A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.

The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.

Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" />

The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.

The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.

Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" />

The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.

The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.

Joel Robinson

Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct

Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.

The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.

Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.

The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.

Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" />

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.

“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.

“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;

Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;

The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.

Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" />

A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.

Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;

The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.

Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.

Hampton unveils Trackside Gardens, latest stage of $3 billion Moonee Valley Park masterplan

The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.

Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.

The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.

Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp; 
&nbsp;&nbsp; &nbsp; 
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.

“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172174]

A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.

Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;

“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;

“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=214819]

Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.

The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;

S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172175]

Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;

“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."

“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.

[smartcode_project_cta:default project_id=102921]

Owners move in as Esprit completes at Rainbow Bay

Few developers can boast a portfolio across South East Queensland's luxury markets quite like <a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a>.

The builder-developer, founded in 2004 by Managing Director Brook Monahan, has projects in planning, on the market, and under construction, from Burleigh Heads and Broadbeach to Kangaroo Point and South Brisbane.

With a pipeline exceeding $2 billion, Mosaic remains highly selective when it comes to development sites, having spent years refining its strategy around feasibility research and product planning. The group is set to continue growing into 2026 and beyond.

In Brisbane, Mosaic currently has three projects in the market. It is in the final release stage at <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford</a> in Kangaroo Point, which is approaching complete sellout ahead of its late 2027 completion.

[smartcode_project:default project_id=134792 project_image_fid=328123]

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, The Bedford comprises 128 two- and three-bedroom residences. A selection of ultra-luxury Masterpiece Series Skyhomes, positioned across the top levels, offer expansive floor plans and sweeping views of the river and city.

High-end inclusions, such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature throughout all apartments, alongside the Rooftop Recreation &amp; Retreat Sky Terrace. This includes a resort-style pool with sun deck and loungers, spa, cold plunge pool, sauna, steam room, private dining room with a full kitchen, residents' lounge, multiple barbeque and relaxation zones, an outdoor viewing deck, and landscaped gardens with water features, all oriented to sweeping city and river views.

A gym with indoor and outdoor zones, and a golf simulator, further enhances recreational choice within the building.

[smartcode_project:default project_id=134792 project_image_fid=328119]

A defining feature of the development is its integrated mixed-use component, which will deliver Kangaroo Point's first major supermarket, alongside a café and liquor store, bringing long-awaited convenience to the peninsula.

Monahan says The Bedford represents the culmination of a near-decade-long journey, after first identifying the A-grade Prospect Street site in 2016. While they came close to acquiring it at the time, the site was ultimately purchased by Woolworths' development arm, Fabcot. The opportunity resurfaced in 2024 when the site, vacant for nearly three decades, was brought back to market.

Monahan says Mosaic projects often begin years before any formal plans are drawn. Their new South Brisbane development is no exception, with the site first earmarked in 2018.

"We aren't opportunistic," Monahan says. "Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

[smartcode_project:default project_id=141711 project_image_fid=353495]

A similar story unfolded at <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a> in Kangaroo Point, opposite The Gabba. Like The Bedford, it is also approaching sellout of its 125 two- and three-bedroom apartments. The majority of sales are attributed to returning customers and referrals, with a balanced mix of investors and a strong majority of owner-occupiers.

BDA Architecture was again engaged to design the 22-storey building, which will feature a suite of wellness and lifestyle amenities, including a golf simulator and cinema, a commercial-grade gym, and a rooftop recreation level with a pool, steam room, sauna, cold plunge, teppanyaki bar, private dining spaces, and landscaped terraces.

Construction is on track for completion in mid-2027.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Mosaic's latest offering is its most ambitious yet, boasting a rare, north-facing riverfront position on Montague Road in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale by Mosaic</a> is a 39-storey tower comprising just over 200 residences and Masterpiece Series Sky Homes. Designed in partnership with Bureau Proberts, it will feature nearly 3,000 sqm of genuine, internationally benchmarked six-star, hotel-style amenities, including a wellness precinct, pool, gym, massage and treatment rooms, cinema, golf simulator, and extensive outdoor dining areas across a two-level rooftop deck.

Early works are underway, with full construction expected to commence in the second half of 2026, and an anticipated late 2029 completion.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Since 2012 alone, Mosaic has completed more than $2 billion in projects and is set to deliver another $2 billion worth of developments, comprising hundreds of luxury apartments, each defined by Mosaic's signature standards of quality, detail, and delivery.

"We never arrive, there is no finish line," says Monahan. "Our ambition is to keep evolving what luxury means, creating design- and lifestyle-led residences in incredible locations, places people genuinely aspire to and want to live, homes that are loved deeply and endure long beyond their moment."

Mosaic's Midas Touch

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.

Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite. 
&nbsp; 
Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
&nbsp; 
Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space. 
&nbsp; 
Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
&nbsp; 
Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
&nbsp; 
Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said. 
&nbsp; 
"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street. 
&nbsp; 
Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

Retail Sale

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A private investor has fought off strong competition to secure a Carlton retail property for $3.96 million at auction. 
With a crowd of more than 200 people, the bidding started at $2.4 million before selling to a local buyer for a land rate of close to $30,000 per sqm.
The auction was held onsite as 265 Lygon Street was sold with a six year lease, providing an annual income of $148,567 and a 3.3 percent yield.
The freehold property, which sold for $1 million over the reserve, comprises a highly exposed building with prominent frontage to Lygon Street, as well as rear laneway access. 
CBRE’s Rorey James said the property was keenly sought after, attracting a total of 85 bids on the day. 
“The strong level of interest seen in this property is an indicator that core retail property will always be in demand, from both an international and domestic perspective,” Mr James said. 
“Furthermore, the recent interest rate drop to 1.75 percent is fuelling more interest from investors looking to inject capital into real estate.” 
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Carlton retail property sells $1 million above reserve

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Colliers International are auctioning a portfolio of four G8 childcare centres and seven neighbourhood retail shops across Queensland and South Australia on Wednesday 15 June at 10.30am.
The Ormeau Kids and Ormeau Shopping Centre at 1 Arthur Way in Ormeau, Queensland can be purchased separately or together. The childcare centre has a 10 year lease with options through to 2041. The shopping centre is 100 percent leased with 7 retail tenancies including Pizza Capers, Liquor Legends, Friendly Grocer, Thai Restaurant, Café, Chemist and Hairdresser.
Coomera Kids at 1/1 Brygon Creek Drive Upper Coomera, Queensland has 224 places over 3,743 sqm and a fully leased net income of $523,185.
Upper Coomera Kids at 35 Nicola Way, Upper Coomera, Queensland has 138 places over 2993 sqm and a fully leased net income of $322,319
<div id="x_prop3iconoption3_START">Morphett Vale Early Learning Centre at 105-107 Flaxmill road Morpheme Vale, South Australia has 85 places and a fully leased net income $187,487. It is on a land area of 1,902 sqm.</div>
<div> </div>
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Portfolio of four G8 childcare centres going to auction

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A local Melbourne investor has secured a sushi bar in the seaside town of Rye on the Mornington Peninsula in Victoria.
It fetched $1.565 million at auction.
The 194sq m retail property tenanted by Sushi Express at 2379 Point Nepean Road sold at a yield of 3.3 per cent.
CBRE negotiated the sale for a local family vendor.
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jchancellor-FAypfDUnLy

Rye sushi sells at 3.3 percent yield

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A property leased to burger franchise Grill’d on Clarendon St South Melbourne has sold at auction for $3.36 million.
The retail outlet at 278 Clarendon Street, South Melbourne, is a two-level building wholly leased to Grill’d on a new 7 and 7-year deal that sold through Fitzroys agents Andrew Hewett and David Bourke.
Hewett said Clarendon Street has recently seen a resurgence in service retail and fashion sectors and has long been a hub for popular eateries.
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Clarendon St Melbourne burger franchise sold at auction

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The Novotel Melbourne on Collins and the new fashion and dining precinct, St Collins Lane, is up for sale with expectations of $500 million through an expressions of interest campaign.
The hotel and retail component are offered individually or in-one-line.
The Novotel Melbourne comprises 380 guest rooms, conferencing facilities, restaurant and bar, while the soon-to-be-completed St Collins Lane on the famous Collins Street will offer more than 9,000 sqm of GLA across four floors (plus a mezzanine level).
With over 60 stores, the centre has pre-commitment by a number of international brands including Coach, TAG Heuer, Reiss, Maje, Sandro Paris and The Kooples, along with a host of luxury Australian brands, as well as popular restaurants including Burger Project and Los Vida. The shopping and dining precinct will be launched on May 12.
The transaction will be handled by JLL’s Craig Collins and Simon Rooney. 
“Novotel Melbourne on Collins is one of Melbourne’s leading hotels benefiting from proximity to key demand drivers," said Collins, CEO JLL Hotels &amp; Hospitality Group Australasia.
"After strong focus on Sydney hotel investment we are seeing several investors move their attention to Melbourne where the city’s strong events offering, cultural experience and strong financial hub has positioned it on the world stage.” 
According to JLL’s head of Retail Investments for Australasia, Simon Rooney, “Major CBD shopping centres are a  highly sought after retail asset class at present, given their high sales productivity, ability to provide solid long-term and sustainable income growth and tightly held nature. 
He said CBD retail transactions touched a record high of $1.2 billion in 2015. 
The EOI campaign closes June 2. 
Recent major CBD retail transactions include:
<ul>
<li>World Square Shopping Centre &amp; Car Park (50%), Sydney, sold by Brookfield for $285 million to ISPT in December 2015</li>
<li>Rundle Place &amp; 80 Grenfell Street, Adelaide, sold by epc.Pacific for $400 million to Blackstone in December 2015</li>
<li>206 Bourke Street, Melbourne, sold by Hiap Hoe for $116.28 million to ISPT in December 2015</li>
<li>Myer Centre Adelaide, sold by Novion Retail Partnership for $288 million to YTL Starhill Global REIT in May 2015.</li>
</ul>
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Novotel Melbourne and Collins St retail centre expected to sell for $500 million

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A Woolworths supermarket in Burnie on Tasmania's North West coast has been snapped up by a Melbourne investor for $18.1 million.
The property at 212-230 Mount Street was sold through an expression of interest campaign managed by Graeme Watson and Shaun Venables of Burgess Rawson.
The net rental from the single-tenanted property is $1,236,483 pa plus GST, implying a yield of 6.8 per cent.
The recently refurbished 4,000 sqm supermarket on the 10,978 sqm site is on a renewed 20-year lease to 2031 plus options to 2051.
It also comes with a car park for 195 vehicles.
The property was offloaded by a syndicate of three Tasmanian investors. 
Burnie, a major commercial centre and Tasmania's major port, has an estimated catchment population in excess of 50,000.
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Woolworths in Tasmania's Burnie bought by Melbourne investor for $18.1 million 

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Industrial land sales have been off to a good start in 2016 with two recent multimillion dollar sales in Coopers Plains in south western Brisbane.
A 1,614 square metre site at 886 Beaudesert Road, Coopers Plains sold for $1.225 million, while the adjacent 888 Beaudesert Road, Coopers Plains (2,860 square metres) site went for $2.6 million.
Both deals were brokered by Nick Comino and Greg Tate of Raine &amp; Horne Commercial.
The purchaser, developer Synergy Property Partners, is combining the sites to house a Puma Fuels Service Station and a Gloria Jean’s café. Both have signed 15-year leases.
The properties were sold by two independent vendors, who agreed to join forces to market the sites as a packaged deal.
“By working in tandem, the vendors were able to attract huge enquiry numbers for their sites from developers in Brisbane and interstate,” said Nick.
 “The ability to buy the joint parcels in such a high visibility location such as Beaudesert Road was extremely appealing to developers and investors.”
As proof of the location, a recent count of passing traffic showed around 45,000 vehicles travel past the two sites daily. 
The site offers the opportunity for multi-tenant usage or for a single tenant to lease the site.
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Two industrial land parcels in Brisbane's Coopers Plains sell in multi-million dollar deals

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Retail investment hit $8.4 billion in 2015 across all retail sub-sectors, according to JLL's Australian Shopping Centre Investment Review &amp; Outlook with sub-regional shopping centres being the standout market.
Offshore investors purchased the highest level of retail assets in Australia on record and are expected to lead the buying demand again in 2016, according to JLL’s head of retail investments Australasia, Simon Rooney, who added the record level of offshore investment in 2015 at $2.4 billion is a clear indication that Australian retail property remains attractive in a global context due to the stability of returns and transaction scale.
“2015 was another record year for the retail investment market and yields reached new benchmarks for core assets. Owners were cognisant of the significant volume of primarily-offshore capital that is seeking transaction scale in highly transparent and low-volatility markets, while also taking advantage of the weaker AUD and historically low debt costs," he said. 
“We expect transaction activity to remain elevated in 2016 as a result of pent-up demand for assets, primarily from passive sources of capital, and vendors that are motivated to sell non-core assets and mature, stable assets that have limited opportunity to add value.
“The record level of offshore investment in 2015 at $2.4 billion is a clear indication that Australian retail property remains attractive in a global context due to the stability of returns and transaction scale." 
<a href="/images/2016/03/9/Screen%20Shot%202016-03-09%20at%202.20.21%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/9/Screen%20Shot%202016-03-09%20at%202.20.21%20PM.png" alt="">
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Retail transaction volumes in Australia hit the $8 billion mark for the first time

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An iconic Melbourne CBD building which was first traded in 1965 for $57,000 is back on the market with an enviable, fully-leased, tenancy profile boasting two tenants who have been on site for an average 30 years.
The 185-187 Lonsdale Street property is for private sale with an asking price of $9.9 million
The property is at the corner of Waratah Place, directly opposite QV and within both Melbourne’s Chinatown and Greek precincts -- the key to the longevity of the tenants, according to Nick Peden and Clinton Baxter of Savills, who are marketing the property with Burgess Rawson’s Jamie Perlinger and Nick Breheny,
One of the tenants, Greek cake house International Cakes, has been a tenant at the building for 46 years – one of the longest running retail-strip tenancies in the city.
"This is a really interesting building not just because of the beautiful architecture but because its standing in two of the CBD’s most iconic cross-cultural precincts – Chinatown and the Greek precinct – and of course the two tenants whose exceptionally long leases are testament to the value of the right location," said Peden.
"Chinatown is one of Melbourne's most vibrant and popular 24-hour precincts, while the Greek precinct serves a Greek population which is the largest in the world outside of Greece.’’ 
Perlinger said the three level, 550 square metre, building remained in excellent condition and stands on a 188 square metre site with a combined 30 metres frontage to Lonsdale Street and Waratah Place.
International Cakes is on a current five-year lease with two further extensions at a net rental of $240,000 per annum, while WahWah Lounge, which has been in occupation for 15 years, has a three-year lease with two three-year options at a net rental of $114,545 per annum.
International Cakes has an Australia wide reputation for producing a wide range of Greek style cakes, pastries and tarts including pasteli, nougat, halva, and loukimi.
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Historic Melbourne CBD building, first traded for $57,000, back on market

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A site leased to Mitre 10 in Melbourne's Sorrento for 35 years recently sold for $11.465 million, nearly $6 million above its reserve price after furious bidding.
The owners of 80-98 Ocean Beach Road property in the popular holiday spot had set the reserve at $5.5 million, but competition amongst 10 bidders pushed the result to more than double that mark.
The yield works out to just 0.39 percent, one of the tightest yields ever recorded in Victoria.
A spokesperson for selling agent CBRE said no one saw the result coming, and it's finish was just as unusual it appears.
“We knew that there was some X-factor potential with this property due to its location and 40+ metre frontage to the main street, but the auction result exceeded expectations beyond comprehension,” the spokesperson said.
Selling agent CBRE defended its handling of a high-profile commercial property auction in Sorrento on Victoria's Mornington Peninsula, after the bidding was restarted at the end of the auction.
A number of those present told The Australian Financial Review the property had already sold under the hammer before a dispute arose; the property was subsequently put back on the market, and bidding resumed. The original winning bidder lost out.
The property comprises a 2,601 sqm block of land with 1,217 sqm of improvements, with street frontage on Sorrento’s main street. It has leases in place until at least 2020 to Mitre 10 and O’Brien’s Removals and Storage, but is being touted as a future development site.
Three of the bidders were Chinese developers and investors, but the winning bid came from a local investor, the spokesperson added.
“Whilst the property is potentially not earmarked for an overly large-scale development, there was a ground swell of buyer interest from parties with property in their blood wanting to deliver a project in their own backyard."
It was 1946 when Jack Womersley bought interests in a local Frankston timber mill which dated back to 1922.
In 1959, Jack became one of eight founding members of Mitre 10, before handing the reigns to sons Geoff and Fred.
The business has been run by Jack's grandson's Stuart, Peter and Scott Womersley.
The family purchased Sorrento Timber and Hardware in 2004 and the Chelsea Heights Mitre 10 store in 2007.
A former Mitre 10 site on Sydney's northern beaches sold earlier this month.
The nearby Continental Hotel at Sorrento is under offer, listed by the Di Pietro family with $15 million expectations last March.
 
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