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.

Joel Robinson

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

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

Commercial Sales

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The valuation firm Herron Todd White has issued its latest property clock for the industrial market - a simple broad brush means to suggest where property markets are - and what direction prices are moving in.
South West WA is alone at the top -- peak of the market, according to the April property clock. 
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Sydney is a market in decline, while Melbourne and Brisbane are approaching the peak.
Industrial is a great real estate leg-up for investors graduating from residential holdings into a commercial portfolio, according to HTW.
The sector has certainly presented affordable options in the past few years, but could it be due an upswing in 2016? The best way to buy well is to draw on local knowledge, say HTW. It’s not just broad markets that present the best opportunities. Variations between secondary to prime property play their part, as do different locations throughout the same town. 
 
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South West WA at the peak of industrial property market: HTW property clock 

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Over the week ending 25 March 2016, a total of 51 commercial auction results were reported with just under half (49 per cent) selling, according to CoreLogic RP Data.
Over the previous week, both auction volumes and auction clearance rates were higher, with 58 auctions held and a clearance rate of 55.2 per cent. At the same time last year, 103 auctions were recorded and 61.2 per cent were successful.
Over the four-week period ending 25 March, 207 commercial auctions have been reported with 108 sales. Of the 108 sales, 73 have been reported with a price and the total value of these transactions was just over $122.52 million.
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Commercial auction volumes and clearance rates improving: CoreLogic RP Data

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Three office suites at the top end of Collins Street in Melbourne are up for sale in the range of $370,000 to $449,000.
The <a href="https://www.commercialrealestate.com.au/property/20-collins-street-melbourne-vic-3000-2012502502" target="_blank">20 Collins Street</a> suites are being marketed by Teska Carson with the promise returns higher than bank interest rates. The Collins Street location is much sought after, both by investors and tenants.
 - Level 3 Suite 4 (65 sqm) has an asking price of asking $370,000 and net annual rent of $29,446
- Level 4 Suite 4 (104 sqm) has a price tag of $449,000 with a net annual rent of $34,000
- Level 5 Suite 3 (105 sqm) is up for sale at $390,000 with a net annual rent of $29,446
 The tenant is on a two-year lease from 2015 with options for another two years and rents are due for an increase from March. The tenant pays GST and the usual outgoings. 
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Office suites in Melbourne’s high-end Collins Street up for sale

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A prime site in Melbourne's Box Hill site has sold under the hammer to a local investor for $3.15 million through Fitzroys.
The 607 Station Street property is zoned Commercial 1 and has a part-single and two-storey building with an area of 190 sqm.
The sale reflected a tight 3.6 percent yield.
The auction was handled by Fitzroys agents David Bourke, Martin Huang and Terence Yeh.
“This was one of the first retail investment marketing campaigns for 2016 and the result bodes well for retail investments with strong fundamentals,” Bourke said.
Bourke said there was demand from local and offshore buyers throughout the campaign, with a local investor eventually winning out.
The property was sold with a five-year lease with two further options of five years to the eatery China Bar, currently returning $117,945 per annum plus GST and outgoings.
Yeh said the property’s viability was further underpinned by its location adjacent to Box Hill Central Shopping Centre and Railway Station.
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Melbourne's Box Hill site fetches $3.15 million at auction

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The debate around the NSW government's recent decision to amend the Property, Stock and Business Agents Act to exempt large commercial property managers from holding real estate licences rages on, with the Shopping Centre Council of Australia preparing a list of FAQs around the issue.
The council cites a lot of Victorian data -- it claims the Victorian Valuer General has a lot more relevant data -- but the NSW figures would be roughly the same, it says.
The SCCA argues that the impact would be even less in NSW as the state government has set higher thresholds for exemptions.
For context, the Independent Pricing and Regulatory Tribunal's 2015 Reforming Licensing in NSW report recommends that large commercial property managers who manage an estimated property value of at least $40 million, or a gross floor area of at least 20,000 square metres, or are managing properties for a related corporate entity should be exempt. 
Frequently Asked Questions
Q: How many commercial buildings will be affected?
A: Less than 1 percent.
In Victoria, according to the Victorian Valuer-General, only 510 commercial buildings (of a total of 72,857 commercial buildings) exceed 10,000 square metres. This means only 0.7% of commercial buildings would have been affected.
The NSW Valuer General has advised that he is unable to supply similar data for NSW. There is no reason to believe, however, the proportion in NSW would be substantially different to that in Victoria.
Q: How many commercial property sales will be affected?
A: Fewer than 4 percent.
According to RP Data, fewer than 4% of commercial property sales in NSW are for amounts greater than $10 million. Therefore, more than 96 percent of commercial sales will be unaffected. According to JLL's Australian Shopping Centre Investment Review and Outlook there were 41 sales of retail properties (including shopping centres) in NSW in 2014 which exceeded $10 million.
The buyers and sellers were, in all cases, either institutions or wealthy investors who understand property risks and do not need the protection of legislation.
(Many sales of commercial buildings worth more than $10 million already occur 'off market,and no real estate agent is involved. This change will therefore actually involve far fewer than the 4 percent of commercial sales referred to above.)
Q: How many real estate agents will be affected?
A: Around 2 percent.
In Victoria in 2014 SCCA members held 302 agent and agent representative licences. According to Consumer Affairs Victoria (CAV) there were a total of 23,279 such licensees in Victoria at June 30, 2014. Assuming all SCCA members had taken advantage of the regulation, only 1.3 percent of licensees would have been affected. If we assume the number of licensees managing commercial buildings is around 200 (an estimate we believe to be excessive), then only 2.2 percent of licensees would have been affected. We don't have figures for NSW but believe the proportion in NSW would be similar.
Q: How many real estate agencies will be affected?
A: Around 0.2 percent.
Sales of commercial properties in excess of $10 million are almost always handled by the large commercial real estate agencies (JLL, Savills, Colliers, CBRE, Knight Frank), not the smaller commercial agencies. These agencies are members of the SCCA and/or the PCA and support the SCCA and PCA policy to provide these exemptions.
In reality, the same agents who handle the sale of these properties will continue to do so because they are very experienced in such transactions and shopping centre owners are likely to continue to utilise the services of these specialists in the large agencies because of their expertise, not because they are licensed. The transaction threshold of $10 million will therefore have negligible effect on the commercial real estate agencies.
According to CAV, there were 3,599 real estate agencies in Victoria in 2014. Only six (i.e. 0.2 percent) would have been affected if the exemptions had been in place in Victoria in 2074 and had been applied to retail property sales over $15 million. This is also true of NSW.
Q: What is the current cost of this regulation to commercial property owners in NSW?
A: In excess of $4 million a year.
During deliberations on the National Occupational Licensing System, we provided details of the cost of only three aspects of regulation - licensing, professional development and trust account regulation - for commercial property owners around Australia. This amounted to more than $12 million a year. The cost in NSW could therefore reasonably be assessed as $3.84 million a year, This does not take into account a range of other costs such as management time involved in implementing and overseeing systems to ensure compliance with the legislation. (There is also a cost to the NSW Government in staff resources in Fair Trading currently occupied in licensing, compliance and enforcement).
Q: What impact will this have on tenants?
A: None.
Retail tenants have never been protected by the Property Stock and Business Agents Act. This Act regulates the relationship between property owners (the'consumer') and property managers ('estate agents'). Tenants remain fully protected by the Retail Leases Act, which regulates the relationship between the owner/manager and the retail tenant, and is unaffected.
The RLA, as well as regulating most aspects of the owner-tenant relationship, also provides dispute resolution provisions involving the Small Business Commissioner (mediation) and NCAT (arbitration).
Q: Is the exemption supported by retail tenants?
A: Yes.
The real estate license concentrates on residential property and real estate agency matters and teaches the licensee nothing about shopping centre management or leasing or the Retail Leases Act. This is why the exemptions are supported by both the Australian Retailers Association (ARA) and National Retail Association (NRA).
Q: What impact will this have on trust accounting requirements?
A: None.
Property managers receive money on behalf of owners in three ways: Sale deposits (i.e. when a building is sold). There is currently no requirement in the Property Stock and Business Agents Act for such deposits to be paid into a trust account i.e, it is unregulated. Therefore nothing changes. It is a matter for the sale agreement as to where such moneys are deposited. As a matter of commercial practice, such deposits are usually held in trust accounts until the sale is finalised. This will not change.
Security deposits for leases (i.e. tenants are required to pay a security deposit equivalent to some months rent). This is regulated by the Retail Leases Act (s.24), not by the Property Stock and Business Agents Act, so nothing changes. In NSW, as a requirement of the Retail Leases Act, cash security deposits are required to be deposited with the Rental Bond Board so nothing changes. In practice, however, cash deposits have largely been replaced by bank guarantees so money is not involved.
Rent. This is currently required by the Property Stock and Business Agents Act to be paid into a trust account. Once the rent is paid by the tenant, however, this is the owner's money and it should be up to the owner to decide how it is banked. Large commercial owners move it immediately out of a trust account into an operating account in order to meet the operating expenses of the centre or building. This is 'double handling' and an unnecessary expense for owners. Large commercial property owners don't need Parliament to direct them how to bank their money.
Q: Is this the 'the thin end of the wedge' for deregulation of licensing?
A. No.
It is nonsense to suggest this will be the 'thin end of the wedge' and will lead to the complete removal of licensing. These exemptions do not apply to residential real estate or to rural property and no government is likely to ever deregulate in these areas. Nor is it likely there will be further exemptions for commercial property. The SCCA and PCA have no interest in pushing for further exemptions and are not arguing for wider exemptions. Once the exemption is granted the SCCA has no further interest in real estate licensing (as we have shown in Queensland).
Q: Will this mean the entry of 'cowboy operators' in the industry?
A: No.
Those who would benefit from the exemptions are/ in nearly all cases, publicly listed entities. They have an obligation to investors to manage their assets responsibly and only contract the services of reputable individuals and companies to manage and lease their assets or conduct sales transactions. It is insulting to the directors and senior management of these entities to suggest they would now contract 'fly-by-night' operators or that commercial property management will become the 'wild west'. The sums of money involved in exempt transactions means property owners will continue to do due diligence and only contract reputable companies to handle such transactions.
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Little impact from proposed commercial property management licencing exemption laws: Shopping Centre Council 

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Adelaide had around $270 million worth of industrial sales above of $1 million in the 12 months to December 2015, some 72 properties according to Savills.
Over the last 12 months, approximately 50 percent of the total value of industrial properties reported transacted in Adelaide were valued in the range $1 to $10 million. 
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Million-plus Adelaide industrial market reaps $270 million in 2015: Savills

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Palace Cinemas has bought office space in South Yarra for $3.5 million with the intention of making it the group's new headquarters.
The office at Level 1, 118-124 Toorak Road is spread over 518 sqm, and was bought in an off-market transaction through Fitzroys. The office floor forms part of a boutique four-level retail and office building. 
Selling agents Chris Kombi and Chris James brokered the sale on behalf of South Yarra Corporate Centre Pty Ltd, which reflected a building rate of $6,756 per sqm.
“The site’s location within the heart of South Yarra’s vibrant retail and commercial precinct, close to cafés and all modes of public transport was an attractive proposition for the group in the important process of relocating its headquarters,” said Kombi.
“That a major national group such as Palace Cinemas has chosen this site for their home is a vote of ongoing confidence in Toorak Road as a destination and a further sign of its resurgence.”
Palace Cinemas originated from founder Antonio Zeccola’s operation of iconic suburban cinemas, including The Metropolitan in Brunswick, The Roma in Bourke Street and The Palace in Bourke Street.
Following expansion throughout the 1980s and 1990s, which included the addition of the Dendy Brighton, The Balwyn Cinema and Academy Cinema in Paddington, NSW, the group now operates 85 screens across 20 locations nationally, the majority of which include fully licensed car and café facilities, and employs more than 500 staff. The group's existing headquarters are in Balwyn.
The group is home to a number of Australia’s international film festivals, including the Italian, Spanish, Greek, French, Spanish, German, Israeli and Russian festivals.
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Palace Cinemas to move HQ after South Yarra purchase

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 A freehold that is home to popular Gold Coast nightclub Sin City has been sold by Ray White Commercial Gold Coast for $5.2 million.
The building, rented by Sin City, at 57/22 Orchid Avenue, Surfers Paradise, was sold post auction to a Melbourne-based investor.
The deal was brokered by Michael Willems of Ray White Commercial on behalf of Gold Coast night club kingpin Jamie Pickering. 
"The premises have been used as a nightclub since 1980 and Sin City has leased the property for the last 12 years. It is the busiest nightclub in the heart of the Surfers Paradise tourist strip," Willems said.
The building returns a net rental income of about $568,700 per annum.
“Sin City’s owners recently secured a new 10 year lease on the building with two five year options,” he added.
In January, Pickering told the Gold Coast Bulletin the sale was to help pay for a $50 million land development. “Need the money for development of Mackay, a 425-lot ocean frontage overlooking the gateway to the Whitsundays.” 
Willems said the building offered a net lettable area of 580 sqm and the site offered potential redevelopment opportunities subject to council approval.
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Sin City building in Surfers Paradise fetches $5.2 million    

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In a low growth world, investors have reassessed return expectations from core real assets and settled for returns between 6.50 percent - 7.50 percent, according to JLL's Australian Office Investment Review &amp; Outlook Report.
Transaction volumes for Australia’s office investment market surpassed the $15 billion mark in 2014 and 2015, highlighting the depth of liquidity in the sector and the demand for core assets, the report said.
While new sources of capital will enter Australia in 2016, transaction volumes are expected to be lower with activity concentrated in the $50 to $200 million lot size. 
<a href="/images/2016/03/15/Screen%20Shot%202016-03-15%20at%201.21.28%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/15/Screen%20Shot%202016-03-15%20at%201.21.28%20PM.png" alt="">
“Office investment markets were very active over 2014 and 2015 with high levels of liquidity, multiple capital sources competing for single assets along with multi-asset offerings. New pricing benchmarks were achieved in Sydney and Melbourne with prime office yields nudging down to 5 percent,” said Rob Sewell, JLL’s head of Office Investments – Australia. 
“In 2016, investors will concentrate on acquiring assets with strong income growth potential.
“While we are forecasting above-trend rental growth in Sydney and Melbourne, the performance will be uneven and certain sub-sectors such as A grade will outperform. 
 “There is a strong argument now with so much growth expected in the A grade sector that these assets should command prices reflecting yields lower than premium.
“Investors have accepted core returns will be lower for longer. However, they are now being faced with the prospect of a lack of genuine vendors in 2016. These investors will be forced to pay a further premium to unlock assets. This may lead to some assets being traded below 5 percent by a few groups who have very specific mandates.
“There is a resistance by the majority of investors to go below 5 percent, and with so few opportunities to consider the capital will realise they will have to move quickly to find core style assets in markets such as non-CBD Sydney and Melbourne, as well as Canberra and Adelaide.  
“Brisbane saw great activity in 2015 and we expect this to continue in 2016. Perth had increased interest from investors throughout 2015 as a counter-cyclical play and we expect to see transaction activity result this year.
“Vacancy movements are more closely linked to fluctuations in supply than to demand and limited development activity from 2017 provides an environment where vacancy will tighten and effective rents will increase,” JLL’s head of Strategic Research – Australia, Andrew Ballantyne, said.
<a href="/images/2016/03/15/Screen%20Shot%202016-03-15%20at%201.21.34%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/15/Screen%20Shot%202016-03-15%20at%201.21.34%20PM.png" alt="">
JLL projects that area-weighted CBD prime gross effective rents will increase by an average of 4.8 percent per annum between 2016 and 2019. 
“The effective rent recovery in Sydney and Melbourne provides an additional ingredient to the investment thesis and some core investors will consider opportunities that provide some leasing market exposure to the 2017 to 2018 period," Ballantyne said.
“Furthermore, core+ and value add investors will dedicate greater resources to exploring counter-cyclical opportunities in markets where the leasing fundamentals are more challenging.
“The yield spreads will be compelling for investors that can navigate idiosyncratic risks factors. As an illustration of the opportunity, the spread between average secondary yields in Brisbane and Sydney is 210 basis points – 115 basis points wider than the 10-year average of 95 basis points,” said Ballantyne.
“The recent volatility in equity markets is reinforcing the defensive characteristics of real estate. Australia is a beneficiary of pension funds adopting a higher allocation to real estate and a higher allocation to Asia Pacific. As a result, new sources of capital will emerge for core assets in 2016," said JLL’s head of International Investments – Australia, Simon Storry.  
“Sovereign wealth funds have been active buyers of commercial real estate in global gateway cities. A high proportion of sovereign wealth funds are oil-dependent funds and the correction in crude oil prices will negatively impact fund inflows.
“As a result, we could see less activity from oil-dependent sovereign wealth funds in on-market campaigns in 2016 and 2017.  However, this gap will be taken up by strong demand by Singaporean and European institutions,” said Storry.
<a href="/images/2016/03/15/Screen%20Shot%202016-03-15%20at%201.24.41%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/15/Screen%20Shot%202016-03-15%20at%201.24.41%20PM.png" alt="">
 
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Deal volumes expected to slow after two years of $15 billion investments in office market: JLL outlook

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The latest research from the Burke Road, Camberwell Cityscope shows sales have jumped in the quarter to February 2016 in number and total value. 
In the latest quarter, there were 11 sales at a total value of $96.9 million, compared to 3 sales at a total value of $3.9 million in the previous quarter. 
The 12 month total is also higher, with 27 sales at a total value of $140.6 million, compared to 26 sales at a total value of $110.9 million over the previous year.
The table below shows sales recorded for the last eight updates of Burke Road Cityscope: 
<a href="/images/2016/03/9/Pulse-BKSalesGrid-580x311.gif" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/9/Pulse-BKSalesGrid-580x311.gif" alt="">
 
Notable sales in the February 2016 update of Burke Road Cityscope include:
<ul>
<li>The retail and commercial components of The Well, a four level shopping centre with office space and parking at 793 Burke Road, Hawthorn East, which sold for a total of $72.5 million;</li>
<li>A high-clearance showroom with workshops on a 4,330sqm site at 139-153 Camberwell Road, Hawthorn East, which sold for $13.5 million; and</li>
<li>A two storey brick retail building at 670 Burke Road, Camberwell, which sold for $3.21 million.</li>
</ul>
Properties for sale in the February 2016 update of Burke Road Cityscope:
<ul>
<li>An 89sqm office suite with a car space at 685 Burke Road, Hawthorn East, available through Knight Frank; and</li>
<li>A 48sqm office suite with a car space at 685 Burke Road, Hawthorn East, available at an asking price of $235,000 through Hudson Bond Commercial.</li>
</ul>
Leasing opportunities listed in the February 2016 update of Burke Road Cityscope include:
<ul>
<li>A four storey office building with basement parking for 115 vehicles at 3 Prospect Hill Road, Camberwell, which has 500 to 3,476 sqm for lease through Colliers International Melbourne East;</li>
<li>A four storey office building with basement parking for 300 vehicles at 4-14 Redfern Road, Hawthorn East, which has 731 to 1,817 sqm for lease through Gorman Commercial; and</li>
<li>A four storey office building with parking for 32 vehicles at 277 Camberwell Road, Camberwell, which has 269 to 1,707 sqm for lease through JLL Glen Waverley.</li>
</ul>
<a href="/images/2016/03/9/Pulse-BKSalesChart.gif" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/9/Pulse-BKSalesChart.gif" alt=""> 
 
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