Australia’s housing debate has rarely been more urgent. The National Housing Supply and Affordability Council forecasts the country could fall around 262,000 homes short of housing needs by 2029, underscoring the scale of the challenge facing planners, governments and developers.

In response, much of the conversation has centred on high-density towers around transport corridors and strategic centres.

Diversified developer Coronation Property, while also focused on well-located, strategic sites, is incorporating an arguably underutilised typology, the terrace.

Difficult to integrate into true high-rise developments, terraces have become a defining feature of Coronation’s lower-rise portfolio, including projects in Ashbury and Erskineville. <a href="https://www.apartments.com.au/buildings/ashbury-terraces-165-171-milton-street-ashbury-nsw-2193">Ashbury Terraces</a> places a stronger emphasis on this housing type, forming part of a broader community mix.

At its Erskineville development, <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, terraces are more limited, with just a handful&nbsp;included within the wider, predominantly apartment-led precinct, one of the first developments to launch in Erskineville in several years.

[smartcode_project:default project_id=135149 project_image_fid=368392]

Terrace residents at Lillian benefit from many of the same advantages as apartment owners, the lock-up-and-leave lifestyle and access to shared amenities like the rooftop wellness space, but with significantly more space.

Spanning multiple levels, the terraces also feature front and rear courtyards, providing direct access to the central landscaped gardens within the precinct.

<h3 data-end="212" data-section-id="1n97jye" data-start="191">The terrace model</h3>

Terrace housing has long been part of Australia’s urban fabric. From Paddington and Surry Hills to Glebe and Annandale, rows of terrace homes have shaped neighbourhood streets, offering a housing form that sits between detached houses and apartments.

The contemporary terrace, however, addresses many of the limitations of older designs, where narrow staircases and constrained layouts often compromised liveability.

[smartcode_project:default project_id=135149 project_image_fid=368157]

“Terraces represent one of the city’s most intelligent housing models,” says Joe Nahas, Managing Director of Coronation Property.

“They deliver density without losing the human scale that makes neighbourhoods liveable. In many ways, they provide a bridge between the Sydney we know and the Sydney we need to build. If Sydney is going to grow well, it can’t rely on towers alone.”

<hr data-end="1090" data-start="1087" />
<h3 data-end="1124" data-section-id="1a7l0gw" data-start="1092">The evolution of the terrace</h3>

That thinking has shaped Coronation’s approach at Ashbury Terraces, where the terrace typology has been reinterpreted for modern living.

Designed by SJB, the project recently received recognition at the 2026 Better Future World Design Awards, acknowledging its architectural clarity and response to the surrounding suburban context.

SJB Director Adam Haddow says the intent was to evolve a familiar housing form rather than reinvent it.

“The terrace is one of Sydney’s most familiar housing forms, so our approach at Ashbury was to reinterpret that typology in a contemporary way,” Haddow says.

“The homes are designed to sit comfortably within the existing neighbourhood while introducing more light, landscape and shared spaces that support modern living.”

Ashbury Terraces combines terraces, apartments and penthouses across a series of low-rise buildings, integrating contemporary architecture with landscaped communal spaces and resident amenity.

That same typology is now being carried into Coronation’s Lillian development in Erskineville, where a smaller number of terraces sit within a predominantly apartment-led precinct.

<hr data-end="2269" data-start="2266" />
<h3 data-end="2289" data-section-id="cazuws" data-start="2271">Buyer response</h3>

Coronation’s decision to include terraces at Lillian was informed by strong buyer feedback from Ashbury Terraces, where purchasers were drawn to the flexibility and scale the housing type offers.

One resident, Sweta Pursem, purchased a terrace as a single buyer, citing its long-term versatility.

“As a single buyer, it might seem surprising that I chose a terrace over an apartment, but I was thinking long term,” Pursem says.

“The terraces are incredibly versatile, catering to a range of lifestyles while still offering the space and privacy of a house.”

For Pursem, the multi-level layout provides a level of functionality not typically found in apartment living.

“Having a separate living area from the bedroom and home office makes everyday living feel both functional and comfortable. When friends and family come to visit, the layout gives a sense of privacy while still feeling open and spacious.”

Her terrace also supports a more connected, lifestyle-driven way of living.

“I love entertaining, and the courtyard is ideal for relaxed weekend drinks with friends. I tend to use each level differently throughout the day, it creates a natural rhythm between work, downtime and entertaining, which I didn’t have in apartment living.”

Ashbury Terraces is now complete and ready to move in, while Lillian in Erskineville is under construction and expected to welcome residents in mid-2027.

Joel Robinson

Coronation champions terraces as a key piece of Sydney’s housing mix

Private equity real estate firm Conquest has entered into a $220 million partnership with Woolworths’ development arm, Fabcot, to deliver its long-awaited Waterloo project on Bourke Street.

The Bourke Street development was first flagged by Fabcot back in 2021 as part of its push into Sydney’s residential market. However, progress has since stalled, with no activity on site amid a number of design revisions in consultation with the City of Sydney.

<a href="https://www.apartments.com.au/developers/conquest">Conquest</a>, which is actively planning more than $6 billion worth of new developments, predominantly mixed-use precincts, is now set to move the project forward.

The current plans include between 110 and 120 apartments across two buildings designed by Bates Smart at <a href="https://www.apartments.com.au/new-apartments/923-935-bourke-street-waterloo-nsw-2017">923 Bourke Street</a>. The scheme will incorporate a portion of apartments reserved for key workers, alongside premium commercial space at ground level, including a full-line Woolworths supermarket.

Construction is expected to commence in the second half of 2026.

Michael&nbsp;Akaawi, CEO of Conquest, said the partnership reflects the firm’s commitment to "convenience-led" urban renewal."

"We are preparing to commence construction in the second half of this year," Akaawi says.

"Along with Woolworths, we look forward to delivering the first major supermarket to the growing Waterloo community, integrated with premium new apartments and specialty retail shops. Our focus is on creating a seamless lifestyle hub where essential services are at the doorstep, saving residents time and enhancing their quality of life."&nbsp;

<img alt="Conquest" data-entity-type="file" data-entity-uuid="d8beee83-ef9b-446b-a3b3-1e2fe596512b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-01%20at%2011.08.46%E2%80%AFAM.png?VersionId=raYhGepiLUJfx4InLPRRJduA3ftDJ_kS" />

The news comes just a week after Conquest went to the NSW Government to upsize its plans for Castlecrag's Quadrangle Shopping Centre.

Conquest purchased the site for just shy of $70 million last year, with existing plans in place for a mixed-use residential and retail precinct comprising 38 luxury apartments.

Those plans have now been significantly expanded, with the developer lodging a State Significant Development Application with the NSW Government’s Housing Delivery Authority for 150 apartments across two 11-storey buildings. The apartments will sit above a four-storey podium, incorporating specialty retail tenancies and five levels of basement car parking, on the 5,166 sqm site at&nbsp;<a href="https://www.apartments.com.au/new-apartments/100-edinburgh-road-castlecrag-nsw-2068">100 Edinburgh Road</a>.

Conquest has been increasingly active in the development space in recent years. The group acquired the&nbsp;<a href="https://www.apartments.com.au/developments/eastlakes-nsw-2018">Eastlakes</a>&nbsp;Shopping Centre redevelopment, where it plans to deliver more than 1,000 apartments above a new retail precinct, and has also lodged a $900 million State Significant Development Application for a&nbsp;<a href="https://www.apartments.com.au/news/nsw/conquest-unveils-900m-stanmore-village-vision-for-landmark-inner-west-site">mixed-use precinct in Stanmore</a>.

Conquest partners with Woolworths to deliver mixed-use Waterloo project

A shift away from Sydney’s industrial past has left parts of the inner south defined by contrast, brick warehouses repurposed into dining precincts, former factory streets softened by landscaping and pedestrian activity.

Rosebery is one of those suburbs. Over the past decade, it has undergone significant gentrification, anchored by The Cannery, which has helped reposition the area as one of the inner city’s most sought-after lifestyle pockets.

What hasn’t kept pace with that transformation is new residential supply, which has remained relatively limited. Builder-developer Deicorp identified that gap early, securing a site in 2019 and delivering what is now one of the suburb’s most architecturally distinctive developments.

To realise the vision, Deicorp engaged Candalepas Associates to design The Rothschild, a project that is immediately recognisable from the street.

Completed in 2025, The Rothschild comprises two buildings across Rothschild and Mentmore Avenues, delivering 176 apartments. The development replaces a former industrial site, retaining a material and structural dialogue with its past while introducing a more resolved residential framework. The scale is deliberate but not monolithic, broken into forms that engage both street frontages, with retail at ground level and two levels of basement parking below.

[smartcode_project:default project_id=106843 project_image_fid=221665]

From the street, the architectural intent is clear. Off-form concrete columns run through the façade, establishing a repeated structural rhythm that gives the building its visual weight. These are paired with deep-set arches and sections of exposed brickwork, creating a layered elevation that reads less like a typical apartment block and more like a reinterpretation of industrial architecture.

The material palette is intentionally restrained, with concrete left exposed and brick used to define mass rather than decoration. The result is a building that stands out through proportion and repetition, rather than height or glazing.

This approach continues internally. A central landscaped courtyard sits between the two buildings, anchored by an olive grove that acts as both a visual and spatial focal point. Rather than functioning as residual space, the courtyard is designed as a shared ground plane, where circulation paths, seating areas and planting come together to create a usable communal environment. Its positioning allows natural light to penetrate deep into the site while maintaining separation between residences.

[smartcode_project:default project_id=106843 project_image_fid=221666]

Within the apartments, the planning follows a clear and functional logic. Entry points lead directly into open-plan living areas, with kitchens positioned as central elements alongside dining and lounge spaces. These zones extend to balconies or external openings, maintaining a visual connection to either the courtyard or the street.

Kitchens prioritise practicality, with generous bench space, ample storage and European appliances configured for everyday use. Bedrooms are typically set back from the main living areas, creating quieter zones within each residence, with separation achieved through layout rather than material change. Bathrooms are compact but efficient, incorporating mirrored cabinetry and integrated storage to maximise space. Across all residences, the emphasis is on clarity of movement and functional planning.

[smartcode_project:default project_id=106843 project_image_fid=221669]

At ground level, retail and hospitality uses extend the building’s presence beyond its residential function. A café or restaurant space, alongside communal amenities such as a music room and rooftop areas, positions the development as part of a broader urban network rather than a standalone project. These shared spaces reinforce a lifestyle where the building operates as an extension of the surrounding neighbourhood.

Rosebery’s proximity to Green Square, The Cannery and nearby parklands supports this model of living, where much of daily life is within walking distance. The Rothschild sits comfortably within that network, contributing to the streetscape through its distinctive architecture, while internally organising space around light, structure and communal use.

The Rothschild is now complete and ready to move in, with limited residences remaining.

[smartcode_project_cta:default project_id=106843]

The Rothschild reinterprets Rosebery’s industrial DNA into residential form

KTQ has unveiled&nbsp;<a href="https://www.apartments.com.au/new-apartments/casilia-16-marine-parade-coolangatta-qld-4225">Casilia</a>, the final residential release within the Kirra Point precinct which really kicked off the boom in the area back in 2019.

The final stage comprises&nbsp;87 residences and marks the culmination of a long-term, family-led vision for Kirra Point, as the precinct moves toward completion in tandem with the development.

Around $100 million in sales have been achieved already, close to 35 per cent of the residences secured ahead of launch. There have been a significant number of buyers returning from the first stage of the development, Miles Residences, securing another property within Kirra Point.

[smartcode_project:default project_id=152295 project_image_fid=368410]

Selling agent Tim Keenan from Keenan Byrne said the response reflects both the scarcity of the offering and Kirra’s growing reputation as a premium coastal market.

“This is effectively Kirra’s final act, the last release within what has become one of the Southern Gold Coast’s most tightly held beachfront precincts,” Keenan said.

“We’ve seen exceptionally strong pre-sale interest, from VIP waitlists through to off-market enquiry, which speaks to both the quality of the product and the confidence buyers have in the precinct. What’s particularly compelling is the number of buyers returning from Miles, either upgrading or investing again, which is a strong signal of how the precinct has been received."

Keenan adds that at the same time, north-facing beachfront remains exceptionally rare in Australia, limited to places like Noosa, Byron and Kirra, which is underpinning long-term value.

[smartcode_project:default project_id=152295 project_image_fid=368415]

Positioned along one of Australia’s few true north-facing beaches, Casilia offers a mix of two and three-bedroom residences with pricing ranging from $1.87 million to $7.15 million and two exclusive penthouses. Residences are oriented to capture varying outlooks, from uninterrupted Pacific Ocean views across Kirra Beach to hinterland vistas, with upper levels and shared amenity taking in sweeping perspectives along the Gold Coast coastline.

At rooftop level, a north-facing pool deck captures expansive, uninterrupted views over Kirra Beach and north towards Surface Paradise. The space incorporates a heated resort-style pool, mineral spa, sun lounges and a covered BBQ cantina.

Buyer profiles are broad, typically aged between 40 and 70, with a strong skew toward second-home ownership, drawn by a combination of lifestyle, relative value, proximity to Gold Coast Airport and lower congestion compared to more established markets such as Byron Bay and Noosa.

[smartcode_project:default project_id=152295 project_image_fid=368414]

The project is being delivered by <a href="https://www.apartments.com.au/developers/ktq-group">KTQ Group</a>, a family-owned Australian property group with a diverse portfolio spanning residential, hospitality and commercial developments. The group has delivered a number of notable projects across sectors, including the award-winning Elements of Byron resort, demonstrating its depth of experience across both hospitality and residential development.

Known for its long-term approach to place-making, KTQ Group retains a vested interest in its projects, often holding assets within its portfolio, which has also helped build trust among buyers and reinforced confidence in both the vision and delivery certainty of the precinct.

“Casilia represents the final opportunity to secure a residence within Kirra Point and brings to market the last release within our long-term vision for the precinct," KTQ Group's Jeremy Holmes said.

"Kirra Point has been more than a decade in the making, and that timeframe reflects the care behind each decision, it takes listening, balance and vision to arrive at something that feels right for the location.

“Our approach has always been to deliver Kirra Point as a destination in its own right, a connected coastal neighbourhood integrating residential, hospitality and wellness, rather than a standalone project. It’s a vision that respects place, pace and permanence, and contributes to a sense of community that feels authentic to Kirra.”

[smartcode_project:default project_id=152295 project_image_fid=368411]

Once complete, the Kirra Point masterplan will incorporate a mix of dining establishments, bars and cafés, alongside the Kirra Point Health Club and a future 91-room independent resort hotel, creating a walkable, integrated lifestyle precinct.

Architecutue and interiors at Casilia have been designed by the experienced design houses of <a href="https://www.apartments.com.au/architects/little-boat-projects">Little Boat Projects</a> and O’Neil Architecture &amp; Interior Design, The design moves beyond the conventional coastal apartments, instead taking cues &nbsp;from the surrounding landscape - layering natural materials, soft curves and warm textures to create spaces that respond to light, airflow and the rhythms of coastal living.

Residences are designed with an array of floorplates, generous proportions and intuitive flow, while at ground level Casilia connects into the broader precinct, where future laneways, retail and hospitality offerings will contribute to a neighbourhood defined as much by how people live day-to-day as its beachfront position.

[smartcode_project_cta:default project_id=152295]

The final residential release within the Kirra Point masterplan is set to launch, as strong pre-sales signal sustained demand for the Southern Gold Coast

A decade in the making: KTQ launches Casilia at Kirra Point

South East Queensland developer&nbsp;<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a>’s entry into the Gold Coast apartment market has progressed from pipeline to market, with its Chevron Island project Bronze on Chevron now formally available to purchase ahead of a planned 2029 completion.

The 119-apartment development on Mawarra Street marks the Brisbane-headquartered builder-developer’s first residential play in the Gold Coast, following its expansion south from Brisbane and the Sunshine Coast.

<a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-surfers-paradise-qld-4217">Bronze on Chevron</a> comprises a mix of two-, three- and four-bedroom residences, with pricing starting from just over $1.5 million. The project is being delivered under Gardner Vaughan’s fully integrated model, with the group acting as both developer and builder, a structure it has consistently applied across its South East Queensland portfolio.

[smartcode_project:default project_id=107520 project_image_fid=367182]

Architecture has been designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jeremy-ferrier-landscape-design">Jeremy Ferrier</a>. The building presents as a single-tower scheme, with a focus on maximising outlook across both the Surfers Paradise skyline and the Nerang River.

Apartments have been planned with open-plan living zones extending to generous balconies, a response to the site’s dual-aspect positioning between river and ocean. Interiors follow a restrained coastal palette, with two colour schemes offered, and an emphasis on natural light and cross-ventilation.

[smartcode_project:default project_id=107520 project_image_fid=367181]

Resident amenity is concentrated across more than 1,250 sqm and includes a resort-style pool, gym, yoga lawn and rooftop entertaining areas. A function space with catering facilities forms part of the upper-level offering, alongside north- and south-facing outdoor areas.

Ground level will incorporate two retail tenancies, intended to extend the existing village character of the surrounding streets.

&nbsp;

[smartcode_project:default project_id=107520 project_image_fid=367200]

The project sits within walking distance of Thomas Drive’s established dining strip, while maintaining proximity to <a href="https://www.apartments.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a> beach and broader Gold Coast amenity. The location, positioned on Chevron Island between the river and coastline, has increasingly attracted mid- to high-density development in recent years as the precinct evolves beyond its low-rise origins.

Gardner Vaughan’s move into the Gold Coast was first signalled in 2025, with the group identifying the region as a natural extension of its operations. Chief Executive Officer Simon Betteridge described the expansion as both “strategic and natural”, citing demand for well-designed apartments in lifestyle-driven markets.

Construction is expected to complete in early 2029.

[smartcode_project_cta:default project_id=107520]

Gardner Vaughan brings Bronze on Chevron to market as Gold Coast debut

Office Tower

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One of Melbourne’s office buildings, on St Kilda Road, has been sold off by the Myer family for about $77 million to an Asian group.
The eight-level office building at <a href="https://www.realcommercial.com.au/property-offices-vic-melbourne-502571830" target="_blank">312 St Kilda Road</a> was sold on a passing yield of 4.66 percent.
The buyer was Singaporean developer Tong Eng Group, Fairfax Media reported.
The group had earlier this year paid $116.3 million for another St Kilda Road tower at 5 Queens Road.
The 312 St Kilda Road building has  9,854 sqm of commercial accommodation along with a major commercial car park.
The selling agents were CBRE.
It is leased to several global and long standing commercial office tenants and is close to Melbourne CBD
The building offers the potential for further growth and significant rent reversion as it is located in one of Australia’s top performing office markets. It has a 3.5 Star NABERS Energy Rating
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jonathanchancellor-7SQnKwU6yx

Myer family sells St Kilda Road building in $77 million deal

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An office building with Telstra as anchor tenant in Sydney CBD has been listed for sale. 
The 100% freehold interest at <a href="https://jagonal.com.au/office/building/NSW/Sydney/Sydney-CBD/Southern-CBD/Telstra-House#gallery" target="_blank">231 Elizabeth Street</a> comprises 15 levels of office space and two ground-floor retail areas.
The property is being marketed by Colliers International’s Vince Kernahan, James Barber and James Girvan and JLL’s Rob Sewell, Simon Storry and Paul Noonan on behalf of Glory Property II Investment Pty as The Trustee for Glory Property II Investment Trust. 
“The building’s prominent Hyde Park location, large efficient floor plates together with the repositioning opportunities will ensure strong participation from both local and off-shore capital,” Simon Storry said.
He added that leasing demand was above average over the past four years in the Sydney CBD, and this combined with the large portion of office withdrawals over the past 18 months has resulted in the vacancy rate trending down to 6.4% - the lowest level since 2008.
Colliers’ Vince Kernahan said the 2,300 sqm ‘A’ grade building would appeal to both investors and long-term developers because of the sound cash flow from one of Australia’s largest publicly listed companies (Telstra) and its location overlooking Hyde Park and the Sydney Harbour.
<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/2017/08/29/Telstra2.jpg" alt="">
231 Elizabeth Street is on the corner of Elizabeth Street, Bathurst Street and Castlereagh Street, and offers direct undercover access to Museum Railway Station.
The property was completed in 1987, and underwent an $18 million refurbishment in 2010
The property is being sold through expressions of interest closing in late October.
The Singapore-based Chinese investment house Bright Ruby purchased 231 Elizabeth Street in 2013 from Investa Property Group and its main wholesale office fund, ICPF, added The Australian.
The tower could win bids around the $350 million mark from both offshore and local developers.
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Telstra House in Sydney’s Elizabeth Street offered for sale 

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Following the recent sale of the iconic Exchange Centre building at 20 Bridge Street for $335 million, its neighbour at 10 Bridge Street is also set to hit the market, through Savills.
Exchange House at 10 Bridge Street is being listed with price expectations of more than $130 million, following several off-market offers that prompted vendor Coweley Australia (part of ST Real Estate Group) to take the B grade commercial office to market. 
Last month, offshore investor Early Light International Ltd Group secured 100 percent interest in the Australian Exchange Centre for $335 million on a fully leased 4.5 percent yield.
The property is being marketed by Graeme Russell, Simon Fenn and Ben Azar of Savills Australia and Rick Butler and Josh Cullen of Inc RE. Simon Fenn and Ben Azar were also part of the Exchange Centre building.
As for the current listing, the 14-storey office building is fully leased with a Weighted Average Lease Expiry (WALE) of 3.5 years and a four star NABERS rating.
Graeme Russell of Savills said the building was stripped back to its core in 1997/98 and fully refurbished.
“10 Bridge Street is an iconic building in the heart of the city, adjacent to the Stock Exchange and offers a new opportunity to capitalise on the strong Australian market, in particular, the Sydney CBD,” he said.
“Just like 20 Bridge Street, we have already received a lot of unsolicited global and local interest in 10 Bridge and believe potential buyers will range from Hong Kong and Singaporean groups to large domestic private investors and a number of REITS.”
The property is 100 per cent leased with high-profile tenants including ASG Group, Kessler Financial Services Australia, Centrepoint Services and Boeing Australia Holdings.
The property is moments from Circular Quay, Wynyard Train station and the George Street Light Rail development and within close proximity to ANZ, Westpac, NAB, Commonwealth Bank and major hotel groups including The Four Seasons, Intercontinental, and the Marriott.
The property will be sold via an international expressions of interest campaign commencing in August.
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Exchange Centre neighbour set for listing through Savills with $130 million expectations

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Mercedes-Benz Brisbane, in a move for parent company Star Auto Group, has announced an upgrade for 300 Adelaide Street, with the building to be a mix of retail, restaurant and commercial tenancies in addition to its showroom.
The 22-storey building’s most notable upgrade would be a three-level glass podium fronting Adelaide St. 
The building will have a Mercedes-Benz Brisbane permanent pop-up showroom plus café and restaurant which will serve breakfast and lunch Monday to Friday and a dinner and bar offering on Thursday and Friday evenings.   
Mercedes-Benz Brisbane dealer principal Shane Parkins, who is overseeing the project, said the company had been searching for a “key position within the CBD to provide a touchstone point where existing and new customers can arrange a test drive and service bookings”, or just enjoy food and beverages. 
The group’s portfolio also includes a new 12,500 sqm Vans Service &amp; Parts centre at Eagle Farm, and is also currently building Australia’s largest Autohaus on Breakfast Creek Road, Newstead due for completion in 2018.  
Working with architects Cottee Parker, its design will reflect the great Autohaus’ of Europe with a car museum, showroom, restaurant and community event spaces. 
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Mercedes-Benz Brisbane to upgrade showroom and building on Adelaide Street

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Real estate investment trust Propertylink Group (ASX:PLG) said it has acquired an office building in Brisbane for $145 million, in partnership with Goldman Sachs.
The transaction for the commercial office building at 50 Ann Street reflects a core market yield of 8.18%. 
The acquisition was undertaken via an expansion of the Propertylink Enhanced Partnership (PEP) mandate with a 25% co-investment by Propertylink, the company said in an ASX announcement.
The property comprises a 25 storey building with a total lettable area of 25,519 sqm set on a 2,198 sqm site.
It has a prominent corner location within the tightly held northern ‘legal precinct’ of the Brisbane CBD.
The property is fully leased to the Queensland state government with a remaining lease term of 3.5 years. 
Propertylink’s head of Property, Peter McDonald said the deal reflected that Brisbane’s commercial market was showing signs of recovery and experiencing a turnaround in demand. 
Brisbane’s CBD has reported its eighth consecutive quarter of positive net absorption, with increased demand and limited supply expected to drive rental growth over the coming years, Propertylink said.
“The purchase of 50 Ann Street reflects Propertylink’s disciplined approach to the acquisition of assets, based on ground up fundamentals where there is capacity for us to execute our strong asset and property management skills to reposition these assets for core institutional ownership,” said McDonald. 
The team of Propertylink and Goldman Sachs now have transactions valued at more than $1 billion now after the latest acquisition.
Settlement of 50 Ann Street is expected in May.
“This acquisition is another key step in executing the growth of our investment management platform, bringing funds under management to $1.2 billion,” said Propertylink CEO Stuart Dawes.
Propertylink now has office assets valued at more than $725 million, of which 76% are located in Sydney.  
It said assets under management in relation to the expanded PEP mandate will increase to $293 million following completion of the Ann Street purchase. 
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A-REIT Propertylink acquires Brisbane office tower for $145 million

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The Victorian government has approved a new commercial tower in the Melbourne Quarter precinct, set to be known as Melbourne Quarter Tower.
Planning Minister Richard Wynne’s gave his seal of approval to the 28 levels office tower, which will include around 55,000 square metres of office space and 2,500 square metres of retail space.
Located at 693 Collins Street, the project will be Lendlease’s second building in the area after One Melbourne Quarter, which is currently under construction.
Lendlease’s managing director for urban regeneration, Mark Menhinnitt, said Melbourne Quarter Tower will target a 6 Star Green Star rating and a 5 star NABERS energy rating.
He said the government’s approval showed confidence in Melbourne’s office market and the appetite for more environmentally efficient and technology-focused workplaces.
“Surrounded by a high concentration of leading national and global enterprises, we have seen a commercial shift towards this part of Collins Street at the heart of the Southern Cross precinct,” he said.
“Melbourne Quarter aims to set leading standards in environmentally sensitive and sustainable development, and aspires to be Melbourne’s greenest city precinct.
“The hero of the new precinct, the skypark, will complement Melbourne Quarter’s leading workplace design, offering workers the ability to re-charge or work outside the office, enhancing their health and wellbeing. This is a key trend in global workplace design.
“In addition to the skypark, a new public square on Collins Street will be at the heart of the precinct. Surrounded by cafes, bars and restaurants, this will blur the lines between workplaces and retail to create vibrant green spaces that maximise business efficiency.
“The precinct boasts a strong environmental focus, with more than half of the site dedicated to public open space and a 99% walkability rating to facilitate greener, healthier workplaces.”
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Victorian government gives seal of approval to Melbourne Quarter Tower

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Bank of China’s investment arm has shelled out $130 million to buy an office tower in Sydney’s Sussex Street with the intention of making it the bank’s headquarters.
Bank of China Global Investors finalised the purchase of 140 Sussex Street from Deutsche Asset Management last week, according to a report in the Australian Financial Review.
The report quoted Deutsche's head of acquisitions for Asia Pacific, Real Estate, Rahul Ghai as saying that Australia remained a key focus.
"We continue to remain committed to Australia.”
“In the last five years we have transacted close to $1 billion in Australia. We will continue to invest and at the right time divest on behalf of our clients,” he added.
CBRE’s Richard Butler, Mark Hansen and Sharon Yang brokered the deal.
Current anchor tenant, ING Australia, is moving out in May 2017. 
The site has 14 levels of ­office space and basement parking.
The Bank of China owns its building at 39 York Street but has been looking to expand into a better building. It will occupy around half of the 12,440-square-metre building, the AFR said. 
"We know that Bank of China looked for some time for owner-occupier premises. This building was perfect because of its car-parking and views and excellent condition," Butler said.
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