Welcome to Issue 73 of The Property Development Review, exclusively for agents, developers and investors.
JUNE / JULY 2026 - ISSUE NUMBER 73
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.
Ready Media Group Targets Surging Gulf Capital Pipeline
Dubai and the UAE added to the company's global distribution network, giving agents a direct line to one of the world's fastest-growing investor markets.
Suburban mixed-zoned development sites are increasingly Ready Media Group has expanded its international distribution network into Dubai and the UAE for the first time, extending its commercial property campaign reach across six international markets. The move comes as offshore investment in Australian commercial real estate continues to climb. MSCI’s Australia Capital Trends report shows international investors accounted for 40 per cent of direct acquisitions in 2025, deploying $19.7 billion into the sector across the year. Total transaction volumes reached $49.8 billion, up 6 per cent year-on-year - the second consecutive annual increase. While capital from the United States, Japan and South Korea continues to dominate large-scale acquisitions, Gulf investor activity is rising sharply, particularly across A-grade commercial buildings, retail assets and development sites across Australia’s major markets. That momentum is being fuelled, in part, by a rapid concentration of globally mobile wealth in the region. The UAE has emerged as one of the world’s largest destinations for wealthy migrants, with Henley & Partners recording 9,800 net millionaire inflows into the country during 2025 alone. Conditions in early 2026 have further heightened interest in stable offshore markets, with Australia continuing to attract attention for its legal framework, political stability and transparent property sector. Recent federal government restrictions on established residential purchases by foreign buyers are expected to redirect offshore focus toward commercial assets and development opportunities. AUSTRALIAN AGENTS GAIN A DIRECT LINE INTO GULF CAPITAL To capitalise on the growth, Ready Media Group has added Dubai and UAE audiences to its Global Social Amplifier, an international
distribution product available as part of the company’s Gold Max campaigns. The platform simultaneously distributes campaigns across Australia, the United States, the United Kingdom, Canada, the APAC region, and now the Gulf, using targeted advertising across Meta and LinkedIn. For Australian agents, it provides a direct channel into high-net-worth buyer segments and offshore investor groups seeking commercial and development assets, which rarely surface through domestic campaign channels. RWC Queensland Managing Director Tom Barr said the Global Social Amplifier had broadened the company’s exposure and deepened engagement with its target buyer market. “It helped generate stronger competition and contributed to an outstanding result for the vendor,” Mr Barr said. Robert Dunne, Director at Savills Brisbane, said the platform had opened new enquiry pathways for commercial assets and development sites. “Ready Media’s Global Social Media Amplifier generated valuable engagement with offshore groups we had not previously connected with,” Mr Dunne said. “As a highly cost-effective enhancement to their Gold Max package, it has delivered strong results across multiple campaigns. We now include it as a standard component in the marketing schedule for our A-grade sites and assets.”
To find out more about the Global Social Amplifier and how it can expand your campaign reach, contact Ready Media Group today.
2 – June / July 2026
WELCOME
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 Together, these stories reveal an industry adapting to change, embracing innovation and helping shape the future of Australia’s cities, communities and investment landscape. Enjoy the read. In this edition, we explore the forces reshaping Australia’s property landscape—from the future of housing and institutional capital to emerging development opportunities, evolving office markets and landmark projects transforming communities across the country. At the centre of the issue is an exclusive interview between Rob Langton and Craig Carracher AM, one of the most influential figures in Australian real estate. Best known for co-founding Scape Australia and helping establish purpose-built student accommodation as an institutional asset class, Carracher shares the thinking, conviction and long-term vision that have defined his career. His journey from law and corporate advisory into large-scale housing platforms offers valuable insight into how Australia can address growing housing demand through professionally managed, purpose-built living solutions. More than a personal story, the interview explores the future of urban housing, the role of institutional investment and the shift from project-based development to scalable living platforms. Elsewhere, we examine rising CBD office rents as premium buildings continue to outperform, analyse how geopolitical uncertainty is influencing commercial capital markets, and consider how Federal Budget reforms may accelerate investor migration from residential to commercial property. We also spotlight five development opportunities positioned within key growth corridors across Australia. This edition showcases major projects making headlines, including Westmead’s $659 million children’s hospital redevelopment, the delivery of new homesites at Sceniq Bilambil Heights, and the launch of the rare Toogoom Island Portfolio. We also feature the remarkable story behind Brisbane’s $1.5 billion Little Italy precinct, where determination, entrepreneurship and hands-on delivery are bringing a long-held vision to life.
CONTENTS
07 BUILT ONLY FOR COMMERCIAL PROPERTY. NOTHING ELSE COMES CLOSE. Nick Materia Ready Media Group
04 THE INTERVIEW Craig Carracher AM Scape Australia
08 MARKET MOVES
48
DEVELOPMENT-QUEENSLAND Sceniq Delivers First Homesites Ready Media Group
Key transaction & deal analysis
12 OFFICE
49
DEVELOPMENT-QUEENSLAND Toogoom Island Portfolio Launches Ready Media Group
CBD Office Rents Climb Ready Media Group
50 DEVELOPMENT-QUEENSLAND Little Italy Rises: From Accidental Concreter to $1.5bn Precinct Play Clare Burnett The Urban Developer
13
CAPITAL MARKETS Iran Conflict Cools Capital
Markets - For Now Ready Media Group
14
DEVELOPMENT 5 Development Opportunities To Watch Ready Media Group
52 67
QLD OPPORTUNITIES
INDUSTRIAL - SOUTH AUSTRALIA Safcol Invests $91m in Adelaide Manufacturing Plant, Fish Market Chris Thomson The Urban Developer
Linkedin: @commercialready Facebook:/commercialready Instagram: @commercial.ready ROOFTOP: Website: rooftop.studio Vimeo:/rooftopstudio Instagram: @rooftopstudio READY MEDIA GROUP: Website: readymedia.com.au EDITOR IN CHIEF Frank Materia IN-HOUSE WRITERS Oliver Gregurek & Dimity Barber ADVERTISING ENQUIRIES frank@readymedia.com.au LISTING ENQUIRIES info@readymedia.com.au EDITORIAL ENQUIRIES editor@readymedia.com.au CONTACT Ready Media Group Head Office
16
FEDERAL BUDGET Federal Budget Could Trigger Major Shift from Residential into Commercial Ready Media Group
74 68
SA OPPORTUNITIES
18 HEALTH - NEW SOUTH WALES
LEND LEASE - WESTERN AUSTRALIA Providence Finally Approved for Over-50s at Base of Perth Hills Chris Thomson The Urban Developer
Westmead’s $659m Hospital is NSW’s Biggest Paediatric Build in 25 Years Vanessa Croll The Urban Developer
20 NSW OPPORTUNITIES 32 VIC OPPORTUNITIES
76
WA OPPORTUNITIES
80
TAS OPPORTUNITIES
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 Rooftop Studio - Bay Central, Woolooware June / July 2026 – 3
The Interview
CRAIG CARRACHER AM
SCAPE AUSTRALIA
With Rob Langton - Ready Media Group
FROM LAW AND CAPITAL TO OPPORTUNITY RECOGNITION
Before Scape Australia existed, before “build-to-rent” became a widely used term in policy circles, Carracher was operating in environments where capital, strategy and long-term asset thinking intersected. His early legal career provided technical grounding, but it was his exposure to corporate investment structures and private capital that sharpened a different kind of lens: how to identify underdeveloped markets where demand already exists, but product structure does not.
Rob Langton’s interview with Craig Carracher AM offers a rare, unfiltered look into one of the most consequential builders of institutional-scale housing in Australia — and the thinking that sits behind an industry reshaping how cities accommodate growth. At a time when Australia’s housing debate is dominated by supply shortages, affordability pressure, and the search for viable models that can actually be delivered at scale, Carracher’s story reads less like a traditional property biography and more like a case study in how new asset classes are born. Conducted by Ready Media Group, journalist, Rob Langton, the conversation traces the evolution of Carracher’s career from law and corporate advisory work through to his formative years inside Consolidated Press Holdings, and ultimately to the creation of platforms that would help define purpose-built accommodation in Australia. But the real thread running through the interview is not biography - it is conviction.
That lens would later become central to one of his most important insights - that student
accommodation in Australia was not merely a niche property segment, but an institutional-grade housing category waiting to be built. The Scape thesis: treating student housing as infrastructure The founding of Scape Australia marked a structural shift in how student housing was conceived. Rather than fragmented private rentals dispersed across suburbs, Carracher and his co-founders approached student accommodation as a vertically integrated platform: purpose-built, professionally managed, and scalable. The thesis was simple, but its execution was not: • Students need proximity, certainty and community
4 – June / July 2026
THE PROPERTY DEVELOPMENT REVIEW
Australia’s major cities are facing sustained pressure from population growth, constrained planning pipelines, and rising construction costs. In this context, purpose-built living models are no longer niche experiments - they are becoming central to the policy and investment conversation. Carracher’s perspective is pragmatic rather than ideological. The question is not whether traditional housing markets function, but whether they can deliver the volume and consistency required over the next several decades. That gap - between demand and delivery - is where platforms like Scape and The Living Company position themselves. Judgement, resilience and building through cycles Beyond strategy and structure, the interview repeatedly returns to personal qualities required to operate at scale in real estate development. Carracher emphasises judgement - not as a moment of insight, but as a repeated discipline. Each cycle of investment, construction, leasing and operation becomes a test of whether initial convictions hold under real-world pressure. Resilience is equally important. Large-scale property platforms operate across long timelines, often spanning market downturns, regulatory shifts, and financing constraints. The ability to maintain strategic direction through those periods is framed as a defining capability, not an optional advantage. A platform, not a project If there is a single idea that anchors the interview, it is this: the transition from project-based development to platform-based living systems. Where traditional property development is cyclical and discrete, platforms like Scape aim to be continuous - absorbing demand, standardising delivery, and creating repeatable operating models. That shift has implications far beyond student housing. It points toward a future where housing is increasingly institutionalised, professionally managed, and integrated into broader capital markets. Watch the full interview The conversation between Rob Langton and Craig Carracher AM provides a detailed look into the evolution of purpose-built accommodation in Australia and the thinking behind one of its most influential platforms.
•
Universities benefit from stable, managed accommodation supply
• Cities require higher-density housing solutions that reduce pressure on traditional rental markets What made Scape notable was not just the concept, but the timing. At the time, institutional investors in Australia had limited exposure to purpose-built student accommodation. Carracher and his team effectively had to build credibility for an asset class while simultaneously building the asset class itself. That dual challenge - proving demand while constructing supply - is a recurring theme in the interview. Capital, risk and long-horizon thinking A key focus of the conversation is the role of institutional capital in enabling large-scale housing delivery. Carracher describes a world where scale is not just desirable, but necessary. Without it, purpose-built housing models struggle to achieve the efficiency, service standards and resilience required to compete with fragmented private markets. But scale comes with trade-offs: longer development cycles, higher capital requirements, and a greater sensitivity to macroeconomic shifts. The interview returns repeatedly to a core idea: success in this space is less about individual projects and more about conviction over time. The willingness to hold a view through cycles - rather than respond to them - is presented as a defining trait of long-term platform builders. The Living Company and the expansion of the model Following Scape’s growth, Carracher extended his focus through The Living Company, broadening into adjacent housing categories including build-to-rent, affordable housing, and retirement living. This expansion reflects a broader shift in Australian real estate: housing is increasingly being treated as a spectrum of living products rather than a single asset category. The logic underpinning this approach is consistent with the Scape thesis - if cities are structurally undersupplied in multiple segments, then solutions must be industrial in scale, not opportunistic in isolation. Purpose-built living and the future of Australian cities One of the most significant themes in the interview is the future of urban housing delivery.
SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL
June / July 2026 – 5
SCAN ME
Same-day listing videos, AI-enhanced drone imagery, photo enhancement, and virtual staging.
PROPERTY MARKETING, POWERED BY AI CREATIVITY.
6 – June / July 2026
THE PROPERTY DEVELOPMENT REVIEW
BUILT ONLY FOR COMMERCIAL PROPERTY. NOTHING ELSE COMES CLOSE.
Prepared By Nick Materia CEO & Founder of Ready Media Group
Buyer pools have tightened and capital allocation has been more selective. The agents we work with every day have had to fight harder for every result. We see it. We feel it. And we're here to help you push through it.
their behaviour, and qualifies them in real conversation. 3. AI Lead Scoring & Advanced Reporting. Reads the intent behind every enquiry across DR and CR and ranks the strongest first, turning 12 years of data into a clear view of who's most likely to transact. 4. Develop Reports on listing pages. Planning and feasibility data integrated, so buyers do real due diligence without leaving your campaign. 5. LVR Finance calculator on DR and CR. Instant lending headroom against your listing, so buyers move faster and with confidence. 6. Budget field on enquiry forms. Captures real buyer intent at the point of enquiry, so your time goes to the prospects who can actually transact. 7. Pre-market visibility. Pre-market placement across the homepage and platform gets your stock in front of the right buyers early, building demand before you go live. 8. Campaigns gone global. Our Global Reach strategy now spans six international markets, including the UAE and Dubai for the first time. As domestic capital tightens, your listing reaches the offshore buyers actually moving on Australian commercial assets. Coming soon: 9. Smarter search, built for buyers. Map View now layers zoning, overlays and surrounding development activity, with LGA search, so the right buyers find your listings faster and casual interest turns into qualified enquiry. FY27 is where it accelerates. Because every dollar we invest goes back into one thing: making sure when you choose RMG, you get the best possible result for your vendor. But none of this happens without you. We're in it together, and the next chapter of commercial property in Australia is one we're writing alongside the agents who are out there every day getting deals done. Your feedback shapes the product and your success is the only metric that matters. The industry is changing fast. We're changing with it, and we're taking it forward, together. Thank you for the trust you've placed in us. It's an exciting journey, and we're glad to be on it with you. Let's make FY27 the best year yet.
The buyers are still out there, but they're not where they used to be. Marketing your listing the way you did five years ago means missing prospects you didn't even know existed, however reaching them takes a different approach. Reaching beyond your suburb, your state, and even our own shores has never been more important. Commercial buyers and property developers think differently to residential buyers. They chase yield, quality tenants, returns, and development returns, wherever they exist, across regions and across state borders. So we built RMG to find these buyers, wherever they are, and bring your campaign directly to them. That's why we don't subscribe to the philosophy that the buyer will simply come to the portal and find your listing. We go and find them, and bring your campaign directly to them. Through the country's best-in-class EDM program, leveraging our first-party database of commercial buyers and property developers with over a decade of behavioural intent signals telling us exactly who's looking for what. Through specialist social campaigns built specifically for commercial. Through AI Lead Calling, our human-sounding AI voice agent qualifying warm prospects on your behalf. While the legacy portals are focused on the residential markets, we've spent 12 years going deeper on commercial and only commercial. Every campaign we run, every product we build, every dollar we invest goes into making this industry better. Behind every campaign sits our in-house human-led, AI-backed optimisation team. They review every campaign, every day, against internal benchmarks, no campaign is ever left behind. Your investment with us matters, and we treat it that way. This is why more and more agents are choosing RMG as their specialist partner, and why DevelopmentReady and CommercialReady are becoming the preferred destinations for marketing development sites and commercial assets across Australia. We listen. We care. Not because we have to, but because we want to. And that's only half the story. FY26 has been our biggest year yet for product investment, because real partnership means giving you the tools to win, not just the audience. Here's everything we've built to improve your experience and help you extract more qualified buyers and sell more property in FY27: 1. AIgent. AI-generated video, drone aerials, photo enhancement and staging, all built from the photos you already have. 2. AI Lead Calling. Our human-sounding voice agent works our first-party buyer database, spots the warmest prospects from
For more information, contact your Account Director today https://www.developmentready.com.au/contact
June / July 2026 – 7
MARKET MOVES VIC DESCRIPTION
VENDOR/ PURCHASER AGENCY
SALE $
Sam Hibbins, Luke Lowden, Daniel Telling and Billy Kanakis of Colliers
81 Atlantic Drive, Keysborough
A trophy industrial facility at 81 Atlantic Drive, Keysborough has sold for $11 million, reflecting continued investor demand for premium south-east industrial assets.
$11 million
Undisclosed
57 Puckle Street, Moonee Ponds
A Vodafone-leased freehold at 57 Puckle Street, Moonee Ponds has sold under the hammer for $1.91 million, reflecting a sharp 3.77% yield.
Ervin Niyaz and Travis Keenan of Colliers
$1.91 million
P: Local investor
2B Williamson Road, Maribyrnong
A mixed-use freehold at 2B Williamson Road, Maribyrnong, home to Ultratune, has sold on a sharp 4% yield.
Colliers
Undisclosed
Undisclosed
35–39 Royal Parade, Parkville
A permit-approved development site at 35–39 Royal Parade, Parkville has sold following a highly competitive campaign driven by interstate buyer demand.
Jozef Dickinson, Philip Heberling and Ryan Milivojac of Colliers
Undisclosed
Undisclosed
258 Scoresby Road, Boronia
A major infill development site at 258 Scoresby Road, Boronia has sold for circa $15 million following a highly competitive campaign.
Jozef Dickinson, Philip Heberling and Mark Burgio of Colliers
$15 million
Undisclosed
515 Highett Road, Highett
A bayside hospitality asset at 515 Highett Road, Highett has sold prior to auction for $1.8 million, reflecting a sharp 4.67% yield.
$1.8 million
P: Private Investor
David Napoleone of CBRE
259–261 Colchester Road, Kilsyth South
A major industrial landholding at 259–261 Colchester Road, Kilsyth South has sold for $13.5 million to an expanding owner-occupier.
Richard Wilkinson and Jonathan Mercuri of Colliers
$13.5 million
P: Owner-Occupier
22 Pier Road, Grantville
Frenchview Lifestyle Village in Grantville has sold off-market for $7.5 million to ASX-listed Eureka Group Holdings, reflecting an initial yield of 7.9%.
Andrew Jackson and Scott Callow of HTL Property
$7.5 million
P: Eureka Group Holdings
A landmark industrial transaction at 9 Colemans Road, Dandenong South has been completed, with a confidential local concrete sector group acquiring both the property and operating business of Frankston Concrete Products.
James Stott and Gordon Code of Colliers, together with David Johnson of Cameron
9 Colemans Road, Dandenong South
Undisclosed
P: Local Owner-Occupier
The Early Foundation Childcare Centre at 9–11 Hanson Road, Craigieburn has sold within four weeks of launch, highlighting continued demand for quality childcare investments despite challenging market conditions across Victoria.
9–11 Hanson Road, Craigieburn
Vincent Lam, Paul Jones and Luke Peric of Jones Real Estate
Undisclosed
Undisclosed
WA
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
Jonathan Wong and Zach Schreier of Knight Frank, in conjunction with Benson Young of Hartanto Properties
1 Santorini Promenade, Alkimos
The fully leased Agora on Santorini retail village at 1 Santorini Promenade, Alkimos has sold for $7 million.
$7 million
Undisclosed
An inner-city office asset at 149 Wellington Street, East Perth has sold for $10 million, reflecting a 9.25% passing yield.
Tony Delich and Zach Schreier of Knight Frank
149 Wellington Street, East Perth
$10 million
Undisclosed
NT Flinders Street, Jabiru
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
The iconic Mercure Kakadu Crocodile Hotel in Jabiru is set to be acquired by Journey Beyond, following a competitive national and international campaign.
Sam Abel and Karen Wales of Colliers
Undisclosed
Undisclosed
ACT
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
JLL's Mitch Frail and Tim Mutton in conjunction with Collier's Matthew Meynell and Matthew Winter
42 Macquarie Street, Barton
The office asset at 42 Macquarie Street, Barton has sold for $25.125 million, reinforcing investor demand for high-quality office investments within Canberra’s tightly held Parliamentary precinct.
$25.125 million
Undisclosed
8 – June / July 2026
THE PROPERTY DEVELOPMENT REVIEW
NSW DESCRIPTION
VENDOR/ PURCHASER AGENCY
SALE $
Michael Collins, Tom Moreland, Aike Sakeson and Rory Alexander of Stonebridge Property Group
50 Kungala Road, Halfway Creek
The strategic Ampol Halfway Creek truck stop has sold for $13 million, reflecting a 5.92% yield following a competitive national campaign.
$13 million
Undisclosed
51–57 Fleurs Street, Minchinbury
An infill development site at 51–57 Fleurs Street, Minchinbury has sold for $8.7 million, highlighting strong demand for smaller-scale development opportunities across Western Sydney.
Alex Mirzaian and Ben Wicks of CBRE
$8.7 million
Undisclosed
49–51 Moncur Street, Woollahra
A tightly held freehold restaurant investment at 49–51 Moncur Street, Woollahra has sold for circa $4.3 million, reflecting a sharp 2.8% net yield.
$4.3 million
Undisclosed
Paul Grasso of Colliers
Circa $40 million
99–101 Schofields Road, Rouse Hill
A major development site at 99–101 Schofields Road, Rouse Hill has sold for circa $40 million, with NEX Property acquiring the DA-approved project amid shifting market preferences.
P: NEX Property
Alex Mirzaian of CBRE
$10.425 million
10-12 Egan Street, Newtown
UKO Newtown Village at 10-12 Egan Street, Newtown has sold for $10.425 million following strong buyer competition during an Expressions of Interest campaign.
James Masselos and Adam Droubi of Knight Frank
Undisclosed
11 Denton Park Drive Rutherford
The Hunter Gateway Motel in Rutherford has sold for $8.5 million, with the freehold acquired by the Trinity Accommodation Regional Hospitality Fund (TARHF).
P: Trinity Accommodation Regional Hospitality Fund
$8.5 million
Trudy Crooks of ResortBrokers
A portfolio of logistics assets at 63 Jedda Road, Prestons and 78 Templar Road, Erskine Park has sold for a combined $193 million, highlighting continued institutional demand for premium Sydney industrial assets.
Tony Iuliano, Adrian Rowse, Chris Jones and Nils Gaha of Cushman & Wakefield
63 Jedda Road, Prestons
$193 million
Undisclosed
275 Princes Highway, Corrimal
EG Ampol Corrimal at 275 Princes Highway, Corrimal has sold for $3.8 million, reflecting a 6.09% yield.
Yosh Mendis, Sam Mulcahy and Hamish Grant of CBRE
$3.8 million
Undisclosed
QLD 171–181 Robertson Street, Fortitude Valley
VENDOR/ PURCHASER AGENCY
DESCRIPTION
SALE $
A landmark James Street precinct asset at 171–181 Robertson Street, Fortitude Valley has sold for more than $30 million following a highly competitive campaign. A prized freehold asset at 116 Robertson Street, Fortitude Valley has sold for $4.8 million following a highly competitive Expressions of Interest campaign.
$30 million
Undisclosed
Tom Barr of RWC Queensland
116 Robertson Street, Fortitude Valley
Hayden Ryan and Jacob Heinke of Knight Frank
$4.8 million
Undisclosed
67 Harbour Esplanade, Burnett Heads
The landmark Gateway Marina development site at Burnett Heads has sold following a competitive receivership process, with original developer Simon Harvey regaining control of the project.
$250 million
P: Simon Harvey
Philip O'Dwyer of Colliers
67–77 Trade Street, Lytton
An industrial investment at 67–77 Trade Street, Lytton has sold off-market for $34 million, reflecting a sharp 4.79% yield.
James Wilkie, Trent Gallagher and Angus Yule of Colliers
$34 million
Undisclosed
97 Noosa Drive, Noosa Heads
A prominent commercial wellness asset at 97 Noosa Drive, Noosa Heads has sold for $5.8 million following a highly competitive Expressions of Interest campaign.
Paul Butler and David Brinkley of RWC Noosa & Sunshine Coast
$5.8 million
Undisclosed
65 Backhouse Place, Eagle Farm
An A-grade industrial facility at 65 Backhouse Place, Eagle Farm has sold for $16.5 million, reflecting a 5.45% yield.
Elliot Ryan and Ben Hatch of Knight Frank
$16.5 million
Undisclosed
1/174 Galleon Way, Currumbin Waters
A fully leased healthcare investment at 1/174 Galleon Way, Currumbin Waters has sold for $4.925 million, reflecting a 5.87% yield.
Hayden Ryan, Jacob Heinke and Clem Stack of Knight Frank
$4.925 million
Undisclosed
Tom Moreland, Michael Collins, Thomas Proberts and James Freemantle of Stonebridge Property Group Hunter Higgins and Brendan Hoganof Colliers, together with John Shepherd of Gallus Partners
60 Wesley Road, Griffin
A Goodstart Early Learning childcare freehold at 60 Wesley Road, Griffin has sold for $7.7 million, reflecting a 5.30% yield.
$7.7 million
Undisclosed
33 Brookes Street, Bowen Hills
A landmark heritage office asset at 33 Brookes Street,Bowen Hills has sold for $4.052 million, with local developer MillenniumBrookes Pty Ltd securing the property amid strong buyer competition.
P: MillenniumBrookes Pty Ltd
$4.052 million
1264 Sandgate Road, Nundah
A freestanding commercial property at 1264 Sandgate Road, Nundah has sold for $2.3 million, reflecting a 5.48% yield following a competitive Expressions of Interest campaign.
Jacob Heinke and Hayden Ryan of Knight Frank
$2.3 million
Undisclosed
June / July 2026 – 9
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10 – June / July 2026
THE PROPERTY DEVELOPMENT REVIEW
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June / July 2026 – 11
Office
CBD OFFICE RENTS CLIMB
Prepared By Ready Media Group
Australia’s major CBD office markets are recording some of their fastest rental growth in the post-pandemic period, and the gap between premium buildings and the rest of the market is widening.
the past year, and in Melbourne’s Eastern Core the figure was 16.1% - both outperforming their broader CBD averages. Core CBD rents are now 54% higher than non-core locations in Sydney, and 93% higher in Melbourne. The gap reflects the growing premium occupiers place on amenity, accessibility and workplace quality. Outside the CBDs, conditions remain subdued. Of the suburban markets, Melbourne’s Southbank has held up best, recording annual net effective rental growth of 2.7%. “The ‘best and the rest’ thematic continues to prevail, with a focus on high-quality, well-located premises that have the best amenity for employees, if not on the doorstep, then immediately adjacent in the precinct as employers look to attract and retain talent,” Mr Read said. SUPPLY CONSTRAINTS KEEP OUTLOOK FIRM Mr Read said the Middle East conflict had introduced uncertainty for investors, and the prospect of higher interest rates also presented near-term challenges. However, the fundamentals underpinning Australia’s office markets remain intact. The supply pipeline is thinning, and interest rates are expected to trend lower toward 2027-28. “Economic rents remain well above the levels needed to justify new construction, and this could worsen as the Middle East conflict raises the cost of construction materials, potentially delaying new projects and extending the supply constraint,” he said. “This should support relatively strong rental growth over the medium term.”
According to Knight Frank’s Australian Office Indicators Q1 2026 report, Brisbane led the east coast, recording 11.7% annual net effective rental growth over the 12 months to the end of March. Sydney followed at 10.2%, with Melbourne posting 6.8%. Knight Frank Senior Economist, Research & Consulting, Alistair Read, said rental growth was being driven by strong occupier demand concentrated in the highest-quality buildings, against a backdrop of a significantly thinning supply pipeline. Tenants are also becoming acutely aware that the window to secure premium space is narrowing ahead of the supply slowdown. “This is bringing forward leasing decisions and raising competition for the best-located buildings and driving strong rent growth in those precincts,” he said. AUSTRALIA HELPS LEAD APAC RECOVERY The strong Australian performance is registering on the global stage. Knight Frank’s Asia-Pacific Q1 2026 Office Highlights report shows prime net face rents across APAC rose 0.8% in Q1, with Australia and India among those leading the regional recovery. Across the region, 18 of the 24 cities monitored reported stable or increasing rents quarter-on-quarter in Q1, up from 17 in Q4 2025. The APAC recovery held through the quarter, even as the escalation of the conflict in the Middle East introduced fresh geopolitical uncertainty. “Sydney and Brisbane are among the strongest-performing office markets across the entire Asia-Pacific region, with annual prime net face rent growth of 8.6% and 8.2% respectively - surpassed only by Bengaluru and Tokyo,” he said. PREMIUM PRECINCTS OUTPERFORM The headline growth figures understate what is happening at the top end of the market. In Sydney’s Core precinct, net effective rents rose 14.3% over
12 – June / July 2026
Capital Markets
THE PROPERTY DEVELOPMENT REVIEW
IRAN CONFLICT COOLS CAPITAL MARKETS - FOR NOW
Prepared By Ready Media Group
Transaction activity across Australia’s commercial capital markets slumped in the first quarter of 2026, as geopolitical uncertainty and shifting interest rate expectations weighed on sentiment.
underpinned by a lack of new supply. “In 2022-23, rate rises hit a market where valuations were still stretched, and occupier conditions were fragile - you had two headwinds compounding each other,” he said. “Today the repricing cycle has largely run its course, so the valuation buffer is meaningfully better, and the income side of the equation is strengthening rather than deteriorating.” SUPER FUNDS RETURN TO MARKET Institutional investors accounted for 42% of Q1 volumes, followed by public capital at 23%, and cross-border and private capital at 16% each. The key shift is the return of Australia’s superannuation funds to direct acquisitions. After years of largely maintaining portfolios, major funds have re-entered the market over the past 12 months, deploying capital across all sectors, with living assets a particular focus. “Superannuation funds have a multi-decade investment horizon and an obligation to deploy capital,” he said. “Over the past 12 months, many funds have opted to deploy capital directly, acquiring large assets across all sectors, which is a strong signal that they see current pricing as an attractive entry point rather than a risk.” NEAR-TERM CAUTION, LONG-TERM CONVICTION Higher funding costs and global uncertainty are expected to weigh on transaction volumes in the coming months. But Knight Frank’s research points to a market where demand for quality assets remains firm, and medium-to-long-term fundamentals continue to support activity. “Near-term transaction activity may remain tempered as buyers reassess return hurdles against a higher borrowing cost environment, however this caution needs to be distinguished from a broader loss of conviction in Australian commercial property,” he said. “Improving rental growth prospects and a severely constrained development pipeline across most sectors provide a solid foundation for transaction activity to persist through the remainder of 2026.”
Volumes dropped to $7.3 billion in Q1 2026, down from $15.3 billion in Q4 2025, according to Knight Frank’s Australian Capital View - May 2026. Investor caution intensified after the escalation of the Iran conflict in late February, with activity easing through March as buyers reassessed risk and financing conditions. However, the structural case for investment remains intact, according to Knight Frank Senior Economist, Research & Consulting, Alistair Read. “Investors remain aware of the bigger picture,” Mr Read said. “Structural supply constraints are likely to emerge across most asset classes over the coming years, underpinning a compelling medium-to-long-term investment case.” RETAIL LEADS, OFFICE HOLDS GROUND Retail dominated activity, accounting for nearly half of all transactions. The sector led at $3.6 billion, followed by office at $2.1 billion and industrial at $1.2 billion. Office markets are benefiting from a tightening supply pipeline, with prime rental growth strengthening across Brisbane, Sydney and Adelaide CBDs, supporting the sector’s income outlook. “Retail’s recovery has been more complete than many expected, with the sector recording the strongest average total return at 9.9% over the year to Q1 2026,” he said. “Prime office is at an earlier stage of that recovery, but strong effective rent growth in core CBD precincts is giving investors increasing confidence that the income case is strengthening.” RATE RISES HIT DIFFERENTLY The renewed cycle of interest rate rises has unsettled some investors, with the 2022-23 period still fresh in memory. But Mr Read said the comparison only goes so far. Valuations have already reset, and the recovery that gained momentum through 2025 had yet to broaden beyond core markets, meaning pricing carries less downside risk than in the previous cycle. Occupier markets in office and retail are also stronger,
June / July 2026 – 13
Development
5 DEVELOPMENT OPPORTUNITIES TO WATCH
Prepared by Ready Media Group
As demand for well-located development opportunities continues across Australia, developers are increasingly targeting sites positioned within established urban centres and emerging growth corridors. This week’s selection highlights five opportunities spanning metropolitan, suburban and city-fringe markets, each benefiting from strong connectivity, surrounding amenity and long-term development fundamentals.
Lot 2, 90–100 Production Way, Lara VIC 3212
Brought to market by Collier's Chris Nanni, Ben Young and Jonathan Lumsden. Located within the Geelong growth corridor, this Lara site benefits from strong transport connectivity and ongoing industrial and residential expansion across the region. Lara continues to attract significant investment due to its strategic positioning between Melbourne and Geelong. The property offers developers exposure to one of Victoria’s evolving growth markets.
14 – June / July 2026
THE PROPERTY DEVELOPMENT REVIEW
52 Scott Grove, Glen Iris VIC 3146
Brought to market by Cushman & Wakefield's Leon Ma, Hamish Burgess and Joe Kairouz. Positioned within Melbourne’s prestigious inner-east, this Glen Iris site benefits from strong surrounding residential demand and proximity to established education, retail and transport infrastructure. Glen Iris continues to be one of Melbourne’s most tightly held suburban markets, supporting ongoing development activity. The property offers developers a rare opportunity within a premium metropolitan location.
229 Kingsway, Caringbah NSW 2229 Brought to market by Sharp's Greg Sharp.
Situated within Sydney’s Sutherland Shire, this Caringbah site benefits from strong exposure along Kingsway and proximity to established retail and residential precincts. The area continues to experience demand for mixed-use and residential development driven by population growth and infrastructure investment. The property offers developers exposure to a high-demand metropolitan market.
9–11A Livingstone Avenue, Pymble NSW 2073 Brought to market by Collier's Eugene White, Zhenni Lu and Steam Leung. Located within Sydney’s Upper North Shore, this Pymble site benefits from strong surrounding residential amenity, established schooling infrastructure and excellent transport connectivity. Pymble continues to attract development interest due to its tightly held nature and enduring demand from owner-occupiers and investors alike. The property presents a premium suburban development opportunity. 6–10 & 25–27 Gray Railway Street, Southport QLD 4215 Brought to market by Costal's Jared Johnson and Taylor Jones. Positioned within the Southport CBD, this site benefits from proximity to major commercial, retail and transport infrastructure along the Gold Coast corridor. Southport continues to evolve as one of South East Queensland’s most active urban centres, supported by population growth and ongoing investment. The property offers developers exposure to a key metropolitan precinct with strong long-term fundamentals.
June / July 2026 – 15
Federal Budget
5 INDUSTRIAL DEVELOPMENT SITES DRIVING AUSTRALIA’S EMPLOYMENT CORRIDORS
Australia’s 2026–27 Federal Budget may unintentionally accelerate a major reallocation of private investment capital away from residential housing and toward commercial real estate, according to commercial property advisory firm Advise Transact and property research group Quantify Strategic Insights. While much of the political focus surrounding the Budget has centred on housing affordability and increasing supply, both groups believe the more significant long-term consequence may be a fundamental reshaping of investor behaviour across Australian property markets. The Federal Government’s proposed changes to capital gains tax treatment and the increasing emphasis on directing negative gearing benefits toward new-build housing are designed to stimulate housing construction and improve affordability outcomes. However leading commercial property specialist and Advise Transact Managing Director Mark Wizel says the reforms may simultaneously force investors to reassess whether residential property still offers the strongest risk-adjusted returns. “The Federal Budget may have unintentionally created one of the strongest arguments for commercial property investment we’ve seen in years,” Mr Wizel said. “For decades, Australian investors have defaulted to residential property because of familiarity and tax effectiveness. What this Budget potentially does is force investors to reassess whether the risk-adjusted returns still stack up.”
16 – June / July 2026
THE PROPERTY DEVELOPMENT REVIEW
Prepared by Ready Media Group
Historically, residential property has dominated private investment portfolios due to favourable tax treatment, banking accessibility, strong capital growth psychology and household familiarity with the asset class. But both firms argue that many of those traditional advantages are now beginning to narrow. At the same time, investors are gaining increasing access to smaller-scale commercial investments that were previously viewed as institutional-only opportunities. Long WALE leased assets, healthcare tenants, convenience retail centres and industrial properties are increasingly accessible to private investors seeking stronger income returns and more defensive tenancy profiles. According to Quantify Director Rob Burgess, one of the key assumptions underpinning the Government’s housing strategy may prove problematic. “The Budget assumes investors will simply redirect capital from established housing into new housing,” Mr Burgess said. “But that ignores the reality of feasibility. If new housing is too expensive, too slow or too risky to deliver, some investors will not move into new dwellings, they will move out of residential property altogether.” Construction costs, infrastructure charges, land values, planning delays and affordability constraints continue placing pressure on residential development feasibility, particularly in infill markets where governments are targeting increased density and supply. Advise Transact and Quantify believe this may ultimately lead some investors to seek sectors with stronger income visibility and more direct demographic demand drivers. Importantly, many of the Federal Government’s largest spending commitments are concentrated in sectors that directly occupy commercial real estate, including healthcare, infrastructure, defence and logistics. That spending is expected to support long-term demand growth for medical centres, industrial logistics facilities, defence-related manufacturing accommodation, convenience retail and essential- service-based commercial assets. Mr Wizel says this dynamic may create a stronger long-term investment case for parts of the commercial property sector than many investors currently recognise. “The irony is that while the Government is trying to stimulate housing supply, it may simultaneously be encouraging more sophisticated investors to redirect capital toward commercial assets with stronger yields, longer leases and government-backed demand drivers, this may be in the form of direct investment or investment into property syndicates and funds,” Wizel said. Both firms believe the commercial sectors best positioned to benefit include healthcare real estate, childcare, industrial logistics, convenience retail and assets located within major infrastructure and population growth corridors. Mr Burgess says the mobility of private capital is often underestimated in housing policy discussions.
“The risk is that policy makers underestimate how mobile private capital is,” he said. “If investors decide the residential risk-return equation no longer stacks up, the outcome may not be more housing supply. It may be less private rental stock and more capital flowing into commercial assets.” The groups also believe Australia is entering a period where private investors are increasingly thinking more like institutional capital allocators than traditional residential investors. Yield durability, tenant covenant quality, depreciation benefits, rental escalation mechanisms and sector-specific tailwinds are becoming increasingly central to investment decision-making. According to Mr Burgess, the strongest opportunities will likely emerge in sectors supported by long-term demographic fundamentals. “The best commercial property opportunities will be in locations where the demographic fundamentals are strongest, with population growth, ageing, household formation and service demand underpinning a compelling investment case,” he said. Advise Transact and Quantify believe the Budget may ultimately accelerate the institutionalisation of private capital across Australian real estate markets. While residential property will remain a foundational asset class, both firms say the longstanding assumption that residential property is automatically the superior investment vehicle is now being challenged more directly than at any point in recent decades.
June / July 2026 – 17
Health – NSW
WESTMEAD’S $659M HOSPITAL IS NSW’S BIGGEST PAEDIATRIC BUILD IN 25 YEARS
Author: Vanessa Croll
The Urban Developer
A 14-storey children’s hospital building has opened at Westmead, adding acute clinical capacity to one of Australia’s largest health precincts while making the case for design as a medical instrument.
Billard Leece Partnership (BLP) designed the Wattle Building for Health Infrastructure and Sydney Children’s Hospitals Network, as part of Westmead’s $659-million Stage 2 redevelopment. The 57,000sq m building consolidates theatres, intensive care, oncology, burns, cardiology, radiology and pharmacy services closer together on a campus caring for children from across NSW. But its most instructive work sits between the treatment rooms. Whimsical Australian animals follow children across ceilings as they move through the hospital in beds and treatment chairs. Intentionally designed play spaces with natural light and outdoor access include medical gases, so children on oxygen can still leave their rooms. These aren’t cute extras. They translate research around recovery, family-centred care, positive distraction, privacy, natural light and orientation into built form for children and families facing some of their hardest days. A campus-scale investment Westmead forms part of the largest investment in paediatric health in NSW in 25 years, alongside the new Sydney
Children’s Hospital at Randwick and the Minderoo Children’s Comprehensive Cancer Centre, which opened to patients late last year. The two projects were developed in dialogue rather than designed as replicas of each other. Randwick integrates clinical care, research and education around Australia’s first purpose-built comprehensive cancer centre for children and young people. Westmead has a different task: acute and complex care, statewide services, Western Sydney growth and a campus embedded in one of the world’s largest health, research, education and training precincts. Similar shifts are under way nationally. New hospitals in Footscray, Bundaberg and Adelaide are moving health briefs toward precinct planning, family experience and access to nature. BLP and COX are among the practices shaping this pipeline. For BLP principal and managing director Tara Veldman, the opening points to a wider shift in health infrastructure. “This is not simply a new hospital building. It is part of a wider rethinking of paediatric environments in NSW, where design is
A landscaped forecourt leads into the Wattle Building, where BLP’s river-inspired design shapes the entry and facade.
KidsWay turns a long internal route into part of the care experience, with curved forms, colour and child-scale nooks.
18 – June / July 2026
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