<a href="https://www.apartments.com.au/developers/ignite-projects">Ignite Projects</a> has appointed OBX as the builder for its boutique beachside development, <a>Retreat Palm Beach</a>, following an exceptional early sales run that has seen more than half the residences already secured.

The appointment marks an exciting new partnership between the two Gold Coast-based companies, bringing together shared values, local expertise and a commitment to exceptional project delivery.

Ignite Projects Director Josh Foote said OBX’s local expertise backed by a talented and experienced team, made them the ideal partner to bring <a href="https://www.apartments.com.au/new-apartments/retreat-palm-beach-188-jefferson-lane-palm-beach-qld-4221">Retreat Palm Beach</a> to life.

“We’ve been impressed by the depth of experience within the OBX team, and their commitment to quality, detail and delivery made them the natural choice for Retreat,” he said.

“Working with a builder we know and trust gives our buyers incredible confidence. OBX understands exactly what we want to achieve at Retreat, and we’re excited to create something truly special together.”

[smartcode_project:default project_id=134965 project_image_fid=1852]

Specialising in medium- to high-rise residential development, OBX has established a strong reputation for quality construction across the Gold Coast.

Director James O’Brien has more than 20 years' experience in tier one and tier two construction, including his former role as construction manager at Hutchinsons Builders, where he delivered landmark projects such as The Mondrian, Ignite’s own award-winning Cabana <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> (one of the Gold Coast’s fastest-selling residential projects of 2021), and The Lanes.

He said he was proud to once again collaborate with Ignite on a premium coastal development.

“Our relationship with Ignite Projects has been built on transparency, shared standards and a mutual drive to deliver exceptional outcomes,” he said.

“Cabana set a high benchmark for boutique coastal living, and Retreat Palm Beach gives us the opportunity to elevate that standard even further. We’re looking forward to delivering a project that future residents will be proud to call home.”

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Designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Architecture</a>, Retreat Palm Beach will offer a refined collection of residences that blend understated luxury with enduring craftsmanship.

Set on the prestigious beachside strip at 188 Jefferson Lane, Retreat Palm Beach represents a rare entry point into beachfront living and one of the last opportunities to live in a project of this scale in Palm Beach.

It will span nine levels and include a mix of 56 two and three-bedroom residences, most with butler’s pantries, private outdoor spaces and curated interior finishes. Prices range from $1.47 million to $3.95 million. A standout feature is the ground-floor communal wellness space, envisioned as a subterranean Mediterranean-style day spa, complete with a sculpted lagoon pool and floating day beds.

The builder appointment comes as Ignite Projects continues its strong growth trajectory, highlighted by the recent announcement of the group’s major new development on The Spit at Main Beach.&nbsp;

[smartcode_project:default project_id=134965 project_image_fid=1847]

The $100 million project will deliver 27 premium residential units, dining venues and a commercial marina with at least 18 berths overlooking Southport Yacht Club. Construction is due to begin early next year and represents one of the most significant development opportunities on The Spit in recent years.

Ignite Projects’ expanding portfolio and repeat-builder partnerships underscore the company’s commitment to delivering high-quality, design-led developments across the Gold Coast.

Onsite activity at Retreat is now progressing, with earthworks already underway and construction commencing in the new year.

<a href="https://www.apartments.com.au/project-marketer/new-property-agent-qld-npa">NPA</a> CEO Andrew Erwin said the remarkable sales result was a clear vote of confidence in the enviable Jefferson Lane lifestyle.

“With over 50 per cent of apartments already sold, we are seeing strong demand from local owner-occupiers who are upgrading to be on the beachside of the highway and want the exclusivity, privacy and walkability that only Jefferson Lane can offer," he said.

“At the same time, we’re attracting a new wave of discerning ‘lifestyle investors’ who want the best of both worlds: a beautifully designed beachfront apartment they can enjoy for holidays, with the flexibility of short-term letting to generate income when they’re not using it. It’s a genuine win-win and a major reason Retreat has resonated so strongly.”

[smartcode_project_cta:default project_id=134965]

Joel Robinson

Ignite Projects appoints OBX to build wellness-inspired Retreat Palm Beach apartments

Mirvac has been announced as the preferred developer to work with the NSW Government on the redevelopment of the old Sydney Fish Market site, in a project delivery agreement with Infrastructure NSW (INSW).

The 3.6-hectare site is part of the wider Blackwattle Bay urban renewal and will be transformed into a vibrant mixed-useprecinct, comprising over 1,400 homes (which includes purpose-built student accommodation), and commercial and retail.

<img alt="Mirvac" data-entity-type="file" data-entity-uuid="2bc4cfbf-3622-4976-9a0c-94e7d1ec5f65" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Mirvac%202.jpg?VersionId=oBHQZ76Ex7Ysi4UzXWc7lSARDxj.a754" />

Mirvac will also deliver a 26,000 sqm public domain, with an ambition to create an ‘outdoor living room’ for the 
community, along with a new public foreshore promenade and a boardwalk that will complete the 15-kilometre foreshore walk connecting Rozelle Bay to Woolloomooloo.

Announcing the agreement on site at Blackwattle Bay in Sydney on Tuesday with NSW Government, Mirvac’s Group CEO &amp; Managing Director, Campbell Hanan, said the company is "thrilled to deliver this project in partnership with Infrastructure NSW, where we will rejuvenate an iconic harbourside location."

“Blackwattle Bay is a significant urban renewal project and represents one of the last undeveloped parcels along the Sydney Harbour foreshore. Blackwattle Bay presents a fantastic opportunity for Mirvac to apply over 53 years of experience in delivering beautiful homes and significant public amenity, in a capital-efficient manner.”

Mirvac's will be partnering with Scape by The Living Company to&nbsp;deliver student accommodation within the precinct.

Mirvac’s CEO Development - Residential and Commercial Mixed Use, Stuart Penkils, said Mirvac has decades of experience in transforming undeveloped sites into vibrant precincts – from Walsh Bay in Sydney and Yarra’s Edge in Melbourne to Cutters Landing and Newstead in Brisbane.

"These are the sorts of projects where our integrated model comes to life and where we can leverage our in-house design, development and construction capability to deliver much needed housing supply, a key priority for government, and a new precinct that the whole community can enjoy.

“We’re committed to building on the trust and collaboration established through our nearby Harbourside redevelopment, and to working closely with Infrastructure NSW, the Department of Planning, Housing and Infrastructure, Transport for 
Sydney, the City of Sydney and the local community. Together, we want to shape a precinct that reflects shared aspirations, strengthened by genuine stakeholder input.”

<img alt="Mirvac" data-entity-type="file" data-entity-uuid="cd9a88bf-8ccd-4d0a-b23e-85b5566febd7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Mirvac%203.jpg?VersionId=e.cAyExj7eBZqjGpXUbQhaYwuZZ39U5y" />

Infrastructure NSW’s CEO, Tom Gellibrand, said the project will offer places to live and work alongside spaces to walk, cycle and relax, reconnecting Pyrmont and Glebe with Sydney Harbour.

Blackwattle Bay is well-located, adjacent to the new Sydney Fish Market, which is scheduled to open in January next year, and a five-minute walk from the new Pyrmont Metro station, which is scheduled to open in 2032. Planned public open space includes a central pedestrianised lane, cycleways, a skatepark, community kayak storage and a community pavilion.

The project is also close to Mirvac’s multi-award-winning Harold Park project in Glebe, a significant renewal project that saw the delivery of around 1,300 apartments and the adaptive reuse of the heritage tram depot, integrated with 3.8 hectares of new public parkland.

<img alt="Mirvac" data-entity-type="file" data-entity-uuid="75e43906-9e5b-43b2-ba3d-470a5d9d5198" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Mirvac%204.jpg?VersionId=5RD2grfduZlEe8fEdWREBtxknVxrO62k" />

In line with its sustainability ambition to decarbonise by 2030, Mirvac will target a net zero carbon precinct, which includes a 55 per cent reduction in embodied carbon. Mirvac will also partner with the Sydney Institute of Marine Sciences to undertake nature-based intervention to improve water quality, introduce circularity to reuse and reduce waste, and improve biodiversity on site with extensive native planting. Stories of Country, past streams and shorelines will be incorporated and celebrated throughout the precinct.

The project is expected to be delivered over multiple stages, with early works on site expected to commence in 2027, works on the housing component expected in 2028 , and completion expected in 2033. First settlements on the housing component are expected in 2030.

Mirvac to develop over 1,400 new homes on former Sydney Fish Market site

Rose Bay is emerging as one of Sydney’s most active suburbs for development, as developers respond to demand driven by the suburb’s ageing population.

More than 20 per cent of Rose Bay residents are aged 65 and over, according to the latest ABS census data. Combined with more favourable planning schemes introduced in recent years, new development activity in the suburb has accelerated.

Fresh off the back of a $173 million sale of what was marketed as “one of the largest sites ever amalgamated so close to Rose Bay Village,” created by 12 homeowners joining forces to combine nearly 6,000 sqm bordering Wilberforce Avenue and Dover Road, more than $200 million worth of development applications has been submitted in the suburb in the past month alone.

Aligned with the Rose Bay Place Plan 2023–2028, which identifies Wilberforce Avenue as a strategic location for new housing in response to local demographic shifts, Lewin Capital has lodged plans for a new $40 million project, also on Wilberforce. The proposal seeks to deliver 32 apartments, a mix of sizes designed to cater to a broad demographic range, including downsizers and key workers, with both smaller and family-sized units on offer.

<img alt="12 Wilberforce Avenue ROSE BAY NSW" data-entity-type="file" data-entity-uuid="e314fb24-2e53-4808-8411-d6e7c5fee2ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Plan%20-%20Photomontage%20-%20DA2025%20449%201%20-%2012-18%20Wilberforce%20Avenue%20ROSE%20BAY%20%281%29.JPG?VersionId=XX.AXChH4Kmv.kOB03suE8lenQ1NlqUe" />

Architecturally, the scheme adopts a measured approach to height and massing, stepping down at the rear to integrate with adjacent residential properties while forming a defined medium-density edge to the Rose Bay Centre.&nbsp;

“The proposed design for 12–18 Wilberforce Avenue, Rose Bay is a well-mannered apartment building in a mid-block position on a quiet street,” the Urban Design Report by <a href="https://www.apartments.com.au/architects/mhn-design-union">MHN Design Union</a> (MHNDU) states.&nbsp;

“It will form part of a new living environment in this highly desirable location.”

Builder-developer HSN Property Group is also bringing density to the same pocket, planning 54 two- and three-bedroom apartments that will also benefit from the recent Low and Mid-Rise Housing Reforms introduced under the NSW Housing SEPP. 14 of the apartments will be dedicated affordable under the SEPP in the $96 million proposal.

“The site’s location and context make it well suited to support a more diverse and sustainable residential offering in the area,” the developer stated in community consultation materials.

<img alt="HSN" data-entity-type="file" data-entity-uuid="2976efc3-db69-4013-84ef-5acc05bc6f66" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-08%20at%201.14.27%E2%80%AFPM.png?VersionId=A35N4_u2HA7uc_eiLAQedcHdsY_L4ywL" /> 
The plans by HSN for 2-16 Spencer St, Rose Bay

The architecture, led by&nbsp;<a href="https://www.apartments.com.au/architects/mhn-design-union">MHNDU</a>, reflects a "contemporary design approach sensitive to the character of&nbsp;<a href="https://www.apartments.com.au/new-apartments/rose-bay-nsw-2029" target="">Rose Bay</a>." Communal amenities will include a wellness area with a pool and sauna, a gym, a wine lounge, and landscaped spaces with barbecue facilities.&nbsp;

Fyve Developments is breaking into the eastern suburbs for the first time with their $32 million new development in Rose Bay. They are planning 19 apartments on Dover Lane.

Designed by PBD, the new project will comprise four two-bed apartments and 15 three-bed units.

<img alt="Fyve" data-entity-type="file" data-entity-uuid="91ec4820-1e05-4598-8d27-9df42234a52c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-08%20at%201.23.42%E2%80%AFPM.png?VersionId=VtH0oa48nJcvXGiXqjbHJvtYY6zWdIC7" /> 
Fyve's plans on Dover Lane.

Luxcon is also back in the suburb, having previously delivered The Aristocrat back in 2020. They have filed plans for 17 three-bedroom apartments on <a href="https://www.apartments.com.au/new-apartments/2-8-cooper-street-double-bay-nsw-2028">Cooper Street</a>.

Fortis wants to deliver <a href="https://www.apartments.com.au/new-apartments/23-31-dover-road-rose-bay-nsw-2029">49 apartments on Dover Road</a>, an $86 million development. That adds to their <a href="https://www.apartments.com.au/new-apartments/10-12-ian-street-rose-bay-nsw-2029">Ian St, Rose Bay development</a>, which they will likely launch next year.

Rose Bay apartment market fires up with $200m in new developments filed

Leading Sydney developer <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a> has recorded a strong market response at the launch of The Avenues, its $874 million East Zetland precinct.

On its recent launch they sold close to $18 million, predominantly to owner-occupiers, more specifically to families who wanted to be closer to kids and grandkids.

&nbsp;

Apartments sold ranged from $1.8 million to $1.97 million for two bedrooms, and $2.12 million to $2.62 million for three bedrooms.

[smartcode_project:default project_id=146262 project_image_fid=357150]

Located four kilometres from the CBD, <a href="https://www.apartments.com.au/new-apartments/the-avenues-zetland-130-joynton-avenue-zetland-nsw-2017">The Avenues</a> is transforming a 2.87-hectare site into a pedestrian-friendly urban neighbourhood comprising 574 residences across nine buildings designed by <a href="https://www.apartments.com.au/architects/candalepas-associates">Candalepas Associates</a> and <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>.&nbsp;

Surrounded by tree-lined, walkable “avenues”, the precinct’s more than 800 sqm of ground-floor retail brings a lively, Paris-inspired streetscape to the heart of East <a href="https://www.apartments.com.au/developments/zetland-nsw-2017">Zetland</a> and will directly service nearby amenities and the surrounding residential community. 
&nbsp; 
The Avenues will also feature build-to-rent and purpose-built student housing in partnership with Scape, supporting key workers, students and long-term renters in this high-demand corridor.&nbsp;

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Deicorp will also contribute more than $16 million to open space improvements, including upgrades to Woolwash and Biyanbing Parks, with The Avenues designed to strengthen pedestrian connections to Green Square Station and Gunyama Park.&nbsp;

Deicorp Founder, Fouad Deiri OAM, said a clear trend was evident, with purchasers driven by proximity to family and lifestyle essentials.&nbsp;

“We’ve seen a clear trend of parents wanting to live close to adult children and students, as well as interstate and international buyers seeking to reconnect with family in Sydney’s inner south,"&nbsp;Deiri said.

“This early sales performance reflects the strength of East Zetland as a connected, high-amenity location and the appeal of homes designed with long-term liveability in mind. Many of these early-stage buyers are repeat Deicorp purchasers, too."

[smartcode_project:default project_id=146262 project_image_fid=357165]

Zetland is one of the top suburbs in Australia to experience an increase in housing density, with its population growing by 24 per cent in as little as three years to over 15,600 residents. According to REA, 197 units were available last month, with over 2300 buyers interested, demonstrating the strong demand for this inner southern pocket of Sydney.&nbsp;

Deicorp’s strong result at The Avenues follows significant spring momentum across its portfolio, with $63 million in combined sales recorded across recent launches for Showground Pavilions in Castle Hill and Falcon &amp; Alexander in Crows Nest.&nbsp;

Construction on The Avenues commenced in June, with the construction period expected to generate 2,700 jobs. Across its portfolio, Deicorp currently has 5,102 apartments under construction, playing a leading role in shaping connected, liveable communities across Sydney.&nbsp;

Its expanding portfolio of Metro-linked developments includes Tallawong Village, Kings Bay Village in Five Dock, Hyde Metropolitan, and Showground Village, all advancing the company’s long-term commitment to creating vibrant, transit-oriented neighbourhoods.&nbsp;

Apartments start from $955k for a one-bedroom, $1.48 million for a two-bedroom, and $2.04 million for a three-bedroom, all with car parking.

[smartcode_project_cta:default project_id=146262]

Family proximity and connectivity fuel $18m in first-day sales at Deicorp’s East Zetland precinct, The Avenues

Leading property developer <a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a> has officially completed ENSO, its premium boutique residential development in Neutral Bay Village.

Designed by internationally acclaimed architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a> and built by Credence Constructions, ENSO draws inspiration from the Japanese Buddhist philosophy of the same name, a symbol of elegance, strength and enlightenment.

Comprising of just nine one-, two-, and three-bedroom residences, with a full floor four-bedroom penthouse, <a href="https://www.apartments.com.au/buildings/enso-neutral-bay-34-grosvenor-street-neutral-bay-nsw-2090">ENSO</a> combines sculptural form and refined materiality with a minimalist design language that evokes calm, balance and timeless sophistication.

[smartcode_project:default project_id=109705 project_image_fid=355893]

With the occupation certificate now in hand, Abadeen will soon welcome the first residents into their new residences, perfectly timed for Christmas.

Positioned along Grosvenor Street, which has emerged as one of the North Shore’s most exciting dining and lifestyle destinations, ENSO residents will enjoy a true village experience surrounded by Sydney’s best food, retail and culture. Grosvenor Street is home to brand new restaurants including Bombay Bloomers, Pocket Pizza and Fujitori Yakitori &amp; Sake Bar.&nbsp;

Within a one-minute walk of ENSO, a new retail precinct is introducing a curated line up anchored by Dan Murphy’s, together with Bodylove Pilates and the award winning Wholegreen Bakery. Coles is also close by, adding everyday convenience just minutes from the CBD.

[smartcode_project:default project_id=109705 project_image_fid=355895]

“ENSO represents the next chapter in Neutral Bay’s evolution,” said Justin Brown, Executive Chairman and Founder of Abadeen.

“You have Koichi Takada’s architecture on one side of the street and a vibrant new village scene on the other. It is the meeting point of design, lifestyle and community. This project captures what we value on the Lower North Shore: sophistication with a genuine sense of convenience where people want to live.”

Each residence is crafted with premium finishes, generous floorplans and seamless indoor to outdoor living, embracing Takada’s philosophy of organic, nature inspired design. Interiors are composed of soft, neutral palettes and tactile materials that promote calm and connection.

“This is a proud milestone for Abadeen,” Brown added. “ENSO has been carefully designed and delivered, a true boutique project that reflects our ongoing commitment to elevating the architectural and lifestyle experience across Sydney’s Lower North Shore.”

With construction complete and final residences available, ENSO presents a rare opportunity to move into a brand-new home within an established, connected and increasingly vibrant village community.

[smartcode_project_cta:default project_id=109705]

Staff Writer

Abadeen completes ENSO in the heart of Neutral Bay’s fast-evolving village precinct

Industrial Sale

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A large scale industrial and logistics distribution centre in Adelaide has been purchased by Primewest for $22 million.
The sales reflects a yield of 6.54%.
Paul Tierney, Gavin Bishop and Sean Thomson of Colliers International listed the 19,020 square metre facility in Salisbury South, on behalf of Tarranganda Pty Ltd.
It was sold with an existing lease to Border Express - a third-generation, family business, which has occupied the property as the sole tenant in excess of ten years.
"Amidst the current Covid-19 health crisis, the focus for investors has now become the occupancy, tenure and covenant solvency for well-located, income producing industrial real-estate", said Gavin Bishop, Head of Industrial Capital Markets for Primewest.
"Given the low interest rate environment and robust underlying fundamentals of the Australian industrial and logistics market, accompanied by the weight in capital chasing defensive industrial investment product, we have seen continued demand from investors domestically and out of Asia, Europe and America."
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Adelaide logistics facility sells for $22 million

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A large industrial infill development site in Brisbane’s south has changed hands in an off-market transaction. 
The 91,776 sqm corner allotment at 425-479 Freeman Road in the heart of Richlands was bought by the Dexus Australian Logistics Trust (DALT) for $26.5 million. 
Greg Russell of Knight Frank negotiated the sale on behalf of the property owner, fund manager Heathley Asset Management Limited. 
He said major institutional owners were scouring the market for land opportunities, with the availability of sites currently scarce.  
“This particular site was attractive to developers due to the scarcity of such sites, as well as its location close to the Centenary Highway and Ipswich Motorway, which will be attractive to future and potential tenants."
“It also has significant road frontage in excess of 640 metres, providing future tenants with fantastic exposure.” 
Mr Russell saidvthere is a shortage of A-grade opportunities within the precinct, with the adjacent Drive Industrial Estate, owned by Dexus Wholesale Property Fund, completed in 2015 and fully leased. 
The Richlands property is comprised of five adjoining, separately titled lots, with areas ranging from around one hectare to just over four hectares. 
DALT is a circa $2 billion unlisted trust that invests in Australian logistics properties. The trust plans to construct a 55,000 sqm facility on the site, with a flexible design to suit varying tenancy sizes. 
Mr Russell said the sale of the Richlands property was a strong reflection of the appetite from major institutions for well-located infill sites to accommodate their development pipelines and ultimately lead to the growth of their industrial sector holdings. 
“There is a dearth of core investment opportunities, hence development opportunities are filling the void and creating a new level of investment-grade product, including 14.7 metre internal clearances, solar power, LED lighting and super awnings inter alia,” he concluded.
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Brisbane industrial infill site snapped up off market

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Two older manufacturing facilities positioned in the Campsie Industrial precinct have sold at auction for $4.025 million.
Knight Frank held the listing for 16-18 Harp Street, Campsie located 12.9 km from the Sydney CBD. 
Set on 2,755 sqm of IN2 zoned land, positioned in the tightly held Campsie Industrial precinct and 
The listing said that this asset is well suited for a "wide variety of occupiers or investors seeking a significant value-ad opportunity."
Both warehouses are functional with clearances up to 9.5m.
Warehouse A is 441.9 sqm and Warehouse B 898.35 sqm plus an additional mezzanine.
Both warehouses are currently tenanted on monthly holdover.
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Two Campsie manufacturing facilities sold for over $4 million

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A Melbourne investor has paid $1.82 million for a warehouse in a sought after precinct of Richmond on Melbourne’s CBD fringe.
Teska Carson’s Tom Maule and Matthew Feld said the property drew four bidders driving the price to achieve a land rate of $6570 a square metre.
Located at 79 Murphy Street, the property comprises a single level, 240 square metre, double-fronted, brick warehouse, with RSD access and two off-street car spaces.
The 277 square metre site, which includes 7.9 metres frontage to both Murphy and Blazey streets, is zoned Industrial 1.
"Richmond has become a very much sought after address for those looking for a location within easy reach of the CBD, at competitive rentals, with both parking and public and private transport access, and within close proximity of Richmond’s popular restaurant and fashion precincts," Maule said. 
The vendor was a private investor.
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Richmond warehouse fetches $1.82 million

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Queensland-based boutique property investment management firm OzProp has purchased a fully-leased cold-storage logistics facility for $22 million in South Queensland's Yatala Enterprise Area.
Located on the M1 Pacific Motorway between Brisbane and the Gold Coast, the 7,485 square metre complex is on 2.12 hectares of land and is purchased at a price per square metre of net lettable area of $2,939. 
It features office space, a diesel refuelling depot, workshop, weigh bridge and driver accommodation.
The facility is fully leased to Scott Refrigerated Freightways.
OzProp co-founder, Jorgen van Seters said “with over 1.5 billion tonne-kilometres of goods moved each day in Australia, demographic, economic and retailing trends are clearly supporting very strong growth in the logistics industry which already employs more than half a million Australians.”
Michael Parker, Managing Director of OzProp said the long lease tail, robust and sustainable yield, stable income to an ASX-listed tenant and the defensive location ticks all our boxes.
"It is a good asset class to add to the portfolio and it will be a long-term hold for our investors," he said.
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South Queensland cold storage facility sold for $22 million

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Perth-based fund manager Mair Property Funds (MPF) are set to buy two commercial properties in Melbourne for a combined $20.3 million.
The properties are in Ravenhall and Altona North.
The Ravenhall property, in the Orbis Business Park was built in 2010 and has a land area of 13,930 square metres. The 6,888sqm building is occupied by Australian Pipe and Tubing with a 15-year lease until 2031.
The Altona North property is an industrial warehouse built in 2008 with a land area of 18,410sqm. The 10,056sqm building is occupied by Grace Records Management with a recently agreed 8-year lease that expires in 2025.
Peter Melling, MPF acquisitions manager said the two high-quality assets were identified for their favourable locations and strong lease agreements, which would help bolster the trusts revenue security and income diversity.
“Altona is becoming an increasingly important logistics hub due to its proximity to the Melbourne Port and access to the Princess Freeway and Western Ring Road,” he said.
“Similarly, Ravenhall is a rapidly growing suburb part of the West Growth Corridor Plan, where the population is expected to increase from 210,000 in 2016 to 377,000 people.
“Both properties also offer strong lease covenants with reliable tenants providing investors with a steady income stream.”
Upon completion of the acquisition, the properties will be included in MPF’s Diversified Property Trust, which already holds four commercial assets.
These include a retail premise in Maraoochydore (Queensland), a medical facility in Ellenbrook (Western Australia), an industrial premise in Henderson (Western Australia) and a retail industrial premise in Lynbrook (Victoria).
The acquisition of the Ravenhall and Altona North assets takes the value of properties under management by MPF to $208 million.
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Fund manager Mair Property secures two Melbourne commercial properties in $20m deal

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An industrial site with development potential in Melbourne's inner-western suburb of Tottenham has sold for $6.5 million to an Asian investor.
The <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-tottenham-502305290" target="_blank">213 Sunshine Road</a> site has an area of 16,457 sqm.
The deal was brokered by Mark Talbot of Fitzroys on behalf of Myer Herszberg, the former chairman of InfoMedia.
An Asian investor and landbanker purchased the site, which covers 12 separate titles and has a 9,346 sqm of industrial buildings, on a 4.1% net yield. 
The sale reflected a land rate of $394 per sqm. 
The property is close to Tottenham station. 
Talbot said the site returns a current rental of $304,457 per annum and has the potential for an increase, and presented a variety of development opportunities. 
“The Tottenham and West Footscray area has seen enormous changes with many older industrial buildings making way for smaller modern office/warehouse development. A number of industrial areas have also been rezoned, making way for high density residential developments including townhouses and apartments,” he said. 
Fairfax Media added that a housing estate is also being built opposite 213 Sunshine Road.
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Industrial site in Melbourne's Tottenham sells to Asian investor for $6.5 million

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A new office and warehouse dual occupancy in Melbourne’s south-east suburb of Huntingdale has been sold to a private investor.
The two units were 308 square metres each, with street frontage and secure on-site parking, built on a 1388 square metre industrial 1 zoned site.
38 Shafton Street sold for $1.15 million, while 32 Hargreaves Street sold for $905,000.
Both are destined for a self-managed super fund, according to Savills associate director Daniel Kelly, who brokered the deal.
Kelly said the were sold with three year leases at a total rental return of $118,000 per annum net plus GST and outgoings.
He said tax advantages available to SMSFs and low interest rates were advantageous for buyers.
“Having the tenancies in place on new leases and the quality of the product coupled with substantial depreciation benefits is an easy fit for a self-managed super fund,’’ Kelly said.
The vendor was a local developer.
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Dual office warehouse units in Huntingdale sold for $2.05 million

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A warehouse and office has just been pre-sold by Frasers Property Australia to property fund manager Primewest in Melbourne’s Derrimut for $24 million.
The $23,000 sqm warehouse is on Foxley Court in the West Park Industrial Estate and is on a three-year lease.
The development will comprise a new warehouse spread across 22,500 sqm, a 500 sqm office and 67 car spaces. It is expected to be completed in the fourth quarter of 2017. 
The deal flow in Melbourne’s west had been strong within the last 12 - 18 months, said Anthony Maugeri, general manager Southern Region C&amp;I for Frasers Property.
“Frasers Property will provide a three-year rent support deed to Primewest with construction and marketing of the building commencing shortly,” he said.
 “This is a great opportunity for the businesses to partner in a growing area that lacks quality warehouse investment opportunities. New business partners are also seeking flexible ownership structures and product creation which is what we are delivering.”
Primewest director David Schwartz said the industrial property market was currently one of the most buoyant and sought after in Australia and Primewest was investing heavily in the industrial sector across several states. 
Primewest manages a portfolio in excess of $2.1 billion.
“The West Park Industrial Estate was particularly appealing as there was significant latent demand from prospective tenants,” he said.
The deal was negotiated by Colliers International’s Tony Iuliano.
The West Park Industrial Estate is well connected - the Deer Park Bypass is within one kilometre, providing access to the Western Ring Road, Tullamarine Freeway and Calder Freeway while the Port of Melbourne is within 17 km. 
Major occupiers in the 310 hectare estate include CEVA Logistics, Schenker, Toll, Goodyear, Mitre 10 and Australia Post.
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Industrial property in Melbourne's Derrimut presold for $24 million

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Australian Unity has paid $12,975,000 on a 7.3% yield for a fully leased office and warehouse complex at Springvale in Melbourne’s industrial south-east, in a deal brokered by Savills.
Located about 21 kilometres from Melbourne CBD, the 1651-1657 Centre Road property comprises 10,987 square metres of buildings including a 9910 square metre warehouse, and office, truck workshop and canteen components, on a 29,640 square metre site.
Savills' Chris Jones and Ben Hegerty, who negotiated the deal, said the property was sold subject to remaining lease tenure of around four years to global warehousing and freight forwarding manager, Mainfreight Distribution Pty Ltd, at an annual rental of $948,000.
Jones said the property offered secure income from a highly regarded international tenant, in an established south-eastern locality with excellent main road frontage.
Hegerty said the property last sold in February 2014 for $10.695 million to MRS/Harmony.
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