis Partners took pitches from retail brokers and investment banks for the public market float this week.
The fallback position is that McGrath Estate Agents is keeping its options open as it looks for funding to further its national expansion.
"If the company was to opt for a float, it would likely take place in November, after companies' reporting season and in the midst of the spring property selling season," the AFR’s Street Talk writers, editor Sarah Thompson, Anthony Macdonald and Jake Mitchell write.
They dominate the AFR readership traffic, according to leaked details covering the month to April 15, 2015, despite the strength of their Canberra coverage from gallery stalwarts Laura Tingle and Phillip Coorey. The rankings published by Mumbrella are by absolute number of page views rather than page views per article.
Rear Window columnist Joe "Mortdecai" Aston sat in eighth place. 
Former Property Observer writer Larry Schlesinger topped the property section writers in 10th place.
The former Property Observer columnist Chris Joye sits in 24th place. He re-wrote today that the RBA has been blindsided by housing dynamics over the past couple of years as it has never confronted such conditions. 
"In 1991 the value of housing debt divided by disposable household income was 35 per cent. Today it is more than 140 per cent, and climbing daily," Joye wrote.
When ranked by page views per article Chris Joye sat in fourth place behind Laura Tingle, Phil Coorey and Jonathon Shapiro. 
The national business broadsheet had a 7.5% circulation fall on weekdays to 56,160, while its weekend edition fell 1.3% drop to a circulation of 61,911, according to the latest Audit Bureau of Circulation figures.
Fairfax doesn't release digital subscription numbers for the AFR, because the numbers are slight.
Street Talk revealed <a href="/news/john-mcgrath-finally-thinks-of-venturing-into-victoria">McGrath had appointed Simon Mordant of Luminis</a> to advise on growth options last month. Title Tattle revealed <a href="/news/simon-mordant-sells-in-point-piper-to-downsize-into-thomas-hamel-flat">Simon Mordant's property downsizing</a> earlier this year.
McGrath Estate Agents has 62 offices across NSW, south-east Queensland and the ACT, most of which are franchises.
In March McGrath Estate Agents announced it recorded its best month in the company's history.
 
The real estate agency based across New South Wales, Queensland and the ACT turned over more than $1.46 billion in property during March with 1281 sales from 62 offices. This reflected a 14.6 per cent increase on the previous company record of $1.27 billion recorded in November 2014.
 
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