australian property wrap 14092023
Image: Canva.
  • Hotels across Perth and Melbourne come to market.
  • An office lease was announced in Perth.
  • A Sydney apartment project reaches a milestone.

Today’s wrap includes a Perth office lease, along with several hotels, and a construction milestone.


Sydney apartments top out

Lendlease‘s One Sydney Harbour luxury residential development has celebrated the milestone of ‘topping out’ for both Residences Two and Watermans Residences, marking the official completion of the highest points of the 68 and 30 storey towers.

With more than 3.4 million construction hours clocked up and comprising a combined total of over 70,005 cubic metres of concrete across the One Sydney Harbour precinct, Residences Two and Watermans Residences will move into the final phase of delivery which includes completing the façade panel installation and internal fit outs.

Residences Two and Watermans Residences will see residents move in from mid and late 2024 respectively, ahead of the official completion of the One Sydney Harbour precinct in 2025. This includes the retail offering which will boast a number of curated food and beverage options set to operate from late-2024.


Suburban office fully leased

Eastlink, a 3,100 sqm commercial office in Belmont, is fully tenanted after securing the two final leases amid increased demand for commercial office buildings outside of the CBD.

Local engineering firm, Paradigm Engineers, has secured the 1,053 sqm top floor for $384,345 per annum, while Western Australia’s primary first aid and ambulance provider, St John WA, has secured a 321 sqm space for $140,000 per annum.

Located at 195 Great Eastern Highway, the building was completed in 2012 and has a five-star Green Star rating.

CBRE’s Colin Gilchrist steered the leasing campaign on behalf of property owner, Baron Vanilla.

“Demand for brand new fitted space in Perth and surrounds is strong. With limited high-quality options available, we received a high volume of enquiries for this building from existing tenants within our database and new enquiries,” said Gilchrist.

eastlink lease belmont 195 great eastern highway
Image: Supplied.


Perth hotels come to market

Perth’s Adina Apartment Hotel, the Drunk Elephant Bar and Bistro, and Akara Hotel have been listed for sale. The CBD assets are located on the corner of Barrack and Wellington Streets.

The Adina Apartment Hotel comprises 100 large, serviced strata apartments, including the strata lot of the Drunk Elephant Bar and Bistro and is operated under a lease agreement with Toga Far East, an international hotel operator.

The Akara Hotel has 39 dorm rooms and is currently owner-operated with vacant possession, providing an opportunity to develop the 506 sqm site.

CBRE’s Ryan McGinnity and Aaron Desange are managing the sale via an offers to purchase campaign closing Tuesday 17 October 2023.

“The two hotels and bar offer a mixed investment opportunity. With the property’s proximity to the ECU campus, which is currently under construction, we’re expecting interest in the development of student accommodation, particularly for the Akara Hotel, while the long-term serviced apartments at the Adina Hotel could interest investors looking for rental-style accommodation as the demand for residential accommodation, particularly build-to-rent, is growing in Western Australia,” said McGinnity.

Melbourne CBD hotel listed

The 96-room Hotel Sophia has come to market for the first time in over 30 years. Located on the corner of King and Little Lonsdale Streets in Melbourne’s CBD, the property is being offered to market with vacant possession, via Savills Australia.

The hotel recently underwent major renovations to cater to increasing demand for Melbourne CBD accommodation, with an additional three storeys constructed – delivering a further 48 rooms to the hotel.

Hotel Sophia occupies a prime freehold corner and is in close proximity to the CBD’s commercial office precinct and event centre, including Marvel Stadium and Melbourne Convention and Exhibition Centre. It also offers excellent connectivity to transport via the Central Southern Cross Train Station and tram network.

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