Chinese car giant BYD has expanded again, committing to additional space at a Melbourne industrial estate (pictured, right) acquired late last year by EG Funds.

The car maker has signed a six year lease, extending its presence at the 1.98 hectare business park at 899 Mountain Highway, Bayswater.

The commitment comes six months since EG, for its Private Wealth arm, paid $19 million for investment – with five standalone buildings containing a total 10,834 square metres.

At the time of settlement, BYD had just signed up to part.

Rival Zeekr has also been expanding its local presence, recently leasing an ex-Wittner outlet in Sydney’s Waterloo.

Not long earlier, that group leased its maiden Queensland showroom – in Brisbane.

Dealership Lansvale Motor Group also rented an Australian showroom in 2024, in Sydney’s Prestons (continues below).

BYD expands in Australia

The Bayswater deal comes in the week BYD committed to a showroom in Sydney’s Moorebank.

Meanwhile its premium marque, Denza, recently leased an industrial space at Alexandria, again in the New South Wales capital.

Its national headquarters is in Macquarie Park, in Sydney’s north west.

Last October, BYD committed to a Victorian headquarters – part of a Salta estate in Melbourne’s south east.

Subscribe to our newsletter at the bottom of this page.

Andrew Potter’s Kingsmede has sold a Sydney growth corridor housing estate site.

The 3.05 hectare R2 Low Density Residential holding, 70 Gurner Avenue, Austral, fetched $20.5 million.

Kingsmede had lodged plans for a 61-lot subdivision with lots between 250-500 square metres, a non-residential site and five roads.

With a 2.5 year construction timeline, it would have been the group’s first outer west Sydney project.

Austral is 42 kilometres from town.

Kingmede reweighs portfolio

The deal comes six weeks since realesatesource.com.au reported Kingsmede bought a Brisbane housing estate for $6.15m (continues below).

That 3.34ha parcel, 383-393 Hawkesbury Road, Anstead, is earmarked for a 22-lot housing estate.

Last year the group also bought a Salisbury industrial investment from Centuria next to another acquired the year earlier from Dexus.

That suburb is nine kilometres from Brisbane’s CBD.

RomicMoore’s Slavko Romic and Anthony Moore marketed 70 Gurner Ave.

Subscribe to our newsletter at the bottom of this page.

An off-market Byron Bay land flip has delivered Queensland developer Graya a substantial windfall, while expanding a Chemist Warehouse-linked family’s footprint along one of Australia’s most tightly held beachfront strips.

Damien Gance and wife Sasha Robertson have paid about $20 million for a vacant Belongil Beach parcel adjoining the property they acquired in February for $33.5 million.

The purchase lifts the couple’s holding from 2097 square metres to c3200sqm.

The parcel will be subdivided out of a 2022 sqm parcel Graya bought from developer Adam Garrison in 2023 for $20.65m.

Graya, led by brothers Rob and Andrew Gray, only settled in February.

Two dwellings are expected on the balance.

Family buying spree

Mr Gance and Ms Robertson bought Malia from property developer and investor David Kingston and interior designer Tamsin Johnson.

Settlement records reported at the time indicated the purchase was completed without debt (continues below).

Mr Gance is a pharmacist, Chemist Warehouse director and son of co-founder Sam Gance.

Together with Ms Robertson, he controls a substantial pharmacy portfolio.

The Byron Bay purchases coincide with a series of high-value residential acquisitions by members of the wider Gance family.

Last year, Mr Gance’s uncle, Chemist Warehouse co-founder Jack Gance, and wife Evelynne secured neighbouring Lansell Road properties in Toorak for more than $80m.

The combined 6336sqm holding was acquired from V-Leader founder Andy Zhang and wife Miaomiao Zhang and is expected to be redeveloped as a single estate.

In 2021, Sam Gance paid $43m for a contemporary mansion on a 3330sqm Lansell Road parcel diagonally adjacent the holdings later acquired by Jack.

That property was sold by Mark Healey, son of British billionaire Eddie, and his wife Kelly.

Subscribe to our newsletter at the bottom of this page.

Coles has sold an Upper North Shore retail property after 20 years.

The part vacant Turramurra Arcade at 1259 Pacific Highway traded for $6 million.

The buyer is a private investor.

The 677 square metre E1 Local Centre zoned site was marketed for its development upside.

Coles paid $4.6m.

Turramurra Arcade

Turramurra Arcade contains 384 sqm configured as five tenancies – three of which are vacant – and five basement car parks.

The site connects to Gilroy Lane and a public car park.

It is also about 100 metres from the suburb’s train station.

“The property’s income can be improved via a revitalisation of the retail arcade and a solid leasing campaign to fill the vacant tenancies,” Knight Frank marketing agents Jeff Moxham and Joshua Baruch (continues below).

The deal comes five months since realestatesource.com.au reported Coles bought the outgoing Leo’s Supermarket in Melbourne’s Glen Iris, to occupy.

That asset set it back $33.25 million after an off-market deal.

Also in the Victorian capital the group recently bought a Hampton service station to extend store.

That property cost $10m again off-market.

Meanwhile in February it acquired a site in a south west Brisbane housing estate.

Coles has also sold recently a shopping centre on the Gold Coast this year.

Turramurra is 17 kilometres north west of the CBD.

Subscribe to our newsletter at the bottom of this page.

Goodman Group and its largest property fund are spending about $2.65 billion to acquire interests in industrial property partnerships held by Brickworks.

The deal follows Washington H. Soul Pattinson & Company’s acquisition of the building products giant in September 2025.

Goodman Australia Industrial Partnership, or GAIP, will pay $2.3b.

Goodman will contribute the balance (c$350m).

Settlement is scheduled this month.

BGAI, Oakdale West Trust

The deal includes Brickworks’ 50 per cent interest in the Brickworks Goodman Australia Industrial (BGAI) partnership.

It also includes a half stake in the Oakdale West Trust.

Following settlement, GAIP’s ownership of BGAI increases to 100pc and its holding in Oakdale West to 90pc.

Goodman will hold the balance (10pc) of Oakdale West.

Oakdale East Trust

Separately, Goodman Group is acquiring Brickworks’ remaining 50pc interest in the Oakdale East Trust, which contains development land and projects under construction.

The interests (BGAI, Oakdale West, Oakdale East) form part of an industrial and logistics portfolio established through a Goodman-Brickworks partnership launched in 2005 (continues below).

The assets, predominantly in Sydney, contain approximately 1.3 million square metres of gross lettable area and carry a value exceeding $5b.

Key holdings include the Oakdale Industrial Estate and Erskine Park’s Interlink Distribution Centre (pictured, top) precincts in Western Sydney.

The portfolio also contains the Rochedale Motorway Estate in Brisbane.

Fund grows

GAIP – in which Goodman holds a 30.4pc stake – owns approximately 115 properties.

Following the acquisition, its gross asset value is expected to increase to about $20b.

Chief executive Jason Little said Goodman had managed the assets with Brickworks for many years.

“We know these assets well and have managed them alongside Brickworks for many years,” he added.

“As part of our asset recycling strategy, the transaction demonstrates our ability to redeploy capital into opportunities that support long-term customer demand, while increasing our interest in high-quality assets that are already well integrated into our portfolio,” according to the executive.

The Brickworks Manufacturing Trust is not affected by the transaction and will continue operating under the existing Goodman-Brickworks partnership structure.

Subscribe to our newsletter at the bottom of this page.

A Lake Macquarie shopping centre has sold after being extended across the road.

Wyee Village East and West collected a speculated $14.8 million following an expressions of interest campaign that closed in November.

The result reflects a 5.72 per cent net passing yield; it is 97pc occupied. The buyer is a first time retail investor.

Wyee is about 65 kilometres south west of Newcastle and 110 km north of Sydney.

Wyee Village East & West

Covering 7573 square metres zoned E1 Local Centre between 121-135 Wyee Road, on two sides of Jilliby Street, the Wyee investment is anchored by IGA on a lease expiring 2032 or 2039 with options.

Also with a Chemsave, medical centre, Australia Post, dentist, Domino’s and Ice Box Liquor, there is 2676 sqm of lettable area.

The weighted average lease expiry by income is 4.3 years.

All tenants are subject to annual rent reviews.

There are also 77 car parks (continues below).

Growth play

Richard Owens bought Wyee Village East in 2014 – at the time it spread 781 sqm with eight tenancies in an L-shape.

The site spread 2514 sqm block.

There were also only 30 car parks.

In 2018, he applied to extend onto six sites he acquired west of Jilliby St.

The move coincided with the state government announcing it would increase the area’s sewerage capacity for thousands of proposed new homes.

Lake Macquarie is considered a growth corridor, with population forecast to increase 3.3pc per annum each year until 2031, the marketing agents, Stonebridge Property Group’s Alexander James-Elliott and Philip Gartland with Knight Frank Central Coast’s Ty Blanch, said.

Subscribe to our newsletter at the bottom of this page.

The first of 67 Department of Defence sites listed for sale last quarter – a public land portfolio worth over $3 billion – has found a buyer.

The former Penrith Training Depot at 11 Mountain View Crescent collected $23 million from Urban Property Group.

Spanning 3.6 hectares beside the Thornton urban renewal precinct, walking distance to Penrith train station, several apartment buildings are expected.

Defence deemed the site surplus to needs in 2017; it originally formed part of a 47ha base occupied by the Royal Australian Engineers (much of that land is now Thornton).

Public land sell-down begins

Defence Minister Richard Marles announced the enormous portfolio sell-down in February; up for grabs are islands and golf courses as well as military sites.

Unlike many properties, Penrith isn’t heritage protected (continues below).

It is also not contaminated; the government is expected will need to spend a total of at least c$1.2b to remove, amongst other things, explosive residue and firefighting foams, on the other blocks.

Urban backs west Sydney again

Urban has developed low density housing on sites acquired from Landcom in Thornton and Edmondson Park.

It is also behind higher density and mixed-use projects in central Penrith – about 55 kilometres west of Sydney’s CBD.

Last week it was permitted to build a major build-to-rent based project with over 800 apartments in central Parramatta, 20 km west of town.

Subscribe to our newsletter at the bottom of this page.

Freecity Group has been permitted to develop an apartment based mixed-use project (artist’s impression, top), 43 kilometres north west of Sydney, opposite Rouse Hill Metro station.

Also neighbouring Rouse Hill Town Centre, the Architectus designed project at 2-30 Tempus Street will contain 548 units.

The bulk – 332, in towers rising 23 and 18 storeys – will be build-to-rent investments with studio, one, two and three bedroom dwellings.

The balance (216) will be co-living studios in an 11 floor building targeting younger residents and key workers by being affordable.

A two and a half level podium is designed with retail – including a rooftop restaurant and bar – offices and a wellness centre.

This component is expected to span 15,000 square metres.

The basement will contain 129 car parks and 182 bike bays.

A 5 Star Green Star Residential Building, 5 Star NABERS, and WELL for Residential Certification, is also being sought.

The end value is speculated will circle $330 million (continues below).

The deal comes 14 months since we reported Freecity bought two Sydney Olympic Park offices from GPT, also for residential based mixed use projects.

Major Rouse Hill project

The application was lodged as a project of state significance.

“By building with Volumetric Modular Construction, we can deliver these 548 homes faster, more sustainably and to a consistently high standard than traditional construction methods allow,” Freecity executive director, Development, Michael Romano, said.

“Sydney is facing a genuine housing supply crisis and VMC is one of the most powerful tools we have to address it at scale,” he added.

“Tempus Street is a key part of Freecity’s broader pipeline of more than 6000 new homes across Sydney, each…designed to meet the city’s growing need for high-quality, well-located rental housing,” according to the executive.

Subscribe to our newsletter at the bottom of this page.

One of the country’s largest real estate agencies has bought the top two floors of Australia’s first Art Deco skyscraper – a title which gives it signage rights – for its headquarters.

Raine & Horne is speculated to have paid about $13.3 million for levels 11 and 12, 65 York Street, Sydney.

The space will be repurposed with training rooms, conference facilities and recording studios – as well as for traditional office functions.

It is about 300 metres from where Raine & Horne established in the city in 1883.

The company is presently based at 447 Kent St.

There are over 300 Raine & Horne franchises globally.

Penthouse HQ

The York Street strata, containing 952 square metres, previously sold in 2012 for $6.8m.

With windows to four sides, it captures city and water views (continues below).

The rooftop is activated.

There are also two car spaces.

CBRE’s Angus Windred and Callum Cooke were the agents.

Elsewhere in Sydney, in 2020, Ray White Double Bay franchisee Elliott Placks bought a corner office in the suburb to repurpose as a headquarters.

Also that year, Peter Vines snapped up what had previously been marketed as a medical centre in Parramatta for a Ray White base.

In Melbourne in 2023 a Buxton franchisee bought a Hawthorn office as a headquarters.

Subscribe to our newsletter at the bottom of this page.

GPT on behalf of the Wholesale Shopping Centre Fund, has agreed to acquire half stakes in two regional malls from the Lendlease-managed Australian Prime Property Fund Retail – outlaying $1.19 billion.

In the biggest deal, the fund is paying $622 million for the share in Sunshine Plaza at Maroochydore.

The transaction will leave GPT and the fund as equal owners.

Developed in 1994 and substantially expanded in 2019, it contains about 107,000 square metres anchored by Big W, Coles, David Jones, Kmart, Myer, Target and Woolworths.

There is also a 12-screen Birch Carroll & Coyle cinema, more than 300 specialty stores and almost 5000 car parks.

The centre underwent a $440 million redevelopment completed in 2019.

GPT seizes full ownership of Macarthur Square

Meanwhile the GPT Wholesale Shopping Centre Fund is paying $568m for a half stake in Macarthur Square at Campbelltown.

The acquisition brings the vehicle’s ownership to 100 per cent (continues below).

Also with 107,000 sqm, it is anchored by Aldi, Big W, Coles, David Joes, Event Cinemas and Woolworths.

It also underwent a major renovation, in 2017, worth $240m.

The centre opened in 1979 as a joint venture involving GPT and Lendlease interests and has remained associated with both groups since.

GPT took over management of both centres in 2025 following a restructuring of the Australian Prime Property Fund Retail portfolio.

The wholesale fund will finance the acquisitions with proceeds from a recent capital raising and debt facilities.

Settlement is expected next month.

Subscribe to our newsletter at the bottom of this page.