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

Property Sale

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The City of Sydney has sold Stockton House in Darlinghurst for around $7 million. 
Miron Solomons, Matt Pontey and Nick Lumley of Colliers sold the property at 73-75 William Street in Darlinghurst, close to Hyde Park on the city fringe.
The three level, 908 square metre building is currently unoccupied, presenting an attractive opportunity to reposition the building and to take advantage of the exceptional position, the agents said. 
“The campaign attracted significant and strong interest with over 80 inspections of the property from a range of developers, investors and owner occupiers both onshore and off,” said Miron Solomons, National Director, Investment Services at Colliers International.  
“Ultimately, the price and unconditional terms proposed by the successful candidate were acceptable to the City of Sydney and has delivered an exceptionally strong result for the City and future of William Street.”  
The sale of Stockton House has delivered a timely outcome for the City as the city fringe commercial office market continues to experience some of the strongest trading conditions with vacancy rates some of the lowest experienced in years, Matt Pontey, Manager at Colliers International said.
“The outcome and candidate that has been successful, will deliver a beautifully appointed commercial asset to the city fringe that will present a unique offering to the leasing market,” said Pontey. 
“This building is a complete blank canvas and a value-add proposition which explains the high interest in this well-located, quality asset.
“There is strong demand for commercial property in the city fringe, evidenced by the auction of Watters Gallery which we sold at auction two months ago for $5.5 million.”
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City of Sydney sells unoccupied Stockton House, Darlinghurst for $7 million 

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The former Commonwealth Bank chief David Murray has expanded his Upper Hunter farm holdings.
He has spent a further $8.7 million in the Merriwa district.
His wagyu cattle station acquisition was once part of Brindley Park, the vast farm owned by pioneering pastoralist James Brindley Bettington in the 1800s.
It was 2013 when Murray first bought a slice of the historic estate with his $2.95 million outlay on The Dales homestead (above).
The sale ended 178 years of ownership across five generations by the pioneering farming family.
The Hunters Hill-based Murray also spent $4.7 million on another chunk of grazing land.
Now four years on his latest purchases of $2,263,000 and $6,479,000 takes his aggregation of the former Brindley Park estate to over $15 million.
MacCallum Inglis agent Michael Burke sold the latest offering on behalf of the vendors, the beef and lamb producer Crown State.
Crown State is ultimately controlled by Sherwell Holdings, a company based in the British Virgin Islands. It's directed by the Los Angeles-born, Rose Bay resident, Jon Choi.
Murray was the inaugural chairman of the Australian Government Future Fund Board of Guardians and served for six years.
Before the Future Fund, Murray was the chief executive officer of the Commonwealth Bank of Australia for 13 years.
During his tenure CBA transformed from a partly privatised bank with a market capitalisation of $6 billion in 1992 to a $49 billion integrated financial services company.
This article first appeared in the Sunday Telegraph.
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David Murray buys more historic Merriwa farm holdings

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Fractional property investing platform BrickX has jumped on to the financial year-end sale by waiving the transaction fees for buying or pre-ordering ‘bricks’.
The sale is on only for two days, June 29 and June 30.
The company charges a the transaction fee of 1.75% on every purchase of ‘Brick’ or while selling ‘bricks’.  
<a href="https://www.brickx.com/properties" target="_blank">BrickX</a> puts properties into an individual trust and splits each one into 10,000 units or ‘Bricks’ which investors can then buy or sell.
While the fee would be waived for purchases and will be fully funded by BrickX from its own funds and will not be sourced from the assets of the BrickX Platform or any BrickX Trust, selling bricks would still attract the charge.
BrickX bought several properties in the last three months and opened them up to investors. 
The ‘bricks’ from its recent purchases in Sydney’s Surry Hills, Darlinghurst, Potts Point and Manly were snapped up by investors within hours.
You can pre-order Bricks in Brunswick West with no transaction fee on the pre-ordered Bricks that will transact on the Settlement Date (scheduled for 30th June 2017) which is during the EOFY Special Offer period.
Its most recent property — a three-bedroom terrace home in Melbourne’s Brunswick — shows 21% ‘bricks’ reserved so far.
The 10 Shamrock Street property was launched for pre-orders on June 23 at $99 a ‘brick’. BrickX has opened pre-orders for the property with no transaction fee with settlement on June 30.
The three bedroom, two bathroom terrace with an undercover carport on Shamrock Street boasts a courtyard along with a private rooftop garden off the master bedroom.
The 169 square metre property's selling price was $1,190,000, according to CoreLogic. It was sold through Nelson Alexander Real Estate Brunswick.
It last traded for $371,750 in 2003.
 
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jonathanchancellor-7SQnKwU6yx

BrickX waives transaction fee for 'bricks' in end of financial year sale

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The Mudgee property, Wilbetree has been sold.
<a href="https://www.realestate.com.au/sold/property-mixed+farming-nsw-mudgee-7886762" target="_blank">The highly productive 370 hectare farm</a> fetched $5.2 million when offered for sale for the first time since the early 1820's.
With approximately 300 acres of alluvial flats and a further 613 acres of rolling mostly arable grazing land "Wilbetree" is renowned for lucerne hay production, fat cattle and cropping.
The main homestead enjoys an elevated position amid three acres of established gardens.
With buildings dating back to 1824, it is one of Mudgee's most substantial and oldest homes.
Additions were carried out in the 1980s.
"Wilbetree is arguably one of the finest properties ever offered for sale in the Mudgee district," the marketing by Andrew Blackman at Mudgee First National advised.
 
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Mudgee property, Wilbetree sold

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Greenacres, the former Sutton Forest home of the late veteran ad man Michael Ball, and his widow, Daria has been sold for $3.3 million.
The house contents went up for sale last weekend grossing about $800,000.
The sale of<a href="https://www.propertyobserver.com.au/https://bowral.randw.com.au/rural-for-sale/0000246873" target="_blank"> the 40 ha Hume Highway property</a> was handled by his executor, Daniel Gilbert after being listed through Michael Maloney at Richardson &amp; Wrench. 
The home had initially been listed unsuccessfully with $3.1 million hopes in 2014.
Set behind stately electric gates, the custom built, five bedroom brick home at the end of a tree lined bitumen driveway.
Ball had paid $1.9 million for the property now with country-style homestead that sits in manicured gardens, with paddocks, four dams and cattle yards.
He made headlines in 2007 when he sold his old Sutton Forest estate for $15 million to television industry pioneer Reg Grundy. The 200ha hobby farm retains the mantle of the district's record price.
There were also headlines when he sold a beef cattle property in 2011 for $8.5 million to Aurelius Rural, which unbeknown to Ball was a shelf company for Hume Coal. Ball later said he would never have sold if he had known Hume Coal was the buyer.
There is an auction includes some of Michael's various collections, everything from ancient fossils to 17th century English maps.
Opening bids on some items begin at $200 stretching to $25,000 estimate for a marble statue of a Roman maiden by Benjamin Edward Spence.
A pair of 18th Century Qing stone lions are tipped to sell at $5000 plus.
After spending much of his career overseas and in Asia, Ball's collection reflects his international life during which he founded one of the world's most creative agency brands, The Ball Partnership after having worked for industry legend David Ogilvy.
This article first appeared in the Sunday Telegraph.
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House, contents of former ad man Michael Ball sold

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Rumours abound the Presbyterian Church Property Trust has paid more than $15 million for a 6000sqm beachfront site that includes Sydney's Primrose House at Dolls Point, Botany Bay.
The site, 190 Russell Avenue at Dolls Point is zoned R2 Low Density Residential and part RE1 Public Recreation.
The sale by Government Property NSW, was made through Savills director, Residential Site Sales, Stuart Cox, who said the vendor declined to comment on the confidential sale price.
"The sale was hotly contested by a vast array of buyers including function and wedding venue operators," he said.
"High net worth individuals looking to restore the existing home to its former glory, residential developers, child care operators, hotel operators and schools were also among the bidders.
"Rarely does a circa 6000 square metre parcel of beachfront land situated within such close proximity to the Sydney CBD and all local amenities, get offered to the market.
"This was one of those rare occasions and the market response was predictably enormous with the purchaser paying well above expectations,’’ Mr Cox said.
 
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6000 sqm Dolls Point church site on Botany Bay sold for $15 million

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A 779 square metre double storey building circa 1860 in the South Australian town Kapunda is for sale.
The Ford House, located at <a href="https://www.realcommercial.com.au/property-other-sa-kapunda-502191774" target="_blank">80 Main Street</a>, has an old world charm. 
Most recently, it has been operating as a bed and breakfast, coffee lounge and antiques shop.
It could be converted to a residence, subject to council consent.
Its ground floor consists of a kitchen and meals area, dining room, reception room, lounge or bedroom.
There is also a cellar with main bathroom and laundry, while the first floor consists of four double size bedrooms all with ensuites.
The property is offered through Hambours Real Estate agent David Mosley.
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Kapunda's 1860 Ford House for sale

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A historic cable tram shed and workshop in North Melbourne that has been converted into a family home is for sale.
It was bought three years ago by car collector Chris Page because he wanted to grow his car collection.
He and his family moved from their Carlton home and renovated <a href="https://www.realestate.com.au/property-house-vic-north+melbourne-124078490" target="_blank">the historic 1918 building</a>.
It is a vast five bedroom home with a big garage downstairs as well as a street-facing mechanic business.
He hopes that another like-minded car enthusiast will secure the property.
The property first began as a cable tram shed in the 1920s before being converted into a tramways administration office and then finally into a Mediterranean grocer before being converted into the current home.
The reported asking price $5.5 million property includes the mechanic business space.
The business owner would be happy to stay if the new owner wishes.
The property is offered through Jellis Craig agents John Morello and Simon Mason
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Historic cable tram shed home conversion in North Melbourne for sale

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Brisbane’s Everton Plaza has been earmarked for a major renovation after being sold for $27,700,000.
Brisbane-based private investors acquired the neighbourhood centre, which is situated in the inner city suburb of Everton Park.
CBRE’s Queensland retail investments team of Michael Hedger and Joe Tynan negotiated the deal following a competitive expressions of interest campaign.
The campaign attracted over 94 enquiries, both locally and offshore, with 11 formal offers to purchase tabled.
“Along with experienced retail property development firm, Reds Group, the new owners plan to reposition the Centre and to invest significant capital to turn the 1969 built centre into a popular retailing destination that supports the strong demographics within the Main Trade Area (MTA),” he said.
The well-established neighbourhood centre is anchored by a Coles supermarket and includes two mini-majors and 30 specialty retailers. Key tenants include the Everton Park Medical Centre, Fernwood Fitness, Australia Post, BWS, ANZ and Chemmart Everton Park.
Based on the current net income, the sale was struck at a yield of 7.1 percent.
“Buyers were attracted by the centre’s prominent location and affluent MTA, with household income being approximately 14 percent higher than the Brisbane metropolitan average,” he said.
“While the low cost of debt remains available, we will continue to see a gradual firming of yields, especially with centre’s that offer a significant value uplift with repositioning options.
Situated 9km north-west of the CBD, the property has a gross lettable area of 7,198sqm and is situated on a large inner city landholding of 17,504sqm, providing parking for 230 cars on grade.
It benefits from frontage to two major arterials - Stafford and South Pine Road - and is in close proximity to multiple transport links.
Reds Group spokesperson Bronwyn Timms said the focal point of the redevelopment of Everton Plaza would be a new casual laneway dining precinct known as Park Lane.
“The development is the vision of Reds Group, who has experience in delivering retail centres locally and nationally, including intimate food and beverage precincts,” she said.
“A key attraction for the buyer group was the centre’s strong inner city demographic which has been supported by the interest to date from some of Brisbane’s well known A-grade food &amp; beverage retailers.”
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Investors go shopping with $27 million acquisition in Everton Park

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An opportunity to own a property filled with history and vintage charm is now available in regional Victoria.
It is at <a href="https://www.realcommercial.com.au/property-retail-vic-heathcote-502143410" target="_blank">146 High Street, Heathcote</a>, 30 minutes to Bendigo and 90 minutes to Melbourne.
The brick church is circa 1955 and the wooden hall circa 1850.  Originally the St Andrew’s Presbyterian holding, the 165 year old building is suited for family living and a commercial enterprise.
Located within the bustling heart of Heathcote, buyers could take advantage of Heathcote’s prime position as the gateway to Lake Eppalock with high exposure to passing traffic.
The wooden ‘Hall’ is currently used as an art gallery but the marketing suggests commercial pursuits (STCA) including a small shop or cafe, even dance studio.
It has original features including Baltic pine floor boards, arches and gothic colonial windows.
The building has been re-stumped, re-wired and re-plumbed, has gas heating, split system heating and cooling, and ceiling fans.
This property is being offered through Elders Real Estate agent Martin Skahill for November 18 auction.
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