Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Industrial

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Custom lifting solutions specialists Total Hoists and Cranes has secured new premises in the Perth industrial suburb of Maddington through Ray White Commercial WA.
Total Hoists and Cranes has leased a 1,506 square metre warehouse/office at 14 Madrid Place, Maddington, in a deal negotiated on behalf of Bolt Nominees Pty Ltd.
Parham said Total Hoists and Cranes was relocating from premises at Welshpool to accommodate its growing business.
Sumner said the property is strategically located in the industrial suburb of Maddington, approximately 16 kilometres from the Perth CBD.
“There is a large hardstand area of approximately 500 square metres and plenty of onsite parking,” he said.
Total Hoists and Cranes has more than 50 years’ experience in developing overhead crane and lifting hoists to suit the Perth construction industry.
The company has taken out a three-year lease at net rental of approximately $100,000 per annum.
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j.ballantyne1990-6AQqhLzZaK

Custom lifting solutions Total Hoists and Cranes heads to Maddington

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CVA have leased a modern 2,117 square metres Sunshine office/warehouse space.
The industrial facility located within the established industrial precinct of Sunshine was leased for $155,000 per annum to Cardno Construction Sciences Pty Ltd on three plus three year term, representing a building rate of $73.22 per square metre.
The property features a clear span warehouse of 1,867 square metres with an internal clearance of seven metres and three motorised roller shutter doors.
The fully air-conditioned office component of 250 square metres includes a reception area, open plan and partitioned office space, and floor to ceiling windows providing excellent natural light.
The site is conveniently located close to Somerville Road, Fairbairn Road and the Western Ring Road.
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Modern office/warehouse at Sunshine leased for $155,000 annually

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<img src="https://counter.theconversation.edu.au/content/68143/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The announcement of the closure of Hazelwood power station in 2017 adds further complexity to an uncertain future facing the Latrobe Valley community. 
Owners Engie and Mitsui said of the 750 employees at the power station, 250 will remain between 2017 and 2023 to manage the site rehabilitation, while the remaining workers will receive a redundancy package. 
The state government has pledged a package of A$22 million for “personalised support” for workers which includes TAFE training, financial counselling and other forms of support and a further A$20 million to set up a Latrobe Valley Authority to lead the economic transition. In addition to this A$224 million will go towards the establishment of a “economic growth zone”. 
The federal government is offering A$43 million including A$3 million for active assistance, retraining, and other forms of financial services. 
Adversity is not new to this Victorian region. Headed by the towns of Moe, Morwell and Traralgon, this one-time thriving energy generating region has experienced continual power job losses since the 1980s. And despite continued government support, the Latrobe Valley’s economic decline and higher than state average unemployment is yet to be halted.
Fluctuating demand for mining exports and reductions in manufacturing output across Australia require regional areas like the Latrobe Valley to consider their options. A 2016 OECD report states that Australia has a relatively strong capacity to provide new jobs for redundant workers, citing examples of 80% re-employment within two years.
But does this experience hold for regional locations? Looking back, a 2001 Monash University report showed that structural changes to the power industry saw the Latrobe Valley suffer from a loss of almost 10% of its residents, sustained withdrawals from the labour force and unfavourable conditions for local businesses.
Recovery has been slow. Within the Latrobe Valley community, the challenges of reversing economic decline have been exacerbated by recent events such as the Hazelwood Mine fire and the impact of the milk price downturn on the dairy industry. The power station closure had been foreshadowed for some time and further job losses from the power industry will add to community concerns. 
There is an emerging gulf in living standards between country and city-based residents. For example, according to a 2011 state government report, regional Victoria is relatively disadvantaged in several ways including lower educational participation and workforce skill levels, when compared to metropolitan Melbourne. In this same report, the Latrobe Valley towns of Moe and Morwell are named among the most disadvantaged localities in regional Victoria. 
Those working in the power industry represent nearly 10% of the Latrobe Valley workforce and the announced job losses may add to an unemployment rate, currently standing at 7%. 
The immediate focus must be on the welfare for affected employees and their families. In the longer term, this event could be the trigger for new opportunities to revitalise the Latrobe Valley’s economic outlook. 
Alternative pathways for economic and community development have been on the agenda for the Latrobe Valley at least since privatisation of the power industry in the 1990s. These include a future economic strategy that supports a more diversified economy. 
Lack of real community consultation and engagement has meant that workers perhaps haven’t felt empowered to take up other opportunities. 
There are some alternatives that could be taken advantage of, such as new service and manufacturing industries and others that build on the Latrobe Valley’s natural advantages in agriculture and scenic locations. Ideally, these initiatives require focused retraining or other forms of support for displaced workers. But such short-term measures are, of course, obvious. 
With the closure of the power station, there will ongoing work for some time as the site moves from a productive mine to rehabilitated site. However there are significant issues that have to be considered first, such as the future use and stabilisation of the site prior to undertaking major works. 
Whatever the future of the Hazelwood site, it’s critical that this is determined in consultation with the community to provide access to facilities and services of benefit to local residents. Importantly, as rehabilitation of the site will be a long-term process, it will be necessary that the community contributes both to the vision and the progress toward this for it to succeed.
State and federal governments may look also to other communities that have experienced industrial plant closures internationally to inform their plans and actions.
Michelle Duffy is senior lecturer, Humanities and Social Sciences, Federation University Australia and can be contacted <a href="https://theconversation.com/profiles/michelle-duffy-313639" target="_blank">here</a>.
Damian Morgan is senior lecturer in Management, Federation University Australia and can be contacted <a href="https://theconversation.com/profiles/damian-morgan-313685" target="_blank">here</a>.
Jessica Reeves is senior lecturer, Environmental Management and Sustainabilty.
All are authors for The Conversation.
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jchancellor-FAypfDUnLy

Hazelwood’s closure calls for a rethink on Latrobe Valley solutions

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Melbourne’s south and outer east have been characterised by a lack of speculative supply in all sectors of the industrial property market coupled with high levels of enquiry, according to Colliers International’s latest report.
Infrastructure developments such as the upgrades to the Monash Freeway and the strong workforce base in this market will continue to reinforce this demand, the agency suggests, to be driven by a healthy mix of localised businesses and national corporate occupiers.
Zoned land supply is extremely limited, particularly for greenfield sites in the outer east, which has seen occupiers and developers alike, seeking sites in core south-eastern locations including Dandenong South and Keysborough.
Zoned englobo land parcels for sale are all but non-existent in the east forcing users to zero in on brownfield sites which in many cases have been held for generations.
“Serviced vacant allotment sales have been strong, indicated by their shorter duration on the market – Frasers Property Australia’s sold 53 allotments within three months of release, from their property located on the north side of Greens Road, where land rates now reach $350 per square metre,” the report stated.
South-east markets have seen institutions seeking out core land banks in key locations which are generally starved of large scale vacant land opportunities. Earlier this year, Frasers Property snapped up a further 15.72 hectare of land in Keysborough, south of its 101 hectare “The Key Industrial Park”, where the success of this development has been largely driven by its proximity to Eastlink.
Local developers have been competing aggressively for serviced land, which has been driving up speculative development below 5,000 square metres where ongoing take up remains strong by localised users.
Larger properties (above 10,000 square metres) are currently in limited supply, with only five A-grade buildings available between 10,000-20,000 square metres and one greater than 20,000 square metres.
Tenants have few available options and coupled with limited land supply for this style of development, effective rents have been firming in this market.
Recent speculative development has been concentrated in the 5,000-8,000 square metres range, where supply has been historically low for new facilities.
This new supply has been met with positive demand, with the majority of these developments expected to be leased either prior to or shortly after practical completion.
Large investment grade industrial assets in the south-east and outer east continue to attract institutional investors, where growth in capital values has continued to outpace all other precincts.
These markets have also seen very limited investment opportunities for well-located assets, which has seen capital values increasing significantly over the year by 9.8% for the south-east and 12.8% in the outer east.
The yield compression has also been substantive during this period, with average prime grade yields compressing by 60 basis points to be at 6.3% for the south-east and 6.6% for the outer east.
Although investment stock remains in high demand at all price levels, there is unprecedented unsatisfied demand in the sub $20 million bracket where both private investors and syndicators have been aggressively pursuing passive leased investments in this proven logistics location.
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Positive demand for new industrial properties in Melbourne's south and east: Colliers

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A 64,000 square metre Keysborough industrial property looks set to fetch more than $20 million plus as investors seek scarce opportunities in Melbourne’s south-eastern market.
Located two kilometres west of Dandenong CBD, the office and warehouse facility at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-keysborough-502157002" target="_blank">68-80 Kirkham Road</a> comprises 32,203 square metres of office, factory and warehouse buildings, including three large 10 metre high factory cells and on-site parking for 130 cars.
According to Savills agents Ben Hegerty, Paul Jones, and Chris Jones, the property will be sold subject to a lease to Venture DMG Pty Ltd, a subsidiary of Venture Global, at a total net income of $1,584,000 per annum.
<img src="/images/2016/11/02/68-80%20Kirkhams%20Road%20Outline.jpg" alt="">
Jones said the property offered opportunities for owner-occupiers, core-plus, add value investors, and developers.
"The facility also offers huge warehousing and multiple hardstand and truck marshalling areas ideally suited for transport and logistics occupiers," he said.
According to Savills Research, approximately $2.08 billion worth of reported industrial property transactions occurred in the south-east market in the 12 months to September, well over half a billion more than the five year average of $1.44 billion.
The research also revealed a strong south-east leasing market with nearly 500,000 square metres leased over the same period, well up on the five year average of 276,407 square metres.
Expressions of interest close November 24.
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$20 million plus expected for Keysborough warehouse

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Victoria continues to attract both local and off shore investors due to the strong growth of the local economy, record low interest rates, booming infrastructure investment and growing population, according to Colliers International’s latest report.
Average yields have compressed by 50 basis points over the year to 6.75% across the Melbourne metropolitan area, from the combined effect of strong offshore capital inflows and high demand from onshore investors.
However, super prime assets with long WALES and exceptional tenant covenants are attracting sub-6% yields.
Colliers expect strengthening demand to translate into further yield compression over the next 12 months, given that there is plenty of capital with fewer investment opportunities.
“So far this year, more than $900 million worth of sales have transacted in Colliers negotiated deals alone, half of which was attributed to portfolio transactions including $460 million worth of Melbourne industrial assets from the Goodman portfolio, $68 million from the Charter Hall portfolio and the Alex Fraser portfolio ($44 million). Portfolio transactions have continued to gain favour in the industrial market, given that the majority of buyers comprise of institutions looking to purchase larger assets worth over $100 million,” the report stated.
If booming infrastructure investment and ongoing structural change in Port Melbourne are any indication, the next few years are going to be a defining period for industrial property located on the cusp of all this activity.
Infrastructure assets continue to attract investor appetite, with the Port of Melbourne being particularly attractive, primarily due to its sheer scale and underlying potential for development.
Fisherman’s Bend has seen a number of significant developments which are likely to change the course of the industrial property market and underpin growth over the foreseeable future, particularly for properties within close proximity to the port. This includes the acquisition of the Port of Melbourne on a 50 year lease for $9.7 billion by a pool of four investment funds (Future Fund, QIC, Global Infrastructure Partners and Canadian pension group OMERS), which, while providing greater access to capital should also transform the landscape for freight and logistics through proposed automation and transport links, bolstering productivity while benefitting trade and attracting investor demand.
The state government has also taken significant interest in the Fishermans Bend precinct, with one such measure being the purchase of the GM Holden facility as an aerospace, defence, marine and automotive design precinct for $130 million.
The state government recently released a report on its vision for the Fishermans Bend precinct which outlines major urban renewal particularly in the Lorimer, Montague and Sandridge precincts, a proposed high frequency East-West rail linking Fishermans Bend to the CBD and further links to Melbourne’s transport network through light rail and high frequency bus routes.
"Assets with shorter lease expiries have continued to gain momentum in the market, particularly for properties with a redevelopment potential. Areas such as the Montague and the Sandridge precinct have been seeing strong tenant demand for leases with short WALES varying between two to three years, where much of the properties within this region serve as holding income for investors seeking to redevelop these assets and are awaiting permits," the report stated.
As these residential conversions come to fruition, surrounding areas such as Cook Street, Lorimer and the Fisherman’s Bend Employment precinct should see a significant take up in industrial space, given the flow on effect of tenant demand from the more tightly held mixed use areas.
Average net face rents for Prime Grade assets are currently at $180 square metre and given that there is limited new supply in the pipeline, industrial assets should continue to see growth over the medium to long term, as supply remains limited on the back of increasing residential conversions.
Developers have been hotly pursuing land with a redevelopment upside for purposes of conversion to commercial or residential use. This has resulted in a large take up of land within the city fringe area and as such, the demand for land largely exceeds the in flow of supply, which has led to land values soaring by more than 33% in the last 12 months alone.
The same trend has been seen across the industrial property as a whole, particularly for institutional type investors looking to purchase industrial assets above 5,000 square metres, given that there has been little or no supply coming onto the market.
In this environment, yields compressed 38 basis points over the year to be in 6-7% range, with scope for further compression in the next 12 months, as growing demand continues to outstrip supply.
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Fringes of Melbourne will see growing demand for industrial properties: Colliers

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The industrial market is either approaching or at the bottom of the market despite the number of industrial properties remaining at a steady rate, according to Herron Todd White’s latest monthly market report.
The property advisory firm says that the exception were Perth, Darwin and South West WA where the numbers of industrial properties are declining.
<a href="/images/2016/10/14/NT%20industrial.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/NT%20industrial.jpg" alt="">
There is also a large value difference between quality properties with national tenants, and comparable properties with local tenants in all of the regions with the exception of Alice Springs and South West WA which has reported small value differences.
There is also an oversupply of industrial properties throughout all of SA, WA and NT, resulting in a flat local economic situation.
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Industrial market in NT, SA and WA declining: HTW

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Frasers Property Australia (formerly Australand) has secured two new tenants – Phoenix Transport and Survitec – at its 6 Star Green Star Horsley Drive Business Park.
Phoenix Transport has entered into a 10 year lease for an 8,478 square metre facility comprising 7,878 square metre warehouse space and 600 square metres of office for its contract warehousing and logistics business.
Survitec has signed a 12 year lease for a 5,855 square metre facility comprising 5,255 square metres of warehouse space and 600 square metres of office. Survitec specialise in the supply of marine, fire, life support and gas control equipment as well as providing project management services to government departments and major corporations.
Both facilities have been designed to achieve a 6 Star Green Star Design and As-Built rating from the Green Building Council of Australia. 
Horsley Drive Business Park is a 20.4 hectare site owned by the Western Sydney Parkland Trust (WSPT) and is located on the corner of Cowpasture Road and The Horsley Drive.
Frasers Property has entered into a development agreement with WSPT to deliver a high quality industrial estate with a mix of facility types.
Some of the 6 Star Green Star features in the building include electronic vehicle charging points, geothermal air conditioning, LED lighting to all warehouse and office areas, Solar PV system to generate renewable energy for use on site, air source heat pump hot water system and 10% translucent roof sheeting to provide high levels of daylight.
Frasers Property has developed over 1,300,000 square metre of office and industrial buildings that are certified or registered under the Green Building Council of Australia’s Green Star rating system.
The company has achieved Australia’s first Green Star Performance (Operational) rating for its portfolio and is committed to delivering a minimum 5 Star Green Star rating on all new industrial developments that are to be retained by the group.
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Phoenix Transport and Survitec move into 6 Star Green Star Horsley Drive Business Park

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Owner-occupier Quicklift Garage Doors has paid $2.96 million for an office and warehouse facility at Mulgrave in Melbourne’s south-east.
The deal was brokered by Savills agent Daniel Kelly.
Located within Enterprise Park, the 61-63 Glenvale Crescent property comprises a 2775 square metre office/warehouse, which includes 2375 square metres of warehousing on a 5741 square metre site with 50 on-site car spaces.  
Kelly said Quicklift had been in the market for more than 12 months, with a requirement to find a property which was well located to key arterials and that would accommodate the company‘s consolidation of operations from two other locations.
"Like a significant number of companies, Quicklift wished to take advantage of low interest rates to move from multiple smaller locations and wished to rationalise its current operations into one modern facility," he said.
"The Glenvale property offered good utility and a superior location with great access to the Monash Freeway."
Kelly said the former tenant, Rectron Electronics, which had been at the property for 10 years, would relocate to a smaller distribution facility at Forster Road, Mt Waverley.
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Quicklift pays $2.96m for Mulgrave industrial

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A private investor has secured a presence in Dandenong South’s industrial market with the purchase of a 1,119 square metre property for $1,575,000.
CBRE negotiated the deal of 41-45 Williams Road on behalf of Scanlon Property Holdings and Bracken Property Holdings, with the sale reflecting a building rate of $1,407 per square metre.
Located three kilometres from the Eastlink Freeway, the property is occupied by multinational aerospace and transportation specialist Bombardier Inc – a Canadian Stock Exchange listed company until April 2019.
CBRE's Ben Mensink said the attraction of a global tenant provided investment confidence in the property.
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