ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Retail Property

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A prime commercial landholding in Camberwell has sold to a local buyer for $10,050,000 at auction.
The 1,965 sqm block at <a href="https://www.commercialrealestate.com.au/property/398-410-burke-road-camberwell-vic-3124-2015782263" target="_blank">398-410 Burke Road</a> comprises six adjoining retail and commercial freehold buildings in the South Camberwell Retail Village.
The Bakers Wife bakery, the restaurant Squires Loft, Kinban Building Consultants, Dealing in Design and Rod Lord Restorations are just some of the tenants.
Savills Australia agents Jesse Radisich, Nick Peden, and Benson Zhou secured the sale at a tight 1.65% yield and a land rate of $5,120 per sqm within one week following the close of expressions of interest. 
They had strong interest from offshore and local buyers.
Radisich said numerous international and local buyers were attracted to the site’s significant existing rental income, prime location, development potential, and the scarcity of the offering in terms of scale. 
“398-410 Burke Road lends itself to a host of possible outcomes,” Radisich said. 
“In a very positive sign of strength in the market, a cashed up local buyer was able to outbid strong off-shore and other local interest, with an incredibly short settlement period of just 23 days.” 
“The property is located in a Commercial 1 Zone, and the current owner was very deliberate in not putting in place any long-term leases at the property which would restrict short-term development potential. 
"This of course makes the site ideal for a prime mixed-use development in the near future.”  
Nick Peden said it is rare for a site of this scale to be offered to the market within a prime retail strip. 
 
 
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jrobinson-rf4aSBido9

Prime Camberwell commercial block sells for over $10 million

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A Hong Kong investor has bought two prime retail shops across from Luna Park in St Kilda.
He paid $2 million for <a href="https://www.commercialrealestate.com.au/property/4-shakespeare-grove-st-kilda-vic-3182-2015820349" target="_blank">4 Shakespeare Grove</a>, occupied by Bay City Burrito.
It was the bigger of the two spaces at 149 sqm. Bay City Burrito recently signed a 5+5+5 year lease at $118,660 per annum with three per cent annual rental increases.
The smaller 89 sqm retail space, <a href="https://www.commercialrealestate.com.au/property/5-6-shakespeare-grove-st-kilda-vic-3182-2015820350" target="_blank">5 and 6 Shakespeare Grove</a>, is currently the home of Japenese restaurant Gyoza King. That cost $1.45 million.
Gyoza King have a 5+5 year lease since December 2018. They pay $82,400 per annum, also with three per cent annual rental increases.
Both spaces are located just 50 metres from the premium Acland Street retail strip.
Savills agents Nick Peden, Mark Stafford, and Dorothy He negotiated the deals viatwo swift private sale campaigns, achieving tight yields and building rates of $13,423 and $16,292 per sq m. 
Peden said both local and offshore investors were drawn to the properties due to the high quality tenants and renowned location.
“Ultimately these two prime retail investments offered the buyers significant confidence, and highlight the strong buyer demand we are experiencing for revenue generating property.” 
“As interest rates continue at record lows, more and more people are looking to property investment for their savings, making these affordable investments highly sought after in the current market.” 
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Hong Kong investor buys adjoining prime St Kilda retail spaces

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Hotelier Sam Arnaout has sold his King Street, Sydney CBD building for $23.5 million.
It's believed to have been bought by a luxury retailer who had his eye on a heritage building.
Bidding opened at $18 million, with nine bids driving the price to $23.5 million, when it was knocked down by auctioneer Damien Cooley, reportedly to the luxury watch boutique Swiss Concept owner.
The freehold property, marketed as the perfect office HQ by Colliers International agents Miron Solomons and Harry Bui in conjunction with Savills agent Jordan Lee.
Hermes, Louis Vuitton, Dior, Cartier, Boss, Bally, Tiffany &amp; Co, Bulgari, Frank Muller, Chopard, Zegna all neighbour the property.
The 1887-built heritage-listed property spans six levels with a 310 sqm area. It was designed by architects Sheering &amp; Hennessy.
Hermes recently spent $100 million on the nearby 155 King Street.
Miron Solomons of Colliers International said this is a record breaking result for Sydney’s lux hotspot.
“It’s not often that such a high calibre asset goes to auction in the Sydney CBD and it was impressive to see the who’s who of Sydney’s property market whipping out their calculators and cheque books."
According to Jordan Lee, of Savills Australia, the on market campaign saw a range of interest from around Australia and across Asia Pacific.
“We had a lot of High Net Worth privates looking for flagship assets and a lot of clients in Asia hoping to secure a flagship presence in the Sydney CBD” he said.
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jonathanchancellor-7SQnKwU6yx

King Street, Sydney CBD building sells for $23.5 million

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A private South Australian investor has paid $12.95 million on a 7.57 per cent yield for Moelis Australia’s Hollywood Plaza Large Format Retail Centre at Salisbury Downs in Adelaide’s outer north.
According to CBRE Director Investments Justin Dowers who brokered the Expressions of Interest deal with Mark Wizel, Kevin Tong, and Michael Fenton, the property attracted significant local and international interest eliciting seven formal offers.
The asset features include, full occupancy, the integrated nature of the six tenancies and space available for future expansion.
It is located opposite the Hollywood Plaza shopping centre.
The fully leased, 8080 sqm centre, returns an annual net income of $980,000 from six separate tenancies including Cheap as Chips, Supercheap Auto, Salvation Army and Anytime Fitness, with a WALE of 5.8 years.
Mr Wizel said the 3.7 hectare site presented investors with significant value-add or expansion opportunities, including mixed-use development, due to the low 22 per cent site coverage.
Mr Dowers said some positive news regarding the South Australian economy was also noted by purchasers.
"South Australia is currently experiencing a period of growth buoyed by significant investment in key sectors including the ship building program and the $5 billion investment in the largest teaching hospital in the Southern Hemisphere, projects which are expected to benefit the state for decades to come," he stated.
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j.ballantyne1990-6AQqhLzZaK

Adelaide's Hollywood Plaza retail centre sold for $13 million

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The Clifton Hill warehouse of Schots Home Emporium has been listed for sale given their closure plans next year.
Schots have opened newer stores in Geelong and Moorabbin in Melbourne's South.
The landmark red brick building at <a href="https://www.propertyobserver.com.au/%20https:/www.realcommercial.com.au/property-offices-vic-clifton+hill-503241878" target="_blank">380-406 Hoddle Street</a> is leased to Schots until April 2020, with options for only two x one month extensions.
Schots bought the building with 5,305 sqm floor space for $613,000 in 1994. It's expected to fetch upwards of $20 million.
It was built as a shoe and boot factory in 1913.
<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/2019/7/2/Schots%20Hoddle%20Street%20Clifton%20Hill%202.jpg" alt="">
The building sits on a prime 2,140 sqm plot described as an island site by Colliers International agents Peter Bremner, Ted Dwyer and Andrew Ryan given it has four street frontages to Hoddle, Noone and Parslow Streets, as well as a rear lane.
The three storey building has been called "the most exciting opportunity to hit the market in the Melbourne City Fringe so far in 2019" by the Colliers team.
It will be sold with a short-term holding income of $800,000 per annum until the end of the lease in April. 
 
 
 
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Schots Home Emporium list their Clifton Hills store

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A William Street, Paddington terrace owned by Christine Tourgelis, the family matriarch of Paddington's famous independent gift and homewares retailer Opus Design, has hit the market.
Tourgelis, who with her husband Tass bought the original Opus Store in 1978 on Oxford Street, spent $590,000 on the 1890s terrace back in 2000.
Since then <a href="https://www.realcommercial.com.au/property-retail-nsw-paddington-503226130" target="_blank">15 William Street</a> has been home to a number of retailers, but never Opus.
It is currently occupied by Wil Valor tailors and G&amp;L Handmade Shoes.
The two level property has two bedrooms upstairs.
There's a private courtyard with rear lane access on the 80 square metre parcel.
<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/2019/6/18/William2.jpg" alt="">
It sits next door to fashion designer Sonya Hopkins' luxury knitwear store.
Richard Movsessian at Coastline Agency Maroubra suggests the building is ideal as a residence, gallery or designer boutique to live and work from.
Opus was founded by Christine and Tass in 1968, 10 years before they bought their first store on Oxford Street.
Four years ago they moved to a bigger 500 square metre space on Oxford Street which they converted from an old bank.
They dedicated a second level to furniture, art and soft furnishings.
They also have a sister store, OCTOPUS, on Newtown's King Street, which they opened in 2002.
The family ran business has is currently being run by Chris Tourgelis, Christine and Tass's son.
Their daughter Irene has also worked at Opus for over 15 years.
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Opus Design founders list William Street, Paddington terrace

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A Toorak retail premises that is currently occupied by Bakers Delight and NewsXpress has been listed for sale.
The 255 sqm, two level building at 479 and 479A Toorak Road is divided in to two tenancies.
NewsXpress fronts Toorak Road, while Bakers Delight occupies the rear of the building.
The two current tenants provide a returning total income of $167,116 per annum.
Set between Wallace Avenue and Grange Road, the double-fronted building sits in 205 sqm with nearly six metre frontage to Toorak Road and Jackson Street carpark.
Teksa Carson agents Fergus Evans and Michael Ludski are marketing the property for a June 21 auction.
<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/2019/5/29/Toorak2.jpg" alt="">
Evans says Toorak Road is arguably one of Melbourne's most coveted retail shopping strips.
"It really is a prestigious, blue-chip, location that doesn’t offer assets of this calibre to the market very often and as such it will undoubtedly attract the attention of astute retail strip investors,’’ Evans said.
Ludski said the strip retail market had prospered recently and continued to attract attention from small investors despite the headwinds facing some sectors of the market.
"The ongoing strength of the market is about the traditional popularity of this asset class for smaller investor, as well as the increase in demand for this type of property as investors drift away from a somewhat troubled residential sector.
"We are also seeing an uptick in interest from buyers financed off-shore and a more nuanced attitude to investment particularly from buyers looking longer term and particularly around any potential for development upside,’’ Mr Ludski said.
 
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Tudor-style Toorak home of NewsXpress and Bakers Delight for sale

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Two adjoining commercial premises on Woollahra's iconic Queen Street strip have been listed for sale.
There have only been two sales on Queen Street in the last 12 months.
The property's, being sold in one line at <a href="https://www.realcommercial.com.au/property-retail-nsw-woollahra-503193066" target="_blank">146 and 148 Queen Street</a> both have four metre street frontage to Queen Street.
They have been described as super prime retail investments, sitting near the corner of Holdsworth Street.
Japanese restaurant Izy Izakaya own and occupy number 146 which cost $200,000 in 1984.
<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/2019/5/28/Queen2.jpg" alt="">
Next door is being offered with vacant possession.
Savills agents Tom Tuxworth, Nick Tuxworth and David Hickey have expressions of interest until June 19.
“This property will give both investor and owners occupiers the opportunity to add instant value through repositioning to take full advantage of customers who live in the third wealthiest suburb in NSW and bustling 7-day pedestrian foot traffic on Queen Street." Tom Tuxworth said.
“146 &amp; 148 Queen Street, Woollahra is surrounded by institutions including Victor Churchill, Chargrill Charlies, Bistro Moncur, Chiswick, Woollahra Luxe and Big Mamas.
"Both shops have been held for over 30 years so we expect significant local and offshore interest mainly due to the irreplaceable nature and scarcity of opportunities like these being offered to the market” he said.
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Savills list adjoining Queen Street commercial premises

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EXPERT OBSERVER
After weeks of <a href="https://www.insideretail.com.au/news/macquarie-report-says-up-to-60-big-w-stores-may-need-to-close-201903" target="_blank">speculation</a>, Woolworths has confirmed it will close 30 of its Big W stores in Australia, as well as two distribution centres. This represents <a href="https://www.woolworthsgroup.com.au/page/media/Press_Releases/woolworths-group-market-update/" target="_blank">about 16%</a> of its 183-strong network.
The obvious culprit, and the one identified by many analysts, is online shopping.
As one <a href="https://www.news.com.au/finance/business/retail/woolworths-announces-closure-of-30-big-w-stores-after-slow-profit-improvement/news-story/f8ff7222fded595ec627dd7d9a45e7e8%5D" target="_blank">industry analyst explained</a>: “The physical department store footprint is likely to continue to shrink as online sales penetration increases further.”
Online shopping is certainly a factor, but it is not the primary reason for Big W’s troubles.
Though online shopping in the department and variety stores category is growing fast (by 29.6% in 2018 according to the NAB <a href="https://business.nab.com.au/wp-content/uploads/2019/03/NAB-Online-Retail-Sales-Index-January-19.pdf" target="_blank">Online Retail Sales Index</a>, the total amount of money spent online by Australian shoppers – A$28.8 billion – is still only about about 9% of what is spent in traditional bricks-and-mortar stores.
<hr>
<a href="https://images.theconversation.com/files/267227/original/file-20190402-177163-y5vxk8.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/267227/original/file-20190402-177163-y5vxk8.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Online retail sales growth by industry in the 12 months to December 2018, <a class="source" href="https://business.nab.com.au/nab-online-retail-sales-index-quarterly-update-december-2018-33296/" target="_blank">NAB Online Retail Sales Index</a>
More important to Big W’s woes is the growth of the so-called category killers, which are disrupting the entire discount department store business model. It a threat to which Big W has failed to respond with the same agility of rival <a href="https://www.cmo.com.au/article/658773/kmart-turnaround-king-takes-chairman-post-gyg/" target="_blank">Kmart</a>.
<h2>Departed departments</h2>
If you’re old enough you may remember getting your wall paint mixed in the Big W hardware department, or buying car accessories from its automotive department. There was also a large “sight and sound” department filled with televisions, sound systems, videos and CDs. Discount department stores truly lived up to the idea of a variety store.
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‘You know the price is low, everyday’: A television advertisement for Big W in 1994.
But the profitability of all these market segments for department stores has been eroded by the growth of “<a href="https://www.insideretail.com.au/news/category-killers-breaking-hearts-everywhere-201709" target="_blank">category killers</a>” – retailers specialising in the same product categories.
Examples include Office Works for office supplies, Rebel for sports equipment, JB Hi-Fi for audiovisual, Super Cheap Auto for car parts, and Bunnings for hardware. All have taken market share from the discounters. These stores compete on price and have superior range, and shoppers trust the expertise of staff working in a specialist shop.
<h2>Speed of change</h2>
The popularity of category killers explains in large part the stagnant sales and talk of store closures throughout the department store segment.
Harris Scarfe and Best and Less <a href="https://www.insideretail.com.au/news/greenlit-brands-holds-off-disaster-201810">are reportedly</a> struggling. The Reject Shop’s net profit for the first half fell from an expected A$17 million to less than <a href="https://www.afr.com/business/retail/reject-shop-shares-plunge-40pc-after-profit-downgrade-20181017-h16qqu" target="_blank">A$11 million</a>. <a href="https://www.afr.com/business/retail/david-jones-interim-profits-plunge-39pc-20190221-h1bisz" target="_blank">David Jones’</a> half-year profit fell 39% to A$36 million. <a href="https://www.powerretail.com.au/multichannel/myer-1h2019-results/" target="_blank">Myer</a> reported a 2.8% drop in total sales for the same time frame.
Wesfarmers expects earnings from its department store brands Kmart and Target to fall about 8% this financial year. Eight Target stores closed during the first half of the financial year, with another six closures expected by the <a href="https://www.wesfarmers.com.au/docs/default-source/asx-announcements/2019-half-year-report-(incorporating-appendix-4d).pdf?sfvrsn=0" target="_blank">end of June</a>.
<h2>Cutting losses</h2>
Kmart is considered Australia’s discount department store “darling”. A decade ago it was on life support. Under the direction of chief executive Guy Russo <a href="https://www.afr.com/business/retail/wesfarmers-sticking-with-its-strategy-despite-setbacks-for-target-and-coal-20160624-gpr87n" target="_blank">it doubled it profits by 2015</a>.
A key to the turnaround was recognition it needed to quickly reduce or exit categories it could not compete in, such as hardware, automotive, fishing, consumer electronics and sporting goods. It has <a href="https://www.news.com.au/lifestyle/home/interiors/meet-the-woman-behind-discount-retailers-cheap-homewares/news-story/c3b87320cea433d89b2d894f34438c4a" target="_blank">turned to</a> homeware, soft furnishings, manchester and kitchenware.
There appears no such swiftness in Big W’s moves.
Big W’s chief executive from January to November 2016, Sally MacDonald, reportedly wanted to closes stores and make other major changes but <a href="https://www.afr.com/business/retail/woolworths-to-shut-30-big-w-stores-20190401-p519jr" target="_blank">was thwarted by the board of Woolworths Group</a>, owner of Big W.
Such differences in strategic vision explain why MacDonald left the role within the year.
This process of “right-sizing” therefore seems long overdue. To what extent it makes Woolworths a sustainable business, however, will depend on future response to changing circumstances.
What is certain is that discount department stores aren’t what they used to be; and if they want to be around in future, they probably can’t be what they are now.<img src="https://counter.theconversation.com/content/114630/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/gary-mortimer-1322" target="_blank">Gary Mortimer</a>, Associate Professor in Marketing and Consumer Behaviour, <a href="http://theconversation.com/institutions/queensland-university-of-technology-847" target="_blank">Queensland University of Technology</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-trouble-with-big-w-dont-blame-online-for-killing-discount-department-stores-114630" target="_blank">original article</a>.
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The trouble with Big W: don't blame online for killing discount department stores

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For the first time in 18 years, some 20 Sydney CBD street kiosks are to be leased.
They were originally built for the Sydney Olympic Games in 2000.
The kiosks permitted uses include fruit, flowers, news and general retail style operations.
Michael Tuck, Senior Executive, Retail Leasing at Colliers International said it presented an "exceptional and rare opportunity" for local businesses to secure prime retail positions in the heart of Sydney CBD.
Earlier this year, the Colliers International Real Estate Management team were appointed by City of Sydney to manage property portfolio, consisting of approximately 400,000 square metres of commercial and community property.
The Colliers team are seeking Tenants for the approximately 20 Street Kiosks across the City.
One such kiosk is <a href="https://www.realcommercial.com.au/property-retail-nsw-sydney-503066802" target="_blank">1 Temperance Lane</a> (pictured above).
Set on 10 square metres it is situated in a laneway just off George Street in the food and beverage precinct.
The listing states the kiosk is "ready to trade" and approved for 9PM closing (6am opening).
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