Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

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Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

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Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

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One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

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WM Residences fills gap in Mordialloc townhouse market

Commercial Lease

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The uptick in commercial leasing activity has continued this week with Ray White Commercial offices completing the highest volume of deals during this COVID-19 period.
The ongoing elevated level of enquiries translating into new leases being signed is an encouraging sign for the local economy. Industrial remains the asset class in greatest demand however we continue to see confidence levels improve with a growing number of retail and office transactions complete.
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As we move through the staged reductions of lockdown, many restrictions have been lifted allowing property inspections at a safe social distance. Subsequently, technology has been instrumental in keeping the real estate industry active, many deals completed over the past few weeks have involved virtual inspections and during this time of limited contact, assets which have professional photography and a quality online presence have yielded impressive and rapid results.
The top three leasing deals of the week demonstrate the importance of embracing technology as a key instrument in the industry. 
A 130 sqm office at <a href="https://www.commercialrealestate.com.au/property/14-85-mt-derrimut-road-derrimut-vic-3026-9944622" target="_blank">Mt Derrimut Road, Deer Park</a> in Victoria was leased earlier this month by an immigration lawyer. Ray White Commercial Ferntree Gully agent Paul Waterhouse explains, "Leased in one week after using professional photography including aerial, floor plan and 3D walk through." 
An industrial property at <a href="https://www.raywhite.com/qld/stapylton/2289653/?lang=en" target="_blank">Maiella Street, Stayplton</a> in Queensland was leased last week through Ray White Commercial Springwood agent Adrian Hamilton. The 225 sqm property has now been leased to a metal fabrication workshop. Hamilton says, "During the COVID-19 lockdown we have continued to see strong demand for this size property in the area. The property was leased within two weeks of being on the market." 
A 203 sqm retail property at <a href="https://www.realcommercial.com.au/leased/property-194-herries-street-toowoomba-city-qld-4350-503105086" target="_blank">Herries Street, Toowoomba</a> in Queensland was leased to a flooring retailer by Ray White Commercial Toowoomba agent, Mark Wynhoven. "It is encouraging to see retailers having confidence in the Toowoomba market despite the COVID-19 restrictions, the high exposure of this property [is] one of its greatest advantages," he says. 
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Commercial leasing activity continues to uptick: Ray White

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Media, marketing and creative agencies are flocking to North Sydney to take advantage of the newly developed commercial office space.
Colliers International has leased seven suites at 150 Pacific Highway in North Sydney, ranging from 60-100 sqm each.
Companies Pictura Creative, Mobius, Intergrid and FINAO are just some of the tenants that leased the space with rents ranging from $650 to $680 sqm gross per sqm per annum.
“All seven suites were leased within a six-month period highlighting the demand in North Sydney for creative, modern and bright office space,” said Jay Horrell, Executive, Office Leasing at Colliers International.
“In line with the growing importance of staff retention and wellbeing, we are seeing a greater number of tenants seeking creative workspace offering a more appealing environment for staff”
150 Pacific Highway is a brand-new building with onsite end of trip facilities and each suite has floor to ceiling windows, polished concrete flooring and a three metre plus ceiling height.
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Seven suites leased at 150 Pacific Highway

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The French Beauty Academy has opened their fourth Queensland based campus.
The beauty school agreed to a seven-year lease (with a five-year option) of a 651 square metre space, located at 300 Adelaide Street in the Brisbane CBD.
The academy joins seven other tenants who have relocated to the building since late last year.
“The French Beauty Academy strives to provide a premium experience for our students and staff,” said the organisation’s director of operations, David French.
“300 Adelaide represented an exciting opportunity for the Academy to design and build a state-of-the-art beauty focused training facility.”
Having been recently been renovated, the multipurpose complex provides a complimentary car share service for all of its tenants.
The building also features a Mercedes-Benz Brisbane boutique, Motorwagen café, a hair salon, dining options, and its own art gallery. 
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French Beauty Academy opens new Brisbane campus

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National property fund manager Primewest has secured major international engineering firm Fugro to one of its West Perth buildings.
The deal is for more than 3000 square metres at 1060 Hay Street.
Fugro are coming from two sites – the Alluvion building in the Perth CBD and a suburban office site in Balcatta. 
Primewest’s in-house leasing manager Jemma Hutchinson (pictured above) said the aim of successfully future proofing the West Perth asset had been achieved by a combination of proactivity, creativity, thinking outside the box and working with the existing and potential tenants. 
She said the positive outcome had been achieved within two months of starting the in-house leasing campaign.
It left just 560 square metres of space in the building. 
Primewest director John Bond said the company has been utilising creative expansion and leasing strategies across its national assets, with particularly strong recent results in WA, including the Quadrant and Australia Place CBD office buildings. 
He said in just over 12 months Primewest has leased more than 23,000 square metres of space across our portfolio.
Primewest manages one of Australia’s most successful property fund operations, with more than $3.5 billion in assets.
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Primewest in-house leasing secures increased tenancy across Perth portfolio

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The recently upgraded 300 Adelaide Street has attracted seven new tenants in the last six months, leasing a total of 1,433sqm within the building. 
Kelly Moon and Simon Petrie from Colliers International were appointed by LSH Property Australia as marketing agents in October last year.
Three tenants that were confirmed this year include Karam Boutique Residential and Lockton Companies taking up 222sqm and 244sqm respectively on level 8; and Aura Wealth taking up 155sqm on level 14. 
The other four tenants that were confirmed in Q4 2018 were Yes Digital who took up up 353sqm on level 18; Mako Gold (156sqm), McLeod Partners (208sqm), and Luppinos Hair Salon (95sqm). 
The lease terms range from 5 to 7 years with rent ranging from $575 to $600 per sqm. Level 8 tenancies were brand new to specification fitouts, while level 14 and 18 will be new fitouts which are currently under construction. 
“The building has undergone an extensive refurbishment to end-of-trip facilities, lobby and amenities on each level which has attracted a lot of tenants who have been in the market looking for space over the last six months,” said Mr Petrie. 
“We have partnered with the LSH Property to create a community of complimentary businesses so they can benefit from each other’s networks.”  
Mr Moon said “We are currently getting good engagement from full and multiple floor tenants who appreciate the value proposition of 300 Adelaide Street. There are also limited part floor options ranging from 115 to 282sqm.” 
Recent upgrades to the building include a hotel style end of trip facility with complimentary towel service and ironing stations, upgraded ground floor lobby and amenities on each level. 
Further services are to be added to the building in the upcoming months through the implementation of a concierge service, online tenant portal and conference and meeting centre on level 4
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Upgraded 300 Adelaide St in Brisbane attracts seven new tenants

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The former Bondi Junction commercial space of the Traditional Chip Shop is being offered with no rental payments until next year.
The Traditional Fish Shop had had a brand new lease term of 10 x 10 years when the property at 1/78 Bronte Road sold two years ago for $1.74 million.
They were paying $104,000 per annum for the lease. The shop has been up for lease since May when it was asking $93,600 per annum.
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The two level property, which was marketed as recently built when sold in 2016, has 165 sqm space including the loading dock and storage area.
It is equipped with a grease trap, cool rooms and freezer.
The Brit-targeted Traditional Chip Shop was set up by an Irish couple living in Sydney. 
TV chef Colin Fassnidge, from Dublin, was on hand at the official opening in 2015.
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Bondi Junction's former Traditional Chip Shop space offering free rent until 2019

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Global real estate investor and manager Cromwell Property Group (Cromwell) has secured two new leases at its Victoria Avenue, Chatswood CBD complex.
The two-tower complex, comprised of 13 storeys of A-grade office space, is positioned in the heart of the Chatswood precinct.
Cromwell has signed over 1,100 square metres across both new tenants, Sydney North Primary Health Network and Shiji Group.
Sydney North Primary Health Network has leased level five of tower two for six years to 2024, and Shiji Group has leased a spec fitout on level 10 of tower one for five years to 2023.
Bobby Binning, Cromwell head of property, said the recent deals indicated quality, well-managed office space in Chatswood was "hot".
“Chatswood is humming with activity as businesses explore office space beyond Sydney CBD. As market dynamics shift, a major drawcard to the precinct has been the amenity offering and transport options, with theChatswood to Sydenham Metro Rail planned for 2024,” Binning said.
“The position and quality of our Victoria Avenue asset has resulted in continuously high occupancy rates. We are pleased to welcome our two new tenants onsite.”
Cromwell purchased the Victoria Avenue asset in 2006. Under Cromwell’s management, the common areas and all office floors have undergone refurbishment and modernisation.
Earlier this year, Cromwell submitted a Development Application (DA) for an additional low-rise 3,500 square metre premium-grade office building and a 156-room, full-service hotel on the site.
The DA also envisages significant plaza and amenity improvements benefitting all tenants, including new end-of-trip facilities, outdoor, conferencing and dining facilities.
The DA is subject to council approval, with an outcome pending in the coming months.
Commenting on the DA, Binning said following the successful rejuvenation of Northpoint Tower, it is looking to replicate a similar offering for its Chatswood tenants. 
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Shoji Group take Chatswood CBD office lease

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The Colonel is coming to St Kilda in time for summer.
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KFC will offer its famous “11 herbs and spices” fried chicken from the prime corner of Carlisle Street and Acland Street after signing a five-year lease over 90 sqm. 
Fitzroys agent James Spencer negotiated the lease, which includes with a five-year option, for <a href="https://www.realcommercial.com.au/property-retail-vic-st+kilda-502467738" target="_blank">70A Acland Street</a> at $80,000 per annum net.
KFC is currently undertaking its fit-out at the base of the apartment complex. Spencer acted on behalf of a local developer.
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“KFC wanted to capitalise on being in a prime location opposite Luna Park and McDonald’s, the new Palais Theatre, close to St Kilda beach and at the top of the popular retail and nightlife precinct of Acland Street,” Spencer said. 
“The recent conversion of Acland Street into Melbourne’s newest pedestrian mall made this property a sought-after prospect. 
"It has enhanced the vibrancy of the strip, which remains a popular tourist destination for interstate and overseas travellers, as well as Melburnians, and brought an added buzz to its thriving food and beverage and nightlife offering.” 
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KFC headed for St Kilda's cosmopolitan Acland Street

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Creative agency Space Between has agreed to lease the two upper floors of the privately-owned classic style building in Fitzroy.
Space Between is jointly owned by former AFL and West Coast premiership player Tyson Stenglein and Dave Clarke.
Their business has agreed to lease the vacant two upper floors of 188-196 Gertrude Street in total of 432 sqm under a five year plus five year, plus five year option lease.
The deal negotiated by Gray Johnson agent Rory White will see the business pay a starting annual rental of $140,000 with fixed four percent annual increases.
The owner of the building will renovate and refresh the vacant office space to a high standard in conjunction with their tenant before they move in in January.
Website development business Love &amp; Money took a $132,500 per annum lease in the building last year, again through Gray Johnson, which at the time was considered to be a record rate for retail/commercial space in the street.
Rory White says that the 1880 period building retains many of its original features including timber floors, vaulted timber lined ceilings and exposed trusses.
“Over recent times Gertrude Street has become a hotspot for creative and high-tech businesses as well as being a key lifestyle precinct with numerous cafes, highly regarded restaurants like Ladro, Madam Cheong and Cutler &amp; Co as well as the Builders Arms Hotel being established in the street," White said.
"In particular it is a well-located building that provides the type of environment and location that is being increasingly sought by the new industries of today."
 
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Former AFL footballers' creative agency take Fitzroy lease

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Relectrify, the electric car battery repurpose firm, has agreed terms on a new lease over an office and warehouse space at Cremorne in Melbourne’s inner eastern suburbs. 
The 290 sqm property at <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-502638822" target="_blank">6 Hill Street </a>was leased on a two year term with options at a net annual rental of $60,000 plus GST.
Teska Carson’s Jack Kelliher and Fergus Evans leased the property.
Kelliher said the fully self-contained and extremely well presented, two level building featured lots of natural light.
He said the tenant was also attracted by the close proximity to Richmond retail and entertainment precincts, the CBD and public transport. 
"The property is situated just off Church Street, within the lively Cremorne precinct and is also within walking distance of Richmond and East Richmond railway stations. 
"Cremorne and/or Richmond is a very popular area. It’s very close to the CBD and offers residents and businesses access to a comprehensive and quality range of amenity and services.
"The property offered all of that along with a superb, light-filled, premises,’’ Kelliher said.
The lessor was a Melbourne-based private investor.
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