One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

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Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Office Lease

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IT start-up Stacktrace has signed its first Australian office premises in the Mirvac developed 410 Ann Street office tower in Brisbane.
Savills agent Dan Boyes negotiated the deal.
Formed in 2017, Stacktrace is a software services and products company in the not-for-profit and healthcare sectors. 
The company has taken up space on level seven in the East Tower of 410 Ann Street and will move into a fully fitted suite designed and constructed by The Fitout Studio.  
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Campbell Hanan, Mirvac's head of office and industrial, said Stacktrace are one of a number of tech organisations.
“We’re pleased to welcome Stacktrace to 410 Ann Street, where they will join a number of technology and start up organisations.
"Mirvac is excited to support the growth of this business hub by providing an environment that fosters collaboration between tenants..
“Taking a collaborative approach to tenant partnerships and asset management is key to our continued success in the Brisbane market. 
"Working with our tenants, we create workplaces that evolve to meet the changing needs of employees and building occupants. 
"In line with this, we have introduced a range of wellness initiatives at 410 Ann Street, designed to boost employee satisfaction, engagement and wellbeing. This includes regular yoga and meditation classes throughout the week.” 
Mirvac has also partnered with Brisbane City Council to develop the Cathedral Square regeneration project, which includes a grassy parkland with built-in seating and an inviting space for tenants, creating a quintessentially Queensland working environment.
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Stacktrace’s founder, Chris Horwill said Mirvac’s strong reputation as a property manager attracted them to 410 Ann Street.
"The team has been extremely flexible and responsive in accommodating our short timelines and workplace requirements.
“The attention to detail in every aspect of the partnership has been outstanding and has allowed us to focus on building our business. This was important to us as a new company in a growth phase.” 
Located on the edge of Cathedral Square, 410 Ann Street has over 20,000 square metres of commercial office space and sits at the heart of one of Brisbane’s most exciting emerging urban precincts on the northern side of the Ann and Wharf Street intersection.
The building has a 5 Star NABERS energy rating. 
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Savills negotiate IT start-up Stacktrace lease in Brisbane's Ann Street tower 

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Pfizer Australia, one of the world's leading biopharmaceutical companies, is relocating its Australian office into a new building in the heart of the Sydney CBD. 
The building - Barrack Place, at 151 Clarence St, will be one of the most advanced buildings in its class in Sydney when it is finished in 2018.
Pfizer will occupy the top four floors of this new prestigious building in an emerging entrepreneurial and innovation hub. The immediate business precinct is where many innovative businesses have set up such as Atlassian and Apple.
Melissa McGregor, managing director of Pfizer Australia said the company are proud of their manufacturing legacy at their West Ryde site over the past 60 years.
“Locating Pfizer Australia in this burgeoning business precinct - in the heart of the Sydney CBD - positions us strongly for the next 60 years. We are making a deliberate move to be at the cross section of society – businesses, Government, customers, and the general community all intersect in the Sydney CBD. 
“We will be part of the innovation and creativity that surrounds the area. In part because of the location, we will continue to attract vibrant and talented people to work at Pfizer Australia, as we have done for many years.”
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Pfizer is delivering on its sustainability responsibilities by getting 400 single- occupancy cars off the road every business day.
The building is currently under construction and is being built to world-class standards in terms of amenities, energy rating and environmental sustainability.
“As it’s a new building, we have the opportunity to design, shape and construct our internal workspace to our exacting and unique specifications. As you can appreciate, such opportunities are rare – particularly in this exciting location,” McGregor said.
Pfizer Australia plans to move its employees by December 2018 when building works are completed. Pfizer was assisted by Pepper Property for its Sydney office search.
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Pfizer Australia to relocate to a state of the art CBD location in 2018

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Gold Cost office tower 50 Cavill Avenue, owned by Sydney-based fund manager GDI Property Group, announced it has leased more than 90% of its office space after a $10 million upgrade. 
GDI purchased the tower in February 2016 with an occupancy rate of 54% and embarked upon an upgrade to unlock the value of the asset.
The refurbishment of the 22-level includes upgrades to common areas, six new destination control lifts, energy efficient air-conditioning and building systems targeting a 5 star NABERS rating, high speed fibre optic internet, end of trip facilities including showers, lockers, bike racks and modern landscaping to compliment the distinctive mirrored façade. 
There is also a café and bar onsite.
50 Cavill Avenue offers water, beach and hinterland views from almost all levels and has attracted leading companies as tenants such as Mantra Group, CBRE, Regus, Maven Dental and Nine Gold Coast News, said GDI managing director Steve Gillard.
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CBRE’s Nick Selbie, who has been heading the leasing campaign, noted that the recent success in improving occupancy is down to GDI’s belief in both the building and the Gold Coast in general. 
“Once the message was delivered to market that long overdue change was taking place in the building we were inundated with enquiry which has flowed to over 20 new leases being entered into and a number under negotiation at present,” Selbie says. 
The top level of the building with panoramic views of the coastal, hinterland and the Nerang River remains to be leased.
“While the refurbishment has been taking place, we have not actively sought a tenant but are now ready to field enquiry from potential tenants,” Selbie added.
Founder, Perry Cross will officially ‘open’ the newly reimaged building at a soirée in the forecourt later this month. 
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Gold Coast office tower 50 Cahill Avenue nearly fully leased after upgrade

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Office leasing figures for the Melbourne CBD (size above 500 square metres), show total of 400,053 sqm was leased in the 12 months to September 2017, an increase of nearly 31% over the five-year average, according to Savills Research. 
The Finance and Insurance services sector absorbed 76,631 sqm of this space, 87% of which was prime grade.
“Take-up by the Financial services sector was quite remarkable, the highest in five years and up by 110% over the past 12 months,” said Monica Mondkar, associate director of Research at Savills.   
“Another major triumph for the sector was securing a position amongst the top three occupier categories in the CBD after a five year period. Demand from the Financial and Insurance sector has finally turned a corner, which has previously been contracting since September 2010,” said Mondkar.
Australian Bureau of Statistics counted financial services at 9% of GDP, the largest share by industry type in the national context, which is also a historical high for the sector. 
Financial services’ GDP contribution has surpassed the housing and construction industry and is the leading economic driver, creating wealth and adding jobs, she added.
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“Lending services and insurance firms, benefitting from Victoria’s population and construction boom, have been key drivers for the office take-up by the financial services industry. Also, there is pent-up demand from financial planners upgrading or expanding their footprint into the CBD, profiting from a rise in the number of investors favouring alternative investments over the risk-free government bonds (amid a low-interest rate environment).”
Savills director of Office Leasing, Phillip Cullity, said a number of factors were behind the massive surge in financial sector leasing, including jobs and population growth in Victoria, lease expiries, staff retention and recruitment, and efficiency gains.
“The Financial Services sector, in particular, has been proactive in taking advantage of market conditions, locking in rents and incentives before rents begin to rise considerably,” Phillip Cullity said.
“Tenants now realise that, as they are in competition for the best young talent, they must offer modern accommodation that includes the latest building and technology services, meeting and fitness facilities, access to transport, childcare and cafes.’’
Occupiers were also increasingly mindful of the need for more efficient buildings in reducing costs, a key motive for relocation to higher grade properties. 
One-in-five enquiries for office space in the Melbourne CBD in the first nine months of 2017 had come from insurers and financial services providers, added Cullity. 
Other major financial services moves on the horizon include NAB’s 66,000 square metres pre-commitment to 405 Bourke Street and Vanguard Investments considering 10,000 square metres at Cbus’ Collins Arch project.  
The overall reported CBD leasing activity was marginally up on the 394,997 square metres leased in the 12 months prior. Supply constraints have been having an impact on the market. To put this in perspective, Melbourne CBD’s vacancy rate declined to 6.5% at July 2017 from 7.1%  a year ago.
66% of the total leased space was Prime grade. Direct leases measured 219,874 square metres, while 148,942 square metres was pre-committed space. Growth in pre-committed space was at record high levels, up 350% from 12 months prior. 
The make-up of Melbourne CBD’s occupiers is diverse with the Government &amp; Community sector continuing its domination at 39%, followed by Property &amp; Business Services at 32% and Financial &amp; Insurance ranking the third largest sector by leasing 19%. 
“We can expect a number of significant leases to be concluded prior to the Christmas holiday period resulting from a strong pipeline of occupier requirements in the market,” Cullity said.
Savills tenant enquiry analysis revealed current tenant enquiries (above 500 square metres) measure about 250,000 square metres, all to be leased between the remainder of 2017 and 2018 in the CBD. 
“Last year Melbourne CBD’s net absorption was 128,000 square metres which smashed the 10-year average at 76,000 square metres, and all indications are suggesting that we are in for another strong year.With vacancy levels forecasted to fall further, outlook over the next 12–18 months is expected to be very positive,” Mondkar said. 
NAB’s monthly Business Conditions Index was at 14 points in September 2017 – almost three times the long-run average (+5). Victoria’s economy continues its drive with the strongest population growth in the nation and a major focus on jobs growth.
Latest ABS figures reveal that the largest year on year increases in employment were recorded in Victoria (up 96,791 persons) in August 2017. “What is notable about the Victorian economy is that growth in full-time jobs has been material over the last year indicating stronger employment metrics for Victoria,” according to Ms Mondkar. 
Growth in professional job advertisements in VIC (4.37%) remained considerably higher than the 2.14% national average. Professional job ads have been consistently positive in Victoria over the last three years with job advertisements in August 2017 at their highest level since May 2012. 
“This is clearly reflected in positive net absorption numbers in Melbourne CBD. With growth in professional job ads still strong in the current quarter, it would be prudent to expect this to translate to continued CBD net absorption performance over the 2017-18 period,” said Mondkar.
 <a href="https://www.propertyobserver.com.au/images/2017/10/23/Savills1.jpg" target="_blank" style="font-size: 12.16px;">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/23/Savills1.jpg" alt="">
Monica Mondkar is an Associate Director of Research in Savills Melbourne. Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. To learn more about Savills, visit <a href="https://www.savills.com.au" target="_blank">savills.com.au</a>
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Finance and insurance leasing at five-year peak: Savills

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A three-level office building in Brisbane’s inner western suburb of Toowong is up for lease after being given a splash of artwork.
The <a href="https://www.realcommercial.com.au/property-offices-qld-toowong-501803262" target="_blank">555 Coronation Drive</a> office has been given a face lift, with artwork by an Australian artist splashed across the walls of each tenancy.
Four new fitouts are available for lease through Savills and CBRE, who have been jointly appointed on behalf of Centuria. 
Leasing agent Peter Dodd of Savills  said they are looking to provide tenants with a ready-to-go workplace.  
“The four tenancies would suit aspirational smaller business that don’t want to be confined by what a traditional office should look like,” Dodd said. 
Each tenancy features oversized artwork of the familiar famous faces of Audrey Hepburn, David Bowie, Muhammad Ali, and Prince.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/13/BowieSuite.jpg" alt="">
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/13/AliSuite.jpg" alt="">
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/13/PrinceSuite.jpg" alt="">
The office spaces range from 145 sqm to 228 sqm, all including boardrooms, kitchen/breakout areas, and 12-17 work stations.
The four office spaces have been designed and furnished to reflect different themes: ‘detailed, fresh, enliven’, ‘enticing, uplifting, contemporary’, ‘welcoming, journey, textured’, and ‘quirky, daring, collaborative’. 
“The artwork was completed by Scott Marsh, and we were really excited when Centuria said they were commissioning him to do some art in each tenancy,” Dodd said. 
Marsh’s work is known for using a mixture of enamels, acrylics and aerosol, which explores the growing crossover between graffiti and high art, pop culture and the cult of the celebrity. 
Earlier this year, Forbes Online cited a research conducted by Exeter University’s School of Psychology that found artwork in the workspace can have a direct impact on employee productivity. 
“A painting can alter the mood of a meeting room or a piece of unusual artwork can provide a talking point in a bland corporate space,” Dodd said.
The office site has views of the Brisbane River.
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Arty office spaces in Brisbane await tenants 

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Lendlease has signed wealth manager AMP as the major tenant in the first of three office buildings at the Melbourne Quarter precinct. 
AMP will lease 9,720 sqm at One Melbourne Quarter on 699 Collins Street. 
The 13-storey building is on track for completion by September 2018, and will also be the new home for Lendlease’s Victorian headquarters and design and engineering firm Arup. 
Lendlease managing director for Urban Regeneration and Infrastructure Development, Mark Menhinnitt, said Melbourne Quarter’s mixed-use precinct had attracted interest from tenants looking to move to Melbourne’s new centre of business activity on Collins Street. 
“Signing a blue-chip tenant like AMP to join us in the heart of the Southern Cross precinct demonstrates how this project promises to revitalise Melbourne’s corporate identity,” Menhinnitt said. 
It is directly opposite Southern Cross Station, overlooking Melbourne’s CBD and Docklands. The precinct will offer green parks, open public spaces and 40 new retail shops, cafes and restaurants. 
More than half the precinct has open green spaces including a Skypark, an elevated new public park on Collins Street that has been a key draw card for businesses. 
One Melbourne Quarter will have now have only one more floor to lease after AMP moves in.
It has been designed by Denton Corker Marshall and the building will target a 6 Star Green Star rating and a 5 star NABERS energy rating. 
The building is the first of three office towers to be constructed in the Melbourne Quarter precinct. 
Once complete, it is expected to accommodate about 130,000 sqm of flexible office space for more than 12,000 workers.
The Lendlease-managed Australian Prime Property Fund Commercial (APPF Commercial) purchased One Melbourne Quarter in November 2016. 
APPF Commercial’s strategy is to focus on next-generation assets that form part of transport-rich precincts with access to green space. Other investments include International Towers at Barangaroo, Darling Square and Darling Quarter in Sydney. 
The fund was recently ranked the world's most sustainable real estate fund in this year’s GRESB index, the third time it has achieved this result. 
GRESB assesses the sustainability performance of real estate sector portfolios and assets in public, private and direct sectors worldwide. 
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Lendlease secures AMP as major tenant at Melbourne Quarter 

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The Victorian government’s Department of Justice &amp; Regulation (DOJR) and Carlton Justice Service Centre are moving into Melbourne CBD’s 50 Franklin Street office building, the former headquarters of Qantas.
The government entities have committed to lease the entire office building in a move that will strategically position them closer to the heart of the city’s legal precinct.
While not giving out the exact leasing figure, Colliers International’s Edward Knowles, who negotiated the 10-year lease, said it was in the low-mid $500 gross per sqm range.
The new tenancy will see Carlton Justice Service Centre relocate from 444 Swanston Street.
The deal follows Colliers International’s sale of the building to listed Singapore-based property company, Lian Beng Group, late last year for more than $51 million.
Earlier this year, Lian Beng sold the historic Newspaper House on Collins Street for $35 million to Malaysian conglomerate Oriental Holdings Berhad.
About the recent government tenancy, Knowles said <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502372342" target="_blank">50 Franklin Street</a> was vacated by call centre operator Salmat in February.
“To then re-lease the whole building in this timeframe attests to the current strength of the Melbourne office leasing market,” he said.
Knowles said the DOJR had committed to a long-term lease of the entire asset, which is approximately 11,500 sqm of net lettable area.
“The proximity to Melbourne’s legal precinct was another appealing factor,” he said.
“It is understood the new tenant will increase the base building’s NABERS energy rating from 1.5 stars to three-plus stars throughout the tenancy term.
 
 
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Victoria's justice department moves into former Qantas building 

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A heritage-listed commercial building in Brisbane’s retail precinct of Queen Street Mall is offering offices for lease.
The <a href="https://www.realcommercial.com.au/property-offices-qld-brisbane+city-500391471" target="_blank">180 Queen Street</a> building was formerly the National Australia Bank Building.
Several floors of the eight-storey building were refurbished into smaller style executive suites. Office suites up for lease range from 15 sqm to 65 sqm.
It is also NABERS exempt.
The leasing agents are Conor Whiting and Andrea Cano of Colliers.
The property is held by Abacus Property Group and global investment firm Heitman LLC in a joint venture.
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Office suites in Brisbane's iconic 180 Queen Street building up for lease

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NBN Co, which is rolling out the National Broadband Network, is eyeing two new office headquarters in Sydney and Melbourne.
The company, which has come under criticism for slow network speeds and quality, is set to move into Dexus' 100 Mount Street development, close to the new Victoria Cross Metro rail station in North Sydney, The Australian Financial Review reported.
In Melbourne, it is understood to have signed on for around 20,000 square metres at the final tower in billionaire Lang Walker's Collins Square project.
The new Sydney office of NBN has Sydney Harbour views and the company is expected to take half of the 41,500 square metres building that has more than 34 office levels.
Rents could range between $700- $750 per square metre per year, the AFR said.
Meanwhile, in Melbourne, the Collins Square project is well advanced and the last building, known as Tower 5, already has a commitment from Transurban for around 16,000 sq m.
The NBN tenancy will nearly fill that final tower in the $2.5 billion mixed use project.
The NBN deal is expected to be struck at somewhere between $575 and $590 per sq m on a net face rent, according to industry sources.
The tower is due to be completed in 2018.
The timing of the moves come amid a review being ordered by the Federal government as the rollout gets mired with complaints of high costs and poor quality of service.
Already, the company is reviewing the pricing for the $50 billion broadband network.
The chief executive of NBN, Bill Morrow, recently said the company is facing an image problem. Telcos have complained that it was the NBN's pricing mode that was driving up their prices, while at the same time around 15 per cent of users were facing problems.
NBN declined to comment on its leasing plans.
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NBN looking to lease into top-end offices in Sydney and Melbourne 

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Melbourne’s St Kilda Road is experiencing an influx of major businesses in the past 12 months, as witnessed by a recent leasing office deal in the precinct. 
Perth-based landlord Lester Group’s office asset at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-501843394" target="_blank">324 St Kilda Road</a>, which was previously leased to Target, has found three new tenants across five floors totalling 4,500 sqm. 
Sales solutions provider The SMART Group has relocated from Richmond, committing to levels two and six; waste, water and energy solutions provider Veolia has relocated from South Melbourne, committing to level five; and claims management solutions provider Crawford &amp; Company has relocated from Southbank, committing to levels three and four, according to leasing agents from Colliers International.
The vacancies were created after Target, which leased five floors in the building between 2012 and 2015, vacated the space and relocated to Geelong and Bourke Street.
The discount retailer, which is owned by Perth-based Wesfarmers - also a tenant at No.324 - has since committed to a new office building at Williams Landing in Melbourne's west.
The trend is part of a growing number of national and international companies relocating to the city-fringe boulevard, including advertising agency Big Red from Prahran, Just Group from Richmond, Deluxe from South Melbourne and Monash University from various locations. 
The deal was negotiated by Colliers International’s Ben McKendry, Vincent Tran and Matt Cosgrave along with Thorburn Property’s Kenny Thorburn.
The three deals were completed at circa $450 gross per sqm, with multiple options to renew the lease terms.
<img src="https://www.urban.com.au/images/2017/07/10/StKilda2.JPG" alt="">
According to Colliers, St Kilda Road’s proximity to the CBD and its high-quality and cost-effective leasing opportunities attract major tenants.
“The successful leasing campaign has vindicated our decision and belief in St Kilda road four years ago when we acquired the building,” Lester Group’s Russell Lester said. 
“324 St Kilda Road is now 100 per cent leased following Target’s relocation to Geelong mid last year, which left Colliers International and Thorburn Property with five floors to lease, each measuring 918 sqm,” Tran said. 
Further reinforcing the precinct’s strong standing within the city-fringe office market, several large multi-national businesses already present on St Kilda Road have opted to remain there, with Macquarie Leasing, WPP and Frasers Property Australia recently renewing their leases.
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