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 Sale

<html><body><div class="cq-article-content-paras section">
Chef Neil Perry's Rockpool restaurant premises on Sydney's Bridge Street have sold for $8.51 million through Knight Frank.
The strata retail asset is leased to Rockpool, via the Star Restaurant Group trading until 2023.
The 490-square-metre property in the historical Burns Philps, Sydney building sold at a 6.78% yield. 
The 7-11 Bridge Street building has been substantially reconstructed behind its original facade.
The Rockpool property exchanged at $17,367 a square metre, the Australian Financial Review calculated.
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jchancellor-FAypfDUnLy

Bridge Street Rockpool restaurant premises sold

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A number of high profile commercial sites on Melbourne's CBD fringe are up for sale.
Hume Partners has appointed CBRE Melbourne City Sales to sell what is known as the Spencer Portfolio - four individual freehold properties with a combined land area of 7,896sqm, with expansive views to the CBD and Docklands.
The commercial properties, 83–113 Batman Street, 371 Spencer Street, 355 Spencer Street and 102 Jeffcott Street, comprise substantial commercial buildings and benefit from existing income in their current form, as well as significant redevelopment potential to accommodate a landmark high rise project.
CBRE’s Mark Wizel, who is selling the entire site together with Josh Rutman, Kiran Pillai, Julian White and Lewis Tong, said the property had significant potential to redefine West Melbourne’s residential market.
“This site – one of the largest to be offered this year – will transform the landscape at the Melbourne CBD’s western frontier, with the development of a premier residential development repositioning it as one of the city’s most sought after postcodes,” he said.
“The diversity of the offering will attract strong interest from a diverse pool of buyers, with its current income offering a secure investment, whilst also holding scope for a number of development opportunities.”
He said a number of larger state owned enterprises from mainland China were currently in the market with mandates for larger Melbourne sites that provide scale and the ability to stage a project over time.
“This includes groups like Wanda, R&amp;F, Poly and Greenland, who have all made public their desire to acquire strategically located sites in and around the Melbourne CBD," he said.
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mick.cee-iDmgDDAmu8

Melbourne's Spencer Porfolio on the market

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A local developer has paid $5.04 million to outbid a number of offshore groups for a potential development site with Hoddle Street frontage.
The deal on the vacant possession showroom was brokered by Savills agents Nick Peden and Jesse Radisich.
The corner <a href="https://www.realcommercial.com.au/property-land+development-vic-abbotsford-501678049" target="_blank">218-228 Hoddle Street</a> property, with two street frontages, was a likely candidate for redevelopment, although the purchaser had not revealed any plans. 
Jesse Radisich said the 1161 square metre property included frontage of 30 metres to Hoddle Street and 38 metres to Stafford Street, with a Commercial 2 zoning allowing for office, some manufacturing uses, bulky goods and other retailing uses.
The property attracted over 100 enquiries.
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Savills sells Hoddle Street development site to local

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A bluestone heritage former hotel with contemporary offices on Adelaide’s Pirie Street has been listed with strong interest in its redevelopment potential expected by Colliers International agents Alistair Mackie and Ian Thomas.
The two-storey office building at <a href="https://www.realcommercial.com.au/property-offices-sa-adelaide-501727033" target="_blank">246-250 Pirie Street</a> includes onsite parking for at least four vehicles.
“246-250 Pirie Street offers an astute purchaser a two-storey office building that is currently generating a substantial income from an excellent mix of commercial tenants.
The agents suggest the property’s zoning and existing improvement provides an opportunity to develop a high rise residential tower situated between Frome and Hutt Streets, on a 481sqm corner site.
It is ocated within a Development Plan Capital City Zone, allowing for development up to 53 metres.
“The current owner has engaged Flightpath Architects to conduct a residential yield study on the non-heritage portion of the site, which totals around 400sqm, to ascertain the potential for a high rise residential apartment development,” Mr Thomas said.
“This yield study identified four development concepts ranging from 32 apartments and 18 car parks over eight levels, up to 75 apartments and 20 car parks over 15 levels.”
The agents anticipate circa $2.5 million when offers close November 5.
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Adelaide heritage residential highrise block opportunity

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National retailer Bed Bath N’ Table has opened a new Adelaide store at Mile End Homemaker Centre, with a view to increasing its footprint in the homeware market.
The store has 521 square metres of retail space at the north-eastern wing of the centre, between Dreamland and Sofa Shop. 
CBRE agent Dallas Sears negotiated the five-year lease on behalf of Mile End Developments Pty Ltd.
Rentals at the centre range between $110,000 and $170,000 per annum.
“It will join retailers such as Anaconda, Beacon Lighting, Petbarn, Nick Scali, Focus on Furniture, Provincial Home Living and many more,” Sears said. 
Bed, Bath N’ Table has recently ventured into large format retail centres, added Sears. 
It has more than 100 stores throughout Australia and New Zealand, still a family owned and operated company.
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j.ballantyne1990-6AQqhLzZaK

Bed Bath N' Table opens store at Adelaide's Mile End shopping centre

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The Red Rooster, Roxburgh Park Victoria premises are for sale through Colliers International’s Hamish Burgess and Tom Noonan.
The 1,804sqm site at 260 Somerton Road in Roxburgh Park features the 258sqm outlet with an existing 10 year lease.
It occupies a prime location alongside Roxburgh Park Shopping Centre.
The property currently returned a net annual income of $157,368 (plus GST) as part of the 10+5+5 year lease to Red Rooster Pty Ltd. 
It has 25 on-site car parks.
<a href="https://rca.colliers.com.au/property-retail-vic-roxburgh+park-501711637" target="_blank">260 Somerton Road </a>was originally developed as part of the Roxburgh Park Shopping Centre, which is now managed by Vicinity Centres. and was subsequently subdivided on its own freehold title.
It goes to October 23 auction.
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Victoria's Roxburgh Park Red Rooster on market

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A private investor has quickly purchased a brand new industrial facility in Eastern Creek’s Turn4 subdivision for $2.55 million, setting a new price record in the Western Sydney region in the process.
Located at 78 Peter Brock Drive, the property comprises a 1,113sqm building situated on a 2,039sqm site.
The building offers concrete panel construction, a column free warehouse with 8.8 metre internal clearance, two roller shutter doors and a ground floor reception area.
CBRE’s John Micallef and Matt Flynn, who negotiated the sale on behalf of a private owner, said there were a number of interested parties pursuing the property due to a lack of stock on the market, as well as the quality of the development. 
Located in the Eastern Creek industrial precinct, the property offered an opportunity to acquire a freestanding asset in Western Sydney’s industrial market.
The property was sold with vacant possession, however, the purchaser has appointed CBRE to lease the property.
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Investor stakes $2.55m claim on new Eastern Creek facility

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Jones Lang LaSalle is marketing the sale of a 50% interest stake in Sydney's World Square on behalf of Brookfield through an expressions of interest campaign closing Thursday, 12 November.
World Square, which takes up an entire city block, is bounded by George, Pitt, Liverpool and Goulburn Streets.
World Square features a Coles Supermarket, six mini-major tenancies, 97 specialty tenancies and a car park with 522 spaces. 
Simon Rooney, JLL’s head of retail investments Australasia said a surge in apartment developments in the Sydney CBD has and will continue to directly benefit World Square over the next two to three years.
"One of World Square’s great attributes is its potential to deliver income reversion," he said.
"Investors are increasingly focusing on assets with the strongest income growth potential, a key driver in capital value enhancement, in an environment where yields have compressed significantly across all the real estate sectors.
World Square was rated number two in the country for the highest Moving Annual Turnover (MAT) with $248 million and number three for the highest MAT/sqm with $18,188/sqm, according to the 2015 Shopping Centre News “CBD Guns” survey.
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50% interest sale in Sydney's World Square complex

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A local investor with ties to Malaysia has paid $15 million for a Bourke Street, Melbourne property on a yield of just over 3% in a deal brokered by Savills’ directors Clinton Baxter and Nick Peden.
Mr Baxter said the resulting 3.07% yield for the <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-501662393" target="_blank">384-386 Bourke Street</a> property was a further demonstration of the ongoing yield compression for well-located freestanding CBD properties while the land rate of $29,182 a square metre also underscored investor’s continuing confidence in the market.
"Whilst some pundits were predicting an easing of land values following Planning Minister Wynne’s recent announcement of interim planning controls, this transaction along with our recent sale of 10-16 McKillop Street ($10.5m) illustrates that land values remain strong with investors appreciating that over the long-term the CBD built environment simply must increase in density to accommodate our rapidly rising population.
Mr Peden said interest in the property had been driven by the property’s location just 60 metres from the Bourke Street Mall, the large 514 square metre site with two street frontages offering significant future value-add potential, and the lease to longstanding blue-chip tenant, OPSM.
“The property’s numerous attributes attracted extremely strong interest throughout the sale campaign, particularly from offshore groups, eventually selling to a local investor with strong links to Malaysia who wishes to retain the property as-is as a long-term investment.
He said the three level building was sold subject to a lease to OPSM at a net rental of $460,576 per annum.
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OPSM’s Bourke St Melbourne building sells for $15 million

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A Melbourne based investor has outbid four other potential purchasers at the auction of an East Melbourne retail property with a final bid of $3.025 million.
It sold through Savills Australia in conjunction with MGO Property.
Savills’ Nick Peden and Jesse Radisich, and MGO Property’s Martin O’Halloran, said the <a href="https://www.realcommercial.com.au/property-retail-vic-east+melbourne-501678397" target="_blank">74 Wellington Parade</a> property drew 120 enquiries.
There was an auction crowd of more than 60.
Located on the corner of Simpson Street, the property comprises a two level retail building with retail and office uses on the ground floor and office upstairs on a 193 square metre site with six metres frontage to Wellington Parade and 28 metres to Simpson Street.
Mr Peden said the property was sold fully-leased to two tenants at a total income of $95,576 net.
Mr Radisich said the high profile position and the close proximity to the MCG and Jolimont Railway Station, along with Wellington Parade traffic, provided a particularly strong retail catchment.
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Commercial Sale

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