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.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

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.

&nbsp;

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" />

&nbsp;

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.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Commercial Lease

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GUEST OBSERVER
Owners or tenants of Victorian warehouse space should review their lease details after a recent decision by the Supreme Court of Victoria was subsequently upheld by the Court of Appeal.
If a tenant supplies goods or services which are then used in something else that is sold to the public, the lease may be governed by the Retail Leases Act 2003.
A recent case saw a warehouse tenant that provided cold storage and logistics services to other businesses in a dispute with the landlord over the nature of the lease and whether it was classed as ‘retail’.
In this case, CB Cold Storage Pty Ltd v IMCC Group Pty Ltd, a warehouse tenant provided cold storage and logistics services to other businesses from the leased premises. 
The permitted use of the premises under the lease was ‘Cold and cool storage warehouse and transport facility’.  
The Victorian Civil and Administrative Tribunal held that the lease was not retail as the tenant’s business did not provide goods or services to the ‘ultimate consumer,’ a person who uses goods or services to satisfy personal needs.
The tenant disagreed with this interpretation and appealed to the Supreme Court of Victoria.
The court found, on 7 February 2017, that the ‘ultimate consumer’ test was valid, but the ultimate consumer could be a person or company that uses those goods or services to produce something else for a business purpose.
For example, if a warehouse is used to supply car parts for an automobile manufacturer, then that warehouse tenant is supplying something to be used in the production of a car, and therefore the lease likely to be covered by the Retail Leases Act.
However, the tenancy would not be covered by the Act if the warehouse was used to supply car parts to a shop who then on sold them to the public, as the shop they were supplying was not using them, merely reselling.
There are some exceptions to this, such as if a tenant is a listed company or its subsidiary. 
If the lease does not permit the use of the premises for retail purposes, a breach of lease may be present, but that does not affect the retail nature of the lease.
The landlord appealed the February decision to the Court of Appeal, which dismissed it on 5 July 2017, noting the following features combined led to the finding that the ultimate consumer test had been satisfied and that the lease was a retail lease:
<ul>
<li>Services were used by the Tenant's customers who paid a fee</li>
<li>Any person could purchase the services if the fee was paid</li>
<li>The Tenant's business was open during normal business hours</li>
<li>The Tenant's customers did not pass on the services to anyone else</li>
</ul>
What does this mean?
<ul>
<li>Tenants may not be charged land tax. They may also be able to recover tax from the landlord retrospectively.</li>
<li>Generally, the term of the lease must be for at least five years.</li>
<li>A rent review clause may not include a “ratchet” which stops the rent falling due to market conditions. Any extra rent paid due to a ratchet clause may be recoverable from the landlord.</li>
<li>The landlord is obligated to provide a detailed “Disclosure Statement” to the tenant. Non-provision or inaccurate information may result in the tenant having the right to withhold rent or to terminate the lease. </li>
</ul>
Tim Kelly is a partner at Rigby Cooke Lawyers and has more than 35 years of legal experience. He can be contacted <a href="https://www.rigbycooke.com.au" target="_blank">here</a>.
 
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jchancellor-FAypfDUnLy

Could your warehouse lease now be a retail lease?

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Cushman &amp; Wakefield has been named leasing agents for the ground level retail space at 160 Pitt Street Mall.
The retail space, sized 440 to 450 sqm, has 13m frontage and is owned and occupied by Washington H. Soul Pattinson.
Pitt Street Mall ranks as the 7th most coveted retail destinations world-wide according to the most recent Cushman &amp; Wakefield Main Streets Across the World research, and ranks 3rd in the Asia-Pacific region on a rate per square metre. The average trading figures for the mall currently average at $70,000per square metre.
Ben Tremellen, national director, retail leasing for Cushman &amp; Wakefield, said the site is steeped in iconic retail heritage.
“With the last major lease fronting Pitt Street Mall being the launch of Microsoft’s flagship store in November 2015, and unprecedented moves by global retailers such as Uniqlo taking first floor space, we expect this unique ground floor opportunity to generate a huge amount of local and international interest," he said.
"Ground floor spaces in any the world’s top 10 retail precincts are extremely rare.
“The fact that Pitt Street Mall remains one of the most tightly held retail precincts globally, and with development activity ramping up around King and Castlereagh Streets, the traditional boundaries of the retail core continue to expand. 
Expressions of interest are slated to begin mid June.
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jonathanchancellor-7SQnKwU6yx

Iconic Pitt Street Mall leasing opportunity to come

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ASX-listed cleaning and security specialist Millennium Services Group Limited has agreed terms on a new office lease at Mt Waverley in Melbourne’s south-east in a deal brokered by Savills Australia.
The Level 1, 205- 211 Forster Road property comprises 700 sqm of fully-fitted and furnished office space.
Millennium will pay circa $186,000 per annum net on a five year term.
Savills’ Daniel Kelly, who negotiated the deal, said the tenant would relocate from Toorak and needed additional room to cater to business growth.
“Millennium needed expansion space and found it in a modern, three-year old building which is fully fitted and furnished, and very close to the Monash Freeway providing exceptional road transport access,’’ Kelly said.
The lessor was a private Melbourne investor.
 
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Millennium takes Mt Waverley office lease through Savills

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Sydney’s fringe suburb of Chippendale is experiencing a property boom of sorts, given the significant stock withdrawal from office to luxury residential.
But there is also the competing trend of office tenants wanting to stay close to the city.
The city fringe market is tightly held given its proximity to the CBD, the light rail and amenities. 
The recent conversion of Griffith Teas is a case in point where new residential gross realisation benchmarks have been realised that are usually reserved for Sydney Harbour waterfront property, according to Savills.
Tenants are expected to be faced with an ongoing squeeze on available office space as demand remains strong and new supply muted.
Savills have a refurbished, leased office property at 39-47 Regent Street, Chippendale to be sold by expressions of interest closing May 25. 
It is fully leased by Navitas Limited, an ASX 100 listed company. The lease is for 15 years with a further option to extend by 10 years. 
The annual net rental is circa $1.823 million. 
The zoning is B4 Mixed Use, which the agents say allows a purchaser the option for residential conversion beyond the existing lease tenure.
These strong fundamentals are expected to drive rents significantly higher over coming years, say the agents. 
The property is being marketed by Savills agents Simon Fenn, Graeme Russell and Tim Grossman along with CBRE on behalf of Property Bank Australia.
Simon Fenn of Savills NSW said strong interest is expected from local, interstate and off shore buyers given the compelling fundamentals of the city fringe market and the unique nature of the asset.
“There appears to be no significant supply in the pipeline for the City Fringe, with just 5,500 sqm currently under construction in Chippendale (expected in H2 2018). Future supply in the City Fringe remains severely constrained due to limited available sites and significant stock withdrawals for residential use,” he said.
With the building flanked on all sides by action from Sydney University, Broadway Shopping Centre, UTS and Central Station combined with significant planning changes in the wings, the precinct is set for exciting growth and change.  
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Navitas office property in Sydney's Chippendale listed

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Melbourne developer Summers Industries has put several office warehouses on the leasing market following the sale of 26 out of 27 speculatively built industrial units at its circa $12 million Braeside business park.
The units were all sold before completion, reflecting the strength in the south-east industrial market mainly due to Victoria’s strong population growth and a renewed trend of owner-occupier sales. 
Savills’ Gareth Jackson, who marketed the campaign, said nearly 80 percent of the available units sold to owner occupiers.
He said while leasing across the south-east had been remarkably resilient, the voracious owner-occupier appetite for new and existing stock, was unequivocally driving the Braeside market.
“Owner-occupier sales have been picking up over the last couple of years, with the obvious driver low interest rates and more recently Victoria’s strong population growth, but what we are seeing now is, in part, a sense of urgency to buy ahead of what some regard as an inevitable rise in interest rates, and an increasing trend to SMSF investment,” he said.
“US rates continue to rise and with housing affordability such an issue the RBA has no appetite for further cuts, the only way is up, indeed some banks are already leading the way. Having said that we are not likely to see a massive hike anytime soon and so there remains that window of opportunity, if you like, and savvy businesses are clearly taking advantage.’’      
The south-east market is enjoying a purple patch of sorts, accounting for more than 50 percent of total industrial take-up (456,920 sqm) across Melbourne, in the 12 months to March, added Savills head of Research in Victoria, Monica Mondkar. 
It is leading all precincts for the first time since December 2010, along with 31 percent ($657 million) of the total industrial sales by value.
The opening of the Dingley Bypass last March had also been an important driver in the success of the sales and leasing of development projects in the Bayside market, Jackson said.
The 6.4 kilometre, six-lane road linking Warrigal Road at Moorabbin and Westall Road at Dingley Village was built with the promise of reduced traffic delays and congestion.
He said purchasers had also been drawn to the depreciation benefits and stamp duty savings, on-title car parking, container access and NBN connectivity.
Savills marketed the properties along with Nixon Real Estate. 
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Melbourne business park nearly sells out before completion: Savills

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Australia’s first authentic Steampunk-themed venue will soon call Surfers Paradise home, with a lease in its entertainment precinct.
Steampunk Surfers Paradise is preparing to open its doors in the coming months with the finishing touches being made on the vintage-styled 550 sqm premises.
Described as Victorian-era science fiction, Steampunk is a subculture focusing on retro-futuristic inventions inspired by the steam-powered industrial period of the 19th Century.
The venue is in the heart of the iconic entertainment precinct, 3113 Surfers Paradise Boulevard, also known as Cavill Lane.
The lease runs for five years with an additional five-year option.
Expanding their Australian presence, co-owner and Tasmanian hospitality operator, Grant Rodgers will officially launch the concept in Queensland; sighting the Gold Coast as the perfect location, being the heart of the tourism industry.
The deal was negotiated by JLL’s Ryan Chandler.
“With tourist numbers showing good growth, injecting money into the region and encouraging further development, more interstate operators and franchises are looking to the Gold Coast,” said Chandler.
“The Gold Coast retail leasing market is entering a period of growth ahead of the 2018 Commonwealth Games,” he added.
 
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j.ballantyne1990-6AQqhLzZaK

Steampunk Surfers Paradise set to open in Surfers Boulevard

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The popular Woodfrog Bakery has moved into Camberwell to open its seventh Melbourne shop in a deal brokered by Fitzroys. 
The bakery, which started its story from a vacant furniture shop in St Kilda, took the lease for ground floor space with extra first floor space at the rear of 570 Burke Road, Camberwell at $80,000 per annum net. 
The 81 sqm Camberwell site will join the bakery’s existing sites in St Kilda, Toorak, Kew, Melbourne CBD, Brighton and Doncaster. 
Fitzroys Chris James negotiated the five-year lease with options.
James said the bakery was keen to place itself in a high foot traffic location, with the property fronting the Camberwell Fresh Food Market, Target, Coles and Market Place car park, and positioned amongst the popular retail offerings of Burke Road.
“The large number of recently completed medium and high-density residential developments in the area, and high number of apartments in the pipeline are further underpinning the demand from for tenants for a presence on Burke Road.” 
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prateek24-ezbwHMbNAk

Melbourne's Woodfrog bakery leases into Camberwell 

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Jeweller Tiffany &amp; Co. has announced plans to relocate its Sydney CBD flagship store to Pitt Street after it was forced to move from 39 Martin Place due to NSW government's acquisition of the land there for the $10 billion metro rail project.
The newly designed store at 175 Pitt Street will also be at a corner location and is scheduled to open late 2018. The proposed three-storey flagship store will comprise 2,275 sqm of office and retail space. 
The Pitt Street store will be Tiffany’s tenth in Australia and third in Sydney after the Bondi Junction, Sydney International Airport stores. The jeweller also operates stores in Melbourne, Queensland, Adelaide, Perth and Auckland. 
“The new flagship will be a world-famous centre for luxury, style and sophistication that is synonymous with New York,” said Glen Schlehuber, vice president and managing director of Tiffany &amp; Co. Australia and New Zealand. 
“We will transition to this new location from late 2017 to a temporary store within this site until the new flagship reopens in 2018.” 
“We have enjoyed over 22 years of successful growth in Australia, and Sydney is an important market for Tiffany globally,” he added.
Separately, DEXUS Property Group announced it has lodged a development application (DA) for the store, the listed real estate firm announced on Wednesday.
“We have worked collaboratively with Tiffany &amp; Co. on this proposal, and if approved we look forward to continuing our long term relationship. The proposal potentially activates an identified repositioning opportunity within our city retail portfolio which will add significant prominence to the central Sydney luxury retail precinct,” said Stewart Hutcheon, DEXUS executive general manager, Retail and New Fund Development. 
Under the proposal with DEXUS, Tiffany &amp; Co. would transition to a temporary store within this new location and a temporary office at 60 Castlereagh Street from late 2017 until the flagship store opens in 2018. 
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Tiffany & Co relocates Sydney flagship store to Pitt Street

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A tenanted investment leased to surfing retailer Noosa Longboards on the Hastings Street tourist strip at Noosa Heads has sold for $4 million to a local investor.
The sale price of the 92 sqm retail outlet at 2/55 Hastings St, Noosa Heads, reflected a net rate of $43,478 per sqm and yield of 5.35 per cent.
The selling agents were Ray White Commercial’s Paul Butler and Paul Forrest. 
“The 5.35 per cent return shows a continued strengthening in Hastings St, as the last sale was 5.45 per cent for a superior freehold property,” said Butler.
“In this case we had a local buyer looking for solid performing properties. There is limited quality stock available as the high volume of sales throughout 2016 has significantly decreased stock.”
Forrest said Shop 2, 55 Hastings St enjoys a high profile with excellent pedestrian and vehicular traffic flow and was returning net rent of $225,000 per annum. Nearby shops include Hugo Boss, Blue Illusion, Aroma’s, Kookai, Lorna Jane and Gazman.
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Noosa Heads shop leased to Longboards fetches $4 million

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Supply chain company CEVA Logistics has signed a four-year lease at Mirvac’s latest industrial development, Calibre at Eastern Creek, NSW prior to construction completion. 
CEVA will move in as a tenant into Building 1 at Calibre. The building consists of approximately 18,000 square metres of warehouse and 1,000 metres of office space, allowing CEVA to consolidate three existing warehouse operations from different locations into one. 
Mirvac’s Group executive, Industrial, Stuart Penklis, said securing a key tenant ahead of completion reflected the strong market offering that Mirvac delivers. 
“As a world leading supply chain management company, CEVA will benefit from Calibre’s unmatched transport links,” he said. At the nexus of the M4 and M7 motorways, the site has a dedicated multi-directional signalised intersection connecting to major transport links. 
Penklis said the state government’s focus on infrastructure is drawing large-scale users to Western Sydney. 
“The upgrade of the M5 Motorway and WestConnex has stimulated demand as it will improve access and connections between Western Sydney, Port Botany and Sydney CBD. Calibre is ideally placed adjacent to the motorway, catering for logistics and manufacturing occupiers looking to benefit from this investment in infrastructure.” 
CEVA managing director-Australia and New Zealand, Carlos Velez Rodriguez said the deal will allows them to consolidate from different locations across the state, increasing bottom line efficiencies. 
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