Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<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/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Commercial Sale

<html><body>
A historic Toowong house has been sold after securing development approval for $5.3 million.
The property is one of the suburb’s largest private landholdings.
The 3,655 square metre elevated ridgetop parcel of land at 28-30 Woodstock Road was bought by a local childcare centre owner-operator.  
It has been granted development approval for redevelopment as a 142-place childcare centre which will occupy the existing residence.
Two residential lot subdivisions totalling 849 square metres have also been approved on the site.
Endrim House has six bedrooms, three bathrooms, built-in wardrobes, two garage spaces, a pool, wine cellar and gardens.
It was built in 1905 by Joseph Badger, an American who moved to Brisbane to modernise the city’s tram system.
JLL’s Senior Executives in Sales and Investments, Sam Byrne and Blake Goddard, had the listing.
“The purchaser, a local owner occupier in the childcare industry, will operate the centre following an extensive refurbishment, adding to their existing portfolio of other centres across South East Queensland,” Byrne said. 
“The sale reflects the ongoing demand the childcare market is experiencing, particularly in areas which are under-supplied.
“Toowong provides the perfect demographics, and no doubt the new buyers will create something very special, setting themselves apart from competition in the area.
“Brisbane continues to experience unprecedented development and infrastructure spending that will see the city redefined and transformed.
“Toowong is particularly well-placed for continued growth.
“Over the coming years, residents will see significant growth in the local area, driven by the suburb’s access to high-frequency public transport, shopping centres and medical facilities.” 
</body></html>

j.ballantyne1990-6AQqhLzZaK

Historic Toowong home sold for $5.3 million to childcare centre operator

<html><body>
A Dural function centre has been sold through Cushman &amp; Wakefield.
<div class="prop-details-description__content">
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }">The 632 Old Northern Road, Dural property (pictured above) was sold at auction for $5.5 million acting under the instructions of the agent of the mortgagee, Ian Purchas of SV partners.</div>
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }"> </div>
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }">It was last sold in 2016 for the same price of $5.5 million.</div>
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }"> </div>
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }">The holding currently contains a vacant 5 bedroom house at the rear of the 7551 sqm block. </div>
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }"> </div>
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }">The block hold two large function rooms and is zoned RU6 Transition.</div>
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }"> </div>
<div class="text animate" data-bind="html: descriptionExpandableTextArea.displayText, css: { collapsed: !descriptionExpandableTextArea.isExpanded(), animate: descriptionExpandableTextArea.animate }, element: descriptionExpandableTextArea.textElement, attr: { style: descriptionExpandableTextArea.style }">The property has 47 metres of street frontage.</div>
</div>
</body></html>

Dural function centre sold for $5.5 million

<html><body>
The NSW government has sold its former Motor Registry site in the tightly held Inner West suburb of Five Dock to a private investor for $10.5 million.
The 1 Ramsay Road site comprises a corner parcel of land with an area of 1,970 sqm.
Parts of the site remain undeveloped but the 372 sqm of net lettable area from the existing two-storey brick building could be developed for additional floor space, subject to council approval.
The government divested the former motor registry as it was deemed surplus with the roll out of the new Service NSW centres.
The sale was handled by Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia.
The site has an 8.5 metre height limit and allows for a prestigious development.
It is currently leased to WestConnex for use as office accommodation and parking for a three-year term expiring 31 December 2019 at a rental of $150,000 per annum net plus GST.
“This land offers excellent development upside (STCA) within close proximity to the Sydney CBD, local retail and transport amenities which gives reason as to why we were inundated with unprecedented levels of enquiry,” said Cooke.
The sale price of $5,328 per square metre of potential GFA reflected the prime corner location and development uplift, added Cox.
 
</body></html>

jonathanchancellor-7SQnKwU6yx

NSW government divests former motor registry site in Sydney’s inner west

<html><body>
A two-level Victorian offering with potential for further development in Richmond on Melbourne CBD’s eastern fringe is set to go under the hammer on November 1 with price expectations of more than $2.25 million.
Located at <a href="https://www.realcommercial.com.au/property-offices-vic-richmond-502581762" target="_blank">121 Burnley Street</a>, the property boasts an address in one of Melbourne’s most popular restaurant, fashion and entertainment precincts.
The building includes a reception area, conference room, eight individual offices, kitchen facilities and toilets on the ground floor, and a large boardroom, kitchen, balcony and three individual offices upstairs.
The 439 sqm site, zoned Industrial 3, has frontage to Burnley Street and rear access via North Street.
The marketing is by Teska Carson’s Luke Bisset and Michael Taylor along with Jeffrey Richardson of Richardson French.
According to the agents, the property will be offered with vacant possession and provides an opportunity to invest in arguably Melbourne’s premier inner-eastern property market. 
Bisset said the area had benefitted from a number of high profile residential and commercial developments, driven by population growth and the attraction of Richmond’s well documented retail and entertainment offerings, as well as its proximity to the CBD.
“It is ideally suited to an investor or owner-occupier seeking a well-presented commercial property in a great location with the benefit of the potential for further development (STCA) and the prospect of capital growth,’’ Bisset said.
Strong enquiry is expected for the property.
“Property in this precinct is very popular with investors and that popularity has intensified in recent times as the purchaser market has expanded to include SMSFs and foreign investors as well as the traditional smaller investor. And of course owner-occupiers have been much more prominent due to the favorable borrowing rates,” Richardson said.
</body></html>

prateek24-ezbwHMbNAk

Victorian building in Richmond set for auction with $2.25 million expectations

<html><body>
A standalone building in Melbourne’s CBD has changed hands for circa $5.5 million. 
The <a href="https://www.onthehouse.com.au/10090904/422-428_queen_st_melbourne_vic_3000" target="_blank">422-428 Queen Street</a> property is on a 236 sqm peninsula site and comprises a ground floor café and level one office space. It has an area of 550 sqm.
The price tag reflected a building rate of around $10,000 per sqm. 
The deal was brokered by Fitzroys’ Rob Harrington and Louis Christou of Christou &amp; Co.
The agents said the site offered long-term investment and development potential, owing to its position opposite the iconic Queen Victoria Market and three street frontages, including to Franklin Street. 
</body></html>

Melbourne CBD building sold for $5.5 million: Fitzroys

<html><body>
Perth billionaire Ralph Sarich has purchased Brisbane's Waterloo Junction from Cambooya Properties for $47 million.
According to The Australian, the sale was by the private Cambooya Brisbane-based board which includes Timothy, Andrew and Emilia Fairfax as directors.
The Australian said the property was bought by Cambooya for about $37m in 2011.
The acquisition of <a href="https://www.realcommercial.com.au/property-offices-qld-newstead-502344110" target="_blank">Waterloo Junction</a> was via Cape Boulevard, The Australian reported.
Sarich’s son Peter chairs Cape Boulevard Investments.
The sale of the Brisbane asset comes after Cambooya Properties bought a building in Sydney’s Crows Nest for $14 million.
</body></html>

Ralph Sarich buys Fairfax family Brisbane office

<html><body>
Popular watering hole, The Clovelly Hotel, in Sydney’s eastern suburbs has changed hands for $34 million in another high-profile deal involving pubs.
The deal comes close on the heels of another waterfront pub, the Beach Hotel in Byron Bay, fetching $70 million. It was snapped up by a Melbourne-based private equity firm backed by the wealthy Liberman family.
The Clovelly Hotel, popularly known as  ‘The Cloey’, overlooks Clovelly Beach and is home to celebrity chef Matt Moran.
In February 2017, MorSol – a joint venture between Matt Moran and Solotel Hotel Group – secured a long-term leasehold interest in the Clovelly Hotel.
The heritage-listed pub, built in 1859, was sold by Sam Arnaout’s Iris Group. Iris bought the hotel and tavern for $27.2 million in October 2014, The Australian reported.
The deal was negotiated by JLL’s John Musca and Colliers International’s Miron Solomons.
Occupying 1,708 sqm at the junction of Clovelly Road, the four-level pub has 15 pokies, a public bar, beer garden, gaming room and accommodation facilities.
It is believed to have sold on a yield of about 5 per cent, the Australian said citing sources.
The buyer is a little-known private local investor.
Matt Moran will continue to operate the pub.
A development application has since been lodged to increase the size and standard of the hotel’s short-stay options.
At present, it 14 hotel rooms with some offering sea views.
JLL’s Musca did not comment on the sale negotiations but added that the pub was keenly contested, with wide-ranging local, interstate and offshore interest.
“This was not surprising given the asset profile and the fact that residential property in the area is selling for nearly $28,000 sqm,” Musca said.
</body></html>

Sydney's Clovelly Hotel changes hands for $34 million as pub sales pick up

<html><body>
Peak Equities has purchased a  five-level, 5,420sqm office building in Camberwell Junction for $27.5 million.
The site of the Australian Pharmaceutical Industries (API) headquarters, <a href="https://www.realcommercial.com.au/property-offices-vic-camberwell-502378602" target="_blank">250 Camberwell Road</a>, generates $2 million per annum in net passing income from API and ground-floor café operator Camberwell Food Group, with leasehold interest from Melbourne Anglican Trust Corporation, resulting in a passing yield of 7.5 percent.
Colliers International’s Peter Bremner, Rob Joyes and Rachael Clohesy sold the property on behalf of Sydney-based investor and syndicator Bricktop Group through expressions of interest.
Mr Bremner said the long ground lease to Melbourne Anglican Trust Corporation expires on September 30, 2075.
“The purchaser recognised the quality of the asset in the prime Camberwell location and was seeking a higher-yielding investment so, while acknowledging the leasehold structure, they will enjoy an attractive 7.5 per cent yield based on the six-year WALE,” he said.
“If the property was sold with a freehold title, it would most likely have resulted in a sub-six per cent yield.
Peak Equities managing director Tom Borsky said the location of the property, in a tight office market where demand was expected to grow far more quickly than supply, was the principal driver of the purchase.
“Furthermore, our company sees the ground lease structure as an opportunity, rather than an encumbrance,” he said.
“Following global trends, this form of property ownership is likely to become more commonplace.”
 
Bricktop Group purchased 250 Camberwell Road through Colliers International in 2013.
Bricktop’s managing director Michael Balkin saying now was a suitable time for the syndicate to realise its investment.
 “We identified the inherent value in the leasehold interest when we acquired the property, something that we believed many parties did not understand at the time of the original sale,” he said.
“Accordingly, we were able to secure the purchase at an attractive price for our investors.”
</body></html>

Peak Equities buys API’s Camberwell headquarters for $27.5 million

<html><body>
The NSW government is set to sell its former Motor Registry site in Sydney’s Inner West suburb of Five Dock, just 7 km west of the Sydney CBD.
The state government is going ahead with the divestment as the former Motor Registry was made redundant with the rollout of the new format NSW Service Centres.
Located at <a href="https://www.commercialrealestate.com.au/property/1-ramsay-road-five-dock-nsw-2046-2013833921" target="_blank">1 Ramsay Road</a>, the 1,970.7 sqm site comprises a large corner parcel of land, which is highly accessible to both public transport and road infrastructure with development potential subject to council regulation.
The existing two-storey brick building has a net lettable area of 372 sqm.
The site has an 8.5 metre height limit, allowing for a prestigious development.
The listing agents are Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia. The site is being sold through tenders.
The property is currently leased to WestConnex for use as office accommodation and parking for a three-year term expiring in 201-end at a rental of $150,000 per annum net plus GST.
“1 Ramsay Road, Five Dock represents a unique opportunity to acquire a rare Inner West parcel of improved level land with excellent development upside (STCA) situated within close proximity to the Sydney CBD, local retail and transport amenities,” said Cooke. 
For buyers wishing to redevelop the site in the short term, the lease in place includes a three-month break clause.
Five Dock offers a cosmopolitan lifestyle with an abundance of parks, foreshores and cafes. Birkenhead Point Outlet Centre, University of Technology Sydney, University of Sydney are also near.
</body></html>

NSW government to sell site in Sydney’s Inner West: Savills

<html><body>
BRW Rich Lister Arthur Laundy has sold off his Bateau Bay Hotel on the NSW Central Coast.
It fetched around $13 million after buying it two years ago for nearly $11 million.
The Bateau Bay Hotel, one of 19 NSW venues owned and managed by Laundy Hotels, was bought by a local north coast pub group.
"Pubs are going very strong. It's definitely a sellers market ... I am cashing in on the prices being paid at the present time," Laundy was cited as saying by the Australian Financial Review.
"If the right price came along, I would sell more [from my portfolio].” 
The sale was on a sub 10 per cent yield.
"The Bateau Bay Hotel been a solid business, but given we have a few projects on the go at present thought it was the right time to sell,” Laundy said.
The off-market deal was brokered by CBRE Hotels’ Daniel Dragicevich and Ben McDonald. 
The deal shows the strength of the NSW coastal pub market following the recent sales of the Swansea Hotel in Lake Macquarie and the Country Club in Shoal Bay, said McDonald.
"The sale of Bateau Bay, both in quantum of dollars and initial yield, adds weight to the flow of transactional activity in coastal pub markets at levels traditionally reserved for metropolitan assets," Dragicevich said.
Pubs in the region on the market include the Premier Hotel in Newcastle.
Other high-profile pub owners too are taking Laundy’s view on the current market. Geoff Dixon and John Singleton's Australian Pub Fund recently sold the Vic on the Park hotel in Enmore, Sydney, for about $20 million.
"It makes sense that if the Sydney market is closing in on 8 per cent cap rates, that hotels within two hours of the CBD in markets such as the Central Coast are selling at rates of 10 per cent or sharper,” Dragicevich said.
</body></html>

Commercial Sale

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Commercial Sale

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News