Builder-developer ALAND has drawn back the curtain on its first city-focused new apartment development.

The North Sydney development, <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-173-179-walker-street-north-sydney-nsw-2060">The Walden</a>, is the first time the company has ventured this close to the city, having previously completed thousands of apartments predominantly in Sydney's west, and more recently in Gosford.

<a href="https://www.apartments.com.au/developers/aland">ALAND</a> acquired the prime North Sydney site, spanning Walker and Hampden Streets just down the road from the Victoria Cross Metro station, for $240 million in June.

Now they've unveiled the new project, a mix of one-, two-, three- and four-bedroom apartments across a 30-level building designed by Rothelowman.

[smartcode_project:default project_id=134323 project_image_fid=6384]

The Walden will capitalise on the site’s front-row position on the eastern fringe of the <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> CBD, which offers uninterrupted Sydney Harbour views stretching from the Sydney Harbour Bridge all the way to Sydney Heads.

The main tower will be flanked by a small four-level amenity building known as The Pavilion, offering exclusive resident-only amenities including a dedicated concierge service, a sauna and private wellness studio, a gymnasium and fitness studio, a resort-style rooftop pool and sundeck.

There will also be a&nbsp;residents’ lounge, private dining and a wine cellar, and co-working facilities with an on-site meeting room and boardroom.

&nbsp;

&nbsp;

[smartcode_project:default project_id=134323 project_image_fid=6382]

ALAND Founder Andrew Hrsto said the company knew they could create something "iconic" with The Walden when they saw the site.

&nbsp;

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic – being the last development with a view offering this exceptional.

“We identified the attributes and quality of the site as being perfectly aligned for ALAND – and we feel that this off-market acquisition is a perfect opportunity to showcase our craftmanship and expertise through a truly unique offering."

[smartcode_project:default project_id=134323 project_image_fid=6399]

Hrsto pointed to ALAND’s longstanding development expertise as a significant benefit in delivering a positive outcome for The Walden.

“Being a fully integrated development and construction business with a highly experienced team, we have the benefit of in-house experts across the development spectrum, from acquisitions, design, planning, and construction, to sales, marketing, property management, through to building management.

“As one of Australia’s largest private development and construction groups, we’ve been in operation for 23 years, with a Gold Star iCIRT rating and a 100 per cent delivery success rate across numerous masterplanned and mixed-use projects – and we’re very much looking forward to bringing this expertise to The Walden and contributing to the ongoing revitalisation of North Sydney."

The Walden is the latest development in Sydney to have the 10-year Latent Defects Insurance policy by Resilience Insurance, protecting buyers from any structural or waterproofing-related issues for 10 years post-completion.&nbsp;

Demolition of existing structures on The Walden site has already commenced through specialist civil contractor Moits, with the aim of completing preparatory ground works by the end of 2025, ahead of construction commencement in early 2026.

[smartcode_project_cta:default project_id=134323]

Joel Robinson

ALAND unveils The Walden, North Sydney's latest luxury apartment development

<a href="https://www.apartments.com.au/developers/toga-group">TOGA</a> has opened sales for the final building in Macquarie Rise, its latest mixed-use development in Macquarie Park.

Since launching its <a href="https://www.apartments.com.au/new-apartments/macquarie-rise-122-herring-road-macquarie-park-nsw-2113">Macquarie Rise</a> in late 2023, TOGA has secured over 125 sales in the Herring Road development, to a range of purchasers, from first home buyers to investors and downsizers. Around 65 per cent of purchasers have been owner-occupiers.

TOGA has now launched a new release of one-, two-, and three-bedroom apartments in the final building, Saunders Rise. Many of the apartments feature multi-purpose rooms and offer views of the surrounding greenery. Also part of the release is a series of&nbsp;sub penthouses housed on the upper floors.

[smartcode_project:default project_id=89243 project_image_fid=242696]

&nbsp;

“We’re delighted with the ongoing strong interest in our Macquarie Rise development, which is testament to the need for premium housing in this much-loved Sydney suburb,"&nbsp;Allan Vidor AM, Managing Director at TOGA, said.

"We’re proud to be able to offer buyers a unique product that includes luxury amenities, spacious living areas and flexible layouts, designed to suit all kinds of buyers, from young professionals to families and investors.

“We have long been advocates of Macquarie Park, and once Macquarie Rise is complete, TOGA will have built 1,000 apartments in the area, delivering much needed homes within a thriving precinct. It’s great to see the area become renowned for high-quality apartments, proximity to amenities and green spaces."

TOGA, one of Australia’s few Gold Star iCIRT rated developers, is also handling construction of Macquarie Rise. They are on track to complete the building in 2027.

[smartcode_project:default project_id=89243 project_image_fid=310789]

Macquarie Rise boasts a prime location, placing residents within immediate reach of Macquarie Centre, Macquarie University, and the newly completed Macquarie University Metro, connecting to the Sydney CBD is just over 20 minutes.

&nbsp;

Macquarie Rise residents also have access to Club Rise, an exclusive, residents only lounge designed by luxury hotel designers Stack Studio, offering an abundance of work and break-out areas, a Pilates studio, a gym, and a karaoke room. As well as these premium amenities Macquarie Rise will also feature an impressive podium top 20m lap pool.

[smartcode_project:default project_id=89243 project_image_fid=242695]

“Offering luxury, spacious apartments in a vibrant and well-connected neighbourhood, it’s no surprise that Macquarie Rise remains popular with a range of buyers," said TOGA's General Manager of Sales, Anthony Falas.&nbsp;

"With interest rates tracking downwards, we expect the final apartments to continue to receive high levels of interest.”

Located at 122 Herring Road, Macquarie Park, the development will be delivered in partnership with Baptist Union NSW and Morling College with a value of over $400 million.

&nbsp;

[smartcode_project_cta:default project_id=89243]

TOGA launches final stage apartments in Macquarie Rise

Southern Cross Station anchors the western end of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a>’s CBD, connecting metropolitan and regional rail with tram and bus interchanges in one of the city’s busiest transport corridors.&nbsp;

Just metres away, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a>&nbsp;will place residents in the heart of the city, with immediate access to Spencer Street trams, a growing mix of retail, hospitality and cultural venues, and a neighbourhood evolving into a lively residential precinct.

Developed by <a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a>, the 68-level project integrates a sculptural glass tower with the heritage-listed Eliza Tinsley Building on a 2,765 sqm Bourke St site.&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335425]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the development replaces a previously approved scheme for 813 apartments with a refined offering of just over 600 larger-format residences, responding to a growing owner-occupier demand for spacious city living.

The location sits within a dynamic pocket undergoing significant transformation. Marvel Stadium and the Docklands waterfront are less than 10 minutes away on foot, offering both sports and leisure attractions.&nbsp;

Bourke Street Mall, Queen Victoria Market, and the State Library are all within walking distance, while Flagstaff Gardens, Melbourne’s oldest park, provides a green escape just to the north.

&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335422]

Proximity to some of the city’s largest employers and education hubs, including the courts precinct, legal chambers, RMIT, and major hospitals, makes 640 Bourke Street an appealing residential address for professionals, families and students alike.

Education opportunities span all levels. Nearby, Haileybury City Campus offers private schooling just a short walk from 640 Bourke Street. Just beyond the CBD fringe, Carlton Gardens Primary School, one of Melbourne’s oldest state primary schools, and Docklands Primary School provide convenient government schooling options.

Higher education is equally accessible. RMIT University’s city campus spans multiple buildings just a few blocks away, while the University of Melbourne’s Parkville campus is easily reached via tram along Swanston or Elizabeth Streets.

Victoria University’s City Queen campus, focused on law and business, is also close by, positioning 640 Bourke Street within walking distance of three of Melbourne’s major tertiary institutions.

[smartcode_project:default project_id=509 project_image_fid=335426]

The neighbourhood’s retail tapestry continues to evolve into something distinctly local and walkable. Just steps away, Woolworths Metro on Bourke Street ensures that everyday essentials are easily within reach.&nbsp;

For larger shopping trips, Spencer Outlet Centre on Spencer Street and QV Melbourne on the opposite side of the CBD broaden the offering with supermarkets, fashion, dining and specialty stores.

The lane-to-lane vibe unfolds beautifully in nearby arcades and alleys. Hardware Lane, with its European-style red-brick paving and alfresco dining, pulses with jazzy evenings and casual lunches.

A few minutes north, Howey Place and Centre Place offer leafy, boutique-lined lanes where hidden cafés and niche retailers congregate under historic glass-covered cloisters.

Completing this tapestry is the newly opened Mecca “beauty playground” on Bourke Street. Spanning 4,000 sqm over three levels, the flagship blends immersive retail within an art-deco heritage setting.

&nbsp;

[smartcode_project:default project_id=509 project_image_fid=335427]

This finely grained network of shops, eateries, arcades and service outlets defines the everyday lifestyle at 640 Bourke Street - further enriched by over 3,000 sqm of resident amenity including a Turkish-inspired pool, gym, co-working rooms and private cinemas.&nbsp;

Apartments are priced between&nbsp;$640,000 and $3.95 million. Off the plan stamp duty concessions available until October 2026. Prospective buyers can visit the on site display gallery which has&nbsp;fully built one, two, and three-bedroom apartments.

[smartcode_project_cta:default project_id=509]

640 Bourke Street: A heritage address at the heart of Melbourne

Lower North Shore development specialists&nbsp;<a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a>&nbsp;has topped out its new local apartment development,&nbsp;<a href="https://www.apartments.com.au/new-apartments/northcote-collective-naremburn-2-6-northcote-street-naremburn-nsw-2065">Northcote Collective</a>.&nbsp;

Located in the tightly held suburb of <a href="https://www.apartments.com.au/developments/naremburn-nsw-2065">Naremburn</a>, Northcote Collective is a collection of just 58 one-, two-, and three-bedroom apartments designed by award-winning architects Rothelowman.&nbsp;

The building is just a five to 10 minute walk from the heart of Crows Nest and the new&nbsp;St Leonards and Crows Nest Metro stations. Abadeen has also brought doorstep convenience, with a ground-floor retail offering on Northcote Street.

Northcote Collective is being delivered by&nbsp;<a href="https://www.apartments.com.au/builders/decode">Decode</a> — an iCIRT-rated construction company well regarded in the new development industry.

[smartcode_project:default project_id=114189 project_image_fid=272840]

“This is an important and exciting moment for Northcote Collective, and we’re proud to celebrate this milestone with our partners, consultants, and future residents,” said Justin Brown, Executive Chairman and Founder of Abadeen.&nbsp;

“From the outset, our vision was to create something truly special for Naremburn — homes that respect the character of the neighbourhood while elevating the standard of Lower North Shore living. With connectivity to transport, retail on the doorstep and a true village lifestyle, this milestone also comes at a perfect time when buyer confidence is returning to the market. I am incredibly proud of our team and of Decode for their dedication in helping us bring this vision to life.”

[smartcode_project:default project_id=114189 project_image_fid=272865]

The development is two-tiered, with two rooftops for residents. The taller building has an impressive rooftop pool, a rare inclusion in the new Sydney apartment market. The level, with panoramic views, also includes an entertaining terrace with barbecue facilities.

Local downsizers and young professionals are showing the strongest interest in the development, with recent improvements in the property market — supported by three rate cuts in 2025 — boosting borrowing power and buyer confidence.

Auction activity across Sydney surged by almost 30 per cent in recent weeks, with clearance rates above 70 per cent — signalling a renewed wave of buyer demand.

Northcote Collective will welcome buyers in 2026.

[smartcode_project_cta:default project_id=114189]

Abadeen tops out Northcote Collective in Naremburn

Sunshine Coast-based <a href="https://www.apartments.com.au/developers/devcon-property-group">Devcon Property Group</a> has acquired one of Maroochydore’s most prominent development sites for $12 million unlocking the potentialfor a mixed-use project in the Cotton Tree precinct.

&nbsp;

The 4,178 sqm site at 41–43 Aerodrome Road—well known locally as the former home to one of Australia’s last Sizzler restaurants—was sold via an off-market expressions of interest campaign by Colliers agents Nick Dowling and Baydn Dodds. More than 70 targeted buyer groups were approached, resulting in multiple competitive offers for the property.

Devcon Property Group Managing Director Michael Kain said the acquisition was a strategic move in line with the company’s focus on delivering high-quality projects in prime coastal locations.&nbsp;

“We’re excited about the possibilities this site, in one of the Sunshine Coast’s most iconic beachside &nbsp;communities, offers for a broad range of development outcomes,” Kain said.

“Its location, ocean view potential, and proximity to the Maroochydore CBD and beach make it an &nbsp;outstanding development prospect. Our plans are to refurbish the existing building and then review &nbsp;development options for the remainder of the site.”&nbsp;

<img alt="Aerodrome Rd site overlooking Beach (Large)" data-entity-type="file" data-entity-uuid="a29dc4ed-68c1-4bec-a4fc-283063dcde1e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerodrome%20Rd%20site%20overlooking%20Beach%20%28Large%29.jpg?VersionId=b0WxJWevmLoAfCP4YvGImZpR3rSCJJ9L" />

Colliers Special Projects Manager Baydn Dodds said the sale reflected the ongoing strength of the &nbsp;Sunshine Coast’s development site market, particularly for projects capable of achieving water views. &nbsp;

“Sites of this scale, in walkable beachside locations with ocean views, are tightly held and continue to attract significant interest from both local and national developers,” Baydn Dodds said. &nbsp;

“Holding a prominent position as the former home to one of Australia’s last Sizzler restaurants and more recently occupied by Rashays, the prime site is located just 150 metres from Maroochydore Beach.&nbsp;

“With stunning ocean view potential, located in one of the Sunshine Coast’s best known iconic &nbsp;beachside communities, within steps of shops, cafes and the beach it is no surprise that there was strong interest in the site. The transaction highlights the ongoing depth of demand for well-located &nbsp;mixed-use sites across the Sunshine Coast.”&nbsp;

Colliers Sunshine Coast Managing Director Nick Dowling said the transaction reinforced the &nbsp;Sunshine Coast’s status as one of Australia’s most active development markets.&nbsp;

“The combination of strong population growth, lifestyle appeal, and infrastructure investment is &nbsp;driving demand for quality development opportunities,” Nick Dowling said. &nbsp;

“The Sunshine Coast is one of only three markets nationally to record an increase in crane numbers, &nbsp;reflecting the strength of the region’s construction pipeline.&nbsp;

“Opportunities like this are rare and continue to generate strong buyer interest in the region.”&nbsp;

The Sunshine Coast development market is booming, with several high-profile developers like Cube Developments, Gardner Vaughan Group, and RCQ, planning developments in the region.

Devcon buys Sunshine Coast’s former Sizzler site for new apartment development

Office Sale

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An owner occupier has paid $445,000 for a strata office property at Malvern East in Melbourne’s inner east.
The 2004 Malvern Road auction secured $5300 a sqm.
The auction drew several bidders from a crowd of predominantly local owner-occupiers and investors.
The property comprises a fully self-contained, 85 sqm, strata office/retail premises with rear access via a right of way to two secure on-site car spaces and access to ample street parking. 
It was listed for rent as recently as May last year.
The vendor was a local private investor.
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j.ballantyne1990-6AQqhLzZaK

Owner occupier bags Malvern strata office

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A private Asian buyer has splashed out $46 million on an Ashfield office.
The 223-227 Liverpool Road building had previously been bought by GDI Property Group in December 2016 for $35 million.
Knight Frank’s Tyler Talbot and Dominic Ong brokered the deal in conjunction with Savills on behalf of the GDI No 42 Office Trust.  
Talbot said that the property is 100% let to Property NSW (Department of Family &amp; Community Services) until December 2020. 
“Situated on a high profile corner site of approximately 2,812 square metres and zoned B4 mixed-use, 223-227 Liverpool Road has potential for redevelopment, with the incoming owner planning to refurbish the building,” he said.
“The six level office building comprises circa 9,719 square metres of NLA with basement parking for 185 cars, along with large efficient floor plates and excellent natural light.”
The property was marketed as offering convenient access to Sydney CBD, as well as shops, cafes and restaurants.
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Property NSW's Ashfield office building sells for $46 million

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A whole self contained office floor located on Melbourne's busy Little Collins Street has hit the market through Savills. The 153sqm office on <a href="http://commercialpropertysearch.savills.com.au/df82e5b0-15de-e611-80c7-005056813885/Sale/Melbourne/313-Little-Collins-Street">level 3 of 313 Little Collins Street</a> currently holds a new 5+5 year lease from October 2017 with a current income of $60,000 plus fixed annual three percent rental increases.
Savills agents Benson Zhou and Nick Peden, who are marketing the space, said the opportunity to acquire a whole office floor in a premium Melbourne location is extremely rare.
The office space located between Elizabeth Street and Swanston Street is being marketed for immediate private sale.
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Savills are marketing a fully leased Little Collins Street office

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A prominent office block in Parramatta has been listed for sale.
Savills agents Simon Fenn and Graeme Russell are marketing the building at <a href="http://commercialpropertysearch.savills.com.au/9d29caa3-3fc7-e611-80c4-005056816dfc/Sale/Parramatta/91-Phillip-Street" target="_blank">91 Phillip Street</a> as an Grade A trophy asset, in conjunction with Inc RE.
They say heightened tenant demand and a substantial amount of private and public sector investment in Parramatta has 91 Phillip Street placed to take advantage of the re-emergence of the Parramatta office market as it transitions into Sydney’s second CBD.
Positioned on a prominent corner site comprises 6,100 square metres of net lettable area and is anchored by ground floor retail and four levels of secure basement parking.
Fully leased, the 1985 building has a 4.5 Star NABERS Energy Rating and an estimated net income of around $2.9 million.
It last traded for $30 million in 2015 and is being sold via an expressions of interest campaign that ends on the 8th of August.
Corelogic recently reported the commercial property market in Parramatta was "gaining strength" with $757 million worth of sales reported in the year to March 2018. 
It included the sale of 1-3 Fitzwilliam Street at $82 million by Raffles Education Corporation Ltd, which has its headquarters in Singapore and is listed on the Singapore Exchange.
The purchaser, the Propertylink Group, is a leading investment manager of Australian investment grade property. 
According to Parramatta Cityscope 1-3 Fitzwilliam Street is a seven-storey office building with basement car parking for 106 vehicles plus a roof-top sports floor, tennis court and sauna.
Raffles bought the building for $29 million in 2014.
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Prominent Parramatta office block listed through Savills

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Collette Dinnigan is looking at selling her longtime Surry Hills headquarters.
The <a href="/developments/surry-hills-nsw-2010">22-24 Hutchinson Street</a> has been proposed for a $6.9 million conversion into 11 apartments by the O'Neil eastern suburbs developer family outfit, Addenbrooke. 
She bought the business’ current headquarters for $1,225,000 in the late 1990s.
Dinnigan's main focus now is on launching Bespoke Homes, the luxury rental platform she's developing with her husband, hotel and tourism entrepreneur Bradley Cocks.
They've already gathered a number of properties, including a <a href="/news/colette-dinnigan-secures-400-year-old-puglia-italy-farmhouse">400 year old farmhouse in Italy.</a>
<a href="/news/colette-dinnigan-secures-400-year-old-puglia-italy-farmhouse">She's recently secured the sale of her </a><a href="/news/colette-dinnigan-secures-400-year-old-puglia-italy-farmhouse">flagship store on William Street.</a>
 
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Collette Dinnigan looks to sell Surry Hills HQ to O'Neil family

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EG, one of Australia’s leading real estate fund managers, has acquired the first asset for the High Income Sustainable Office Trust (HISOT). 
The East Block asset is a strategically located heritage asset in the Parliamentary Triangle, Canberra. 
EG will improve the energy efficiency of the building by leveraging technological advances and active asset management under the HISOT mandate. It will form a key part of the future revitalisation of the Canberra precinct.
“EG are pleased to see the compelling sustainable investment fund launch with a strongly placed asset that will benefit from the uplift in energy savings and active asset management strategy,” say EG's Aurelio di Napoli.
The property has a net lettable area of approximately 4,958 sqm and has an eight year WALE following the completion of Lessor works. The current tenant is the National Archives of Australia.
EG’s HISOT fund had its first close in 2016. The fund mandate is to target assets that will benefit from raising the NABERS rating. It is underpinned by a strong ethical and environmental commitment by the unit holders that will reduce the overall impact of a building while driving a significant increase in the asset value.
The Clean Energy Finance Corporation was a cornerstone equity investor in HISOT.
 CEFC Investment Funds Lead Rory Lonergan said the CEFC is delighted to see their investment in HISOT contributing to energy efficiency improvements in this iconic precinct.
"This is another demonstration of the flexibility and suitability of clean energy across our built environment.
"It’s absolutely vital that new buildings are built to the highest energy standards as we move to zero carbon emissions.
"It’s equally important that we make these improvements to existing buildings, extending their life as well as ensuring they benefit from latest technologies which reduce energy costs and lower their carbon footprint.
“Through our investment in the HISOT, the CEFC is keen to see the development and refurbishment of older buildings. 
"Energy efficient buildings have lower operating costs and have the potential to provide higher net operating income with lower vacancy rates, providing clear benefits to building owners, investors and tenants.”
The vendor was Commonwealth of Australia and the deal was brokered by Tony Massaro and the PwC Real Estate Advisory Team in Sydney.
 
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jrobinson-rf4aSBido9

EG pays $15.4 million for central Canberra office asset

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The Gosford ATO office building, which is still under construction, is under offer, through the real estate agency Colliers International.
The <a href="https://www.colliers.com.au/114152/" target="_blank">99 Georgiana Terrace and 38 Mann Street</a> holding, comprises a 7,150 sqm office building to be completed in late 2017 and a two-storey heritage building which will be renovated for retail, café or boutique office use.
The Commonwealth Government has committed to a 10-year lease in 99 Georgiana Terrace, with two further options of five-years, representing 97 percent of the asset’s total income.
The properties were marketed through an expressions of interest campaign that closed on October 5.
“Offered by one of Canberra’s largest investment and development companies, Doma Group, this property is an incredible opportunity in the Central Coast’s commercial hub,” said Paul Powderly of Colliers International, who along with his colleagues Tim Mutton, Adam Leacy and James Barber were tasked with the marketing campaign.
The total net lettable area is 7,380 sqm.
The office building, close to Gosford CBD, delivers a secure income stream due to its high-profile tenancy in the Commonwealth Government and a fixed 3.5% review mechanism over the term of the lease.
<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/2017/11/7/Gosford2.jpg" alt="">
The population of the NSW Central Coast is expected to grow by 70,000 to around 409,000 over the next two decades, which will require over 30,000 new jobs to be created over the next 16 years.
“Gosford is perfectly primed to benefit from its proximity to Sydney, growing population and beautiful surrounds,” said Adam Leacy.
“The property is bounded by Georgiana Terrace and Mann Street, only minutes from the CBD and adjacent to Gosford City Park, meaning it is the ideal location for office space in this booming part of the New South Wales economy."
The Doma Group has been a significant participant in the property industry across the residential, commercial, retail and hospitality sectors for over 40 years – and recently secured the rights to develop the new 13,000 sqm ACT Government office in Dickson with a 20 year pre-commitment.
 
 
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Gosford ATO office listed, under offer

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A two-story Fortitude Valley commercial office has sold for $2,625,000 to a local investor through Savills.
The <a href="https://www.realcommercial.com.au/property-offices-qld-fortitude+valley-502217670" target="_blank">141 Robertson Street</a> property sits on a 546 sqm site. 
The building has 660 sqm of floor area spanning over two storeys, and is close to the James Street retail precinct. 
The selling agents were Savills’ Jack Morrison and Nick Russell, who marketed the property via expressions of interest.
The buyer has appointed Apollo Property Group to refurbish the property.  
The James Street retail precinct continues to build momentum, with the opening of the second freestanding David Jones store in Australia, and the current construction of the high end boutique hotel, The Calile. 
 
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jonathanchancellor-7SQnKwU6yx

Office building in Brisbane’s tightly held Fortitude Valley precinct sells for $2.625 million

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<div>A private syndicate has bought Nissan’s Melbourne headquarters for $35 million.</div>
<div> </div>
<div>The 11 ha industrial Dandenong South offering was sold through CBRE’s David Aiello and Stephen Adgemis who negotiated the sale after more than 80 enquiries.</div>
<div> </div>
<div>The <a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-dandenong+south-502370698" target="_blank">260-270 Frankston-Dandenong Road</a> site accommodates Nissan’s corporate office and parts warehousing operations.</div>
<div> </div>
<div>Nissan plan to secure a new Australian corporate head office.</div>
<div> </div>
<div>Nissan Australia chief financial officer Stephen Hope signalled their upcoming relocation of the parts warehouse facility to Truganina.</div>
<div> </div>
<div><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/2017/10/27/Nissan-2.jpg" alt=""></div>
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Nissan's Dandenong South headquarters sold for $35 million

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A fully leased office building in Port Melbourne is on the market with expectations of more than $40 million.
The four-level building at <a href="https://www.realcommercial.com.au/property-offices-vic-port+melbourne-502554838" target="_blank">187 Todd Road</a> is home to five high-profile tenants, including Wesfarmers’ Workwear Group, Emirates Retail Leisure and George Weston Foods, returning about $2,687,020 per annum in net passing income.
The asset will be sold via an expressions of interest campaign closing October 11.
The marketing is being handled for on behalf of Terraplex by Colliers International’s Peter Bremner, Rob Joyes and Leigh Melbourne, along with Dawkins Occhiuto’s Andrew Dawkins, Walter Occhiuto and Chris Jones.
Bremner said they were expecting interest from local and offshore private investors, syndicates and institutions.
“The property has always attracted blue-chip tenants,” he said.
“The tenancy is currently headlined by Workwear Group, Emirates Retail Leisure and George Weston Foods, generating a diversified income stream with a varied expiry profile.”
“There are no imminent lease expiries and all leases are structured with fixed annual reviews, which contributes to a diversified 4.1-year WALE.”
Fairfax Media added that the building was initially built for Boeing Industries nearly 20 years ago, and previously occupied by Kraft Foods.
Dawkins said the Fishermans Bend location, opposite the state government’s recently purchased General Motors site, was a key selling point.
“Fishermans Bend is undeniably the next chapter in Melbourne’s employment, industry and population growth story,” he said.
Port Melbourne office rents are also more affordable compared with those in other markets, such as the city fringe, St Kilda Road, South Melbourne and the inner east
“The average office rent for 187 Todd Road is circa $250 per sqm per annum and, being located outside the city’s Congestion Levy zone, the property presents occupiers with a 35 to 40 per cent total occupancy cost saving when compared to the surrounding office markets,” said Joyes.
“With city-fringe vacancy sitting at about 2.09 per cent, and limited new supply in the pipeline for Port Melbourne, rental growth is expected to be strong into the future.”
The building has a net lettable area (NLA) of about 9,212.7 sqm, a 3.5-star NABERS rating and 344 undercover car spaces, plus 10 on-grade visitor parks.
 
 
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The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.