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.

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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

Ray White

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Matt Debreczeni and Gavin Ottaway, the owners of the Ray White Menai and Sutherland businesses, have teamed up with Matt Johnston, Jill Yankos and Charlie Yankos to open the Cronulla business, creating a "real estate powerhouse" across the Sutherland Shire.
The Cronulla office is an extension of the businesses at Menai and Sutherland.
"We’ll draw on the strength of the systems and structure already in place and bring an unrivalled one-on-one customer experience for the people of Cronulla and surrounding suburbs,” Ms Yankos said.
“Everyone aspires to be in Cronulla, it is such a sought-after beachside destination with great lifestyle benefits of amazing cafes and restaurants.
“We see a lot of people who are downsizing from the Menai area and all over The Shire to live by the beach.
“It is an aspirational suburb and there are many luxury apartments that have been built or are currently under construction in Cronulla.”
“Our goal is to be successful in a competitive market and to keep growing the Ray White brand.
“We aim to provide a very strong brand for our clients,” Jill said.
Combining their personalised service and local knowledge with the Ray White brand, Matt Johnston and Jill Yankos will be at the forefront of the Cronulla business.
Matt Johnston said collectively we have 24 years experience working in the area.
“Our goal is to bring a greater level of service to the community we know and love.”
The current median price for houses in Cronulla is $1.945 million and for units its $825,000.
Ray White NSW Chairman, Stephen Nell said Matt Johnston, Charlie and Jill bring genuine value to the local real estate market.
“They have all enjoyed exceptional careers in real estate and we look forward to supporting the team as they grow,” he said.
 
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Ray White Cronulla office to be opened by five Sutherland Shire agents

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LJ Hooker is set to open up to five new offices in the coming months on Sydney's lower North Shore.
It comes as LJ Hooker mutually ended its franchise agreement with the directors, who operated LJ Hooker Mosman. 
"The move gives LJ Hooker, which has been an iconic brand on the lower North Shore for more than 70 years, the opportunity to open more offices to service the blue chip residential addresses of Mosman, Cremorne, Cammeray, Kirribilli and Neutral Bay," LJ Hooker Network Chief, Graeme Hyde said.
He noted the franchise agreement with the Mosman directors was due for renewal next year.
“The Lower North Shore is one of the most lucrative and vibrant real estate markets in Australia and, as such, we now have the opportunity to open a number of new offices in the area, in lieu of just one, to expand our presence and better serve our customers,” Mr Hyde said.
“LJ Hooker Mosman has always been one of our stronger offices but in this lucrative and fast growing market we believe there are even more opportunities that could be capitalised on. 
“After three generations of ‘LJ Hookers’ being part of the fabric of the lower North Shore, we’re now ready to support a new generation of passionate and enthusiastic business leaders to see us continue to grow in that area.
“The success of offices in this key area is a testament that when you come to our brand and engage in our franchise offering, we can accelerate your businesses success.”
The announcement comes on the back of The Mosman-based LJ Hooker lower North Shore group joining the Ray White network in a shock defection last Friday.
LJ Hooker Lower North Shore directors Richard Harding, Geoff Smith and Bernard Ryan are to undertake the re-brand, seeing the potential for expansion across the region from their already large footprint.
Last October the veteran agent Kingsley Yates departed the Ray White group ending his three decade long franchise association due to "differing directions."
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LJ Hooker responds to Ray White defection by Mosman office

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The Mosman-based LJ Hooker Lower North Shore group is joining the Ray White network in a shock defection.
LJ Hooker Lower North Shore has been operating for 60 years and employs more than 50 people.
It has been run by the same directors for the last 20 years, having come to the fore under the prior stewardship of the late Ron Wilson.
LJ Hooker Lower North Shore directors Richard Harding, Geoff Smith and Bernard Ryan are to undertake the re-brand, seeing the potential for expansion across the region from their already large footprint.
Last October the veteran agent Kingsley Yates departed the Ray White group ending his three decade long franchise association due to "differing directions."
It was reported his departure was the most dramatic sign that the future of franchise is set for turbulent times given lowered agent commissions along with the market listings contraction while all the time lumbered with geographic boundary restrictions of the franchisor. In a small way, the Purplebricks incursion has set the cat among the pigeons too.
There are also whispers a small father-son LNS office is set to be snapped up by the burgeoning ASX-listed, The Agency.
On the Yates exit from the Ray White Lower North Shore last October, Ray White head office indicated it had been keen during the renewal negotiations for wider penetration.
So while it has taken many months longer than anticipated Ray White is now likely to set up more offices across the lower North Shore as an outcome of the defection by the trio and their team.
Ray White Lower North Shore was the largest North Shore agency in the Ray White Group, with a team of 60.
The LJH Mosman move to Ray White represents "a long term strategic step for both businesses" in one of Australia’s largest and most dynamic pricey real estate markets.  
Harding said there was no doubt his business had been operating at its highest level.
“We are incredibly proud of what we have achieved over the past 20 years - and thankful to LJ Hooker for their support and commitment over that time,” he said.
“However we know we are ready to take the next step and have put significant thought into this decision.
“Joining the Ray White Group provides the ideal vehicle for us to become an even greater force in our local area.“
LJ Hooker Lower North Shore director Geoff Smith said the new partnership gives access to the ambitions and values of the White family.
Ray White Group director Dan White, fourth generation of the 115-year-old White Family owned business, welcomed LJ Hooker Lower North Shore.
“This promises to be one of the most important partnerships we have ever entered into and we expect the changeover will formally occur before the end of the financial year,”  Mr White said.
“The re-brand of this exceptional business is the first step in a strategic plan that Ray White has been working on for quite some time that specifically targets Sydney’s crucial lower north shore region, one of the key property markets in Australia.”
LJ Hooker Lower North Shore were a leading office in the LJ Hooker Group and achieved record results in March and again in April.
It operates four departments - residential and prestige property sales, their specialised Urban Living apartment and townhouse sales division, property management, projects and development, managed by director Tim Abbott, as well as retail and commercial, managed by director Scott Stephens.
 LJ Hooker Lower North Shore directors Richard Harding and Geoff Smith pictured above.
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LJ Hooker Lower North Shore jumps ship to take Kingsley Yates's Ray White office

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A heritage-listed CSR Sugar Refinery Building, New Farm has been listed for sale in Brisbane. 
The two-story penthouse at <a href="https://www.raywhite.com/qld/new-farm/1636067/?lang=en#property-description-tab" target="_blank">2531/32 Refinery Parade</a> is situated 4km from the Brisbane CBD, offering views of the Story Bridge, local CBD and the Woolstores, as well as direct river walk access.
The 310 sqm apartment includes features such as a full-sized wine fridge, marble island bench, breakfast bar, custom cabinetry, and a range of stainless steel Miele appliances.
Owners Sarah and David Allen have lived in the apartment for the last four years and are looking to downsize after all three of their children left home.
Ray White Paddington agent Max Hadgelias indicated the owners were looking for interest around the $4 million mark.
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Brisbane's CSR Sugar Refinery penthouse listed for sale

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The May 31 Ray White commercial auction day will take on a regional theme with hotels from Wollongong, Maitland and Picton coming to market.
Blake Edwards from Ray White said the major regional markets are hot spots for hospitality investors seeking yield in growing economies.
"Last year we sold a hotel in Maitland to a very experienced Sydney hotel group for a record Hunter Region price of around $11 million and I think it caused the industry to re-evaluate where there might be better opportunities in the market place," he said.
"Particularly given the quality of the offerings we are showcasing at our May 31 auctions in the form of Maitland CBD's outstanding Belmore Hotel.
"The fact is that a similar quality hotel in Sydney would sell for considerably more than the market price for the Belmore Hotel, and investors are awake to the opportunity to place equity in an investment underpinned by commercial property and strong gaming revenues at more attractive returns," he said.
<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/2017/05/03/Belmore%20Aerial.jpg" alt="" style="font-size: 12.16px;">
Also being sold at the Ray White Auction Day is Wollongong's Unanderra Hotel, which is situated on a 3700 sqm land parcel.
Daniel Dragicevich of CBRE said the recent hotel renovation has attracted a new level of patronage to the offering.
"Hotels in close proximity to large, successful Registered Clubs often do very well; particularly in respect of gaming revenues,where the Unanderra Hotel has recently attributed some strategic capital to," he said.
Andrew Jolliffe, director, Ray White Asia Pacific said recent sales are strong evidence of market health.
"With our catalogue of recent on and off market sales over the past 12 months containing several category sale price records, it is not difficult to draw confidence from our strong transactional dealings," he said.
“We’re a business with international representation via a 1000 office network, hence our market receptors are able to provide us with real-time connectivity to the pulse and strength of various commercial property asset classes; and both recent and immediate future sales we are due to announce will underwrite our continued confidence in the sector."
Also being auctioned on 31 May 2017 are several high quality commercial properties, with Head of Ray White Commercial Jeff Moxham tipping the level of interest on the day to be very high.
"Auctions are at the very core of this company's DNA, and have been for over 100 years; accordingly our strategic auction process has seen outstanding results achieved for our valued client base," he said.
"When managed properly, there really is no substitute for this method of sale, and our recent results both in terms of prices enjoyed and clearance rates achieved, bears clear testimony to the high regard and level of confidence in which we hold our strategic auction process" Moxham commented.
Also being auctioned by Ray White's Blake Edwards on 31 May is the George IV Hotel in Sydney's satellite suburb of Picton.
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Regional hotels at Ray White's May auction day

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A restaurant in Armadale, Melbourne, has sold at auction for $1.22 million by Ray White Commercial Oakleigh.
The property, 857 High Street Armadale, is leased to Zia Rina’s Cucina and was sold by Paul Rizzo of Ray White Commercial Oakleigh for a yield of 3.46 percent.
He said there were three main bidders at the on-site auction and the eventual sale price was $120,000 over the vendor’s reserve.
"The stand-alone retail investment opportunity boasts one of Melbourne’s most reputable Italian restaurants as a long-term tenant," he said.
“Buyers were also attracted to Armadale’s coveted status as one of Melbourne’s most prestigious and gentrified south-eastern suburbs.
“This was a great chance to secure an exclusive stand-alone retail investment with an outstanding tenant in place and the property is returning net rent of $42,230 per annum.”
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Restaurant investment devoured at affluent Armadale auction

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Ray White will complete its first ever horse sale with an event on the mid north coast of New South Wales this weekend.
Around 400 horse enthusiasts are expected to attend the three-day Ray White EPIC Horse Sale event at Kempsey Showground to bid on the 80 registered stock and quarter horses.
There will be 38 mares, 40 geldings and two stallions for sale at the event which commences on Friday with a campdraft and concludes on Sunday with the auction.
The move marks the firm’s latest diversification move after prior expansions into commercial real estate, hotel sales, livestock, rural property and marine transactions.
Chairman of Ray White rural and livestock, Paul White, says the event is a natural evolution for their growing rural and livestock network of agencies across Australia.
“Horses have long been important for stock management in Australia, and this sale is a fitting evolution for our rural sales activities,” White said.
“[Event organiser, Ray White Rural Kempsey principal] Mark Haywood has shown a great deal of initiative to bring the EPIC horse sale to life. We have no doubt it will be a huge local success.”
Pre-works commence Saturday 18 March at 1pm and the horse sale will run from 10am Sunday 19 March.
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Ray White bolts out of the gates with first horse auction

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Ray White Commercial NSW has achieved a 60 percent percent clearance rate with total sales of more than $11.3 million at their first in-house auction event of the autumn selling season.
Ray White Commercial NSW boss Jeff Moxham said three of the five properties sold under the hammer and a fourth with terms agreed shortly after the auction.
A DA approved residential development site at <a href="https://www.commercialrealestate.com.au/property/258-264-pennant-hills-road-thornleigh-nsw-2120-2013365659" target="_blank">258-264 Pennant Hills Road, Thornleigh</a>, (above) marketed by Michael Ajaka and Samuel Hadgelias was sold for $9.5 million under instructions from Bradley Tonks and John Vouris of PKF as Joint and Several Liquidators
Mr Ajaka said the approximately 1,510 sqm site approved for 73 residential apartments as well as five retail outlets was purchased by a Parramatta-based developer.
A free standing commercial building on a 889 sqm block at <a href="https://www.commercialrealestate.com.au/property/10-east-market-street-richmond-nsw-2753-2013356524" target="_blank">10 East Market Street, Richmond</a>, (below) was sold to a private investor who plans to develop the site by Jeff Moxham and Samuel Hadgelias for $1.3 million on behalf of Legacy NSW.
<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/2017/03/14/10%20East%20Market%20Street.jpg" alt="">
 A 63 sqm ground floor commercial office investment at <a href="https://www.realcommercial.com.au/property-retail-nsw-parramatta-502243862" target="_blank">3/4 Charles Street, Parramatta</a>, (below) was sold by Joseph Assaf for $620,000, which represented a sharp 3.6 per cent yield.
Terms have also been agreed on a Metro Petroleum service station and convenience store leased until 2023 with two five year options at 69 Davies Road, Padstow.
<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/2017/03/14/34%20Charles%20Street.jpg" alt="">
Mr Moxham said he was looking forward to a strong year with various sectors of the commercial markets showing positive signs, "in particular investment stock, yields continuing to compress with a wide demographic of investors chasing better returns than the low returns banks are able to currently able to offer.”
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Autumn commercial property auction nets 60 percent clearance rate

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An approved residential development site in the popular northern Gold Coast suburb of Hope Island is being offered for sale via auction by Ray White Commercial.
Stage 2 of the Santa Monica Hope Island project is being marketed by Ray White Special Project Queensland’s Mark Creevey.
Mr Creevey said the 9,212 sqm site at Hope Island Lot 1 Santa Barbara Road has a permit for 154 two and three bedroom residential apartments.
“We are already receiving strong interest in this approved residential development site,” he said.
“The Gold Coast has become the best performing region in South East Queensland for residential land lot approvals and registrations.
“With the 2018 Commonwealth Games on the horizon and major infrastructure projects underway including transportation links, we will definitely see the area's population continue to thrive.”
The Santa Monica Hope Island project is near the Pines Golf Course and directly adjoining Hope Island Canal, offering bridge free access to the Broadwater.
The auction will be held December 8.
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Development site at Hope Island for auction

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A landmark site with redevelopment potential in the prime inner western Sydney suburb of Haberfield has been sold at auction by Ray White Commercial for $5 million.
The 1,324 square metre property at <a href="https://www.raywhite.com/nsw/haberfield/1536838/?lang=en" target="_blank">113 Dobroyd Parade</a> was sold to an owner-occupier.
The current owner had held the property for just under 20 years.
There had been 112 enquiries, 23 inspections and eight contracts issued.
“The successful buyer is an owner-occupier in the medical industry who will develop this substantial site for their new place of business,” he said.
“There is on-site parking for 20 cars while the property includes a first floor caretaker’s unit with separate access.”
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