australian property market wrap 28 08 2023
Above: the ground floor of 256 Queen Street has come to market. Image: Supplied.
  • Mirvac launches a new apartment project in Melbourne.
  • BCF leases space at Renmark Village, some 260km from the Adelaide CBD.
  • A development site in Queensland hits the market.

Today’s wrap includes a myriad of launches, leases, and listings.

The latest includes the launch of a Melburnian apartment project, expected to deliver some 100 apartments to the market, along with the leasing of a regional large format retail space, and listings for a Chinese restaurant and a development site.


Mirvac partners with Brahman Perera

The leading property developer recently revealed its latest apartment offering at 31 Queens Lane. Located on a 2,323 square metre site on the city-fringe St Kilda Road precinct, the site was acquired by Mirvac in mid-2022.

The circa $200 million project will deliver 98 large-format one, two, three, and four bedroom apartments across 15 storeys.

Known as The Albertine, the project will be Mirvac’s third apartment launch announcement in Victoria in six months.

“Demand for quality, well-designed and constructed apartments remains strong, underpinned by low unemployment, wage growth, the return of overseas migration and scarcity of quality product,” said Mirvac general manager of residential Victoria, Elysa Anderson.

“We recognise Victoria’s historically low apartment pipeline and remain focused on accelerating our supply of apartments that are built for tomorrow.

“Launching The Albertine comes at a time when we are seeing increased appetite from owner-occupiers for lifestyle-focused, well-located apartments complete with high-quality amenity. Capturing this unmet demand is a significant opportunity for us, particularly with our strong value proposition of delivering exceptionally designed residential apartment buildings in outstanding locations.”

The project more recently announced a partnership with celebrated interior designer Brahman Perera.

The designer is behind the interiors of some of Australia’s favourite restaurants, including Entrecote in Prahran and Ursula’s in Paddington, as well as some of the most luxurious private residences in Melbourne.

Also known as Brem, he has worked with Mirvac Design to style The Albertine’s lobby, concierge area, and the experience gallery.

“For The Albertine, I wanted to create a layered landscape of new and treasured pieces that allow each space to feel warm and honest, encapsulating a contemporary lived-in feeling, with inflections of affability, [utilising] locally made and designed furniture, in line with the vision to create a layered life of luxury,” said Perera.

“Throughout The Albertine, there are amazing pitted and charred timber pieces and tables by Bieemele, a furniture maker based in Red Hill, as well as a large custom timber and sand-cast iron dining table from another local designer, Daniel Barbera. The artwork was selected to embody and represent local artists: paintings by Eleanor Louise Butt, Stephanie Jook, and Elefteria Vlavianos. Another favourite of mine is the solid oak sculptural totem by Hugh McCarthy,” he added.


BCF opens new South Australian store

The boating, fishing, and camping retailer has signed a seven-year lease for a 700 square metre site at Renmark Village. BCF will join liquor retailer Kochs Local Cellars, a Foodland supermarket, Carpet One, and Harvey Norman at the retail complex.

Located 260 kilometres from the Adelaide CBD, Renmark Village was developed by Evergreen Built, a property development, investment and management company, and services surrounding regional towns such as Berri, Loxton and Waikerie.

CBRE’s Dallas Sears secured the lease with BCF on behalf of Evergreen Built.

bcf renmark village south australia leased by cbre
Image: Supplied.

“We’re really excited about BCF joining Renmark Village. The store will not only service the community who live in the surrounding area, which is over 31,500 people, but it will also capitalise on the holidaymakers that come to the region. Being located right across from the busy riverfront area in Renmark is an ideal location for BCF,” said Sears.

“Even with the last few interest rate rises, large format retail sales are still going strong. We are seeing a lot of demand for new large-format retail stores in Adelaide and the surrounding areas and while some sectors are showing signs of slowing, most are still keen to open new stores.”


Melbourne restaurant at Queen Street hits the market

A retail component of the 15-level office tower at 256 Queen Street in Melbourne’s CBD has been listed for sale.

The 330 square metre property on the ground floor is being offered with a 7+7 year lease to the long-standing operator and Chinese restaurant, Red Cliff, from August 2020. The property currently returns $197,685 per annum gross plus GST with fixed annual increases.

The restaurant is in a high-exposure position formed by Queen Street and Finlay Alley, near the intersection with Lonsdale Street in the core of Melbourne’s CBD.

“The tenant has an excellent reputation and services a large catchment sourced from the huge immediate office, residential and education population,” said Fitzroys’ Mark Talbot.

“Melbourne’s CBD is still seeing an uptick in the return of workers, students, and nightlife, particularly around hospitality venues, presenting further trade upside,” he said.

Ben Liu said the immediate catchment is likely to be boosted in the coming years, with two lowrise sites immediately to the north permitted for new development.

Fitzroys’ Mark Talbot and Ben Liu are marketing the property via expressions of interest closing Tuesday, 12 September at 3 pm, on behalf of a private investor. Price expectations are above $2.5 million.

Gladstone development site listed

The Woodland Estate, located at 747-749 Kirkwood Road, has been listed for sale and comprises 93.844 hectares over two titles. The site has preliminary approval for a master-planned residential and commercial development.

Under the current approvals, the site offers a diverse range of complimenting and mixed-use approvals including residential, retail, childcare and a petrol station, with the potential to provide homes to more than 2,500 people.

“This estate is the result of almost 40 years of site amalgamation of a number of sites,” said Ray White’s special projects agent, Mark Creevey.

“After acquisition by the current owner, the approvals have been totally revamped and now offer excellent cost-effective designs and a complete range of diverse lot layouts with a minimum residential lot size of 800 sqm.

gladstone 747-749 kirkwood road woodland estate ray white
Image: Supplied.

“The site has been identified by Gladstone Regional Council as a key piece of local infrastructure.

“The position of the site provides excellent linkage to the surrounding communities for the potential 700 new residential dwellings.”

The property is being marketed by Ray White special projects agents Mark Creevey, Tony Williams, and Matthew Fritzsche, alongside Ray White Gladstone agent Andrew Allen on behalf of a private SEQ-based syndicate.

The EoI campaign closes 5 October.

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