A Moroccan-bathhouse residential tower has been unveiled for Budds Beach, with Australian developer <a href="https://www.apartments.com.au/developers/homecorp">Homecorp</a> announcing plans for a $260 million resort-style project in one of the Gold Coast’s most tightly held waterfront precincts.

A development application has been submitted to the Gold Coast City Council for a 27-storey tower at 8-10 Acacia Avenue and 25-27 Oak Avenue, Surfers Paradise, marking one of the few new large-scale residential projects proposed for the precinct in more than a decade.

The project will comprise 156 two- and three-bedroom residences, anchored by a residents-only Moroccan spa-inspired wellness sanctuary featuring private treatment rooms, a traditional Nordic sauna and steam room, hot and cold plunge pools and a curated juice bar. There will also be a resort-style rooftop precinct, complete with a heated infinity pool and spa, a residents’ lounge with a private kitchen and bar, a contemporary fitness centre with a yoga and Pilates studio, and outdoor BBQ areas with entertaining lounges.

<img alt="8-10 Acacia Avenue and 25-27 Oak Avenue, Surfers Paradise" data-entity-type="file" data-entity-uuid="997f8dbb-4ed1-47e4-8780-d12a3d5cd0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_3.png?VersionId=IsDJXxE8.HG92i4dnbmmPQi.fVXjME7I" />

"At Homecorp, we are driven by the pursuit of better - challenging expectations, thinking bigger and shaping communities that leave a lasting legacy," said Ron Bakir, CEO and Founder of Homecorp.

"This project draws on our experience and expertise to take what the market has been craving to the next level - a home that nurtures wellness, calms the mind and lifts the everyday stresses away. A home is more than a place you live, it’s where you rest, reset and find balance."

&nbsp;

Bakir says what sets the location&nbsp;apart is its rare, tightly held nature within one of the Gold Coast’s most vibrant lifestyle and entertainment precincts, yet quietly tucked away in a peaceful, beachside enclave.

"Budds Beach has remained exceptionally limited in supply over the past decade and this site presented an unmatched opportunity to deliver something truly special to both Surfers Paradise and the Gold Coast.”

Conveniently connected to major roads and the G:link, residents will enjoy easy access to Surfers Paradise, Broadbeach and Burleigh Heads, while still being just minutes from the city’s most iconic beaches and the Broadwater’s ‘golden mile’.

The 2130 sqm site acquisition adds to Homecorp’s growing Gold Coast multi-storey portfolio on the Gold Coast, following the success of Eve Residences in Labrador upon its completion in November 2024. In 2025, Eve earned multiple national accolades and went on to win ‘Best Oceanview Condo Development’ in the Asia Pacific region at the PropertyGuru Asia Property Awards Grand Final, outperforming entries from more than 13 prestigious international markets.

The company also commenced construction last year on the highly anticipated $250 million second stage of Cienna Varsity Ridge, set to deliver 289 residences by 2027 in the heart of Varsity Lakes, and launched the $210 million Florence Residences along Surfers Paradise’s Monte Carlo Avenue to the market, with construction kicking off last month.

"The property market is constantly evolving, particularly here on the Gold Coast, which continues to outperform national trends thanks to its unmatched lifestyle, natural beauty and growing infrastructure, especially ahead of the Brisbane 2032 Olympics. We are proud to be adding more homes to the skyline, creating spaces that are not only designed for liveability but also nurture wellness within. They are homes that are built to last a lifetime and beyond," concluded Mr Bakir.

The project is set to launch to the market later this year.

Joel Robinson

Homecorp lodges plans for $260 million Moroccan bathhouse-inspired tower in Budds Beach

What began as a leap of faith in the 1970s has evolved into one of the Gold Co​ast's most enduring development success stories. Raptis, now led by second-generation developer Evan Raptis, continues to shape the region's skyline four decades after patriarch Jim Raptis first ventured north from Sy​dney.

Jim Raptis began developing in Sy​dney in his 20s under the guidance of a seasoned mentor. After several successful joint ventures, he sensed untapped potential on the Gold Coast and made the bold decision to relocate. That instinct proved prescient, the Raptis family has contributed thousands of apartments to what was once purely a tourist destination and is now recognised as Australia's lifestyle capital.

[smartcode_project:default project_id=101620 project_image_fid=361818]

With decades of experience navigating the complex Gold Coast development landscape, Raptis maintains fully vertical integration, from site acquisition and construction through to marketing and sales strategies. This comprehensive approach has allowed the company to weather multiple market cycles and emerge well-positioned for the region's continued growth.

"We've seen the region change drastically over the last two decades, with that change accelerating in the last five years," says Evan Raptis. "The Gold Coast is becoming unrecognisable. There are some exciting projects happening up and down the coast. The Spit is being talked about as Australia's version of Monaco, with billions in development underway."

Unlike the volatile pre-GFC years that rocked the Gold Coast market, Raptis believes the region has matured considerably. "Demand remains strong, but the market is now settled and stable."

[smartcode_project:default project_id=101620 project_image_fid=361823]

While the company recently completed Pearl Main Beach, an 84-apartment development just 53 steps from the sand, Broadbeach has truly been home for the Raptis family.

"There's nothing Broadbeach doesn't have," Raptis says. "There's always a new café or restaurant coming into the neighbourhood, and the redevelopment of the Niecon Plaza, bringing nearly 5,500 square metres of retail, dining and office space, will only elevate Broadbeach even further."

[smartcode_project:default project_id=101620 project_image_fid=357483]

The suburb has reached what Raptis describes as a "settled phase" of its evolution, with owner-occupiers and repeat visitors increasingly shaping demand rather than traditional investors.

The company's latest Broadbeach project, Sterling, is now constructed to level 22 and scheduled for handover in June 2026. With approximately 70 per cent of apartments already sold ahead of completion, the development has attracted a distinct buyer profile.

[smartcode_project:default project_id=101620 project_image_fid=361821]

"We're seeing significant interest from lock-up-and-leave buyers and downsizers," Raptis explains. "Some use the apartments over Easter or Christmas, while others come down from Brisbane on weekends. They aren't your typical 'investors' who will put the apartments up for permanent rental."

Sterling offers prospective buyers a rare advantage: fully completed display apartments showcasing several two- and three-bedroom configurations, something few off-the-plan developments can provide.

With another Broadbeach project in the pipeline, Raptis emphasises that the next chapter is about maintaining standards rather than pursuing growth at any cost.

"We've been building for over four decades, and our track record matters. Our focus remains the same: deliver what we build, stay close to the details, and delivering a finished product that hopefully exceeds our clients' expectations."

[smartcode_project_cta:default project_id=101620]

It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline

JWLand has completed the final residential stage of its Lyneham precinct, Northbourne Village, with De Burgh now welcoming residents who have begun settling into their new homes.

A selection of the 350 studio, one, two, and three-bedroom apartments remains available within the two-building <a href="https://www.apartments.com.au/buildings/de-burgh-at-northbourne-village-40-de-burgh-street-lyneham-act-2602">De Burgh</a>, which occupies a prominent position along Northbourne Avenue.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The apartments at De Burgh have been configured to prioritise natural light, privacy, and usable outdoor space, with ground-floor homes featuring private courtyards and upper-level apartments opening to generous balconies. Double-glazed windows are standard across the development, supporting acoustic comfort and improved energy performance.

Kitchens are fitted with Fisher &amp; Paykel appliances, while all residences include ducted reverse-cycle air conditioning integrated with app-based controls, allowing residents to manage lighting and climate remotely. These inclusions reflect a broader focus on durability, efficiency, and everyday functionality rather than short-term finishes.

[smartcode_project:default project_id=139989 project_image_fid=356280]

Shared amenity is delivered through a resident gym, rooftop garden, lounge spaces, parcel lockers, and landscaped communal areas that connect De Burgh to the wider Northbourne Village environment.

Nick Babic, Marketing Project Manager at JWLand, said the completion of De Burgh gives buyers a level of certainty that off-the-plan purchases cannot always provide.

“There’s no need to wait or play guessing games. You can come and see the spaces firsthand, and genuinely picture yourself living there today. That includes not only the apartments, but the amenities as well. It’s easy to imagine enjoying a coffee in the central courtyard or spending time with other residents in the lounge.”

The completed status of the project aligns with strong buyer demand for finished stock, particularly among first home buyers, young professionals, and downsizers seeking certainty around timing and cost.

[smartcode_project:default project_id=139989 project_image_fid=356282]

With pricing ranging from $463,000 to $1.588 million, much of the offering sits within reach of buyers looking to enter the Inner North apartment market.

De Burgh’s location underpins its buyer appeal, positioned approximately 600 metres from the light rail and three kilometres from Canberra’s CBD, with direct access to <a href="https://www.apartments.com.au/developments/lyneham-act-2602">Lyneham</a> wetlands, Sullivan’s Creek parkland, and the established hospitality and retail precincts of Lyneham and Dickson.

[smartcode_project_cta:default project_id=139989]

Canberra's newest apartment building: JWLand completes De Burgh at Northbourne Village

One of Victoria’s largest private developers, Central Equity, has commenced construction on Palmera, its $1 billion luxury residential development at Northcliffe on the Gold Coast, appointing Tier 1 builder Multiplex to deliver the project.

The fast-track to construction is being undertaken ahead of Central Equity officially launching the project to market.

The company says the move reflects its confidence in both the calibre of its offering and the Gold Coast’s long-term fundamentals, underpinned by one of Australia’s strongest growing economies, continued population growth and sustained infrastructure investment.

A diversifying employment base across health, education, professional services and tourism has helped insulate the local economy from volatility, while limited new supply in established coastal locations continues to support demand from owner-occupiers and downsizers seeking long-term lifestyle value.

<a href="https://www.apartments.com.au/new-apartments/palmera-residences-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a> is being constructed in the prestigious Northcliffe residential neighbourhood on an expansive 3,239 sqm site. It is located at 18 Garfield Terrace near the Northcliffe Surf Life Saving Club and the patrolled Northcliffe surf beach, situated between Broadbeach and Surfers Paradise.

[smartcode_project:default project_id=108274 project_image_fid=361249]

Offering a mix of spacious three-bedroom apartments over 52 levels, Palmera is designed to deliver a full suite of premium residences to buyers looking for the ultimate coastal lifestyle that the Gold Coast has to offer.

The project’s premium apartments will deliver northern views across the Surfers Paradise beachfront and extending all the way around to Burleigh Heads and beyond.

Palmera will be crowned by its top four levels, being a limited collection of penthouses and skyhomes that further elevate the residential offering through generous proportions and uninterrupted panoramic views.

[smartcode_project:default project_id=108274 project_image_fid=361246]

The appointment of Multiplex as the builder represents a major milestone for Palmera and cements Central Equity’s commitment to the Gold Coast after delivering more than 85 residential projects over the past four decades. It will be the 20th project collaboration between Central Equity and Multiplex.

“The commencement of construction at Palmera marks a major milestone for the project, with Tier 1 builder Multiplex appointed to deliver the development in the highly sought-after Northcliffe residential precinct on the Gold Coast,” said Central Equity Executive Director Karl Kutner.

“Our commitment to commence immediate construction is in line with our resounding confidence in the Gold Coast over the long term. The city has evolved and proven to be one of Australia’s most dynamic and resilient property markets in recent years.”

[smartcode_project:default project_id=108274 project_image_fid=361250]

Multiplex, one of Australia’s largest builders, has been shaping skylines and delivering iconic projects around the world since 1962. In that time, the Tier 1 global contractor has delivered projects with a combined value of more than US$130 billion.

“Having worked with Multiplex on many previous developments, we are pleased to be extending our relationship further with Palmera,” Kutner added.

“Multiplex brings an unparalleled depth of experience to ensure that Palmera fulfils the vision we have laid out for this strategic location and is delivered to the highest standards,” he said.

Multiplex Regional Managing Director Michael Sinclair said Multiplex was delighted to be aligning with Central Equity yet again.

“Central Equity is creating a stunning new addition to the Gold Coast skyline, and we look forward to bringing their vision to life with a world-class construction team and program. We are proud to be working alongside Central Equity on our 20th project together.”

Palmera has been designed by Marchese Partners, with interiors by DBI.

[smartcode_project:default project_id=108274 project_image_fid=361247]

Residents will have private access to extensive, state-of-the-art amenities, featuring two large pools including a generously scaled, family-friendly pool with safe shallow zones, and a 25-metre lap pool facing the western side, ensuring maximum sunlight all day.

Also available exclusively to residents is a sauna, magnesium pool, yoga studio, expansive gym, resident lounge, outdoor BBQ and dining areas. Residents will also be welcomed by concierge and luxurious entry foyer.

Located on Garfield Terrace in Northcliffe, Palmera enjoys a prime coastal position just moments from the patrolled Northcliffe beach and the G:link light rail, providing effortless connectivity along the Gold Coast’s beachfront suburbs, linking the Gold Coast University Hospital in the north with Nobby beach and Burleigh Heads to the south once the extension completes later this year.

[smartcode_project_cta:default project_id=108274]

Central Equity unveils Palmera on Garfield Terrace, Surfers Paradise

The idea of a low-maintenance forever home located close to the city were the two driving factors behind a recent purchaser’s journey at Murcia, the under-construction East Brisbane apartment development by Sarazin.

Last year, Lois and her husband purchased a two-bedroom plus multi-purpose room (MPR) apartment in the new building, which is being constructed by Hutchinson Builders and is on track for completion in late-2027.

[smartcode_project:default project_id=135094 project_image_fid=341638]

The couple’s number one priority was to remain within easy commuting distance of the city for work. Murcia is positioned alongside the new Cross River Rail, with Woolloongabba Station just 300 metres from the front door.

They are currently living in their Annerley unit, which they have owned for several years, after recently moving out of their inner-city apartment, located on the very same street as Murcia.

“We had watched the development for a long time, and when construction activity began, that’s when we felt confident to buy,” Lois said.

[smartcode_project:default project_id=135094 project_image_fid=356540]

The timing also made sense. By moving back into their Annerley unit, they are able to save money ahead of settlement, while looking forward to returning closer to the city once Murcia is complete.

“We see Murcia as a forever home, as opposed to an investment, or something we need to appreciate massively in value and move on from in a few years,” Lois said.

“We secured an apartment large enough to grow a family, so we’re expecting to call Murcia home for a very long time.”

The couple plan to grow their family, but without the added maintenance demands of owning a standalone house further from the city. Working with Sarazin and architect HAL, they were able to slightly tweak the floorplan, converting the two-bedroom plus MPR layout into a functional three-bedroom apartment.

An added bonus was the recently revised communal space plans, which now incorporate a dedicated working-from-home area, complete with work pods, and shared desks.

“It means the third bedroom doesn’t have to become a part-time office and part-time bedroom,” Lois said, adding that residents have the benefit of working from home without actually being inside their apartment.

The rooftop wellness amenity was another standout compared to living in an established complex or a house. A signature feature of Sarazin developments, the rooftop will include a full gym, hot and cold plunge pools, a steam room and sauna, and a hotel-style pool with cabanas.

[smartcode_project:default project_id=135094 project_image_fid=214682]

Buyer journeys can vary significantly, from purchasing in the established market to buying new, or choosing between houses and apartments. Lois said they knew immediately that buying off the plan was right for them.

“We wanted something new, with less maintenance, and we weren’t quite ready to make the full financial leap straight away. The timing and deposit structure gave us the flexibility we needed.”

Designed by HAL Architects and inspired by the Spanish city of Murcia, the development takes a Mediterranean-influenced approach to architecture and landscaping, with a strong emphasis on shared spaces.

“The design feels considered, the amenities support how we actually live, and the location keeps us connected to the city without feeling right in the middle of it.”

Murcia is Sarazin’s second development in the area, following the completion of Silk One just up the road in 2022. They have several more projects coming to market in Woolloongabba ahead of the 2032 Brisbane Summer Olympics.

[smartcode_project_cta:default project_id=135094]

Close to the city, built for the future: Inside a growing family’s move to Murcia in East Brisbane

Mentone

Mentone, the small coastal suburb south east of Melbourne, was first known by European settlers as Dover Slopes.

It was&nbsp;was a swampy coastal district south of Cheltenham when pastoralist Alexander Balcombe leased land as a resting place for his cattle en route to Melbourne markets from his property near Mount Martha.

The suburb's name is believed to have been derived from the Italian town of Menton, although some sources suggest it may have been named after a local property owner's daughter.

By the late 19th century, <a href="/new-townhouses/mentone-vic-3194">Mentone</a> had gained a reputation as a popular beachside resort destination. Its sandy shores, framed by striking red cliffs, attracted Melburnians seeking seaside relaxation. Several grand hotels and guesthouses were constructed during this era to accommodate the growing number of visitors.

Boutique property developer <a href="/developers/sloane-property">Sloane</a>, well-known for creating architecturally-striking townhouses in Melbourne's Bayside, set its sights on the small suburb for their next townhouse development, <a href="/new-apartments/kindred-mentone-25-brindisi-street-mentone">Kindred Mentone</a>.

[smartcode_project:default project_id=138768 project_image_fid=214858]

Nestled in the serene surroundings of beaches and parks, architects Megowan have designed <a href="/new-apartments/kindred-mentone-25-brindisi-street-mentone">Kindred</a> to fit into its locale. The result is a boutique collection of bayside homes that&nbsp;promise residents an unparalleled coastal lifestyle with a dash of urban sophistication.

There's just 10 townhouses in <a href="/new-apartments/kindred-mentone-25-brindisi-street-mentone">Kindred</a>, each with three bedrooms, and a handful with rooftop decks which take in views over the suburb.

While the architecture is something Mentone hasn't seen before, the location of <a href="/new-apartments/kindred-mentone-25-brindisi-street-mentone">Kindred</a> is an equal unique selling point. <a href="/new-townhouses/mentone-vic-3194">Mentone</a> Beach is just a few streets away, where Mentone's red cliffs cascade to meet the sand and the waves.

For those who embrace an active lifestyle, Mentone Beach offers an array of possibilities, with beachside walks and cycle tracks or the opportunity to kayak or swim in the undulating bay waters. For those seeking tranquility, Mentone Racecourse Reserve offers nature within minutes, while a reserve right across from <a href="/new-apartments/kindred-mentone-25-brindisi-street-mentone">Kindred</a>, with an oval, playground and a garden, becomes your own backyard.

Read more:&nbsp;<a href="/news/vic/sloane-launch-one-of-a-kind-townhouse-development-in-melbournes-mentone-bayside">Sloane launch 'one of a kind' townhouse development in Melbourne's Mentone Bayside</a>

[smartcode_project:default project_id=138768 project_image_fid=214989]

Furry friends are also not forgotten, with the suburb boasting an array of dog parks and pet-friendly beach areas.&nbsp;

Apart from the beach activities, the locale offers access to world-class golf courses, including some of Melbourne's prestigious Sandbelt courses.

For those who prefer a more leisurely pursuit, <a href="/new-townhouses/mentone-vic-3194">Mentone</a> Parade is the local strip, with a rich history dating back to the late 19th century. Here, residents can explore a variety of eateries and places of interest.&nbsp;Experience the joie de vivre of real French cakes and pastries at Noir Patisserie, or&nbsp;savour casual eats at Huff Bagelry. The Corner Store offers panoramic views of the street, while when pizza cravings come beckoning, Sunnyside Sliced is waiting.&nbsp;

Less than a 10-minute drive away is Westfield Southland, offering a plentiful shopping experience. From luxurious cosmetics and stylish fashion to essential amenities, fresh food, restaurants, and cinemas, it has everything residents may need.

[smartcode_project:default project_id=138768 project_image_fid=214861]

Over the years, <a href="/new-townhouses/mentone-vic-3194">Mentone</a> has become known for its educational institutions. Mentone Grammar, founded in 1923, and Mentone Girls' Grammar, established in 1899, are prominent schools that have contributed to the suburb's reputation as a family-friendly community.

Within a short distance from <a href="/new-apartments/kindred-mentone-25-brindisi-street-mentone">Kindred</a>, residents will also find Mentone Primary School, as well as&nbsp;well-regarded secondary schools Kilbreda College and St Bede's College.

Located just over 20-kilometres from Melbourne's CBD, the suburb is well-connected to the CBD by road and public transportation. Serviced with it's own train station, Mentone residents can reach the city centre in around 30 minutes, while several bus links also service the area.&nbsp;

For those commuting by car, the&nbsp;Nepean Highway also runs through the suburb, meaning residents have direct access to nearby areas, the CBD and other parts of Melbourne with ease.&nbsp;

[smartcode_project_cta:default project_id=138768]

Boutique property developer Sloane, well-known for creating architecturally-striking townhouses in Melbourne's Bayside, set its sights on the small suburb for their next townhouse development, Kindred Mentone

Staff Writer

The coastal charm of Mentone: Where lifestyle meets location

Eva is the latest work out of renowned Bayside collaborators, Shenfield Property and Brayshaw Architects.

The boutique collection, with interiors designed by Aldona Pajdak, are ideally positioned in the heart of Mentone.

Eva is a combination of two bedroom apartments and three bedroom townhomes, created with meticulous spacial design highlighted by quality finishes and fittings.

[smartcode_project:default project_id=14417 project_image_fid=150532]

Appointed with a range of quality appliances and stylish kitchen and bathroom fittings, Eva Mentone represents exceptionally sophisticated living at its finest, offering a range of appealing living options, set within a location offering the benefits of a bayside location with urban convenience.

One of Melbourne’s most sought-after bayside suburbs, Mentone’s draw card is its picturesque beaches and extensive foreshore walking and bike paths for year round recreation.

[smartcode_project:default project_id=14417 project_image_fid=150876] 
 
Eva is located on one of Mentone’s most prominent streets, Balcombe Road, which runs all the way to the beach.&nbsp;The apartments and townhomes all feature private outdoor spaces, fully landscaped with a selection of greenery that contrasts against and softens the external stonework, creating harmonious surrounds.

A broad selection of cafes, restaurants and grocers will satisfy culinary desires, while a great mix of boutique shopping and essential services are available along the main strip. All a short walk or drive away.

Eva is surrounded by a number of respected educational facilities including Kilbreda College, Mentone Grammar and Mentone Girls’ Grammar.

Comprising just 13 residences, Eva is expected to be completed in late 2022.

Eva is located on one of Mentone’s most prominent streets, Balcombe Road, which runs all the way to the beach

jordan_55689

Shenfield Property's latest apartment and townhouse development Eva set to launch in Mentone

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A commercial property occupied for many years as the local Westpac Bank at 115 Mentone Parade in Mentone has been sold in a transaction negotiated by agents Gray Johnson with a sale at circa $2.1 million.
The two level property has been purchased by a local general practitioner for his own occupancy.
The property was occupied for many years as a Westpac Bank. 
It has a former banking chamber at street level and an executive office above and has been leased for many years by Westpac.
Recently vacated by the bank their lease remains in place until December this year at a current annual rental rate of $116, 186 net plus GST.
The freehold property occupies a central position in the Mentone Parade shopping strip and abuts a Coles Supermarket.
With a street frontage of 9.2 metres the property also benefits from rear laneway access providing on the property car parking for six vehicles.
The site area is 495 sqm on which the building area is 325 square metres inclusive of the executive office area of 72 sqm on the first floor level.
Gray Johnson selling agent Rory White says the property with its very central location and street presence was marketed as ideal for a multitude of user and occupier potentials from retail to professional services.
 “On one side the neighbour is a prominent retail butchery while on the other side is the local Hocking Stuart real estate office.
“The purchaser will benefit from the remainder of the Westpac lease rental term while the settlement is on a ninety day basis.” Mr White says.
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Former Westpac Bank Branch sold to local Medico in Mentone

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A standalone Coles supermarket, in the bayside suburb of Mentone, has sold on the tightest Victorian yield of 2019.
Located at 81 Mentone Parade, the recently refurbished property comprises a freestanding 2,854 square metre supermarket, with access to just over 150 council car spaces.
The standalone Coles supermarket sold for $15.3 million on a 3.4 per cent yield, the best vendor yield since Coles Clayton sold on a 2.57 per cent yield in March 2018.
The property was sold under a 10 year lease from January 2017, with a further 10 year option, to Coles at a current rental of $519,785 per annum net.
CBRE Director Mark Wizel, who managed the sale campaign with Justin Dowers and Joseph Du Rieu, said enquiry had been `through the roof’ with two Chinese investors - one the eventual purchaser - flying in for the auction.
Mr Wizel said the last three bidders – all Chinese – who took the bidding from $12 million to the close, were introduced through CBRE’s Asian Services Desk headed by Lewis Tong.
"This year we have seen yields hover around 5.5 per cent following an average closer to 4.5 per cent over 2018 but this result unambiguously indicates demand for this product remains very strong,’’ Mr Wizel said.
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Coles Mentone sold on tightest Victorian yield of 2019

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The KFC in Mentone, south-east of Melbourne, has been listed for sale.
The property at <a href="http://commercialpropertysearch.savills.com.au/2a91c294-1680-e911-80db-005056813885/Sale/Mentone/157-159-Nepean-Hwy" target="_blank">157-159 Nepean Highway</a>, 21 kilometres from the Melbourne CBD, last sold under the hammer at an auction event at the Crown Casino in 2013.
It was pushed to $3,505,000 by two Asian investors after bidding opened at $2.8 million.
The rental income has increased since its sale six years ago when it sold on a gross yield of around 6.5% based on rent of around $227,167 per annum.
Now it is being offered, on a 12 year term with options extending to 2043, with a return of $262,836 per annum.
Over 57,000 cars pass the 2,360 sqm site daily that is zoned Commercial 1. There are 35 on site car parking spaces.
When it traded in 2013 it had had a $350,000 upgrade.
Savills agents Benson Zhou, Yvonne Zhou and Julian Heatherich are marketing the property that has been home to KFC for around 25 years.
 
 
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KFC Mentone up for sale

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A Mentone apartment block is set to go under the hammer.
The 320 square metre 39 Venice Street property has a two level building comprising of six apartments.
There are a couple of two bedroom apartments and four single bedroom units and the building is fully leased.
It also has a communal laundry and on-site parking including one lock up garage.
It is located within easy walking distance of Mentone Village shops which includes Coles, Woolworths, banks, and cafes, and transport including Mentone railway station and buses.
Zoned General Residential 3 under the City of Kingston Planning Scheme, the 651 square metre site covers two titles and has 20 metres frontage to Venice Street and nearly 35 metres to Cremona Street.
The property will be sold subject to month to month leases returning a passing rental of $96,072 per annum.
According to marketing agent, Teska Carson Director, George Takis, the property offers an exceptional location for an apartment investment with strong rental upside and the potential for refurbishment to maximise rental returns. 
“The property presents well in a location which is just what you would look for as an apartment site with excellent access to everything,” Takis said.  
“We believe the apartment rentals are currently below market rates and as such offer immediate potential for rental income growth. Most of the tenants have been long term with few if any rental increases for many years.
“This is a region which will continue to benefit from ongoing demand for housing, and particularly apartment living, and so the growth prospects for apartment investors would appear to be very good.”
The property will be auctioned on Wednesday, May 22, at 1pm on site. 
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