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

First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

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

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

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

Parcel delivery is joining the apartment amenity checklist

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

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

Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;

Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;

"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;

"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365782]

Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;

“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;

"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365785]

Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;

Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;

Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;

Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365767]

A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;

Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;

"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365771]

Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;

"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;

"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;

There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.

[smartcode_project_cta:default project_id=108274]

Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

Commercial Market

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Australia’s retail industry is undergoing a period of significant change, as established retailers are forced to evolve in order to survive, according to the latest retail research from Colliers International, Game On: Retail’s new entrants flex muscle as competition grows.  
“Australia’s retail industry has been heavily concentrated and characterised by fierce competition between a few established players,” said Head of Retail at Colliers International, Michael Bate. 
“Our industry is undergoing an unprecendented period of disruption, as these established players have been forced to evolve in order to meet the changing demands of the consumer and revive profitability. 
"These changes are opening up new opportunities for the many emerging brands in Australia, who are looking to gain a foothold in an established and well-heeled market.”
According to the research, two retail segments who have undergone significant disruption are the supermarket and department store sectors.  
“The purchase of David Jones by the South-African based Woolworths chain last year has prompted a period of significant change,” said the report’s author, Daniel Lees, Associate Director of Research at Colliers International. 
“Under their new ownership, David Jones has undergone a transformation, and they are looking ahead at new opportunities, such as fresh food.  At the same time, Myer has been forced to revitalise their offering in order to stay competitive.”
The impact on the retail property sector as a result has been significant. 
Myer has decreased their property footprint in several key areas, such as Top Ryde where they are withdrawing completely.  In other centres they are reducing their footprint.  
“Myer and David Jones have been two of our most significant retail occupiers for decades,” said Mr Bate. 
“They have controlled a huge portion of the most sought-after, highest visibility retail space across the country. 
"With their rationalisation of space, comes a huge opportunity for the emerging brands to establish themselves in well-located retail spaces with good foot traffic and exceptional visibility.”
Aldi, who have been in the Australian market for more than 10 years, have expanded rapidly in recent times as such opportunities have arisen, with a current estimated market share of 11%. 
Likewise, there is speculation that global supermarket giant, Lidl, may enter the Australian market, and sourcing appropriate floor capacity will be crucial to their entry strategy. 
Having taken some of the low hanging fruit to improve sales at David Jones, Woolworths Holdings SA now sees the need to invest substantially more money in the business to build out offerings such as fresh food.
To fund this investment, it’s possible that David Jones could realise significant funds by a rationalisation of its property portfolio in Sydney and Melbourne CBDs, potentially raising up to $1 billion if air rights are fully exploited.
The sale may result in at least a partial leaseback of space from a buyer however this strategy does open up prime availability to new market entrants.  
“Our retail landscape has changed significantly in recent years, but that’s nothing on what we’re going to see in the coming years,” said Mr Bate. 
“The march of international retailers into our country is nothing new, but the second, third and fourth wave of these will continue to come.  Australia’s savvy consumers know these global brands, making their move into the Australian market an easy one.”
Brands such as H&amp;M are only making the move into the Australian market when the right floorspace opportunity comes up. 
H&amp;M’s new Sydney CBD store, in Pitt Street Mall, spans 5,000sqm and has strong visibility in a high traffic area. 
According to Mr Bate, such global retailers will form an important part of the future retail landscape.  
“Only 10 years ago, our major department stores occupied tens of thousands of square metres in our CBDs, limiting the options for other retailers.  These department stores are now savier with their space, and embarking upon multi-channel strategies to appeal to changing consumer needs. 
"This is opening up our retail industry to new players, and providing our consumers with an increased choice.” 
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j.ballantyne1990-6AQqhLzZaK

New players make for retail disruption in Sydney

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From April 2016, Paul Craig currently managing director for Western Australia, will be Savills Australia &amp; New Zealand chief executive.
Paul McLean will retain his responsibilities for Queensland and New Zealand
Robert McKellar, CEO Savills Asia Pacific said Savills had undertaken a regional review of its Asia Pacific management structure, including succession planning, with a view to strengthening and expanding the executive management platform.
“The business under Paul McLean's leadership has trebled in size in Australia and New Zealand - a period of continuous growth, expansion, and improved profitability, and Savills is indebted to his hard work, vision, loyalty and leadership during this time," Robert McKellar said.
“Paul Craig has over the past 15 years built a very successful West Australian business and has been a major contributor to our Capital Markets capability both domestically and internationally, having held the position as head of Australian Cross Border Capital Markets for the past 8 years.
"Paul will bring renewed energy and vigour to the role and will continue to build on the successes of the recently expanded executive management team."
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jchancellor-FAypfDUnLy

Savills WA's Paul Craig to take on national role

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The commercial office market in the ACT remains in a state of flux with different messages being transmitted from government, says valuation firm Herron Todd White.
"Overall the commercial sales market remains strong at the top end with four significant sales occurring in the city and others in the wind", says the HTW report.
"The sales include two Mirvac holdings, remnants of the former Capital Property Trust.
"A property at 54 Marcus Clarke Street sold for $14.2 million with a WALE of circa two years and a yield of 9.7%.
"It is understood the purchaser, Centura Metro, has an open mind relating to this property with a residential conversion a possibility," says the report.
The report adds that Centura Metro also purchased 60 Marcus Clarke Street for $49.6 million with a similar WALE and a yield of 8.7%.
"We understand their intent is to retain this property as a commercial holding with some consideration to erecting additional space over the car park", says the HTW report.
"The property at 64 Allara Street sold for $16.8 million on a yield of 7.6% and a WALE of 4.6%.
"The purchaser was the Cromwell Property Group who we suspect was attracted by the yield."
The month in review says the political environment appears to have stabilised with the appointment of Malcolm Turnbull as Prime Minister however concern remains about the size of government and the accommodation strategy being adopted.
"The aborted tender for accommodation to house the Department of Immigration and Border Protection is a recent example.
"The tender cost participants substantial time and capital only to see the tender aborted and that time and money wasted.
"The decision came about due to local agitation from traders in Belconnen, the home of Immigration, when there was a real possibility that the combined department would move."
The HTW report also notes that it was decided that in the future all moves of the size proposed must also include a social impact statement.
"The result is that the overall vacancy of office accommodation remains high in the ACT and includes substantial space adjacent to the airport.
"Whether this tender will re- emerge is not known."
The report suggests that there are a number of properties in the CBD with leases to departments with less than two years remaining and the market watches retention outcomes with interest – will the tenant remain?
"Will the tenant be encouraged to move to premises held by government under long term leases which are not occupied in part or whole?
"The jury is out, however the lease over 10 - 12 Mort Street has been extended by a further eight years, expiring in 2017, giving security to both parties.
The report concludes by suggesting the sales mentioned above indicates a willingness to secure premises in Canberra even where the WALE is substantially reduced, provided the price is right. 
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jrobinson-rf4aSBido9

Top end commercial sales market remains strong in ACT: HTW

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Boutique property fund manager Quintessential Equity has sold its option to develop the site at 36 St Georges Terrace, Perth to GP Hotel Perth WA Pty Ltd for $23.75 million.
Quintessential bought the property last November for $17 million, with plans to build a luxury residential apartment building of 280 units over 35 levels, overlooking Perth’s Swan River, as part of a series of new developments in the area, including Cathedral Square and Elizabeth Quay.
The fund manager said it could not comfortably de-risk the opportunity for its investors and decided to sell the option. It said it had the support of the vendor, the Uniting Church.
“While it’s of course disappointing that our vision for the St Georges Terrace site will not come to life, it’s more important that we act in the best interests of our investors and we simply couldn’t de-risk the development to a level that we felt comfortable with,” Quintessential Equity director Shane Quinn said.
The property is expected to be developed into a hotel.
The news comes as Quintessential Equity announced former Mirvac director of development Guy French-Wright as its development director, from early 2016.
“We are well progressed with a number of development projects, including our proposed $100 million plus commercial office development at Geelong’s iconic 1 Malop Street which has been well received by the tenants in the market for premium office accommodation in Geelong,” he added.
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Quintessential sells option to develop Perth's St Georges Terrace property

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A building at 10 Elgin Place in Melbourne's Hawthorn is up for sale or for private lease through Gray Johnson.
Previously occupied as a recording studio, this office-warehouse conversion has been pitched as suitable for creative agencies or consultancies, according to the agents.
The building, with an area of 336 square metres and a site of 229 square metres, is close to the junction of Power Street and Burwood Road.
Offers for sale are expected around $1.7 million or for an annual lease at $100,000 plus outgoings.
It will have fixed annual rental increases of 4%.
The building's features are polished concrete floors, exposed steel beams, lofty ceilings with industrial-style light fittings and Shugg-style windows which afford good cross ventilation.
It has a laneway location and a separate entry off Burwood Road. 
“The immediate area has a mix of commercial occupancies including medical, specialty retailers with a good mix of upmarket cafes and restaurants nearby," said Gray Johnson director Matt Hoath. 
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Office and warehouse conversion up for sale or lease in Melbourne's Hawthorn 

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The last remaining commercial development site at 310-312 Governor Road in Melbourne's Braeside has sold for $3.3 million, inclusive of GST.
It was a 1.02 hectare site.
The property designated as Stage 2 of the development, was bought by developer Hermal Group.
“The green field site, the last available development property facing the busy Governor Road, sold with a development plan and permits in place for 22 warehouses and five showrooms, the latter along the Governor Road frontage,” said selling agent DBRE’s James Davie.
The property has a planning permit approved by the local Kingston City Council. It adjoins an initial Stage 1 development of office-warehouse units.
Davie says the permit provides for a set back from the main Governor Road frontage with the warehouse lots with site areas ranging from 170 to 450 square metre with onsite car parking. 
“The Hermal Group is proposing to start construction of the office-warehouse units on site virtually immediately and they will be available for pre-completion purchase commitments in a range from $350,000 to $650,000,” he said.
DBRE will also market Stage 2. 
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Commercial site in Melbourne's Braeside sells for $3.3 million

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Adelaide’s most prestigious office tower, the 31-level Westpac House, is on the market in the city’s biggest CBD investment opportunity in recent years.
Located at <a href="https://www.realcommercial.com.au/property-offices-sa-adelaide-5508927" target="_blank">91 King William Street</a>, Westpac House encompasses three buildings together with a large plaza and pedestrian thoroughfares.
Westpac House, together with the two adjacent buildings – Delmont Building and Perpetual Building – provides a total net lettable area of 31,678.3 square metres.
The 4,287 square metre site area incorporates 29,746.2 square metres at Westpac House, 868.5 square metres at Perpetual House (89 King William Street) and 236 square metres of storage space at Delmont House (16 Angster Street). It also offers 60 car spaces.
The listing agents are Colliers International’s Ian Thomas, Knight Frank’s Guy Bennett and CBRE’s Philip Rundle.
The Advertiser quoted market sources as saying Westpac House could fetch more than $180 million. 
“Westpac House is Adelaide’s most prestigious office tower and dominates the CBD skyline,” said Ian Thomas.
Bennett added that Westpac House offered an excellent opportunity for capital and rental growth, a high and sustainable cash flow, rare and exclusive panoramic views over Adelaide and a desirable King William Street business address with access from Currie and Waymouth Streets.
“Rental income is supported by a staggered lease expiry profile and the best blue-chip tenancy mix in the city, with high profile tenants including Westpac, AECOM, Seek, the South Australian Government, Servcorp Australia, Knight Frank, Equity and Advisory, Emirates, HWL Ebsworth Lawyers and AON,” he said.
“Westpac House has enjoyed excellent rental growth, very high occupancy levels, and strong tenant retention since it was built," said Philip Rundle.
Westpac House is expected to be much sought by investors, according to the agents.
“For investors, Adelaide offers more attractive yields than the eastern seaboard property markets,” said Colliers' Thomas.
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Adelaide’s Westpac House on the market 

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The Fountain Cafe in Sydney's Potts Point suburb, for long a part of the local landscape, failed to secure a bid when auctioned last week.
There was a $1.8 million vendor bid.
Located at 1a Elizabeth Bay, the cafe is spread over 390 square metres with significant pedestrian exposure due to its location.
It has a full commercial kitchen, bathrooms and a liquor licence. 
Previously it was renting out for nearly $225,000 annually until its 2014 closure.
The auction was through Ron Bauer of Ray White Unlimited.
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Potts Point's Fountain Cafe up for sale

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A Western Sydney warehouse site that can handle bulky goods has sold for $12.4 million to a private trust.
On the doorstep of the M7 Motorway, the Horsley Drive, Wetherill Park property – spread over 9,036 square metres - attracted a number of enquiries during the private treaty process, said LJ Hooker Commercial Silverwater director Marcel Elias, who brokered the sale.
Vendor Anglo Irish Investments Pty Ltd listed the tenanted site with an annual net rent of $852,000 per annum. The deal reflects a passing yield of 7.75%.
The result was indicative of a strong quarterly result for the industrial sector, Elias said. Research by LJ Hooker Commercial indicates the sector’s investment market performing strongly, helped by the rise of the services economy and its influence on the use of industrial premises for distribution and storage.
According to LJ Hooker Commercial, $2.2 billion worth of industrial property changed hands during the third quarter ended September. While the quarter was boosted by the reported $1.07 billion GIC/Ascendas portfolio exchange, other private and institutional transactions still accounted for $1.17 billion, the best Q3 result in three years.
“There’s a significant amount of due diligence being undertaken in Western Sydney at the moment and the market is very well positioned for an exceptional Q4 result,’’ said Mr Elias.
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Western Sydney Wetherill Park warehouse sells for $12.4 million

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The valuation firm Herron Todd White has issued its latest property clock for the office market - a simple broad brush means to suggest where commercial property office markets are - and what direction prices are moving in.
The valuation firm has included capital and regional cities on the October 2015 property clock for price direction.
Melbourne and Tamworth office space is at the peak of the cycle.
<a href="/images/2015/10/12/Screen%20Shot%202015-10-12%20at%204.43.08%20PM.png" target="_blank">Click to enlarge</a><a href="/images/2015/10/07/Screen%20Shot%202015-10-07%20at%209.50.31%20AM.png" target="_blank"> </a>
For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.
 
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