Issue 71 I The Property Development Review

Welcome to Issue 67 of The Property Development Review, exclusively for agents, developers and investors.

APRIL / MAY 2026 - ISSUE NUMBER 71

EXCLUSIVELY FOR PROPERTY DEVELOPERS, INVESTORS & AGENTS ACROSS ASIA-PACIFIC

LISTINGS The latest commercial assets & development opportunities for sale from across Australia.

INTERVIEWS Exclusive feature profiles of the Country’s most successful business & property thought leaders

ANALYSIS Unique perspectives from the deal-makers on the ground.

Get quality developer-buyer leads. List on DevelopmentReady for access to Australia’s best network of purchase-ready developer buyers, for quality leads.

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TAS

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Tin Ghezzi Account Director 0438 228 536 tin@redymedi.com.u

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Ntionl

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2 – April / May 2026

WELCOME

CONTENTS

CONNECT WITH US THE PROPERTY DEVELOPMENT REVIEW: Online Issues: developmentready.com.au/content hub DEVELOPMENTREADY: Website: developmentready.com.au SoundCloud: /readymediagroup LinkedIn: @developmentready Facebook:/developmentready The Interview YouTube: @TheInterviewAU Instagram:@development_ready COMMERCIAL READY: Website: commercialready.com.au Contributors further explore market resilience across retail and industrial assets, evolving funding models, and the growing importance of strategic positioning in both metropolitan and regional markets. As always, this edition brings together key development opportunities from across Australia, connecting developers and investors with projects ready to progress. Together, these insights reflect a market defined by selectivity - where access to the right sites, data and strategy will shape the next phase of growth. Enjoy the read. This edition of The Property Development Review arrives at a time when the market is not just evolving, but recalibrating. Leading the issue is an interview with Sam Kennard, whose disciplined, long-term approach to building Kennards Self Storage offers a strong counterpoint to today’s fast-paced environment. His focus on patience, consistency and generational thinking highlights what underpins enduring success in property. Across the issue, our coverage reflects an industry navigating increasing complexity. Demand for development-ready sites in supply-constrained urban areas is intensifying, while infrastructure, transport connectivity and population growth corridors are playing a more decisive role in site selection. We also examine shifting dynamics in emerging asset classes. The rapid growth of data centres is reshaping industrial land use and raising new considerations around infrastructure and energy, while mixed-use and transit-oriented developments continue to unlock density in well-connected locations.

04 THE INTERVIEW Sam Kennard Kennards Self Storage

06 5 COMMERCIAL INVESTMENTS POSITIONED IN AUSTRALIA’S BUSIEST LOCAL CENTRES Ready Media Group

08 DEVELOPMENT SITES

MIXED DEVELOPMENT-QUEENSLAND Varsity Lakes Land Release Puts TOD Vision Back on Track Phil Bartsch The Urban Developer

HOTEL MARKET Capital Checks In: Bumper Year Resets Hotel Market Commercial Ready DATA CENTRES Digital Land Grab: Data Centre Real Estate Model Shifts Gear Patrick Lauthu The Urban Developer 5 Development Sites Anchored in Australia’s Most Active Urban Precincts Ready Media Group

QLD OPPORTUNITIES

90 INDUSTRIAL-SOUTH AUSTRALIA Industrial Land For Sale Near SA Defence, Transport Hubs Chris Thomson The Urban Developer

SA OPPORTUNITIES

20 MACQUARIE PARK PRECINCT BaptistCare Wins Approval for $2.5bn Mac Park Precinct Patrick Lauthu The Urban Developer 16 MARKET MOVES Key transaction & deal analysis 21 INDUSTRIAL-NSW Rare 1.68ha Newcastle Industria Holding Hits Market with Strong

101 WESTERN AUSTRALIA-DEVELOPMENT South Perth landmark siteoffered for sale with DA approval for world’s highest hybrid tower. Ready Media Group 100 WESTERN AUSTRALIA-TRANSACTIONS Colliers WA Investment Services builds momentum with over $90 million in sales and new opportunities hitting the market. Colliers WA

Linkedin: @commercialready Facebook:/commercialready Instagram: @commercial.ready ROOFTOP: Instagram: @rooftopstudio READY MEDIA GROUP: Website: readymedia.com.au EDITOR IN CHIEF Frank Materia IN-HOUSE WRITERS Oliver Gregurek & Dimity Barber Website: rooftop.studio Vimeo:/rooftopstudio ADVERTISING ENQUIRIES frank@readymedia.com.au LISTING ENQUIRIES info@readymedia.com.au EDITORIAL ENQUIRIES editor@readymedia.com.au CONTACT Ready Media Group Head Office Levels 3&4/161 Buckhurst St South Melbourne VIC 3205 Email: info@readymedia.com.au Telephone: (03) 9631 5476 MAGAZINE DESIGN Nespecart ON THE COVER Adelaide at dusk. Rooftop Studio for JLL Rundle Place campaign

Income and Scale Ready Media Group

102 WA OPPORTUNITIES 108 TAS OPPORTUNITIES 112 ACT OPPORTUNITIES

22 NSW OPPORTUNITIES

DEVELOPMENT-VICTORIA DA-Approved CBD Opportunity in Wodonga Positioned at the Centre of a 100K+ Twin-City Growth Corridor Ready Media Group

116 SPONSORED - AVENUE BANK Then vs Now: Bank Guarantees From Week to Hours

VIC OPPORTUNITIES

February / March 2026 – 3

The Interview

SAM KENNARD

OWNER/CEO KENNARDS SELF STORAGE

With Rob Langton - Ready Media Group

BUILDING FOR GENERATIONS: INSIDE THE ENDURING EMPIRE OF SAM KENNARD

Taking the Reins Early Stepping into leadership at 24 is no small task, particularly in a family business where expectations run high and legacy looms large. But for Kennard, it was less about proving himself and more about stewardship. “There’s a responsibility that comes with it,” he explains. “You’re not just building for yourself — you’re building for the next generation.” This mindset would go on to define his approach to growth. While many businesses chase rapid expansion, Kennard focused on sustainability - building systems, processes, and a culture that could endure beyond any single leader. From Eight Sites to an Empire Over the next three decades, Kennards Self Storage transformed from a small family operation into a dominant player in the self-storage sector. But the growth was anything but accidental. Kennard emphasises that success came down to operational discipline - a phrase he returns to repeatedly throughout the conversation. In an industry that can appear deceptively simple, execution is everything. “Self-storage is a detail business,” he says. “It’s about consistency, systems, and doing the basics exceptionally well, over and over again.” This meant investing heavily in staff training, customer service, and site management. It also meant resisting the temptation to overextend during boom periods —

In an era defined by rapid growth, quick exits, and fleeting business trends, Sam Kennard stands apart. As the driving force behind Kennards Self Storage, Kennard has spent more than three decades quietly building one of Australia’s most formidable and enduring property-backed enterprises - not through hype, but through discipline, patience, and an unwavering commitment to long-term thinking. What began as a modest family operation has evolved into a $3 billion-plus real estate portfolio spanning more than 125 storage facilities across Australia and New Zealand. Yet, as Kennard reveals in this rare and deeply reflective interview, the story behind the numbers is far more instructive than the scale itself. A Family Foundation The Kennard story is, at its core, one of legacy. Long before self-storage became a recognised asset class, the Kennard family was already immersed in business. Sam grew up surrounded by entrepreneurial thinking - not as an abstract concept, but as a lived experience. “It wasn’t something I chose later,” he reflects. “It was always there.” That early exposure shaped not only his comfort with business, but also his philosophy. Unlike many founders who stumble into leadership, Kennard’s journey was one of gradual immersion. By the time he formally joined the family business at 21, he already understood its rhythms, its customers, and its challenges. At the time, the company operated just eight storage centres — a solid but unremarkable footprint. Within three years, Kennard was running the business.

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THE PROPERTY DEVELOPMENT REVIEW

explains. “You need a team that understands the values and the vision.” This has led to a strong emphasis on culture within the organisation — a culture built around accountability, consistency, and long-term thinking. It’s not flashy, but it is effective. And importantly, it is scalable. Building a Business That Lasts Perhaps the most compelling aspect of Kennard’s story is his focus on longevity. In an age where many businesses are built to sell, Kennards has been built to last. This doesn’t mean avoiding change — far from it. The company has continually adapted to new technologies, customer expectations, and market conditions. But these changes are always made within a broader framework of stability and purpose.

a discipline that proved critical during downturns. The result is a portfolio that not only spans more than 125 locations but also maintains a reputation for quality and reliability - a rare combination in a fragmented industry. The Power of Long-Term Thinking If there is a single thread that runs through Kennard’s story, it is his commitment to long-term thinking. In a business landscape increasingly driven by quarterly results and short-term gains, Kennard has taken the opposite approach. Decisions are made not for immediate impact, but for their implications five, ten, or even twenty years down the line. “Real estate rewards patience,” he explains. “If you’re constantly reacting to the short term, you lose sight of what really matters.” This philosophy has shaped everything from site acquisition to capital allocation. Rather than chasing speculative opportunities, Kennards has focused on high-quality locations with strong fundamentals - assets that will hold value across cycles. It’s a strategy that has paid off handsomely, particularly as self-storage has matured into a recognised and resilient asset class. Navigating Risk and Failure Despite its success, the journey has not been without setbacks. Kennard is candid about the mistakes and challenges that have shaped both him and the business. “There’s no such thing as a straight line in business,” he says. “You learn more from what goes wrong than what goes right.” While he doesn’t dwell on specific failures, he emphasises the importance of resilience — not as a buzzword, but as a practical skill. For Kennard, resilience is about maintaining perspective, adapting quickly, and staying committed to the long-term vision even when short-term outcomes disappoint. It’s this ability to absorb setbacks without losing direction that has allowed the business to weather economic cycles and emerge stronger each time. Leadership That Endures As the company has grown, so too has Kennard’s role as a leader. What began as hands-on management has evolved into something more strategic - guiding culture, setting direction, and ensuring continuity. One of his key insights is that leadership is less about control and more about alignment. “You can’t build something lasting on one person,” he

“We’re not here to flip assets,” Kennard says. “We’re here to build something that endures.”

It’s a philosophy that resonates beyond the self-storage industry. At its core, it is about creating value over time — for customers, for employees, and for future generations. A Masterclass in Restraint If there is one lesson that emerges most clearly from Kennard’s journey, it is the power of restraint. In business, the temptation to do more - expand faster, take bigger risks, chase new opportunities - is constant. But Kennard’s success suggests that knowing what not to do can be just as important. By focusing on fundamentals, maintaining discipline, and thinking long-term, he has built a business that not only survives, but thrives. The Legacy Ahead Today, with a multi-billion-dollar portfolio and a market- leading position, Kennards Self Storage stands as a testament to what can be achieved through patience and persistence. But for Sam Kennard, the story is far from over. The next chapter is not just about growth, but about continuity - ensuring that the values and principles that built the business continue to guide it into the future. Because in the end, Kennard’s vision was never about building the biggest company. It was about building one that lasts.

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

April / May 2026 – 5

Commercial Investments

5 COMMERCIAL INVESTMENTS POSITIONED IN AUSTRALIA’S BUSIEST LOCAL CENTRES

Prepared by Ready Media Group

Across Australia’s suburban and inner-metro markets, investors continue to target commercial assets located within high-traffic retail strips and established local centres. These locations benefit from consistent footfall, strong surrounding catchments and ongoing demand from service-based tenants. This week’s selection highlights five properties positioned at the heart of these active precincts.

Shop 2, 5 Wongala Crescent, Beecroft NSW 2119 Brought to market by Savills Jordan Lee and Damon Zhang. Located within Beecroft’s tightly held village precinct, this retail asset benefits from strong local foot traffic and a well-established residential catchment. Beecroft continues to attract demand from essential service and convenience-based tenants, supported by its affluent demographics and village-style retail environment. The property offers investors exposure to a stable neighbourhood retail market.

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6 Sinclair Street & 4 Marine Parade, Ocean Grove VIC 3226

Brought to market by Colliers Ben Young and Chris Nanni. Situated Positioned within the Ocean Grove township, this asset benefits from strong seasonal and year-round foot traffic driven by tourism and local population growth. Ocean Grove continues to attract lifestyle-driven migration, supporting demand for retail and hospitality offerings. The property presents an opportunity to invest in a coastal market with consistent activity and strong local engagement.

15–31 Pelham Street, Carlton VIC 3053 Brought to market by Savills Jamus Campbell and Nick Peden in conjunction with Gorman Commercials Jonathon McCormack and Peter Bremner. Located within Melbourne’s university precinct, this Carlton asset benefits from proximity to major education institutions and consistent student and worker foot traffic. The area continues to attract demand from hospitality, retail and service tenants supported by its central location and high-density population. The property offers investors exposure to a high-activity inner-city environment

11 Station Road, Logan Central QLD 4114 Brought to market by Colliers Philip O'Dwyer.

Situated within Logan Central’s commercial precinct, this asset benefits from strong transport connectivity and surrounding residential density. Logan continues to experience population growth and increasing demand for retail and service-based commercial assets. The property offers investors exposure to a high-demand suburban market within South East Queensland.

56 Nerang Street, Southport QLD 4215 Brought to market by MP Commercials Peter Court and Mike Walsh in conjunction with Colliers Steven King. Located within Southport’s CBD, this commercial asset benefits from strong exposure along a key arterial road and proximity to major commercial, retail and transport infrastructure. Southport continues to act as a central hub on the Gold Coast, supporting consistent tenant demand. The property offers investors exposure to a high-activity metropolitan precinct.

April / May 2026 – 7

Development Sites - National

5 DEVELOPMENT SITES ANCHORED IN AUSTRALIA’S MOST ACTIVE URBAN PRECINCTS

Prepared by Ready Media Group

Across Australia’s major cities and regional centres, development activity continues to concentrate around well-connected urban hubs and established activity centres. This week’s selection highlights five sites positioned within these high-demand locations, each offering developers access to strong catchments, infrastructure and long-term growth fundamentals.

550 Swanston Street, Carlton VIC 3053

Brought to market by Savills Tim Grant, Linc Reynolds, Tom O'Halloran and Benson Zhou. Located within Melbourne’s tightly held Carlton precinct, this site benefits from immediate proximity to major universities, hospitals and the CBD. Swanston Street is one of Melbourne’s most prominent inner-city corridors, supporting strong demand for residential, student accommodation and mixed- use development. The property’s positioning within a major education and health precinct underpins its long-term development potential.

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THE PROPERTY DEVELOPMENT REVIEW

26–36 Humffray Street North, Bakery Hill VIC 3350 Brought to market by Colliers Lauchlan Waddell and David Wright. Situated within Ballarat’s CBD fringe, this Bakery Hill site benefits from strong connectivity and proximity to established retail and commercial amenity. Ballarat continues to experience population growth and increasing investment as one of Victoria’s key regional centres. The property offers developers the opportunity to capitalise on the city’s ongoing expansion and demand for new development.

Lot 5, 8 Stadium Drive, Robina QLD 4226 Brought to market by Colliers Steven King, Brendan Hogan and Jackson Robinson. Located within the Robina precinct on the Gold Coast, this site benefits from proximity to major retail, health and education infrastructure. Robina continues to evolve as a key urban centre, supported by strong population growth and significant investment. The property’s positioning within this established hub supports a range of development outcomes aligned with the area’s continued expansion. 5 Belmore Street, Burwood NSW 2134 Brought to market by Colliers Guy Brady, Zhenni Lu and James Cowan. Situated within Sydney’s Inner West, this Burwood site benefits from strong transport connectivity and proximity to a major retail and commercial centre. Burwood continues to attract significant development interest due to its accessibility and established urban amenity. The property offers developers exposure to a tightly held metropolitan location with ongoing demand. 112 Adelaide Street, Raymond Terrace NSW 2324 Brought to market by Commerical Collective's Sarah Willcox and Isaac Reville in conjunction with Jake Smith and Miron Solomons of Cushman & Wakefield. Located within the Hunter Region, this Raymond Terrace site benefits from strong local demand and proximity to Newcastle and surrounding growth areas. The region continues to attract population growth driven by affordability and connectivity. The property presents an opportunity to deliver development aligned with the area’s expanding residential and commercial needs.

April / May 2026 – 9

Data Centres

DIGITAL LAND GRAB: DATA CENTRE REAL ESTATE MODEL SHIFTS GEAR

Author: Patrick Lauthu

The Urban Developer

With a digital gold rush under way, Australian governments are expediting data centre proposals while simultaneously trying to understand them.

Massive power and energy consumption make it difficult to find appropriate land for the hyper-scale server sheds. At the same time, the scale of capital pouring into AI means that sites are being snapped up and projects progressed at pace. But multi-billion dollar projects on urban industrial land may only be feasible for a few more years, and a variety of alternative approaches to siting a data centre are emerging. Barossa Green managing director Adrian Odorisio told The Urban Developer that finding the right location “is really a needs or requirements based selection”, with power, water, and telecommunications infrastructure chief among them.

practitioners, that will mean sharpening up the feasibility of data centre projects by locating them appropriately and building processes and contracts that provide communal benefit. Data journalist and OnlyFacts co-founder Juliette O’Brien, who is researching the locations and characteristics of data centres in Australia, told The Urban Developer that their urban locations fall into three main groups. “The middle of the city, where they’re as close as possible to the CBD; business parks which tend to be 10 to 15 kms from the city centre; and the greater city’s outer fringes. That third group is definitely growing,” O’Brien says. In March, the Commonwealth released a list of expectations for data centre proponents, including that they underwrite new renewable energy generation and pay for grid connections, while contributing to grid stability. Sustainable and responsible water use will also be demanded. However, those expectations have yet to be reified in concrete regulations. Meanwhile, the NSW Government has placed 15 data centre proposals worth a collective $51.9 billion on its Investment Delivery Authority pathway. That action comes while a NSW Data Centre Strategy is still under consultation, and a parliamentary inquiry into planning and regulating data centres is under way. O’Brien said that the average person would find it “mind-

“You will find areas that have most of the elements, but not all of them. You’ll have some areas where the elements are not as developed and require more infrastructure to be installed, which will change the returns on the project,” Odorisio says. “Looking for the community first is a way of getting the support for all the other aspects: the co-location of industry, the buyers for additional power. I’ve found that community-first approach is a real benefit.” As the sector matures, closer attention will be paid to the characteristics of the land on which a data centre sits, and how they interact with neighbouring land uses and the environment. For proponents, real estate agents and other property The NSW government has approved eight data centres worth a collective $10 billion over the past year.

O’Brien says that tracking the existence of data centres, let alone performance characteristics, is challenging under current planning regimes.

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blowing that premium real estate in or near the CBD is taken up with data centres. But the location depends on the use case”. “Many of the data centres on city fringes tend to be in industrial hubs, although we haven’t mapped them to land zoning, which would be interesting. “This is a source of tension, as the well-established zoning categories seem to be blurred here. Data centres look like office buildings, but they’re not. They’re essentially industrial facilities. Recognising this should help us set expectations.” UNDERWATER, IN ORBIT, OR IN YOUR NEIGHBOURHOOD At a Committee for Economic Development event in Sydney last month, NSW Environment Protection Authority (EPA) chief executive Tony Chappel told attendees that government was exploring the idea of siting data centre precincts at retiring coal plants. “These old power stations are often really valuable for multiple industrial users,” Chappel said. “They have great connectivity. They have great water. Most people don’t realise that the largest private water holder, I think in Australia, is AGL. “As the cooling water is no longer required because of the coal combustion transitioning out, that all becomes available. So it’s a huge opportunity to get it right. There’s a lot of buffer land around those sites as well, that’s well placed for any multitude of users. And, of course, a very skilled workforce already there.” Other, more adventurous, proposals have also been floated, from under the ocean to orbiting the planet. Microsoft ran a decade-long trial of undersea data centres called Project Natick, before shelving the project in 2024. Google’s Project Suncatcher aims to put data centres into space, one of a number of companies working on the concept. But an “integrated utility precinct” model is a more immediate (and terrestrial) approach to siting data centres, according to TBH Consultancy director Rob Hammond. Standalone facilities will struggle to secure infrastructure, while more sophisticated precincts can tackle problems like heat offtake, scalability and redundancy, and co-ordinated investment. Hammond told The Urban Developer that “the timing is the challenge”. “There’s plenty of capital looking for a home, so money’s less of an object. There’s an opportunity to use the current gold rush in data centres to build enabling infrastructure,” Hammond says. “In terms of an integrated infrastructure precinct at the most basic level, that is talking about a group of hyperscalers clubbing together to build a new water treatment plant, or a new substation, in the area in which they operate. They pay for it, rather than the ratepayers. “That is beneficial both for the hyperscalers, but also for communities in terms of water treatment plants, or in terms of new generation facilities or connections.” While undersea data centres are technically feasible, Microsoft has shelved their development.

Industry and government are working on finding the right incentives for the right models, according to Hammond, with the designs of facilities and planning frameworks still evolving. “That’s where the government policy probably needs to encourage the right behaviours. And if you’ve got the right sort of heat offtake and all those sorts of things set up, then there could be opportunities for you to jump the queue.” Hammond posited the example of co-locating data centres with hospitals, “so you get the benefit of all that bulletproof power infrastructure serving both bits of infrastructure”. “There’s different ways to get better outcomes…We’re not the only ones suggested [integrated utility precincts] are a good idea. It’s definitely got

legs, it’s just early days, at least in Australia.” PRECINCTS ON THE URBAN FRINGE

Odorisio’s project Barossa Green is due to break ground on the first stage within weeks, with expansions planned over coming years. He describes it as “an infrastructure platform, or precinct play, where the data center is the foundation customer”. The project aims to be a net producer of energy and water, with both battery and thermal storage technology. “So we’ve taken an area like the Barossa, which is extremely sensitive—it doesn’t have the water, it doesn’t have the power - and we’re going to bring them in,” Odorisio says. “Which means we expect the infrastructure platform, which is transmission, generation, water production on greenfield land within a community, to be able to deliver those benefits and enable that area to grow. Sovereign energy and water capacity, on a greenfield site outside of (but close to) the urban centre, distinguishes Barossa Green from traditional data centres. Staging the development of Barossa Green allows funders and tenants to watch the model be proven out, according to Odorisio, and respond to changing market demands and data centre technology. Co-location with industrial and agricultural uses provides resilience against any downturn in the AI market. “The chip technology is evolving so quickly that what you will be installing in two to three years time is not what the infrastructure would be designed for today,” Odorisio says. “The next building may reflect higher densities, which would be a smaller building. Or higher thermal requirements, which would be larger thermal stores. We just don’t know what that looks like yet, or what we’re going to be asked for.”

Odorisio says both debt and equity markets are interested in the model, with about 75 per cent of potential funders based overseas. Other projects are in the pipeline across the country. “We’re getting a lot of interest, and people want bigger ones. The next challenge is: can we do this at a large scale, close to the city?” Odorisio said. “Two-hundred acres is expensive, but can you find 1000 acres? We’re going to find out what the answer is over the next year.” Residents and businesses have been supportive of the Barossa Green model, Odorisio says.

Satellite data centres would benefit from cooling and solar energy, but latency in transmitting information may be a challenge.

April / May 2026 – 11

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Hotel Market

THE PROPERTY DEVELOPMENT REVIEW

CAPITAL CHECKS IN: BUMPER YEAR RESETS HOTEL MARKET

Prepared by Commercial Ready

Australia’s hotel sector recorded its strongest year on record, with transactions soaring to $2.7 billion in 2025.

CBRE’s latest Hotels Australia Overview and Outlook report shows offshore investors accounted for 78 per cent of total transaction activity, up from 27% in 2024. The report links the surge in foreign capital to record operating performance across the country’s major markets. We spoke to CBRE’s Head of Hotels Research, Australia Ally Gibson, to find out what the surge in offshore investment signals for the sector. FOREIGN FUNDS GAIN GROUND Offshore investors accounted for 78% of hotel transactions in 2025 - a sharp rise from 27% the previous year. Asian investors from Singapore, Thailand, China and Taiwan led acquisitions. Meanwhile, major US portfolio activity accounted for 40% of total transaction volume. Ms Gibson said Australia’s transparent, stable and low-risk investment environment reinforced its appeal. “Australia is delivering strong income growth in a market where assets are trading below replacement cost, with elevated construction costs rendering new projects increasingly unviable and materially limiting future supply,” she said. “This supply constraint is expected to support continued income growth and capital value uplift, which is attracting offshore capital seeking both yield and long-term appreciation.” REVENUE PASSES PRE-PANDEMIC LEVELS National hotel performance has moved beyond pre-pandemic levels, according to the report. Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) now exceed 2019 benchmarks nationally, with occupancy nearing full recovery. RevPAR rose 6.7% year-on-year across Australia, with several major markets recording annual growth of 8% or more. “The uplift is being led by the increasing concentration of new, premium and luxury hotel supply, which is lifting baseline room rates across key markets,” Ms Gibson said.

“This is being supported by significant infrastructure investment, improved transport connectivity and a strong pipeline of major events, which are driving demand.” TOP PERFORMING MARKETS: • Sydney: Occupancy averaged 83%, the highest nationally. ADR reached $334, up 5% year-on-year, while RevPAR increased 9% to a record $279. • Brisbane: ADR increased 9% year-on-year. Rates now sit more than 67% above 2019 levels, the largest uplift of any major market. Occupancy is forecast to reach 78% by 2028 and exceed 80% in the lead-up to the 2032 Olympic Games. • Perth: Now exceeds pre-pandemic benchmarks across all three metrics, recording gains across occupancy, ADR and RevPAR. • Cairns and Darwin: Alongside Brisbane and Perth, among the only markets exceeding pre-pandemic levels across occupancy, ADR and RevPAR. • Melbourne: Recorded 7% RevPAR growth despite additional supply. PIPELINE FALLS BEHIND New hotel supply is forecast to remain well below historic delivery levels for the remainder of the decade. CBRE analysis shows forecast supply is expected to be 41% below historic delivery levels and approximately 35% below forecast demand growth. The report attributes the slowdown to cost escalation, high land values, competition for alternative land uses, tighter financing conditions and increased regulatory burden. Ms Gibson said growth was expected to be both income and capital-led, supported by strong operating fundamentals and elevated replacement costs. “Sydney will continue to lead as the blue-chip market, Brisbane is entering a golden growth phase, and Perth is accelerating on the back of resource-driven demand,” she said. “Melbourne is expected to see a strong recovery as demand deepens and supply is absorbed.”

April / May 2026 – 13

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April / May 2026 – 15

MARKET MOVES VIC DESCRIPTION

SALE $

VENDOR/PURCHASER AGENCY

A neighbourhood shopping centre at 177–197 York Street, Sale has been successfully transacted, highlighting strong demand for defensive retail assets. The IGA-anchored centre attracted 100+ enquiries and 30 data room participants, underscoring continued investor appetite for assets with secure, long-term income.

177–197 York Street, Sale

CBRE's Jamie Hess, Sam Guest and Beau Coulter

$6 million

P: Private Investor

An infill industrial site at 5–7 Ricketts Road, Mount Waverley has sold for $5,000,000, reflecting strong demand for development-ready land along the Monash corridor. The 3,155sqm site, offered with vacant possession and exposure to the Monash Freeway, attracted 94 enquiries from owner-occupiers, developers and investors.

5–7 Ricketts Road, Mount Waverley

Collier's Jonathan Mercuri, Steph Archer and Alex Browne

$5 million

The IGA Hampton at 549–551 Hampton Street has sold under the hammer for $1.62 million, following a highly competitive campaign. The asset generated 70+ enquiries and 10+ inspections, with the auction seeing 18 bids between two parties, highlighting strong demand for prime strip retail investments. A healthcare investment at 36 Ryrie Street, Geelong has sold under the hammer for $1.59 million, reflecting a 5.6% yield. The property is leased to MoleMap on a new eight-year lease, highlighting strong investor demand for essential service tenants. A boutique office suite at Unit 102/167 Queen Street, Melbourne has sold for $525,000 to an owner-occupier, reflecting renewed demand for small CBD office spaces. The 115sqm suite attracted multiple inspections, with the purchaser sourced directly through agency networks, highlighting strong off-market buyer depth. A premium CBD office asset at 31 Queen Street, Melbourne has sold for $167 million, highlighting strong investor demand for high-quality office assets. The campaign generated 13 bids from a broad mix of private, institutional and offshore groups, reflecting continued confidence in Melbourne’s core office market. A luxury penthouse within Kooyongkoot, Hawthorn has sold for $8 million, marking one of the highest apartment sales recorded in the suburb. The three-bedroom, multi-level residence spans approximately 577sqm total area, featuring expansive indoor and outdoor living including a rooftop pool. A large-format retail asset at 312 Melbourne Road, North Geelong has sold off-market for $5.723 million, reflecting a 5.24% yield amid tightening supply in the sector. The 3,144sqm freehold site is fully leased to Sydney Tools, highlighting continued demand for well-located assets with strong tenant covenants.

549–551 Hampton Street, Hampton

Collier's Lucas Soccio and Kosta Palios

$1.62 million

P: Private Investor

Fitzroy's Chris Kombi and Lewis Waddell in conjunction with Andrew Prowse and Tim Darcy of Darcy Jarman.

36 Ryrie Street, Geelong

$1.59 million

P: Molemap

Unit 102/167 Queen Street, Melbourne

Jones real estate's Mimi Hoang and Oscar Sturm

$525,000

P: Private Investor

Cushman & Wakefield's Nick Rathgeber, Leigh Melbourne, Mark Hansen and Josh Cullen

31 Queen Street, Melbourne

$167 million

P: Private Investor

Kooyongkoot, Hawthorn

The project was developed by PQD and designed by Cera Stribley.

$8 million

P: Private Investor

312 Melbourne Road, North Geelong

Colliers' Ned Tansey and Chris Nanni

$5.72 million

P: Private Investor

Jones Real Estate's Luke Peric, Paul Jones and Vincent Lam, in conjunction with CBRE's Jimmy Tat, Sandro Peluso and Marcello Caspani-Muto

9–33 Errol Boulevard, Mickleham

Collective Capital Investments has acquired Mickleham Medical at 9–33 Errol Boulevard for $17 million, securing a purpose-built healthcare facility in Melbourne’s northern growth corridor.

$17 million

P: Collective Capital Investments

11 Newton Street, Cremorne

An office building at 11 Newton Street, Cremorne has sold for $10.5 million to a local owner-occupier, highlighting continued demand for city-fringe office assets.

Colliers' Alex Browne, Ben Baines and Eddie Foulkes

$10.5 million

Undisclosed

A blue-chip development site at 51 Bruce Street, Toorak has sold for $8 million to a local Chinese developer, highlighting continued demand for premium residential opportunities in Melbourne’s most tightly held suburb. A pharmacy investment at 1045 Point Nepean Road, Rosebud has sold for $2.14 million following a competitive auction campaign, reflecting a 4.6% yield.

51 Bruce Street, Toorak

Cushman & Wakefield's George Davies and Leon Ma

$8 million

P: Chinese Developer

1045 Point Nepean Road, Rosebud

Fitzroys' Tom Fisher and David Bourke

$2.14 million

Undisclosed

265–269 Burke Road, Glen Iris

A retail freehold at 265–269 Burke Road, Glen Iris has sold for $1.5 million, reflecting strong demand for value-add opportunities in Melbourne’s inner-east.

$1.5 million

Undisclosed

Jones Real Estate's Luke Peric

Spotlight Property Group has acquired the Moorabbin Retail Centre at 405 Boundary Road following a highly competitive campaign, highlighting continued demand for large format retail assets.

405 Boundary Road, Moorabbin

Colliers' Tim McIntosh and Will Heffernan

Undisclosed

P :Spotlight Property Group

16 – April / May 2026

THE PROPERTY DEVELOPMENT REVIEW

NSW DESCRIPTION

VENDOR/ PURCHASER

AGENCY

SALE $

93 Prince Street, Grafton

The Clocktower Hotel at 93 Prince Street, Grafton has sold for $10.5 million, reflecting an 8.4% yield and strong demand for regional coastal pub assets.

Savills Australia's Hugo Weston

$10.5 million

P: Private Investor

118 Military Road, Neutral Bay

The iconic Oaks Hotel in Neutral Bay has sold for $140 million to Gallagher Hotels, marking one of the country’s most significant pub transactions.

V: David and Andrew Thomas P: Patrick and Angela Gallagher

JLL's John Musca and Ben McDonald

$140 million

154 Pacific Highway, Greenwich

A private property group has acquired the office building at 154 Pacific Highway, Greenwich, an elevated harbour-view asset with significant repositioning potential.

Colliers' Tom Appleby, Joseph Lin and Guillaume Volz

Undisclosed

P: Private Property Group

MQ & Associates' Leonard Bongiovanni and Ray Larkin, in conjunction with Forbes Stynes Prestige Property's Michelle Stynes and Alex Cherry

The iconic Sundeck Hotel in Perisher Valley, Australia’s highest hotel, has changed hands after more than 30 years of ownership, marking a rare alpine hospitality transaction within the Snowy Mountains.

Kosciuszko Road, Perisher Valley

Undisclosed

P: Peter Dean

St Ives Shopping Village has sold for $450 million to Iris Capital, marking the largest neighbourhood shopping centre transaction in Australian history. The dominant North Shore retail asset, home to 100+ tenants, has transitioned from over 40 years of private family ownership, underscoring continued demand for high-quality, supermarket- anchored centres. The South Terrace Hotel in Bankstown has sold for $54 million to Oscars Group, highlighting continued momentum in Australia’s pub sector. The asset, set on a 2,100sqm site, was acquired from Redcape Hospitality and features a sports bar, beer garden and gaming facilities. A two-storey commercial building at 102 Alexander Street, Crows Nest has sold off-market for $3.9 million, reflecting strong owner-occupier demand in well-connected urban precincts. The sale achieved a land rate of approximately $16,667/sqm and a ~2.9% yield, with the purchaser attracted to both short-term income and future occupation potential.

$450 million

St Ives Shopping Village

P: Iris Capital

Colliers' Lachlan MacGillivray

JLL Hotels & Hospitality Group's John Musca and Ben McDonald

T: Redcape Hospitality P: Private Investor

$54 million

The South Terrace Hotel

102 Alexander Street, Crows Nest

Colliers' Oliver Rafferty, Linus Lifson and Tom Appleby

$3.9 million

P: Private Investor

Various, Tamworth

IMG Hotel Group has acquired the Tamworth Pub Group portfolio for $160 million, marking one of the largest regional pub transactions in New South Wales in recent years.

JLL's John Musca and Kate MacDonald

$160 million

P: IMG Hotel Group

42 Morris Street, St Marys

A brand-new childcare centre at 42 Morris Street, St Marys has sold for $10.288 million, reflecting a 5.25% yield and strong investor demand for early education assets.

CBRE's Michael Vanstone and Darren Beehag

$10.29 million

Undisclosed

VENDOR/ PURCHASER

DESCRIPTION

AGENCY

SALE $

A significant inner-city site at 79 Port Road, Southwark has sold for $15 million, highlighting strong demand for large-scale development opportunities near the Adelaide CBD. The 6,968sqm site, improved by office and warehouse space, offers Urban Corridor zoning supporting development up to eight storeys (STCA).

McGees Property's Yee Ng, James Juers and Simon Lambert

79 Port Road, Southwark

$15 million

P: Private Investor

A prominent development site at 167A–173 Hindley Street, Adelaide CBD has sold for $10.05 million, marking another strong result for city development assets.

167A–173 Hindley Street, Adelaide CBD

McGees Property's Yee Ng and Simon Lambert

$10.05 million

Undisclosed

VENDOR/ PURCHASER AGENCY

DESCRIPTION

SALE $

A major CBD development site at 18–28 Telethon Avenue, Perth has sold for $25 million to Sirona Urban, marking another significant transaction within the Kings Square precinct. The 3,334sqm site is earmarked for a 33-storey student accommodation tower (854 beds), reinforcing continued momentum in Perth’s city-shaping development pipeline.

18–28 Telethon Avenue, Perth

$25 million

P: Private Investor

Lease Equity's Jim Tsagalis

April / May 2026 – 17

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18 – April / May 2026

MARKET MOVES CONT'D QLD DESCRIPTION

THE PROPERTY DEVELOPMENT REVIEW

VENDOR/ PURCHASER AGENCY

SALE $

A major riverside development site at 11–23 Macarthur Avenue, Hamilton has sold for $19 million, reflecting strong demand for large-scale residential opportunities in Brisbane. The 7,401sqm site comes with approval for two 23-storey build-to-rent towers (560 apartments), underscoring growing confidence in the sector. A large-format retail centre at 64 Victoria Street, Warwick has sold for $7.45 million, highlighting strong investor demand for regional retail assets. Anchored by Harvey Norman on a long-term lease to 2034, the 3,809sqm centre sits on a 7,502sqm site and offers secure, defensive income.

11–23 Macarthur Avenue, Hamilton

CBRE's Will Carman and Trent Hobart

$19 million

P: Private Investor

Chris Stewart of LJ Hooker Commercial Toowoomba and Harry Dever of Colliers.

64 Victoria Street, Warwick

$7.45 million

P: Private Investor

Knight Frank's Lachlan Hateley and David Knox, in conjunction with Ray White Commercial South West's Harry Egan

52 Hawkins Crescent, Bundamba

The Hawkins Connect industrial development at 52 Hawkins Crescent, Bundamba is nearing full sell-out, with 21 warehouse units almost entirely taken up following completion.

$17.5 million

P: Various

415 Bridge Street, Wilsonton

A brand-new 7-Eleven service station at 415 Bridge Street, Wilsonton has sold for $5.135 million, reflecting a 6.00% net yield. A strata retail asset at Pacific Centre, 8 Lear Street, Sunnybank Hills has sold for $1.625 million to a local Asia-Pacific owner-occupier, highlighting continued demand within Brisbane’s tightly held Asian business precincts. Ascot Capital has acquired a three-asset industrial portfolio from Wagners Holding Company for $43 million, reflecting strong demand for long-income industrial investments. The portfolio spans Harristown, Narangba and Coolum Beach, with a combined ~59,000sqm landholding and a ~15-year WALE, fully leased to ASX-listed Wagners on triple net leases. An industrial facility at 33–41 Diesel Drive, Paget has sold for $15.1 million in an off-market transaction, reflecting growing investor demand for high-spec regional industrial assets. The 3,052sqm facility on a 9,831sqm site is fully leased to IMS Engineering through to 2031, offering secure, inflation-linked income.

$5.135 million

Undisclosed

Costi Cohen Sasha Rodriguez

8 Lear Street, Sunnybank Hills

P: Local Asia-Pacific Owner- Occupier

Colliers' Tony Wang

$1.625 million

Cushman & Wakefield's Morgan Ruig and Jonathan O’Brien alongside Anthony White of Burcott Road Property Advisory.

Harristown, Narangba and Coolum Beach Portfolio

T: Wagners Holding Company P: Private Investor

$43 million

33–41 Diesel Drive, Paget

$15.1 million

P: Private Investor

Knight Frank's Deniz Mete

6 Cutler Drive, Andergrove (Mackay)

A brand-new childcare centre at 6 Cutler Drive, Andergrove (Mackay) has sold for $6.45 million, reflecting a 5.79% yield.

CBRE's Josh Scapolan, Fin Hume and Tom Lawrence

$6.45 million

Undisclosed

15–19 Dalrymple Road, Garbutt

An owner-occupier has acquired 15–19 Dalrymple Road, Garbutt for $2.05 million, reflecting strong demand for adaptable industrial assets in Townsville.

Knight Frank's Paul Dury and Dan Place

$2.05 million

P: Owner-Occupier

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April / May 2026 – 19

Macquarie Park Precinct

BAPTISTCARE WINS APPROVAL FOR $2.5BN MAC PARK PRECINCT

Author: Patrick Lau The Urban Developer

BaptistCare has won concept approval for its $2.5-billion precinct in Macquarie Park, clearing the way for almost 2000 new homes in Sydney’s northwest after a re-think in response to submissions.

The project will deliver 12 buildings up to 24 storeys, with a mix of senior living, student co-living, market and affordable apartments, alongside retail and commercial. The 63,871sqm site will now host 198,259 sqm of gross floor area - up from 187,134 sqm under the original proposal. The floor space ratio of 3.1:1 is lower than the permitted 3.25:1, which incorporates provisions for affordable and seniors housing. Significant amendments to building envelopes were made in response to submissions, with a shift

to taller and more slender towers. A school was removed from the BVN-masterplanned precinct and public open space has increased to about 11,000sq m, including the newly added Kikkiya Park. The project at 157 Balaclava Road is about 13km north-west of the Sydney CBD, and directly adjoins Macquarie University, as well as the Macquarie Rise project at Morling College. A number of senior living facilities are currently at the site, which BaptistCare acquired as cattle pastures in 1962, but the approved mixed-use precinct will blend living types across its 1874 homes. It is part of a broader shift in senior living towards vertical retirement villages embedded within mixed-use precincts. A number of mega-projects have progressed in Macquarie Park in the past decade, due largely to improved transport links (including the Metro line) and Transport Oriented Development pathway. Legacy and Billbergia are among key players, securing Macquarie Park’s “best site” at 15-21 Cottonwood Crescent (also known as 88 Waterloo Road). The two-tower project there would reach 60 and 52 storeys, hosting 858 apartments. Across the road at 14-16 Cottonwood Crescent, Legacy is also advancing a 21-storey, 126-apartment scheme with a $119-million price tag.

Senior living vertical villages will be joined by PBSA, residential towers, and retail and commercial space.

Parklands, pedestrian and cycling links were redesigned in response to submissions

20 – April / May 2026

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