Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Office Space

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<img src="https://counter.theconversation.edu.au/content/64734/count.gif" alt="The Conversation" width="1" height="1">
GUST OBSERVER
If we all work side by side in an open-plan office or “hot desk”, moving from place to place, it’s sure to increase collaboration!
It turns out that may be wrong. If you don’t have your own space, perhaps you are better off working remotely with your cat for company.
Our research found that in shared working spaces there were increases in “employee social liabilities”; distractions, uncooperativeness, distrust and negative relationships. More surprisingly, both co-worker friendships and perceptions of supervisor support actually worsened.
Although prior researchers have claimed shared work spaces can improve social support, communication and cooperation, our results indicated that co-worker friendships are of the lowest quality in hot-desking and open-plan arrangements, when compared to those with their own offices or who share offices with just one or two others.
They are significantly worse when compared to those who mainly work at home or on the road. It is possible that these shared offices may increase employees’ use of coping strategies such as withdrawal and create a less friendly environment in a team.
As part of our research we surveyed 1,000 working Australians. We asked them whether they shared their office space with others, what sort of co-worker friendships and supervisor support they had, in addition to any negative relationships (such as lack of cooperation or distrust).
Shared environments did not improve co-worker friendships and, in addition, were associated with perceptions of less supportive supervision. The finding may be because employees who receive either too much monitoring or only informal supervision, perceive their supervision to be of lower quality than those who have dedicated supervision meetings.
It could also be that, as employees become more irritated, suspicious and withdrawn in a shared workplace, their relationships with their supervisors and colleagues deteriorate.
Other research also supports the idea that the benefits associated with shared spaces are aren’t all they are cracked up to be. Instead, it showed that cooperation became less pleasant and information flow did not change in a shared office space.
This is not great news for employees in an age where shared space and hot-desking is increasing alongside the use of mobile technology like laptops, smartphones and tablets. This, together with the high cost of office space, has brought about a desire to use physical office space more flexibly.
So, if this trend towards shared space is not likely to be reversed, how do employees survive?
Surviving a shared office space
If you can have your own office, share with just one or two others, or work from home, these are the best situations for workers we studied. However, we’re not all that lucky.
One way to combat visual distractions from nearby co-workers can be to use panels, book shelves, or “green walls” of plants. Noise from the office can be cancelled out with headphones.
However, these interventions will depend on whether they are suited to your job, workplace or your fellow employees. One option can be to create a mix.
Researchers Pitt and Bennett describe a large office redesigned to include not only hot-desking, but also “touchdown areas” (free desks to allow quick access to information), “bookable offices” (rooms that can be booked in advance), “collaborative workspaces” (for group work, possibly with teleconferencing capabilities) and finally “break-out workspaces” (relaxed couches and low tables for spontaneous, informal collaborative work).
We are not suggesting workers should be afforded unlimited privacy and solitude. Some spontaneous interaction is needed for many types of activity-based work to succeed. Too much and the distractions will outweigh any potential collaborative benefits. Too little and the benefits are not evident.
Rachel Morrison is senior lecturer, Business School, Auckland University of Technology and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/rachel-morrison-296325" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Get out of my face! We're more antisocial in a shared office space

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Office space in Hellenic House, the Sydney CBD building that has been the centre of Greek culture for nearly six decades, is being offered for lease.
The property at 251 - 253 Elizabeth Street opposite Museum Station is being marketed by Ray White Commercial’s John Skufris on behalf of the Hellenic Club.
The leasing offer follows the Hellenic Club opening its new Beta bar and gallery at 238 - 240 Castlereagh Street.
“There are currently areas from 100 sqm to 200 sqm available including the building's top floor with original timber floors and never to be built out east-facing Hyde Park views,” said Skufris.
The six-storey Hellenic House building was officially opened on October 19, 1959, by the then NSW Premier JJ Cahill.
The Hellenic Club, which was first formed in 1924, promotes Greek culture and currently offers sponsorship, donations and assistance to a range of organisations and individuals.
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jonathanchancellor-7SQnKwU6yx

Office space in Sydney's Hellenic House up for lease

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An office space with the NSW government as anchor tenant in the Blue Mountains is up for sale through Raine &amp; Horne for $3.75 million plus GST.
The property at <a href="https://www.rhcommercial.com.au/properties/435-437-great-western-highway-springwood-2777-new-south-wales" target="_blank">435-437 Great Western Highway, Springwood, NSW 2777</a> earns a net income of $273,181, with the lessee paying all outgoings.
The building has a floor area of 1198 sqm and includes modern fitouts with lift. It comes with depreciation allowances. The zoning is B1.
<img src="/images/2016/08/12/raine2.jpg" alt="">
Positioned in a World Heritage location, it has good exposure to both directions of the Great Western Highway.
The listing agent is Keiran McGarity.
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Blue Mountains office leased to government up for sale via Raine & Horne

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The shifting of Melbourne's CBD closer toward Docklands continues apace, according to Cromwell Property Group, who have announced a new long term lease on Collins Street.
Open Universities Australia will move into <a href="https://www.cromwell.com.au/property-portfolio/victoria/226/700-collins-street" target="_blank">700 Collins Street</a> in January 2017 on an 8-year lease and will occupy 2,682 sqm.
Cromwell purchased the building in 2004, and the 100 percent occupancy rate was achieved after securing the building's two major tenants to long term lease agreements.
The Bureau of Meteorology has executed a new lease for a further 10 years of their 15,500 sqm space. 
Melbourne train operator Metro has consolidated its space in the building, taking another 2,500 sqm that will see it occupy over 10,000 sqm for the next decade.
The high demand for the area makes the 2004 investment a real success for Cromwell, said Damian Horton, Cromwell’s Head of Property.
“As Melbourne CBD is shifting further westward along Collins Street and closer to Docklands, Cromwell’s investment has proven to be forward thinking. We were among the first to invest in what is now called ‘mid-point’, a highly sought after area,” Mr Horton said. 
“It’s an investment true to our philosophy. We try to carefully evaluate the potential of each of our properties to see where the demand will be and 700 Collins Street is proof of the effectiveness of this approach. 
“It also validates our strategy to actively manage our assets to enhance their value, and make sure that our tenants want to stay, and in doing so, keeping the turnover as low as possible.” 
The A-Grade, 17-level office tower is located at the gateway to the Docklands Precinct at the western end of the Melbourne CBD.
The building, which was refurbished last year, offers 33,848 sqm of modern office space and retail areas, and a three-level carpark accommodating 304 cars.
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j.ballantyne1990-6AQqhLzZaK

Cromwell’s bet on changing Melbourne CBD proves successful

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The number of start-ups, freelancers and entrepreneurs are driving the co-working industry with a 750 percent increase in Melbourne over the past three years, according to a new report by Knight Frank.
Knight Frank researcher Kimberley Paterson found 152 co-working spaces across Melbourne totalling 58,880 sqm with 16 new spaces totaling 13,000 sqm opening in 2016 to date.
She said co-working spaces account for 0.8 percent of total office stock across Melbourne with nearly 90 percent occupying secondary grade space with secondary grade and under-utilized stock well suited for this industry from both a cost and fit-out perspective.  
 “The majority of coworking operators across Melbourne, notably in the City Fringe, are located in converted warehouses or factories including decommissioned knitting mills, framing factories, woolsheds and heritage listed buildings,” she said.  
"The City Fringe has the largest volume of space occupied totaling 20,205 sqm, combined with the highest number of operators at 64. with the CBD having the second largest volume of coworking space totaling 16,935 sqm with 32 operators. 
"Co-working spaces account for 0.4 percent of total CBD office stock of which 62% of spaces are located in B-grade and C-grade stock, with 12.5 percent occupying space in prime grade assets.
"The North/West precinct has the second highest number of coworking sites at 36, accounting for 24% of total spaces across Melbourne while there are 12 coworking spaces totaling 3,630 sqm in the Inner East."
The average rental cost for a permanent desk space with 24/7 access in the CBD is $535 per month while in the City Fringe it is $460 per month.   
The report noted the substantial growth in co-working has been underpinned by advancements in technology, generational and structural economic changes combined with an increase of freelancers and small businesses growing by 1,842 companies since 2014, accounting for 87 percent of all Melbourne businesses.  
"The average occupancy size of coworking space across Melbourne is 385 sqm with 84 operators occupying between the 100-500 sqm size cohort," she said.
"There are 15 spaces occupying more than 1,000 sqm, with the largest operator - Hub Melbourne, set to occupy 3,900 sqm in October 2016 at the Mail Exchange Building, 693 Bourke Street in the Melbourne CBD."
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Freelancers and the Melbourne work space future

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Wollongong, the economic centre of the Illawarra region, is transitioning from a manufacturing to a service-based economy, with healthcare, education and IT the core sectors at its heart, says a recent research report by Knight Frank.
According to Wollongong Insight: June 2016, population growth in the Wollongong local government area (LGA) is expected to total 23,575 people by 2031, while the Wollongong CBD is projected to experience jobs growth of 3,773 over the next 20 years. More than 70 per cent of these jobs are anticipated to be in white collar industries, equating to office demand of circa 54,280 sqm.
Knight Frank’s managing director, Illawarra, Ben Mostyn said, “Wollongong’s connectivity, resident population spillover from Sydney and a growing government tenant presence will ensure it remains the epicentre for economic activity in the Illawarra region.”
Home to 208,875 residents and 72,551 jobs, the Wollongong LGA accounts for 61 per cent of the region’s gross regional product - also supported by key infrastructure and education assets including Port Kembla and the University of Wollongong. 
“Wollongong plays a key role not only for the Illawarra region, but also for the broader southern and western regions of NSW.”  
Knight Frank’s director, Research &amp; Consulting, Paul Savitz, said Wollongong’s A-grade office vacancy rate measures 8.5 per cent, from 74,662 sqm of total A-grade stock, although vacancy will reduce by early 2017.
“While the office market has struggled in recent years from tenant relocations to newer premises and a lack of expansionary requirements from existing occupiers, there are positive signs,” he said. 
The State Emergency Services (SES) will relocate to the former ATO building in early 2017, and it will reduce the overall office vacancy rate as new supply remains constrained.
“This is expected to signify a period of modest rental growth. Elevated vacancy rates and subdued tenant demand prior to 2015 has meant that rental levels in Wollongong have remained stagnant in recent years,” said Savitz.
“Currently, A-grade gross face rents average $425 per sqm with a broad range of $390 to $460 per square metre, while gross face rents are considerably below that of major non-CBD Sydney office markets, currently discounted by up to 22 per cent.
“Looking ahead, some moderate upward pressure on rents is expected over the next 12-24 months; particularly for prime-grade assets,” said Savitz. 
Mostyn added that the local Wollongong economy was shifting from manufacturing to service-based industries; primarily healthcare, education and IT services, which is anticipated to equate to office demand of circa 54,280 square metres over the coming two decades.
“Highlighted by recent sales, investment demand for both office and industrial assets in Wollongong is strong, as investors are attracted to the high yield metrics on offer when compared to Sydney. Demand is expected to remain solid throughout 2016 and 2017,” said Mostyn.
“Investment will continue to be strong for functional assets, as the business outlook remains positive with local firms expecting trading activity to improve throughout 2016 – coupled with positive overflow demand from Sydney.” 
According to Mostyn, as competition for core assets nationally increased exponentially over the past 18 months, and as yields fell, purchasers have been increasingly moving up the risk curve. 
“This has resulted in demand spilling over into non-CBD and major metro markets, and Wollongong is beginning to benefit from this demand. Since January 2015, Wollongong office sales over $5 million have totaled $33.8 million. 
“The most recent significant sales transactions include the six-storey, fully-leased Australian Hydrographic Office Building in the Wollongong CBD. Tenanted by the Department of Defence until 2021, the property sold for $10 million plus. Another building at 8 Station Street also sold recently in April 2016 for $13.6 million at a net passing yield of 10.1 per cent.”
The sales are proof of the demand in the Wollongong market, said Mostyn.
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prateek24-ezbwHMbNAk

As Wollongong shifts to a service-based economy, 54,000 sqm of office space needed: Knight Frank

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Developer Mirvac Group [ASX:MGR] and joint owner AMP Capital have unveiled their landmark Sydney office building, 200 George Street.
The 37-storey ‘smart’ building will have EY as the anchor tenant and also be Mirvac’s new Sydney headquarters. It is to be known as ‘EY Centre’.
New South Wales Premier, Mike Baird, officially opened the building. The launch event was attended by Mirvac’s CEO and managing director, Susan Lloyd-Hurwitz and Carmel Hourigan, AMP Capital global head of property representing the joint owner of the site, AMP Capital Wholesale Office Fund. 
<img src="/images/2016/06/22/Screen%20Shot%202016-06-23%20at%206.28.07%20PM.png" alt="" width="716" height="477">
The tower has a net lettable area of nearly 39,200 square metres of premium grade office space, with a world first high-performing closed cavity façade with timber blinds. It is set to be one of Australia’s most environmentally advanced and sustainable developments with a 6 Star ratings being targeted.
It is one of the first ‘smart’ office buildings in Australia, adjusting the internal environment according to the needs of the employees, said media release.
Mirvac’s headquarters will become one of Australia’s first WELL certified offices.
There are plans to fill the ground floor plane and surrounding laneways with food and beverage outlets, public art and leisure spaces.
<img src="/images/2016/06/22/Screen%20Shot%202016-06-23%20at%206.26.11%20PM.png" alt="" width="722" height="483">
Lloyd-Hurwitz said Mirvac’s vision was to create a cutting edge workplace for leading organisations.  
“Showcasing adaptable workspaces, green credentials, state-of-the-art technology and iconic design from architects, Francis-Jones Morehen Thorp, the building is testament to the hard work and collaboration between Mirvac and our many partners who have been involved in this pioneering project,” said Lloyd-Hurwitz.
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Mirvac, AMP Capital's 'smart' building opens for business in Sydney CBD

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Accounting software maker MYOB's new office in Melbourne's Richmond is a far cry from the dilapidated warehouse from which it was shaped to reflect a futuristic workplace by design firm Futurespace.
While planning the makeover, the interior design and architecture agency asked MYOB's employees how they would like to work and what features they would like. With these insights, Futurespace set out to create a tech hub based on the principals of agile working, including inception rooms to foster innovation, plug and play technology, informal meeting spaces and a funky garage space for meetups and hackathons.  
The new office space in Richmond reinforces MYOB’s investment to local technology talent. The office houses more than 200 of its engineering and development employees.
“This is not your typical corporate office. The way we work is becoming more fragmented and the MYOB office is an embodiment of this," said Futurespace managing director Angela Ferguson. 
"We took the time to understand what MYOB’s employees wanted from the space plus how they worked and combined this with MYOB’s values of innovation, collaboration and high performance.” 
The location and fitout are both drawcards in a part of Melbourne that is fast becoming a technology and innovation hub.
“The space was designed to attract and retain talented team members, but it goes beyond that. It aligns the principals of lean and agile software development with the physical space,” said Ferguson.
As an instance, Ferguson said MYOB's employees asked for lots of walls to write on, which was not possible in an open warehouse with few walls. Futurespace overcame the challenge by introducing mobile scrum/Kanban walls that didn’t close in the space or block natural light.
Alla Keogh, MYOB head of People and Performance, said the idea was to create "an inspiring, contemporary, technology hub for our people to collaborate, innovate and interact that reflect our values, brand and unique culture".
"It is a place for our product development and user experience and design teams to be inspired to build world class software products for our 1.2 million clients,” said Keogh.  
The feedback from employees has been very positive too.
Design elements included in MYOB’s new office include:
The office includes a wellness/prayer room and a dedicated mothers’ room.
Garage inspired space – An area that performs a variety of functions, like meals, quick coffee meetings, games and down time, team meetings and a space for meetups and hackathons.
Inception rooms – Spaces that teams use to explore ideas, begin a new project and ‘create’. These rooms have flexible furniture along with digital and analogue tools. 
Platform spaces – Designed to occur throughout the workstation areas, they provide a relief for the workspaces and can be used for chance meetings, quiet work, small team meetings, brainstorming and relaxation/rejuvenation. 
Tiered bleacher style seating area – This can be for large ‘all staff’ meetings and has a video link to other MYOB offices. This can also be used for individual quiet work, informal meetings and other small to large gatherings.
Booth seating – Essentially informal meeting rooms.    
Plug and play technology – This means the connection with other MYOB teams in different locations is seamless. The technology is intuitive and easy to use.
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Futurespace designs new futurist MYOB office in Melbourne's Richmond

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Demand for strata office property in the Melbourne CBD has grown in the first quarter of the year, as evident from a recent sale for $1.75 million and another lined up, according to Colliers International.
A 320 sqm whole floor at Level 8, 21 Victoria Street was bought by a private investor for $1.75 million. The sale, through Colliers, represented a yield of 5.62%.
Colliers International executive for Melbourne City Sales, Chris Ling, said the first quarter of 2016 had seen significant demand for CBD strata floors, including both investments and vacant floors.
Another office suite, spread over 360 sqm on the mezzanine level of 58 Franklin Street, is due to hit the market in coming weeks.
Colliers International expects the whole floor, close to Melbourne’s core retail and university precinct, to attract interest for both commercial use and potential residential conversion.
“Our Melbourne City sales team is currently seeing an unprecedented surge in demand for CBD strata office properties in the CBD,” Ling said. “This demand is powered by record low interest rates, a low Australian dollar and instability in offshore markets.
“In addition, given the current timing in the calendar year, business owners and operators are looking to secure new office space to set themselves up for the rest of the year. CBD vendors, meanwhile, are piggy backing off the momentum seen throughout 2015 in order to capitalise on the current environment.”
The property on Victoria Street saw strong competition between local and offshore buyers and sold prior to the close of the EOI campaign, Ling said. 
In 2015, Colliers International recorded more than $35 million in strata office sales in the CBD, with an average sale price of $1.95 million and an average size of 367 sqm.
According to the latest Colliers International CBD Office Research &amp; Forecast Report, Melbourne’s CBD market continued to go from strength to strength, with high levels of net absorption and a corresponding low vacancy rate. The vacancy rate for the Melbourne CBD dropped to 7.7% in Q1 of 2016, dropping to as low as 5.1% in the north eastern pocket.
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Victoria St office fetches $1.75 million as strata office demand rises in Melbourne

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Canberra's Franklin’s recently saw sales of eight mixed-use commercial suites at 227 Flemington Road, minutes from the CBD.
The sale of the ground floor commercial spaces at the Aamira development were brokered through CBRE’s Mark Nicholls and Patrick Sammon on behalf of developer Taofei (Australia) International Pty Ltd.
The units, between 129sqm and 190sqm, sold at premium rates, said Nicholls, attributing it to the strong commercial demand for sites in the Franklin area.
“The majority of purchasers were owner-occupiers, however, a couple of units were purchased by investors. This demonstrates the increasing confidence buyers have in the long term investment potential of the Canberra commercial market, especially those situated on the proposed Capital Metro route.”
The units were offered to the market individually or combined, catering for a variety of commercial office, restaurant and retail businesses, added Sammon.
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