National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

Industrial

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Industrial lots are up for sale at a Whalley Creek estate in the South East Queensland region of Nambour.
The Whalley Creek lots come with a floor area of 1072 square metres to 2246 square metres. They are fully serviced and ready to be developed.
Several lots have already gone under contract.
The industrial lots are only minutes to Nambour CBD, 10 minutes to the Bruce Highway interchange and 16 minutes to the Sunshine Motorway.
Lots six and seven are up for sale for $195,000 plus GST and $180,000 plus GST respectively. <a href="https://www.realcommercial.com.au/property-land+development-qld-nambour-502061114">They are listed through</a> joint agencies Savills Sunshine Coast agents Peter Capps and Jason O'Meara and Ray White Commercial North Coast Central agents Michael Shadforth and David C Smith.
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j.ballantyne1990-6AQqhLzZaK

Industrial building lots at Nambour listed

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A Melbourne developer has paid $2 million for a Prahran industrial property through Teska Carson.
The property, 11-13 Regent Street, sold on a yield of 1.6 percent. 
The property features a single-level, 210 square metre office/warehouse building on a 245 square metre site with 14 metres street frontage. It was sold subject to a short term lease at a current rental of $32,096 per annum net.
Four bidders from a crowd of around sixty pushed the price to $550,000 above the reserve and to a land rate of $9000 a square metre. 
George Takis from Teska Carson said Prahran has fast become one of Melbourne’s most desirable inner city locations attracting numerous commercial and residential developments and that has been largely driven by its location.
"Add location to the Commercial 1 zoning, which opened up a plethora of new options for the purchaser, obviously including redevelopment, and you have a property that appealed to a lot of buyers,’’ he said.
 
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jonathanchancellor-7SQnKwU6yx

Prahran industrial sells on yield of 1.6 percent

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A Seaford industrial site has been sold for $1.825 million at auction, reflecting a sub-7 percent yield.
The property at <a href="https://www.realcommercial.com.au/property-showrooms+bulky+goods-vic-seaford-502001378" target="_blank">6 Hartnett Drive</a> comprises two modern corner showroom building sites over one title, on a combined 2490 sqm site.
Improvements comprises two modern high-clearance showroom/warehouse building with a combined building area of 1,292sqm and 21 on site car parks, returning a total of $126,839 per annum plus GST and outgoings across two income streams.
Fitzroy's Dean Alexander and Mark Talbot handled the campaign, which saw in excess of 60 enquiries and four bidders on auction day.
Dean said the vendor was a family which had held the property for a number of years, and the purchaser a well-known powerhouse Melbourne-based family.
Alexander said the strong enquiry receive reflected the property’s modern industrial improvements, corner location with main road exposure and within the established Bayside showroom and industrial precinct, and close proximity to the major Eastlink arterials and Frankston CBD. 
The site was sold with leases to bathrooms and plumbing suppliers Big Hen until August 2017 with a further three-year term, and AWM Electrical and Data Supplies until October 2018.
 
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Seaford industrial sells for $1.825 million

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Raine &amp; Horne Commercial is predicting strong self-managed super fund (SMSF) demand will drive industrial and retail sales markets in Brisbane.
Principal Trent Bruce said that the demand from SMSFs are ten-fold stronger than supply.
“There’s a lack of quality secure industrial and retail property investment opportunities," he said.
“Such is the level of demand, we’ve been taking securely leased investments priced between $2m-$5m to market, and they’re attracting 70-100 enquiries during the course of the sales campaign. 
“Depending on the tenant, they’re selling for yields of between 5.5% and 7.5%.”
To illustrate the strength of the industrial market in Brisbane, Raine &amp; Horne Commercial Brisbane North sold a high quality industrial office/warehouse facility totalling 1,551sqm on a 2,030sqm allotment at 134 Delta Street, Geebung for a yield of 6.97%. 
“Historically this facility would have realised a yield closer to 8%, and the tighter yield has resulted from a sale price approximately $200,000 higher than the owner expected,” said Mr Bruce. 
“Many clients have taken advantage of the “perfect storm” conditions of historically low interest rates and a lack of available options in the retail and industrial sectors already this year, with many sales completed at record levels.”
While the strong industrial and retail sales are here to stay for the foreseeable future, the office sales market will remain in a state of oversupply. 
“Therefore we’re predicting the office sales market will be the toughest of Brisbane’s commercial sectors in the second half of the year,” said Mr Bruce.
“That said, the office leasing market is stable thanks to owner incentives, with many savvy landlords keenly negotiating with existing tenants to avoid vacancy.”
Across town, Joseph Grasso, Co-Principal of Raine &amp; Horne Commercial Brisbane Southside, said the incentive rates for office space are running at a very rigorous 40% in some cases.
“There’s been an oversupply of office space ever since the state government decided to consolidate a number of departments a few years back, while the slowing mining sector continues to be a factor,” said Mr Grasso. 
Opportunities for small business growth
A surfeit of office space, however, creates opportunities for tenants or home-based businesses to upgrade into their own office space, according to Mr Grasso. 
“Historically low interest rates are making it cheaper to buy commercial office space than to lease it, and now is a great time for smaller businesses to take the plunge,” he said.
On the industrial commercial property front, Mr Grasso said business is booming in southern Brisbane, with Raine &amp; Horne Commercial Brisbane Southside completing 32 transactions in May. 
“This includes small to medium industrial leasing, while prime industrial investment opportunities are still sought after,” said Mr Grasso.
“That said, there’s still some caution in the air as a consequence of the long election campaign.
“Nevertheless, investors are chasing industrial assets that tick all the boxes. However, if they have a few hairs or whiskers on them, they won’t move as fast, especially if an owner’s expectations aren’t realistic.”
 
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Raine & Horne see strong Brisbane industrial investment from SMSF

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Industrial property transactions are rising in Perth, going by a number of off-market deals in warehouse properties in the city’s industrial locations, according to Savills.
A recent transaction involved the off-market sale of a warehouse/office property in Kewdale for $8.5 million, brokered by James Condon and Matthew Hopkins of Savills.
The property at 172 Kewdale Rd comprises a 4,000sq m warehouse plus 660sqm of office on a 12,148sqm site.
It was purchased by an owner-occupier, with existing tenant Tytec Pty Ltd vacating mid-2017.
“After a decade of Perth’s core industrial properties being tightly held, the market is now seeing prime core properties being unlocked with owner-occupiers and investors back in the market looking for opportunities,” Condon said.
“Savills has seen recent examples of this totalling over $40 million worth of industrial properties being sold in the first quarter of 2016. The low interest rate environment being well below investment yields has seen the owner-occupiers actively looking for opportunities in Perth core industrial market.”
Savills' latest Perth Industrial research briefing for Q1 shows a total of $715 million worth of industrial property transactions in Perth in the 12 months to March 2016, up from $437 million in the previous year. The reported volume and value of Perth industrial property transactions, above $20 million, is the highest in a decade, according to Savills research.
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Off-market industrial sales picking up in Perth: Savills

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Prime Minister Malcolm Turnbull has said he will call a July 2 double-dissolution election if the Senate does not pass legislation aimed at restoring the Australian Building and Construction Commission (ABCC).
The PM has said that:
<ul>
<li>since abolition of the ABCC, days lost to industrial disputes have increased by 34 percent;</li>
<li>two-thirds of all industrial disputes in Australia are in the construction sector and;</li>
<li>industrial disputes in Australia are at their highest level since 2010.</li>
</ul>
Are those assertions correct? Let’s check the data.
Are days lost to industrial disputes up 34 percent since the ABCC was abolished?
The ABCC was introduced in 2005, under the Howard government. Labor abolished the ABCC in March 2012 and replaced it with the Office of the Fair Work Building Industry Inspectorate.
When asked for a source to support his assertion about the 34 percent increase, the PM’s spokesman sent a table drawing on figures from the Australian Bureau of Statistics (ABS) data set on industrial disputes:
The spokesman said that:
ABS data suggests the introduction of the ABCC in late 2005 helped to reduce the rate of industrial disputes in the construction industry.
<ul>
<li>Pre-ABCC, the number of working days lost per 1000 employees in construction was five times as much as for all industries (56.1 versus 10.4 days).</li>
<li>During the ABCC’s operation, this dropped to around two times as much (9.6 days versus 4.2 days).</li>
<li>Since the ABCC’s abolition, the number of working days lost per 1000 employees in construction has averaged around 4.5 times the rate for all industries.</li>
</ul>
Indeed, we can clearly see from the graph below that, in construction, working days lost due to industrial disputes fell after 2005 and stayed low to 2009. Then, there was an increase in 2010 and big spikes in 2011 and 2012.
The big spikes in construction sector working days lost due to industrial disputes in between 2010 and 2012 coincided with several large construction sector <a href="https://www.fwbc.gov.au/fwbc-secures-200000-finding-against-cfmeu-and-mcdonald">disputes</a> and strikes.
As reported elsewhere, a 2014 Productivity Commission report concluded that:
The evidence that the ABCC stimulated material improvements in aggregate productivity or achieved cost reductions is weak… The ABCC is likely to have had its primary impact on unlawful conduct and on local productivity and costs at particular sites.
By taking the average number of working days lost in the construction industry (per 1000 employees) during the ABCC era and comparing it with the average number of working days lost in the construction industry (per 1000 employees) in the post ABCC era, it is possible to conclude it has risen 34% (or 3.3 days).
The PM’s statement is supported by ABS data.
Are two-thirds of all industrial disputes in Australia in the construction sector?
This assertion only true for the December 2015 quarter – which happened to be unusually high.
In other quarters, construction accounted for a much smaller proportion of working days lost, as the chart below shows:
Working days lost in construction due to industrial disputes has been consistently higher than the average across all industries since 2012.
It’s worth noting though, that the same data set, at certain time points, puts working days lost due to industrial disputes in the coal mining sector at much higher than construction.
The coal mining industry disputes were happening at the peak of the mining boom. Days lost due to industrial disputes spiking in 2010 and 2012 when a shortage of workers on major projects put unions in a strong bargaining position.
To sum up: the PM’s assertion that two-thirds of all industrial disputes in Australia are in the construction sector is correct for December 2015 only.
Overall, however, his comment is misleading because he is using the unusually high December 2015 quarter as a benchmark. The long run average for construction for 2010 to 2015 is just under 30% of all days lost (still the highest share of any industry). The average between 2005 and 2009, with the ABCC, was around 10% of all days lost.
Are industrial disputes in Australia at their highest level since 2010?
As shown in the chart below, ABS data shows the total number of industrial disputes in the 12 months ending December 2010 at 227. For the 12 months ending December 2015, the figure is 228.
What that time frame doesn’t show you is that, overall, the number of industrial disputes has declined greatly in the last few decades. The longer term trend is depicted in the chart below:
So the PM’s assertion that industrial disputes in Australia at their highest level since 2010 is correct, but relies on a selective choice of time periods.
The rate of industrial disputes has been trending down in recent decades, basically following the fall in trade union membership.
Verdict
It’s true that days lost to industrial disputes in the construction sector (reported to the ABS) have increased since 2010. They are now running at a higher level than when the ABCC was operating – at about 34% higher for the time periods indicated.
The PM’s statement that two-thirds of all industrial disputes in Australia are in the construction sector is correct for December 2015 only. Overall, his comment is misleading because the PM is using the unusually high December 2015 quarter as a benchmark. The long run average for 2010 to 2015 is just under 30 percent of all days lost (still the highest share of any industry). The average between 2005 and 2009, with the ABCC, was around 10 percent of all days lost.
The PM’s assertion that industrial disputes in Australia are at their highest level since 2010 is correct, but relies on a selective choice of time periods. There were more disputes in March 2010 and December 2009 than December 2015. However, for the time period he referred to, the claim is correct. 
Gerard de Valence is senior lecturer, University of Technology Sydney and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/gerard-de-valence-105933" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Are two-thirds of all industrial disputes in Australia in the construction sector?

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Engineering firm Bosch inaugurated its $40 million headquarters and technical centre at Clayton in Victoria this week and said it would invest a further $6.2 million in increasing its diode production capacity.
The investment at its 120,000 square metre campus is its single largest in Australia since it set up the wholly-owned subsidiary in 1954. The company has around 800 employees at the centre.
The centre was inaugurated by the Victorian minister for Industry and Minister for Energy and Resources, the Hon Lily D’ambrosia MP.
Bosch's new headquarters will support new businesses, engineering and R&amp;D initiatives, said a media release.
“The new facility is evidence of Bosch’s long-term commitment to diversified activities in this region including sales and distribution, high-tech engineering, advanced manufacturing and further investment into exciting new fields,” said Gavin Smith, Bosch president with responsibility for the region Oceania. 
<img src="/images/2016/04/22/Screen%20Shot%202016-04-22%20at%206.54.24%20PM.png" alt="">
Most recently, the company invested in Australian start-up The Yield, which focuses on micro-climate sensing technology in agriculture and aquaculture.
Bosch is also working in the areas of Highly Automated Driving (HAD), vehicle connectivity and vehicle security (through secure gateway systems) in Australia.
New business activities in Australia have also been introduced in eBike service, motorsport components sales and innovative software solutions for the Internet of Things (IoT).
In addition Bosch is investing a further $6.2 million in manufacturing for the global automotive sector. The Clayton facility's Diodes production capacity will be increased to cater to its growing international customers. The federal government has also contributed $1 million from the Automotive Diversification Programme (ADP). 
The new facility incorporates offices, workshops, testing facilities, training rooms and employee amenities. It has a landscaped courtyard with semi-established trees, and an outside terrace with an alternative working space.
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Bosch's $40 million centre in Victoria inaugurated 

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Industrial land prices along Brisbane's Trade Coast have recorded their second quarterly increase according to the Brisbane industrial briefing for April from Savills.
Savills recorded around $1.133 billion worth of industrial property transactions under $2 million in the 12 months to March 2016, an increase from the $1.019 billion recorded in the previous year, and up on the five year average of $779 million.
According to the report private investors are also starting to emerge within the sub $2 million price range  - a sure a sign that confidence is beginning to return to the market. 
"Buyers within the $2 million to ten million dollar price range remain the most active with 75 percent of industrial sales for the year ending March 2016," Savills reported.
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"Englobo land sales continue to dwindle within the Brisbane metropolitan area due to a lack of availability within the key industrial precincts. A number of industrial properties sold over the year however had subsidiary land available for further development, such as the sale of 1-5 Bishop Dr, Fisherman Island which reportedly included an additional three hectares of land suitable for further industrial accommodation.
"The highlight of the year remains the $1.073 billion purchase of the GIC portfolio by Singapore based Ascendas. The portfolio included assets from Victoria, New South Wales and Brisbane. There were seven Brisbane properties included in the deal amounting to $317.2 million."
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<a href="/images/2016/04/20/Screen%20Shot%202016-04-20%20at%2012.55.54%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/20/Screen%20Shot%202016-04-20%20at%2012.55.54%20PM.png" alt="">
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Sub $10 million price bracket driving Brisbane industrial market

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A shed complex in Oakhurst area of Queensland is up for grabs at $599,000 + GST.
The property at lot <a href="https://www.rhcommercial.com.au/properties/lot-67-precision-drive-oakhurst-4650-queensland" target="_blank">67 Precision Drive</a> is spread over 500 sqm.
There is a six-month rental guarantee with the vendor guaranteeing the first six months lease if a tenant is required.
The property is being sold through Raine &amp; Horne.
It consists of two colourbond sheds, plenty of hardstand and parking.
Security fencing over two-thirds of the site. 
Ground floor and Mezzanine office built to high spec, two kitchens and other facilities; roof top solar power 20 kw each shed, low to zero power bills.
And there is a 5,000 gallon underground water tank, plus two 30 000 freestanding tanks.
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Shed complex in Queensland's Oakhurst up for sale

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Frasers Property Australia (formerly Australand) has secured its first tenant in Horsley Drive Business Park, which will be the first six star Green Star industrial precinct in Australia.  
Martin Brower Australia has entered into a 20 year lease for an 18,559 sqm facility comprising warehouse and 3,000 sqm office space. The facility will accommodate dry store, chiller, freezer and chilled staging areas in the warehouse. 
Frasers Property is focused on delivering direct and real benefits to our customers by reducing their total occupancy costs and operating expenses, whilst also improving their health and wellbeing.
Over 300 people will be located in Martin Brower Australia’s new facility.
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 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.
Jackie McArthur, managing director of Martin Brower Australia the business were supply chain partners to McDonald’s globally, and will service approximately 300 restaurants from this site which is ideally located with accessibility to Sydney’s major transport networks.
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