Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

&nbsp;

&nbsp;

&nbsp;

Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place

Leasing

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With vacancy rates in a number of Australian capital cities remaining an issue, property managers are faced with three main challenges - improving communication, securing new managements and sourcing quality applicants to fill vacant properties, a new survey reveals.
A high proportion of respondents (64 percent) in rental property website Rent.com.au’s December property manager survey said they valued good communication with tenants and owners as a key focus in 2016, desiring to work more effectively and be capable of supporting both in their short-term and long-term objectives.
Other big challenges included implementing new technologies in a busy marketplace, sourcing and securing new managements and having renters attend viewings once a time slot is booked.
Another areas of focus were developing higher quality listings and tenant retention, especially in times of high vacancy rates.
“Our results show that property managers are aiming to strengthen communication with tenants and owners to establish the best possible level of customer service,” rent.com.au founder and CEO Mark Woschnak said. 
Property managers reported they would like further training in writing property listings, vendor paid advertising and responding to appraisals. 
Woschnak said the industry wanted to know how to create better-targeted, more successful online listings to fill vacancies quicker and with good tenants.
“The traditional forms of engagement with clients are rapidly changing and it’s becoming evident that property managers have a desire to improve their online marketing and multimedia application in order to boost their enquiry rates,” he said.
Developing strong tenant retention strategies will also be a major driver in 2016, Woschnak added. 
The survey revealed 82% of property managers considered building their rent roll to be ‘very important.’ Most respondents said they wished to grow their rent roll by 50% in 2016 (28%), while 26% expected it to increase by 11-20%. 
“Retaining good tenants is of paramount importance to the growth of any agency,” Woschnak said.
Key results of the survey:
• Most property management departments’ enquiries come in via email (83.33%), followed by phone (11.11%) and walk-ins (5.56%).
• 55.56% of respondents said they do not currently receive VPA for their rental listings.
• Key ways to secure property managements include an agency’s website (45.45%), walk-ins (27.27%) and Rent.com.au’s product RentQuotes. Other methods include word of mouth, referrals and through Google search.
• The majority of property managers (88.89%) indicated floor plans and videos were not presently a priority inclusion, adding the features to 0.25% of their listings. 11.11% said they added them to 26-50% of their listings.
• 72% of property managers add more than six photos to a listing, while the remaining 28% said they add between 3-5 photos.
• Property managers indicated an increase in the number of renters wanting more for less in today’s market, saying renters try hard to negotiate for better prices and want to dictate terms. 
For more information, <a href="https://www.rent.com.au" target="_blank">click here</a>.
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prateek24-ezbwHMbNAk

Sourcing quality applicants among top challenges for property managers: rent.com.au survey

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GUEST OBSERVER
Economists find it difficult to agree on the subject of exactly how penalty rates affect employment and business. There is a dearth of empirical evidence on the subject because constructing an experiment to test the exact role of penalty rates in employment or business viability would be near impossible.
Anecdotal evidence from some businesses in the hospitality and retail sectors supports Mr Frydenberg’s claim that they’re not opening on Sundays because of penalty rates, but the direct evidence is far from conclusive.
<h2>Do penalty rates reduce employment?</h2>
It is true that penalty rates can reach 200% for certain awards. Sunday premium rates depend on a number of factors, including the occupation grade of the employee, and whether or not they are employed on a casual or permanent basis.
Direct evidence on the employment effects of penalty rates, and whether any such effects are driven more by demand or supply of weekend work, is really very limited. Some researchers have concluded penalty rates reduce demand for labour; other experts are unconvinced.
On supply side, the employment effects of Sunday penalty rates are quite complex. For those who value weekend time for lifestyle, family or religious reasons, the incentive to work on a Sunday will diminish if penalty rates are reduced. However, many workers have limited options to substitute from weekend to weekday work in the absence of a Sunday wage premium. Some employees may actively seek weeken<a href="https://www.qtic.com.au/news/modern-face-weekend-work-%E2%80%93-report-fair-work-commission-penalty-rates">d</a> work for a variety of reasons.
Employment effects are likely to be stronger on the demand side, with penalty rates unarguably imposing additional wage costs on employers. Savings from lower penalty rates offer businesses the choice to employ more workers at the same costs, or the same number of workers at lower costs.
Whether employment would increase following a reduction in penalty rates, and by how much, depends on the balance of positive responses to lower wage costs among businesses, and the negative reactions of workers to lower remuneration. There is some potential for a market-determined wage premium to emerge in the absence of penalty rates to ensure that working on a Sunday remains attractive.
<h2>Do penalty rates cause restaurants to close?</h2>
Are we seeing higher rates of closure in the restaurant sector? And more pertinently, can these closures be attributed to the penalty rate system above other factors?
Of those businesses trading in June 2010 in the food and beverage services sector, ABS data show that 70.3% survived to June 2012, and 51.7% to June 2014 - the latter survival rate being 10 percentage points below the average for all industries. So yes, there are higher rates of closure in the restaurant sector.
However, this may reflect the greater “churn” among businesses in the hospitality and retail sectors more than the effects of penalty rates. Overall business counts have remained relatively strong over the last period.
<a href="/images/2015/08/17/Screen%20Shot%202015-08-17%20at%208.50.57%20AM.png" target="_blank">Click to enlarge </a>
<img src="/images/2015/08/17/Screen%20Shot%202015-08-17%20at%208.50.57%20AM.png" alt="">
Survival rates of businesses operating in June 2010 ABS Cat No 8165.0: Counts of Australian Businesses, including Entries and Exits, June 2010 to June 2014
It’s harder to find direct evidence to support the claim that penalty rates are the dominant cause of extensive restaurant business closures – if by “closing” we mean going out of business altogether, as opposed to simply closing on Sundays.
It appears Mr Frydenberg meant that latter – that restaurants and cafes were closing on Sundays, as opposed to closing down altogether. His spokesman said by email that:
"The Assistant Treasurer’s statement was primarily based on the findings of the Productivity Commission’s Draft Report in relation to the impact of Sunday penalty rates and the level of Sunday business activity; not the registration of businesses generally."
According to ABS figures, wages contribute more to the overall costs of doing business in the hospitality and retail sectors – averaging 43% of total retail business costs and 37% for accommodation and food services - compared with the overall industry average (28%).
A higher proportion of those wage costs are incurred at weekends and evenings, these being the periods of greatest demand for restaurant services. This does mean that penalty rates are likely to impose a greater cost burden on restaurants, cafes, bars and retail outlets relative to businesses in other sectors.
Penalty rates are likely to be more damaging during downturns in the business cycle, with lower consumer demand putting greater pressure on businesses in the hospitality sector who already work to tight profit margins.
A spokesman for Mr Frydenberg said that the Productivity Commission’s Draft Report makes several references to Sunday rates hampering business activity – notably on pages 483, 522, 250, 25 and 519.
He pointed to a statement from the Chamber of Commerce and Industry Queensland’s submission, which said:
"44% of (surveyed Queensland) businesses noted that they have decreased or substantially decreased the number of full time staff. Taken together, the results suggest that rising labour cost loadings are affecting business decisions about staffing hours and negatively impacting employment."
Mr Frydenberg’s spokesman cited evidence from a 2015 survey of 1000 restaurant and cafe operators conducted by Jetty Research on behalf of the Restaurant and Catering Industry Association, which found that:
"of those surveyed that didn’t open on Sundays and/or public holidays, 70% said that “this was because of penalty rates or an inability to trade profitably.”
However, this finding is based on responses from only 10% of the survey. Of the 90% of respondents in the same survey who stayed open on Sundays and/or public holidays, around half (51%) reported that they did so because of “increased profitability”, with one quarter (24%) reporting that Sunday opening made them less profitable. Of all respondents, 52% said they would employ more staff if penalty rates were reduced, and 42% said they would open additional hours.
The full response from Mr Frydenberg’s spokesman can be found <a href="https://theconversation.com/response-from-assistant-treasurer-josh-frydenberg-46075" target="_blank">here</a>.
<h2>Verdict</h2>
It is true that there is feedback from some restaurants and cafes that they are closing due to the high cost of Sunday penalty rates. However, even when you look at the restaurant and cafe industry’s own survey, only 10% of businesses surveyed closed on a Sunday. Of the 90% that remained open on a Sunday, more than half did so because they made a profit. Less than a quarter said penalty rates were reducing their profits. The evidence that restaurants and cafes are closing on Sundays because of prohibitively high costs is, at best, ambiguous.
Direct evidence of the employment and business impact of penalty rates is hard to come by. It is not possible to say for sure that penalty rates, above all other factors, are forcing restaurants and cafes to close their doors on a Sunday.
<h2>Review</h2>
The author of this FactCheck correctly notes that the evidence of the impact of penalty rates on employment and business operations in the food and beverages industry is limited in Australia.
There is some anecdota<a href="https://www.pc.gov.au/inquiries/current/workplace-relations/draft/workplace-relations-draft-overview.pdf">l</a> and qualitative evidence that shows for particular businesses, higher penalty rates have reduced employment. Some quantitative studies show that increasing labour costs are likely to lead to a reduction in the demand for labour but there is limited recent evidence on the direct effects of penalty rates on the demand and supply of labour over the weekend. Standard economic theory predicts that an increase in the wage will lead to a reduction in the demand for labour but the effects on the supply of labour are less clear.
The relationship between the survival of businesses in the food and beverage industry and pay rates is a subject on which more evidence is required.
Alan Duncan is director, Bankwest Curtin Economics Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/alan-duncan-100759" target="_blank">here</a>.
Anne Daly is professor of economics at University of Canberra and can be contacted <a href="https://theconversation.com/profiles/anne-daly-184578" target="_blank">here</a>.
Both are authors for The Conversation
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po-LsXgBTHBmX

Are a lot of cafes and restaurants closing because of Sunday penalty rates? 

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GUEST OBSERVER
Leasing commercial office space can be a tricky business. You need to find office space that will suit the needs of your business and match the projected vision for your business growth, at the right price.
Leasing an office or commercial space is likely to be one of the most costly overheads for your business, so it’s crucial to secure the right property, and know what you’re doing in the process. This is, after all, a business transaction, so take your time and get to know some of the ‘lease speak’. Here are our 7 top tips for tenants when negotiating a commercial lease.
Tip 1
Never agree to an upwards only market review – this is known as a ‘ratchet review’ and it moves in one direction only - upwards.
Tip 2
Always ensure that you have flexibility in your market reviews. You can achieve this through a ‘Cap and Collar’ review whereby the rent can go up by a fixed amount, as much as it can go down by a fixed amount.
Tip 3
Never agree to a ‘make good clause’ in your lease until you know all of the details. A ‘make good cause’ refers to a tenant’s obligations at the end of a lease such as removing their fit-out and reinstating back to “Base Building.”
Always request a ‘make good scope’ from the landlord and ensure that your independent tenant rep has reviewed the scope so that you know the extent of your liabilities before you sign your lease.
Tip 4
Don’t sign your lease until you have had it independently reviewed by an independent tenant rep which may result in greater savings.
Tip 5
Always ensure that your tenant rep is independent, not a property company who could have business relationships with landlords. 
Tip 6
Don’t run out of time in your lease negotiations – some landlords play slowly on purpose to corner you. Start early and leave enough time so that you can walk away from the deal and leverage off other options.
Here are some timeframes
●     200Sqm to 500Sqm (9 Months before lease expiry)
●     1,000Sqm to 2,000Sqm (18 months before lease expiry)
●     Over 3,000Sqm (18 to 24 months before lease expiry)
Tip 7
Understand the real estate and financial needs of your landlord. A landlord will want to keep their Face Rent at market to maintain or increase the value of the property.
It makes sense to negotiate harder on incentives, annual increments, fit out etc, and a rent abatement to reduce the overall annual rent despite the market Face Rent – this keeps both parties happy.
 
Mark McGrath is Principal of Tenant Representation Services. He can be contacted <a href="https://tenantrep.com.au" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Seven leasing tips for potential tenants

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The convenience store chain, EzyMart will open its fifth store in Melbourne’s CBD this year. It envisages 150 stores across the city in what some see as a battle against 7-Eleven's supremacy.
The latest opening follows agreement on a new lease on the Queen and Little Collins streets corner in a deal negotiated by Savills Australia.
The property comprises a ground floor retail area of 40 square metres which has been leased on a three-year term at circa $2,500 a square metre per annum net. 
"EzyMart is very well established in Sydney and is now making its presence felt in Melbourne with several recent store openings," Savills Australia retail director, Michael Di Carlo said.
"This, the fifth CBD store, capitalizes on what has been a very busy corner ideally suited to a convenience outlet with the large numbers of office workers in the area and the late night trade from the pub, bars and nightclubs along Queen Street,’’ Di Carlo said.
EzyMart has around 187 stores, mostly in Sydney, started by Jordanian-born Maher Magableh in 2002.
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EzyMart continues expansion with Melbourne CBD retail lease

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Nintex will set up its Australian headquarters in the heart of the Melbourne CBD, following agreement on terms of a new Collins Street lease.
The deal by the global leader in workflow software was brokered by Savills Australia.
The 595 Collins Street space is co-owned by Investa Property Group and an offshore fund.
The 1894 square metre whole floor was let on a five-year term at a commencing rental of circa $400 a square metre net.
The Savills’ Divisional Director, Office Leasing, Phil Cullity suggested the Level 15 office will provide Nintex with the standard of facility appropriate to a leading global tenant.
It was once known as Transport House, on the south side of Collins Street, between King and Spencer streets.
Built in 1984, the building underwent a refurbishment by Investa in 2007.
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Nintex agree Collins Street lease for future headquarters

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The University of Western Sydney is to lease the new tower One Parramatta Square, aka 1PSQ.
The proposed new campus will have over 10,000 students.
The highrise campus will include 26,000 square metre space over 14 levels with UWS vice-chancellor Professor Barney Glover saying it chose the development due to the building’s design, flexibility and prominence.
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The tower will sit within the envisaged $2 billion urban renewal project, Parramatta Square, a six-stage, three hectare masterplan development by Parramatta City Council.
<a href="https://www.uws.edu.au/newscentre/news_centre/more_news_stories/new_uws_campus_to_drive_parramatta_square_vision" target="_blank">The $200 million A-Grade tower</a> is being developed by Leighton Properties which purchased the 4,132 square metre site at 169 Macquarie Street, after being announced as the preferred buyer by the Parramatta City Council last year.
"This project forms a vital part of the University's strategy to significantly expand its international student population, and will be a focal point for our postgraduate programs. The prime CBD location will embed UWS in the social, economic and civic life of Parramatta and Greater Western Sydney," Professor Glover said.
Students will benefit from existing public transport links plus the planned Western Sydney Light Rail Network, although construction work beginning in early 2015 and completed for the first university semester in 2017, will beat any light rail.
Last week Raffles Assets Australia, a subsidiary of Singapore’s Raffles Education ­Corporation, bought in Parramatta.
<a href="/expert-insights/investing/raffles-education-buys-enterprise-house-parramatta">Their $29 million purchase</a> which will assist the renaissance of the precinct, is a six-storey office building at 1-3 Fitzwilliam Street.
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UWS takes 1PSQ as Parramatta becomes an education hub

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Landlords of Westpac’s regional brand branches ought possibly plan for new tenants after JPMorgan recently argued that the regional brands should be confined to within their local markets.
Under the scenario St George would be unique to New South Wales, BankSA would stay within South Australia and Bank of Melbourne, which is pursuing a 100-branch target, would be limited to Victoria.
JPMorgan analysts Scott Manning, Bharat Anand and Vineet Ahuja point to the high number of duplicate branches in the Westpac empire. 
According to their research 23% of the bank’s branches operate within close proximity.
"Nearly half of these duplicate sites are less than 200 metre from the closest alternative Westpac-branded branch.”
Most of the reduction would fall within the St George Bank network with 33 branches recommended for closure in Queensland, eight in South Australia and 12 in the ACT.
JPMorgan calculates the rationalisation savings would total $450 million.
The scale of the suggestion equates to a “radical rethink of the central cost model", with the Fairfax Media report suggesting an overhaul unlikely anytime prior to Westpac’s 200-year anniversary in 2017 as the bank’s strategy is geared towards this date.
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Westpac regional landlords on notice of closures

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Australian fashion label Gorman has taken up a nine year deal for leasing 135 Swanston Street, at the corner of Little Collins Street in Melbourne.
Fitzroys City Retail Team’s Charles Emmett and Michael Rainey were those behind the deal in the CBD.
The shop, covering 100 square metres, has a suggested rent from $3,500 to $5,000 per square metre based on similar sized opportunities along the strip.
Leasing executive for Fitzroys, Michael Rainey, said that it’s a watershed deal for Swanston Street, and expects it will attract quality fashion on this side of Melbourne.
However, the suggestion is that this isn't a standalone for the street.
“The deal follows Platypus opening nearby a month ago and there are now a number of quality fashion tenants circling 123 Swanston Street, which Fitzroys is currently leasing,” he said.
The new leasing opportunity is on the Western side of the street, and is near Politix, Virgin Mobile, Tesltra, Footlover, Uniglo, Quicksilver and Optus. It likely expects more rent, at 111 square metres and with a 96 square metre basement.
Last week Property Observer reported on <a href="/expert-insights/investing/fashion-houses-look-to-secure-base-level-spaces-in-melbourne-offices">a surge in fashion houses looking to rent spaces at the base of CBD office towers</a>.
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Aussie fashion label Gorman snaps up Swanston Street lease

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Wood Group PSN are leasing approximately 6,800 square metres of office space at 171 Collins Street, Melbourne, later this year. Charter Hall and Cbus Property have had a 50:50 split in the joint venture project since March 2010.off
The building will also see McGrathNicol lease 1,666 square metres on level six and Vic Super Pty Ltd leasing 2,750 square metres over level nine and eight.
Since May 2013, more than 11,000 square metres have been leased in the building. Currently, just one floor and three small suites are available.
The leasing agents for the building are Colliers International and Knight Frank.
Property Observer was <a href="/news/vic/highrises-and-high-fashion-171-collins-street">previously toured through the building.</a>
Charter Hall Office Trust fund manager, Craig Newman, said that they are pleased with the high quality of the tenants attracted to the building.
“Following the recent leasing activity 90% of the leasable space is committed at 171 Collins Street. Tenants are attracted by a Collins Street address, with the Paris end remaining highly sought after by corporates, along with the high quality office accommodation and service offering, integrated energy and water efficiency technologies as well as featuring market leading end of trip facilities,” said Newman.
Also in the building are BHP Billiton, Egon Zehnder and Evans &amp; Partners.
The building also houses Dolce &amp; Gabbana, and new restaurant Super Normal – the brain child of Andrew McConnell.
Dolce &amp; Gabbana settled on the site after <a href="/news/vic/dolce-and-gabbana-open-in-melbourne-after-a-five-year-hunt">a five year hunt for the most appropriate address in Melbourne</a>.
Cbus property CEO Adrian Pozzo said that the building is an iconic address, being the first PCA Premium Grade 6 Star office building in the past 20 years in Victoria, and has a 5 star NABERS Energy rating.
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Leased: 90% of 171 Collins Street, Melbourne snapped up

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South Australian law firm Mellor Olsson has signed a six year lease at 80 King William Street in Adelaide's CBD. 
The lease is over two entire levels of office space, equating to 1,432 square metres.
CBRE’s Andrew Bahr negotiated the lease deal on behalf of lessor 80 KWS Investments Pty Ltd. 
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