Growing national developer Time &amp; Place has announced its fifth new apartment development.

With two projects in Manly and two upcoming in Surry Hills and Potts Point, the developer, which expanded beyond Melbourne just a few years ago, is now heading to Mosman. It is planning 53 new apartments on Redan Street.

The 3,233 sqm site, spanning <a href="https://www.apartments.com.au/new-apartments/40-48-redan-street-mosman-nsw-2088">40–48 Redan Street</a> with frontage to Redan Lane, is located just under 400 metres from Spit Junction Town Centre. It is reported the developer paid around $100 million for the five-site amalgamation.

Time &amp; Place, founded by Tim Price and backed by James Packer’s private investment firm NPACT, has submitted the project as a State Significant Development through the NSW Government’s Housing Delivery Authority pathway.

Of the 53 apartments, 42 will be released to the market, with the remaining 11 allocated as affordable housing in line with NSW Government requirements.

fjc Studio has designed the building. In its Design Report, the architect said the diverse mix of dwelling types and sizes, including 11 two-bedroom affordable housing units, 40 three-bedroom apartments, and two four-bedroom residences, will support a broad demographic, including families, downsizers, and key workers.

The development will rise to nine levels, a height encouraged by the NSW Government due to the site’s proximity to Spit Junction, which has been identified as a low- to mid-rise centre. Developments within a certain proximity to these centres are permitted increased height.

fjc said the project “achieves an appropriate density outcome for its setting by balancing increased housing supply with strong amenity performance,” adding that it “makes a measurable contribution to NSW housing supply targets through the delivery of additional dwellings and dedicated affordable housing.”

The new development will replace five existing two-storey homes.

“By aligning with the objectives of the Housing SEPP and applying careful architectural and urban design principles, the development provides high-quality residential accommodation that integrates sensitively within its established Mosman context and delivers enduring benefits to residents and the wider community.”

Mosman has become increasingly popular with developers in recent years.

Developer Abadeen has been particularly active, with Mosman Residences currently on the market and under construction on Clifford Street. It also has an upcoming Burran Avenue project, comprising just three apartments on the Balmoral Slopes, and recently secured the Midas and Honeysuckle nursery site on Military Road.

Prosker Property has a project on Redan Lane, just a few doors down from Time &amp; Place’s proposed development.

Developers including Toohey Miller, DARE Property Group, and WINIM also have projects underway in the area. In 2024, a five-year target was set for the Mosman LGA to increase housing supply by 500 dwellings by 2029.

Time &amp; Place entered the Sydney market with Two Tides, its under construction Manly development. Given its sales success, it has secured another development in the area, more boutique, facing the beach on North Steyne.

They are hoping to launch their redevelopment of The Chimes in Potts Point this year, and next year will look to take to market Marlborough House, an adaptive re-use of the landmark David Jones warehouse in Surry Hills.

Joel Robinson

Time & Place to take on Mosman apartment market

Brunswick’s civic heart continues to consolidate around the Merri-bek Arts and Culture Precinct, where a growing cluster of cultural institutions, recreation facilities, and public infrastructure has created one of the inner north’s most defined community hubs.&nbsp;

Within this evolving precinct, <a href="https://www.apartments.com.au/new-apartments/saxon-street-by-milieu-brunswick-31-saxon-street-brunswick-vic-3056">Saxon Street by Milieu</a> introduces new housing directly alongside the civic anchors that shape daily life in the suburb.

At 31 Saxon Street, the project sits immediately beside Brunswick Baths and within moments of Brunswick Library and Town Hall, longstanding institutions that support both community services and everyday amenity.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348840]

Next door, the newly delivered Balam Balam Place arts precinct has emerged as a central piece of Merri-bek Council’s cultural strategy, bringing together creative studios, exhibition spaces, maternal and child health services, and community programming in a purpose-built civic facility. Together, these destinations have reinforced the surrounding blocks as a focal point for public life in Brunswick.

This part of <a href="https://www.apartments.com.au/developments/brunswick-vic-3056">Brunswick</a> forms a key pocket within the suburb’s designated Major Activity Centre, where long-term planning has prioritised walkability, civic investment, and increased housing supply close to transport and services. The surrounding street network reflects that strategy, with compact blocks, established retail corridors and active transport links supporting a lifestyle that is largely navigable on foot.

Within a few minutes’ walk, Sydney Road delivers one of Melbourne’s most recognisable streets, known for its long-running mix of independent retailers, international dining venues and everyday convenience. Tram routes along Sydney Road provide frequent connections south toward the CBD and north through Brunswick and Coburg, while Jewell Station on the Upfield line sits within roughly a ten-minute walk, offering direct train access into the city.

[smartcode_project:default project_id=136434 project_image_fid=348839]

Active transport also plays a significant role locally. The nearby Upfield Bike Path forms a key north–south cycling corridor linking Brunswick through Parkville and into the central city, reinforcing the area’s reputation as one of Melbourne’s most accessible inner-urban neighbourhoods for cyclists and pedestrians alike.

The surrounding civic cluster extends beyond cultural infrastructure. Siteworks, a nearby creative hub supporting artists and community organisations, adds to the concentration of cultural activity in the immediate area. Educational institutions such as Brunswick North Primary School, Brunswick Secondary College and RMIT’s Brunswick campus are also within easy reach, contributing to the suburb’s diverse resident base spanning families, students and professionals.&nbsp;

[smartcode_project:default project_id=136434 project_image_fid=348841]

Designed by <a href="https://www.apartments.com.au/architects/jackson-clements-burrows-architects">Jackson Clements Burrows Architects</a> in collaboration with <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> and landscape architects <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, the nine-level building has been shaped to respond to the surrounding streetscape, with lower levels aligning to the street and upper storeys stepping back to soften its scale and improve solar access.&nbsp;

Curved balcony forms reference nearby heritage architecture, while the development’s public realm improvements include a widened footpath along Saxon Street to strengthen pedestrian connections between the precinct’s civic sites.

Sustainability also underpins the project’s approach. The building is designed to operate entirely on electric infrastructure supported by rooftop solar, with an average 7.5-star NatHERS energy rating and EV-charging readiness across the development. Shared resident amenities will include a landscaped rooftop terrace with barbecue and covered dining areas intended to encourage informal interaction between residents.

Saxon Street marks developer Milieu's fifth project in Brunswick and continues its focus on design-led infill housing across Melbourne’s inner suburbs.&nbsp;

Construction has commenced through reputable builder Manresa, who will complete the project in 2027.

[smartcode_project_cta:default project_id=136434]

Saxon Street by Milieu connects residents to Brunswick’s cultural and civic core

Within <a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a>, <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>&nbsp;takes a different approach to larger residences, moving away from the constraints of a single level.

In Grand Residence 3.05, known as the Lustre, plays out across two levels, with a mezzanine configuration that is uncommon in apartment living.

Lustre is a four-bathroom residence where the layout creates a clear distinction between shared and private zones, with uninterrupted views toward the Dandenong Ranges extending the sense of openness from the main living areas.

Entry is to the primary living level, where the kitchen, dining, and living areas are arranged as one continuous space. Timber flooring runs throughout, with a fireplace set within the living zone. Full-height glazing brings in natural light, supported by double glazing that improves thermal performance.

[smartcode_project:default project_id=342 project_image_fid=357506]

The kitchen is configured as both a working and social space. A large island bench provides seating, while a walk-in pantry extends storage beyond typical apartment expectations.

Gaggenau appliances, including a 900mm gas cooktop and 600mm oven, are integrated into a layout that connects directly to the adjacent dining and living areas, and outward to the terrace. This balcony includes a built-in BBQ, reinforcing the apartment’s capacity to accommodate larger gatherings without compromising internal space.

A dedicated laundry room, powder room, and a wine cellar area sit discreetly off the main living zone, ensuring that functional requirements are resolved without encroaching on primary living areas. The master suite is also located on this level, designed as a retreat with a walk-through wardrobe and an ensuite that includes double vanities, a bath, and a dedicated dressing table.

[smartcode_project:default project_id=342 project_image_fid=357508]

The mezzanine level introduces a second layer of living, rather than simply additional bedrooms. Two large bedrooms with built-in robes are positioned alongside a central bathroom, while a secondary lounge and study area create a self-contained zone suited to children, guests, or extended family. A large storage room further supports long-term usability, addressing a common shortfall in apartment design.

This separation of levels is central to how the residence functions day-to-day. It allows the lower level to operate as the primary entertaining and living space, while the upper level provides privacy and flexibility. The result is closer in feel to a townhouse or standalone home, but with the benefits of apartment living, security, and low maintenance.

[smartcode_project:default project_id=342 project_image_fid=364553]

Candela is close to 80 per cent complete, with Ironside delivering construction ahead of its expected October 2026 completion. The development comprises 58 residences, with a strong owner-occupier profile and a mix of one to four-bedroom apartments and loft-style townhouses.

Candela has exclusive access to private amenities, including a residential lounge and rooftop terrace. A charming café and a lifestyle wellness centre are located on the ground level, designed to foster community connection and extend the living experience beyond individual apartments without competing with the scale of homes like Lustre.

Candela, positioned in the heart of Ivanhoe Village, reinforces the practicality of the address. With a Walk Score of 90, residents are within immediate reach of cafés, retail, parklands, and Ivanhoe Station, while also benefiting from proximity to established schools and healthcare services.

[smartcode_project_cta:default project_id=342]

Inside Lustre: Grand Residence 3.05 at Candela Ivanhoe

<a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a>’s <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a> is being shaped around a simple but increasingly rare premise in apartment development: that the built environment should actively support residents’ wellbeing.&nbsp;

Located on the former ABC Studios site on Gordon Street in Melbourne’s south-east, the new neighbourhood sits on an expansive 11,740 sqm site neighbouring the heritage-listed Rippon Lea Estate, whose gardens date back more than 140 years.

Rather than positioning wellness as an add-on amenity, the development integrates it into the physical planning of the site. Architecture by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> is arranged across six low-rise buildings set within extensive landscaping designed by <a href="https://www.apartments.com.au/landscape-architect/oculus">OCULUS</a>, with more than 40 per cent of the land dedicated to gardens and green space. Walking trails, pocket gardens, and mature trees are threaded between buildings, creating a network of green corridors that encourage residents to move through the precinct on foot and spend more time outdoors.

[smartcode_project:default project_id=136535 project_image_fid=288420]

Milieu has intentionally framed these gardens as an extension of the neighbouring Rippon Lea Estate. More than 16,000 new plants will be introduced across the site, with species carefully selected to protect and complement the area’s ecological significance. The approach focuses on strengthening existing environmental conditions while establishing new habitats that support native wildlife, reinforcing the role of the landscape as both an active ecosystem and a defining element of daily life.

A private resident gate will provide direct access to the historic grounds during opening hours, allowing residents to move seamlessly between the development’s landscaped gardens and the estate’s expansive lawns, lakes, and mature trees. The project’s gardens will also be maintained by the same gardeners responsible for Rippon Lea, reinforcing the visual and ecological continuity between the two landscapes.

Complementing the landscape is a dedicated wellness hub designed to support everyday health and recovery. Residents will have access to a gym alongside yoga and Pilates studios, while mineral pools and infrared saunas provide spaces for relaxation and restorative wellbeing. Shared lounges, workshop spaces, and pet care facilities expand the concept of wellness beyond fitness, creating opportunities for social connection and community interaction within the precinct.

Environmental performance is another key component of the project’s wellbeing focus. Elsternwick Gardens will be entirely fossil-fuel-free, with homes designed to operate on renewable electricity rather than gas. Passive design strategies, including cross-flow ventilation, high-performance insulation, and thermally broken double glazing, are intended to maintain comfortable indoor temperatures while reducing energy demand. Solar photovoltaic systems will power common building services, while rainwater harvesting will help irrigate the extensive landscaping across the site.

[smartcode_project:default project_id=136535 project_image_fid=361030]

Milieu Founder and Managing Director Michael McCormack says the scale and setting of the project allowed the team to take a different approach to urban apartment living.

“This site represents a once-in-a-lifetime opportunity to build something truly special,” McCormack says.

“Through that process, we arrived at a design that centres on a fully realised natural landscape – a series of private, interconnected gardens that encircle the homes and extend seamlessly from Rippon Lea Estate.”

Elsternwick Gardens will comprise three residential offerings, Gordon Place, Ripponlea Terrace, and The Garden Pavilion, each designed for owner-occupiers and shaped around high-quality interior design by Woods Bagot, K.P.D.O., and Flack Studio. The first stage, Gordon Place, includes one-, two-, and three-bedroom apartments designed with a strong focus on indoor-outdoor living and sustainability.

[smartcode_project:default project_id=136535 project_image_fid=288412]

Milieu recently appointed <a href="https://www.apartments.com.au/builders/brady-constructions">Brady Constructions</a> to deliver the project, marking a key milestone for the development. The appointment follows the demolition of the former studio buildings on the Gordon Street site, with construction progressing toward the delivery of the nature-led community.

Situated between the established villages of Elsternwick and Ripponlea, the development balances its garden setting with strong urban connectivity. Residents will be within walking distance of cafés, restaurants, and local retail, while nearby train and tram connections provide quick access to Melbourne’s CBD and the beaches of Elwood and St Kilda.

With construction underway and the first residents expected to move in by early 2027, Elsternwick Gardens represents a growing shift in apartment development toward environments that prioritise wellbeing as much as density or location. By placing landscape, sustainability, and shared spaces at the centre of the design, Milieu is positioning the project as a residential neighbourhood where wellness is not just promoted, but built into the structure of everyday life.

[smartcode_project_cta:default project_id=136535]

Elsternwick Gardens' wellness-first design strategy

Brisbane-based developer <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a> has made a striking debut on the Gold Coast, officially unveiling its $250 million COMO development in Varsity Lakes, a lifestyle-driven residential project anchored by an extensive rooftop wellness and activity precinct.

Having recently launched to market, construction has already been fast-tracked by <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a>, ensuring momentum continues on what is set to become a landmark residential address for the growing Varsity Lakes community.

Located at 22 Lake Street, Varsity Lakes, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels, comprising one-, two- and three-bedroom residences designed for modern living. However, it is the project’s rooftop amenity offering that sets COMO apart.

[smartcode_project:default project_id=135546 project_image_fid=363510]

Designed as a dedicated wellness and recreation hub, the rooftop will feature a 25-metre lap pool, fully equipped gymnasium, and multiple pickleball and paddleball courts - amenities rarely seen in boutique apartment projects.

Residents will also have access to a sauna and plunge baths, while landscaped gardens and relaxation zones will provide tranquil spaces overlooking sweeping panoramic views across the Gold Coast skyline.

The rooftop precinct has been designed to function as the social and wellness heart of the development, encouraging residents to embrace an active, balanced lifestyle within their own building.

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363512]

Red &amp; Co director David Laverty said the amenity offering was central to the project’s design from the outset.

“Amenities were at the forefront of our decisions,” Laverty said.

“Buyers today are looking for more than just an apartment - they want a lifestyle that promotes health, connection and balance.

“The rooftop at COMO has been designed to be the epicentre of that lifestyle, with a suite of wellness and recreation facilities that are quite unique for a boutique development of this scale.”

&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363514]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the residences prioritise liveability, featuring spacious layouts, 2.7-metre ceilings and high-quality finishes throughout.

The development sits beside Bond University, placing residents within walking distance of education, retail and dining options within the vibrant Varsity Lakes precinct, including Robina Town Centre, Varsity Lakes Train Station and a range of leading schools.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Laverty said the location was a key driver behind Red &amp; Co’s decision to bring the project to the Gold Coast.

“<a href="https://www.apartments.com.au/developments/varsity-lakes-qld-4227">Varsity Lakes</a> was a clear choice for us to invest in as it’s a lifestyle hub that seamlessly blends lakeside living with urbanity,” he said.&nbsp;

“Como will capitalize on this great location, delivering a project that not only creates premium homes, but a lifestyle defined by community, wellbeing, and connectivity.”

Red &amp; Co has delivered more than 500 apartments and townhouses across 26 projects in Brisbane in recent years, with COMO marking the company’s first major Gold Coast development.

[smartcode_project_cta:default project_id=135546]

Red & Co unveils amenity-rich Como development in Varsity Lakes

Brisbane Cbd

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Charter Hall Group (Charter Hall or Group) has partnered with global real estate investor QuadReal, to acquire one of the largest remaining Brisbane CBD development sites, located within the heart of the North Quay renewal precinct.

This acquisition further extends the Charter Hall and QuadReal partnership following the 2019 $630 million acquisition of 201 Elizabeth Street, Sydney, by securing an underdeveloped site and providing optionality for two simultaneously submitted planning applications, which propose either a twin or single tower development.

Charter Hall Managing Director and Group CEO, Mr David Harrison, said “We are delighted to extend our relationship with QuadReal, one of Canada’s largest property groups."

QuadReal Head of Asia, Mr Peter Kim, said “Australia remains a key focus for QuadReal, and the North Quay investment is a direct product of the long-term strategic relationship we have with Charter Hall in that market."

Charter Hall has taken a flexible approach and lodged two Development Applications (DAs) with Brisbane City Council for 309 North Quay — a significant, 6,400sqm infill site located in the Roma Street Urban Renewal Priority Development Area. This development will further enhance the North Quay precinct of the CBD as it undergoes significant revitalisation. 

The proposed project, which comprises a DA for a single 50,000sqm commercial tower and a separate DA for two smaller commercial towers of 23,000 sqm &amp; 36,000 sqm each, will act as a catalyst for urban renewal of the surrounding sites, including Roma Street Station — Brisbane’s new ‘Grand Central Station’ made possible with Cross River Rail, Brisbane Metro and the proposed Brisbane Live the city’s new entertainment arena. 

The strategically positioned site and previous long-term home of Triple M and B105, is the gateway into the CBD from Coronation Drive, North Quay and the William Jolly Bridge, with uninterrupted views of the Brisbane River and a short walk to the city’s leading entertainment, dining and lifestyle precincts including Queen Street Mall, Suncorp Stadium, The Barracks, Roma Street Parklands, the Queensland Cultural Centre and South Bank.
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Charter Hall has acquired one of the largest remaining Brisbane CBD development sites, located within the heart of the North Quay renewal precinct

jordan_55689

Charter Hall submits DAs for Brisbane CBD riverfront site

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Our latest Queensland development, Imperial on Panda, offers you a fantastic opportunity to secure a spacious 3-bedroom home in Doolandella, Queensland for just $350,000.

<ul>
<li>Boutique collection of 38 residences</li>
	<li>Solid brick foundation</li>
	<li>Timeless modern interior design</li>
	<li>Each townhome features a remote control operated garage, a spacious backyard, ceiling fans and carpet in all bedrooms</li>
	<li>Kitchens feature stone benchtops and stainless steel appliances</li>
	<li>Air conditioning units have been fit in the living areas and master bedrooms, providing you with excellent thermal comfort year-round</li>
	<li>Located just 17 kilometres from Brisbane CBD </li>
	<li>Public transport is just a stone's throw from your doorstep</li>
	<li>A Woolworths shopping centre has been planned nearby</li>
</ul>
Secure your brand new home in a growing neighbourhood today by reaching out to a sales consultant via Urban. 
 
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Patrica

New boutique collection of completed townhomes available in Doolandella, Queensland

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Discover the exciting new residential addition to Brisbane’s Kangaroo Point – M Apartments.

From the stunning interior design, to the fantastic central location, these apartments offer you the ultimate lifestyle upgrade from just $410,000*.

There are 46 apartments designed by Red Door Architecture, with three commercial spaces located on the ground floor.

 
[smartcode_project:default project_id=29156]

<h2>What M Apartments has to offer</h2>

<ul>
<li>Ducted air conditioning, timber flooring and Terrazzo floor tiles in bathroom</li>
	<li>Finishes selected by Interior Designer Mary Durack</li>
	<li>Moments to The Gabba, Woolloongabba dining precinct, Brisbane CBD and Valley</li>
	<li>Roof top entertainment deck with incredible full city views</li>
	<li>Close to Ferry and bus connections as well as the new Woolloongabba Cross River Rail station</li>
	<li>Excellent walking and bicycle paths connect South Bank and the City Botanic Gardens at Kangaroo Point</li>
	<li>Gabba stadium nearby</li>
	<li>A stone's throw to award-winning restaurants, cafés, bars and retail boutiques</li>
</ul>
<img alt="" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/m-apartments-699-main-street-kangaroo-point-d4c3198b87841a7f378caa13b7114684.jpg" style="width: 791px; height: 420px;"> 
M Apartments are slated for completion by December this year, so be in quick if you want to secure a brand new home by the new year! Enquire about available apartments today via Urban. 
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urban.com.au

Stunning, spacious apartments at Kangaroo Point from $410,000

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<figure><figcaption> </figcaption></figure>Following on from the successful sell out of stages 1 and 2, here is your opportunity to own in the stunning Stage 3 new release of Emerald Park, a new collection of 36 three-bedroom contemporary townhomes in the heart of the established Bridgeman Downs community, 15 minutes north of Brisbane CBD.

<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/emerald-park-townhouses-emerald-place-bridgeman-downs-5fccacd377d8e4db1765d5fe8edda613.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/emerald-park-townhouses-emerald-place-bridgeman-downs-5fccacd377d8e4db1765d5fe8edda613.jpg?itok=BlmWAkrC" width="580"></a>

<figcaption> </figcaption></figure> 
Each three-bedroom, two level townhomes offers spacious, quality living space tailored to the needs of the modern family. Extensive landscaped courtyards allow for perfect indoor outdoor living. Superb finishes including ducted air-conditioning, stone benchtops and kitchen appliances.

In a peaceful residential neighbourhood, Emerald Park presents a collection of sophisticated three bedroom townhomes. Sitting in perfect symmetry with the landscape, Emerald Park residences are cloaked in warm, muted tones and showcase modern and functional layouts.

<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/emerald-park-townhouses-emerald-place-bridgeman-downs-3598fc27ec7a3eaba908f43d6e08d7c2.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/emerald-park-townhouses-emerald-place-bridgeman-downs-3598fc27ec7a3eaba908f43d6e08d7c2.jpg?itok=_iyL-1G7" width="580"></a>

<figcaption> </figcaption></figure>Morning sun engulfs open courtyards as they look towards bushland reserves, parklands, and sporting fields. 
 
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The established community of Bridgeman Downs welcomes Emerald Park Townhouses

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For many years, the Brisbane commercial market has largely gone under the radar in comparison to its southern counterparts…until now and according to the latest office report from property valuation firm HTW is now on the cusp of a major transformation.
The Herron Todd White report notes however, it will be a five-year project on the pathway to transformation into a world class city, with this fact being increasingly recognised in the commercial markets where there are increasing levels of interest in high quality commercial properties within Brisbane from Australian and international investors.
This has been evidenced by yield compression and strong capital growth over the past three years.
Yields which were solidly in the 6.75% to 7.25% range previously are now pressing downward into the 5.5% to 6.5% range, whilst capital growth of up to 30% has been recorded against some prime quality properties.
Against this backdrop however, the market is still plagued by persistently high vacancy rates, particularly in the B grade category and below.
This is holding back real rent growth and significant change in rents is not likely until Prime and A grade vacancies push lower into the single digits.
Recent leasing statistics released by Property Council of Australia have indicated that total vacancies in the CBD have contracted to a five year low of 13% as at January 2019.
The property valuers said, "Prime and A grade vacancies however are now at 10.4% and 9.9% respectively, and heading down."
"Gross face rents have stabilised with some assets seeing effective rents increase as incentives very slowly start to wind back, however vacancy rates remain high for secondary stock and face rents will continue to be flat as vendors compete to secure tenants."
"It is likely we will see a further widening in rentals between Prime or A grade and secondary accommodation," they added.
The fringe CBD leasing market is now largely dominated by the prime office precincts of Fortitude Valley (RNA, King Street precinct and Ann Street), Newstead (in and around Gas Works) and South Brisbane, according to the report.
Vacancy rates for fringe markets overall remain high at circa 14.8% but the better regarded precincts of South Brisbane and the Urban Renewal area are doing better at 10% and 14.2% respectively.
The report stated, "On the whole, fringe markets have been impacted by high vacancies in the CBD, but the Urban Renewal area is likely to continue to dominate the larger leasing and sale transactions."
"On the rental side, gross face rents appear to be increasing for premium buildings with some new leases reported at above $650 per square metre gross face. Incentives are also stabilising for prime assets."
"Conversely, secondary fringe CBD leasing markets are still oversupplied as tenants seek newer accommodation that is within close proximity of transportation and good retail amenities."
"Milton and Spring Hill commercial precincts continue to remain out of favour with tenants as vacancy rates continue to be the highest recorded for the fringe (21.5% and 17% respectively). These vacancies may present opportunities for re-purposing of some buildings in these areas," they noted.
There have been a significant number of quality commercial office listings in the first half of this year across the CBD, fringe CBD and inner-city areas.
Whilst many transactions are yet to transpire, there is reportedly strong interest being generated for well leased investment assets on both a local and interstate level.
"We believe some of these assets will likely achieve strong sale prices, as interstate investors priced out of Sydney and Melbourne see exceptional value in Brisbane (broadly speaking, there is a 150 to 250 basis point differential between Sydney or Melbourne versus Brisbane)," the valuers concluded.
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j.ballantyne1990-6AQqhLzZaK

Brisbane CBD on the cusp of office transformation: HTW Commercial

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Cbus Property has secured a second commercial office project in Brisbane’s CBD in a deal with local developer, Nielson Properties, to develop its 205 North Quay and adjacent 30 Herschel Street properties.
The partners will combine the two properties to create a 3,000 square metre riverfront corner site, with plans to develop it into a circa $600 million A-grade commercial building.
Savills agents Anthony Ott and John McDonald negotiated the transaction.
The new development, to be known as 205 North Quay, presents a landmark opportunity for Cbus Property to bookend its successful 1 William Street, Brisbane commercial project, tenanted by Queensland Government and recently awarded Property Council of Australia’s 2019 Queensland Development of the Year.
205 North Quay will add 50,000 square metres of net lettable area to the Brisbane CBD office market and responds directly to the emergence of the North Quarter precinct which has received record infrastructure investment.
“205 North Quay is a major riverfront CBD site, ideally located to capitalise on the major infrastructure projects nearby such as the recently announced Roma Street Station, Brisbane Metro, Cross River Rail and Brisbane Live,” said Adrian Pozzo, CEO of Cbus Property.
“The economic outlook for Brisbane is strong, with positive employment growth forecast to continue and Queensland’s economic growth also anticipated to continue to outperform the Australian average.
“We will look to build on these strong economic foundations and our past success with 1 William Street, to deliver a premium and future-focused commercial tower for Brisbane’s CBD in collaboration with our partner, Nielson Properties.”
Located in Brisbane’s prime commercial district, the 205 North Quay development will play a significant role in the continued regeneration of the burgeoning North Quarter precinct, which will now also include Mirvac’s 80 Ann Street tower to be tenanted by Suncorp, Shayher Group’s 300 George Street project and the recently completed W Hotel on George Street.
“We are proud to partner with Cbus Property on this landmark riverfront commercial project,” says Ross Nielson, Founder and Managing Director of Nielson Properties.
“As a local Brisbane developer, we’re excited to be a part of the evolution of the North Quarter as it becomes a vibrant hub bolstered by outstanding connectivity to Brisbane’s CBD and premium infrastructure and amenity.”
The tower is expected to be complete by 2023.
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Cbus Property locks in $600 million North Quay, Brisbane office project

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Savills Research noted a turn-around during the first quarter of 2019 with the Brisbane CBD moving into an upswing cycle with increased leasing activity and stronger investor support. 
Savills’ Quarter Times Report has recorded a steady start to the year with the Brisbane occupier market recording net effective rental growth of circa 2% emerging across varying grade quality of buildings. The report also highlighted yield contraction over the 12 months to March 2019 of circa 25bps across A and B Grade assets.  
Anthony Ott, Savills managing director,  said that the research reflects a strong start for the year. 
“Investment activity across the first quarter was in excess of $1 billion worth of CBD office assets transacted or formally being offered for sale with at least another $1billion worth of assets earmarked for sale during Q2.  
“This follows on from a strong 2018, where sale volumes in the Brisbane CBD totalled circa $2.3 billion,” Mr Ott said. 
According to Savills Research asset values of properties formally marketed in the first quarter of the year were up approximately 50% on the corresponding period in 2018.  
“There is positive investment sentiment given the level of activity not only in the CBD but also the fringe and suburban markets and this is continuing to flow through in the second quarter with a number of owners positioning to divest.” Mr Ott said.  
Comparative value of Brisbane assets relative to Sydney has been a key factor in driving increased investor demand. 
“There is a capital value spread between Brisbane and Sydney of approximately $10,000 per square metre and a yield spread of approximately 115bps, so the metrics are pretty compelling,” Mr Ott said. 
Mr Ott said that new projects and infrastructure activity such as Cross River Rail, Brisbane Metro, Queens Wharf, the second runaway at Brisbane Airport, and the Howard Smith Wharves development will all have a positive influence on investors perspective over the next 5 -10 years. 
“These major projects are giving investors’ confidence that Brisbane is entering a new growth phase,” he said.
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Savills sees Brisbane's office market continue upswing following strong 2018

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A Brisbane CBD basement has become the new home for a First Nations owned and operated art gallery.
The Henderson Gallery have taken up occupancy in the basement of 300 Adelaide Street, leasing the 489 sqm space through Savills.
The lease was negotiated by Executive of Savills Commercial Leasing, Daniel Paxton, on a five year term plus options.
“The space is traditionally a tricky tenancy to lease, however the refurbishment by LSH Property enabled us to gain traction and led to three serious parties interested in the space,” Mr Paxton said.
The Henderson Gallery is owned by Robert Henderson, Wiradjuri, focusing on First Nations art experiences for domestic and international visitors.  
The Henderson Gallery offers "exhibitions, First Nations influenced menus in Birrang Café, wine bar, live performances and more."
Mr Paxton said the Gallery have also leased a 159 sqm suite within the building to house their not-for-profit foundation, The Wayne Weaver Foundation.  
The Henderson Gallery opened in their new location on February 23 2019.
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Savills secure CBD basement lease for Indigenous Australian art gallery

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A Brisbane City apartment has been listed with a reduction of $100,000 on its previous sale price.
It traded for $454,000 on construction in 2014. 
Tracie Harrington of Harringtons holds the listing, which has an asking price of $360,000.
Situated at <a href="https://www.realestate.com.au/property-apartment-qld-brisbane+city-130284246" target="_blank">3006/43 Herschel Street</a>, inside the Meriton Infinity building, the unit has views of the CBD, parklands, Southbank and Brisbane River.
Set on 59 sqm, the 30th floor residence comes unfurnished.
The listing notes the home could be rented at $390 to $420 pw.
Residents in the Meriton Infinity building have access to a lap pool, heated spa and an on-site caretaker.
The home was unable to sell at a February 9 auction.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
According to CoreLogic, the annual change in median price in <a href="/developments/brisbane-city-qld-4000">Brisbane City </a>over the past 10 years is 0.6%.
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Brisbane City unit listed at $100,000 reduction on sale price

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Rockworth Capital Partners have purchased a freehold office building, 100 Edward Street, set within Brisbane’s Golden Triangle financial precinct.
It was acquired from an investment partnership managed by Evolution Private (“Evolution”), in an off-market transaction valued in excess of $60 million.
The acquisition of 100 Edward marks RCP’s first entry into the Brisbane CBD office market, and builds on the Group’s existing Queensland retail presence including Town Square Redbank, Everton Park and Rothwell shopping centres.
Following this acquisition, RCP’s portfolio now comprises office assets in Australia’s four largest commercial real estate markets, Sydney, Melbourne, Perth and Brisbane.
Strategically located at the junction of Edward and Mary Streets, the property is situated on a sizeable corner site of circa 1,400sqm.
Comprising approximately 7,120 sqm of office space, the 17-storey tower has 109 car park spaces and prominent ground floor retail tenancies. 
Rob Carter and Mark Russo, Principals of Evolution stated that “100 Edward Street has been a leasing success with 25 tenants currently occupying around 95% of the building"
It was recently refurbished and has undergone lift interior and building services upgrades.
Located withing walking distance of over A$10bn of planned redevelopment and infrastructure spending, the property sits at the crossroads of the premium ‘Golden Triangle’, upcoming Queen’s Wharf and Eagle Street Pier redevelopments. 
Lim Kin Song, Chief Executive Officer of the Group stated, “the acquisition is a timely opportunity to participate in a fast-evolving gateway city in Australia, with a strategically located asset at the centre of major rejuvenation and infrastructure projects."
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“RCP continues to look for investment opportunities of a similar value-add nature or counter-cyclical propositions, to provide compelling risk adjusted returns for its investor base.”
“As a mid-to-long term investor, RCP maintains a positive outlook for both the Brisbane and broader Queensland markets, particularly given the pipeline of committed infrastructure projects."
RCP 's national portfolio for Australia contains 14 office and retail assets.
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