Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Warehouse

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There's whispers Telstra CEO Andrew Penn and wife Kallie Blauhorn have bought in Prahran.
The pinpointed $3.5 million purchase would represent an interesting move as its a warehouse advertised by Teska Carson as a blank canvas for a state of the art home office. There's talk an art gallery residence could be on the drawing board.
Set on 500 sqm, the warehouse came with permit for 10 luxury apartments. 
The couple have listed in South Yarra where their contemporary townhouse comes with price expectations between $3 million to $3.3 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/30/Screen%20Shot%202017-08-30%20at%202.48.01%20pm.jpg" alt="">
It cost $2.35 million new some seven years ago.
The UK-born executive migrated to Melbourne in 1992 and joined Telstra in 2012 as their chief financial officer.
This article first appeared in The Weekend Australian Mansions Australia section.
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Whispers Telstra CEO Andrew Penn has bought Prahran warehouse

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A Victorian warehouse is soon to go under the hammer through Colliers International.
The <a href="https://www.realestate.com.au/property/79-83-abercrombie-st-chippendale-nsw-2008" target="_blank">79-83 Abercrombie Street</a> property in Chippendale is a three-story warehouse. 
The inner-city suburb of Chippendale is witnessing a growing trend with its industrial buildings being brought back to life. Old warehouses are being converted for creative commercial use, student accommodation and residential, leveraging off the increased expenditure from institutions such as UTS, Sydney University and Notre Dame, noted Colliers.
The listing agents are Miron Solomons and Matt Pontey of Colliers International.
The Abercrombie Street property has a colourful history, previously housing  J.C. Goodwin &amp; Co, glass importers, bevellers and silverers who were first established in the area in 1875. 
“The firm started at 79-83 Abercrombie Street and by the 1930’s had expanded to four factories in Myrtle Street. The building to this day, retains its local significance with the facade emblazoned with the company’s name,” said Miron Solomons.
The property was recently restored and sits on 393 sqm of land on the corner of Abercrombie Street and Myrtle Street. 
Boasting high ceilings and exposed timbers, the building is a throwback to Chippendale’s past.
The influx of new mixed use project in the nearby Central Park development has seen an increasing push in the surrounding area for Chippendale’s industrial warehouse past to be transformed to alternate uses.
“Chippendale is now at the forefront of being Sydney’s SOHO, south of the Sydney CBD this suburb is on the path to being one of Sydney’s most hotly contested locations,” said Matt Pontey.
“79-83 Abercrombie Street exudes New York loft style with exposed timber beams and an enviable ceiling height, abundant parking and loading dock, the building is a special piece of history that should not be overlooked.”
He said Colliers was witnessing a huge demand in the city fringe for creative office space conversions, as emphasized by the recent purchase of a Chippendale warehouse at 14-16 Buckland Street for $11.25m to UTS.
The property sold in 2001 for $2,120,000, according to CoreLogic data. 
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Period warehouse in Sydney's Chippendale up for auction 

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When mixed-media artist James Powditch and his wife, graphic designer Diane Adair bought their Annandale home, it was just an empty shell of a warehouse.
Now its being marketed as one of the best warehouse residences in Sydney. The listing photos show the couple's collection of industrial and vintage furniture and contemporary art.
BresicWhitney agent Chris Nunn has a $3.5 million price guide for a June 24 auction.
Initially the 320 sqm building had only windows and a roller door facing the street when the couple paid $1.05 million before its conversion in 2010.
With the help of architect friends, Powditch designed the home which included the addition of a second story mezzanine level and an internal courtyard.
Offering 500 sqm of internal living space, the modern home features exposed concrete walls, original steel and blonde timber.
It has five bedrooms.
Powditch said the building reflects his aesthetic through a sense of logical order, raw materials, reuse and layering.
Annandale's last sizeable warehouse sale was when the former chief executive of Tourism Australia, John Morse, secured $1.2 million.
Set on a 241-square-metre Nelson Street block, <a href="https://www.bresicwhitney.com.au/real-estate/id/property/10592/annandale/15-nelson-street/?searchsubtype=address&amp;searchType=sale" target="_blank">the converted warehouse</a> had been bought for $981,000 in 2009 and then re-roofed.
The property previously traded at $850,000 in 2005 and $352,000 in 1997. 
This article first appeared in the Sunday Telegraph.
 
 
 
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Artist James Powditch lists Annandale warehouse conversion

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Industrial units in a complex at Murwillumbah in far north coast NSW have been sold by Ray White Commercial for $1 million.
Units 1 &amp; 2 at 5 Hayley Place, Murwillumbah, Burringbar, were sold off-market to a private buyer by Darren Jones and Assi Dadon of Ray White Commercial on behalf of a private owner.
Jones said the vacant properties had easy access to the Tweed Valley Way.
“These high clearance warehouse buildings are in a quiet location and offered three entry doors as well as a substantial hardstand area at the rear,” he said.
Unit 1 is a 450 sqm warehouse. Unit 2 also has a floor area of 450 sqm with an extra 150 sqm of offices or liveable space at the front.
The warehouses also offered three phase power and plenty of onsite parking.
Murwillumbah is located on the Tweed River and is in one of the fastest growing regional areas of NSW and is well-supported with established commercial and service infrastructure, the agents said.
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Murwillumbah industrial units sold for $1 million

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Supply chain company CEVA Logistics has signed a four-year lease at Mirvac’s latest industrial development, Calibre at Eastern Creek, NSW prior to construction completion. 
CEVA will move in as a tenant into Building 1 at Calibre. The building consists of approximately 18,000 square metres of warehouse and 1,000 metres of office space, allowing CEVA to consolidate three existing warehouse operations from different locations into one. 
Mirvac’s Group executive, Industrial, Stuart Penklis, said securing a key tenant ahead of completion reflected the strong market offering that Mirvac delivers. 
“As a world leading supply chain management company, CEVA will benefit from Calibre’s unmatched transport links,” he said. At the nexus of the M4 and M7 motorways, the site has a dedicated multi-directional signalised intersection connecting to major transport links. 
Penklis said the state government’s focus on infrastructure is drawing large-scale users to Western Sydney. 
“The upgrade of the M5 Motorway and WestConnex has stimulated demand as it will improve access and connections between Western Sydney, Port Botany and Sydney CBD. Calibre is ideally placed adjacent to the motorway, catering for logistics and manufacturing occupiers looking to benefit from this investment in infrastructure.” 
CEVA managing director-Australia and New Zealand, Carlos Velez Rodriguez said the deal will allows them to consolidate from different locations across the state, increasing bottom line efficiencies. 
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Supply chain firm CEVA signs lease deal for Mirvac's Calibre in Eastern Creek

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Shelving provider Business Warehouse has signed a three year lease in a factory facility in Laverton North through CBRE’s Todd Grima and Harry Kalaitzis.
The deal, comprising a 385sqm office and 4,312sqm warehouse is at 12 William Angliss Drive.
The property features a 10 metre loading canopy, four on-grade doors, two recessed loading docks and an architecturally designed office.
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Business Warehouse strikes leasing deal in Laverton North

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A solid brick warehouse with tin roof in bayside Albert Park is being offered for the first time since 1982.
Untouched in a quarter of a century, <a href="https://www.33littlepagestreet-albertpark.com" target="_blank">33 Little Page Street</a> is a 189 sqm corner offering. 
It last sold at $40,000.
The parcel offers two street frontages not far from the beach.
Marshall White Albert Park agents Nicholas Hoo and Oliver Preston have the listing.
Number 38 Little Page Street, a three bedroom Victorian terrace, sold for $1,205,000 in August.
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Tin shed warehouse offering in Albert Park

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Three storeys up above a New York style converted warehouse in Melbourne's Fitzroy is a 120 sqm leafy rooftop oasis.
It was passed in at weekend auction.
<a href="https://www.realestate.com.au/property-house-vic-fitzroy-123538506" target="_blank">The penthouse</a> master retreat with dressing room spills out onto a garden with sheltered dining space.
Complete with a shaded Balinese daybed and luxury six person, Hotsprings spa, the private paradise offers views across the Melbourne cityscape.
An automated sprinkler system and 5,000 litre rainwater-fed tank ensure the garden is low maintenance and automatic Vergola with rain sensor means the outdoor space is useable come rain or shine. 
Renovated by award winning architect Robert Simeoni, the five bedroom freestanding home is being offered to the market between $3 million and $3.33 million through Unique Estates agents Janine Lum and Nicolette van Wijngaarden.
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Inner city rooftop garden offering fails to sell

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The first Consul General to Houston, Alastair Walton found a pre-auction buyer for his Leichhardt warehouse conversion.
He paid $1.55 million for the warehouse in June last year. It had marketed $1.8 million hopes this time around, and sold before auction at $2.1 million.
There'd been little more than a splash of paint since its previous use as a sign-writing business at 26 MacKenzie Street.
Walton, who was a major fundraiser for the Liberal Party, had most recently been the chairman of BKK Partners, the minnow corporate advisory firm which had Peter Costello briefly as a director, and before that been co-chairman and managing director of Goldman Sachs Australia, taking over from then merchant banker Malcolm Turnbull.
This article was first published in the Saturday Daily Telegraph.
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$550,000 gain on Leichhardt warehouse conversion

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A Brunswick landmark has been listed for sale by negotiation with a $3.5 million price tag.
The 1903 Federation Free Style building at <a href="https://www.realcommercial.com.au/property-offices-vic-brunswick-501942650" target="_blank">307 Victoria Street</a> features a warehouse, showroom and penthouse.
It has housed designer printing business Papers Of Distinction since 1997, founded by vendor Jillian Houlihan.
Set on the Boase St corner, the 529sq m property has Art Nouveau detailing, including tulip mouldings.
It was also formerly the United Friendly Societies medical dispensary building.
IRC Property Group agent Raff De Luise said most of the potential buyers planned to live in the two-bedroom penthouse and operate their business beneath.
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