Baron Vanilla Management has sold its Lifestyle Zone Ocean Keys large-format retail complex in Perth’s north.

The 3.23 hectare complex at 61 Key Largo Drive, Clarkson, collected $50.25 million – a seven per cent yield.

With 14,004 square metres, tenants include Bridgestone, Club Lime, Dave & Buster, Petbarn, the Salvation Army and Supercheap Auto.

The weighted average lease expiry is 5.3 years.

National and multi-site retailers account for 77pc of gross income.

There was scope for rental growth through existing lease structures and scope to reposition the tenancy mix, according to the agents, CBRE’s Lachlan Andrew, Chloe Mason, James Douglas and Beau Coulter (continues below).

Northern coastal corridor

Baron Vanilla Management paid $35.5 million for the asset in November, 2021, through the BV Lifestyle Zone Trust.

The asset sits within Clarkson’s retail precinct, which includes at 35-36 Ocean Keys Blvd the Dexus-owned Ocean Keys Shopping Centre, with 120 stores, a Bunnings Mindarie and Woolworths.

The properties serve Perth’s northern coastal corridor, about 35 kilometres from the CBD.

Subscribe to our newsletter at the bottom of this page.

Sydney’s historic Roseville Theatre has sold to the owners of Queensland-based Five Star Cinemas, who plan to retain the independent picture theatre.

Peter and Stephen Sourris paid $8.23 million for 110-116 Pacific Highway.

On 1077 square metres zoned E1 Local Centre opposite Roseville train station, the property includes the two-screen cinema and a neighbouring property (110 Pacific Hwy) with ground-floor retail and an upstairs office and two-bedroom apartment.

Macos Holdings was the seller following a court-ordered sale managed by trustee Michael Brereton of William Buck Australia.

Mark Litwin and Joshua Baruch of Knight Frank, with James Sutton of McGrath Lindfield, were the agents.

Roseville Theatre

Built in 1912 as Roseville Hall, the Roseville property initially hosted concerts, dances and community events.

It was also used as a military recruitment centre during World War I.

In 1919 it opened as Traynor’s Picture Palace (continues below).

With a heritage-listed façade, the property was marketed as an investment and potential repositioning or redevelopment play. With the shop, office it residence, the floor area spans 900 sqm.

The Sourris brothers intend to continue operating the cinema after a refurbishment.

The listing followed a Supreme Court of NSW order in June to resolve a shareholder dispute and debts owed to ANZ Bank and the testamentary trust of the late Susan van Pinxteren.

The court appointed Mr Brereton to oversee the disposal.

The Van Pinxteren family acquired the cinema in 1974, with Emma Addario subsequently managing the business for more than 30 years.

Roseville is about 10 kilometres north-west of the CBD.

Subscribe to our newsletter at the bottom of this page.

Italian luxury furnishings brand Natuzzi Italia has selected a site for its first Melbourne flagship, signing a 10-year lease in a new office development.

The 438 square metre ground floor showroom within The Balmain Building, at 120 Balmain Street, Cremorne, is set to open in late March 2027.

The commitment marks a new chapter for the Italian group in Melbourne, four years after Natuzzi closed its former showroom at 483 Church St, Richmond.

Colliers’ Travis Myerscough and Matt Cosgrave are the The Balmain Building’s leasing agents.

Showroom lease

Natuzzi Italia is one of four brands within the Natuzzi group, founded in Italy in 1959.

Natuzzi director Jo Francis said the building’s architecture and position in Cremorne’s design and lifestyle precinct influenced the decision.

“The Balmain Building stood out for its prominent place in Cremorne’s increasingly influential design and lifestyle precinct,” according to the executive.

“The new Melbourne showroom will provide an exceptional setting in which to present the Natuzzi Italia collection and create an immersive experience for our high end residential and B2B clients,” she added.

“The building’s contemporary design and strong street presence align strongly with our brand, and we look forward to establishing a significant new presence in Melbourne when the showroom opens next year” (continues below).

Skylife fills more of office

Natuzzi will join Kennedy Consolidated, which leased about 3300 sqm across Levels seven, eight and nine of The Balmain Building in September.

Skylife developed the project with Borg and development partner Time & Place.

Bates Smart was the architect. Hacer Group the builder.

The 10-level development contains 11,875 sqm of offices, with terraces or wintergardens on every level, 78 car spaces, end-of-trip facilities, licensed cafes and bookable Clubhouse spaces for meetings and events.

Fully electric, it is designed to achieve a 5.5-Star NABERS Energy rating and a 6-Star Green Star rating.

Skylife managing director Mark Tartak said Natuzzi Italia’s showroom would complement the building’s design.

“Natuzzi’s reputation for contemporary design and outstanding quality make it an ideal fit for a building that has been created with the same emphasis on architecture, quality and experience,” he added.

Subscribe to our newsletter at the bottom of this page.

David Jones’ private equity owner is reportedly exploring a sale of the 188-year-old department store as mounting supplier arrears, departing brands and lender intervention threaten its turnaround.

Anchorage Capital Partners has reportedly engaged restructuring advisers McGrathNicol to approach potential buyers.

Brett Blundy’s Brands Collective, UK-based Frasers Group, Authentic Brands Group and rival department store operator Myer are believed to have been contacted.

Voluntary administration could become an option, it is speculated, if the retailer cannot stabilise its finances. No sale or insolvency appointment has been confirmed.

David Jones for sale?

Lender Hilco Capital has provided an additional $10 million to help fund stock purchases ahead of Christmas, following a reported breach of a loan covenant.

The funding is intended to support supplier payments and maintain inventory.

David Jones’ supplier relationships have deteriorated, with some demanding upfront payment.

Accent Group stopped supplying David Jones in July, while labels including Acler, Effie Kats, Significant Other and Aston Studio have shifted to exclusive arrangements with Myer.

Luxury brands have also retreated: Gucci has exited, Dior has withdrawn shoes and handbags, and Chanel has stopped selling shoes through the retailer while retaining its cosmetics concession (continues below).

Country Road Group, owned by South Africa’s Woolworths Holdings, plans to remove almost 100 of its more than 280 concessions across David Jones stores from early 2027.

The reductions affect Country Road, Witchery, Mimco, Trenery and Politix.

The financial pressure follows a $95.5m pre-tax loss for the year to June 2025 against $74.1m the previous year.

Sales fell 8.7pc to $2 billion and underlying earnings declined 13.2pc to $176.48m.

Anchorage acquired David Jones from Woolworths Holdings in March 2023 and subsequently backed a $250m transformation program covering store refurbishments, digital operations and its customer offering.

The retailer has since closed outlets at Tuggerah and Castle Towers.

It operates 38 stores across Australia and New Zealand including its flagship properties in Melbourne’s Bourke Street – sold early last year for $223.5m.

In 2020 Woolworths also sold Sydney’s Elizabeth Street store (pictured, top) to Charter Hall for $510m while the former menswear store, also on the Bourke Street Mall, was divested for $121m to Chris Langford’s Newmark Capital.

Subscribe to our newsletter at the bottom of this page.

Benstead Holdaway has snapped up a Goodlife-anchored healthcare investment in Brisbane, held 20 years.

The 8942 square metre property at 803 Creek Road, Carindale, sold for $22.5 million – a 6.37 per cent initial yield.

With c3600 square metres, tenants include Creek Road General Practice, Optima Sports Medicine Carindale, Brisbane Posture and Performance Chiropractic and Kingswim Carindale.

Goodlife is the anchor tenant under a 25-year lease expiring in 2031.

The asset also includes 173 car parks.

The property was sold by Sydney-based investors including Tony de Leede, who brought Fitness First to Australia, who paid $8.2m in June 2006.

Then, the land rate was $917 per sqm.

It is now $2516 per sqm.

803 Creek Road

Benstead Holdaway was co-founded by developer Mike Tomkins, who established Tomkins Commercial & Industrial Builders in 1993.

Mr Tomkins’ family has been in the building industry since 1951, when his grandfather established E.D. Tomkins Building Company (continues below).

Lawyer Nick Stevens is the ither founder.

It invests and develops.

Brisbane warehouse

Carindale is 10 kilometres south-east of the CBD.

Cushman & Wakefield’s Sam Polichronis marketed 803 Creek Rd.

“We were delighted to secure this substantial landholding in a thriving inner-Brisbane location, supported by established tenants and quality improvements,” Mr Stevens said.

“We see excellent potential to build on those foundations and reinvigorate this important asset for the local community,” he added.

In August, realestatesource.com.au reported Cbus Property bought Westfield Carindale from Lendlease’s Australian Prime Property Fund Retail.

Carindale Property Trust – the co-owner – valued its 50pc stake at $814.1m in its 2026 annual report released that month.

Subscribe to our newsletter at the bottom of this page.

An ANZ-anchored investment – with recently introduced planning controls opening the way for buildings of up to 12 storeys – is for sale in Springvale.

The 1166 square metre corner holding at 286-288 Springvale Road contains two buildings.

A total 1071 sqm is configured as five tenancies.

The combined income is $361,850 per annum.

Aston Commercial’s Fred Nucara and Rodney King are the agents.

More than $5.5 million is expected.

286-288 Springvale Road

The ANZ building, at the south-west corner of Windsor Avenue, was before 1992 owned by the group via ES&A Bank.

It contains 468 sqm (including a bunker) on a 306 sqm block returning $163,000 per annum net on a lease expiring in 2029 with a three-year option.

The neighbouring building, 288 Springvale Rd, is configured with four tenancies, returning $198,850 annual net rent.

It occupies an 860 sqm site.

The amalgamation’s combined street frontage is 76 metres.

Central site

The properties sit within the Springvale Activity Centre, about 400 metres from Springvale train station (continues below).

Springvale Central and Springvale Shopping Centre are in the immediate vicinity.

The listing comes three months since the state government introduced updated planning controls for the Springvale-to-Dandenong activity centres – with height provisions intended to accommodate more housing near public transport and established services.

Twelve levels could be considered here.

“Springvale has been an established commercial centre in Melbourne’s south-east for decades, supported by its retail base, multicultural business community and access to major transport routes,” Mr King said.

“The level crossing removal and station redevelopment have further improved connectivity, while the state government’s latest planning controls reinforce the centre’s role as a location for future housing and commercial investment,” according to the executive.

Mr Nucara added the site could also attract an owner-occupier looking for a central outlet.

Residential developers are also expected to look in.

“Springvale’s apartment market is evolving as more housing is directed towards established activity centres close to public transport, shops and services,” Mr Nucara said.

“An amalgamated corner holding of this size and with 76 metres of street frontage offers flexibility for a future owner to consider a more intensive outcome,” according to the executive.

“The surrounding area has already seen higher-density proposals, including an approved eight-storey development in Kintore Street comprising 87 affordable homes,” he added.

Springvale is 22 kilometres south-east of Melbourne’s CBD.

Subscribe to our newsletter at the bottom of this page.

The Doyle family is selling its historic waterfront restaurant and adjoining land at Watsons Bay, ending a five-generation association with one of Sydney Harbour’s best-known dining destinations.

The 2504 square metre amalgamation comprising 11 Marine Parade and 2 Cliff Street, with about 29 metres of beachfront frontage and postcard views across Sydney Harbour towards the CBD, carries c$70 million price hopes.

Established in 1885, Doyles on the Beach is being offered following a decision by family patriarch Michael Doyle.

Its SP3 Tourist zoning permits a range of hospitality, residential, tourism and visitor accommodation uses, subject to planning approvals.

Doyles Watsons Bay

The Doyles name is closely associated with the suburb’s visitor economy and waterfront dining for more than a century.

The holding includes the restaurant, a fish-and-chip shop business and a separate residence (continues below).

It has dual street frontages to Marine Parade and Cliff Street, with Watsons Bay Wharf and Robertson Park nearby.

Watsons Bay is 11 kilometres east of Sydney’s CBD.

The property is being marketed to established hospitality operators or investors seeking an asset with alternative-use potential.

HTL Property managing director Andrew Jolliffe, who is co-marketing the property with Dan Dragicevich, said the site combined a recognised hospitality business with a rare waterfront landholding.

Subscribe to our newsletter at the bottom of this page.

The state government has chosen Hamton and Hostplus to redevelop land around Melbourne’s new Arden Station, with a $7 billion plan for 5400 homes, a 5000-capacity music venue and a University of Melbourne campus.

The appointment formalises a project whose proposed mix of housing, entertainment and education uses was disclosed earlier this month after details were inadvertently published on a staging website associated with the successful bidder.

The joint venture was selected following a competitive tender run by Development Victoria on behalf of the state government.

The pair are also co-developing Moonee Valley Park, on the former western edge of the Moonee Valley Racecourse, in Moonee Ponds.

Other bidders

The other bidders were Australian Unity with Formus Property, Community Housing Limited and Lyons; Gurner and MAB Corporation with Women’s Housing Limited and SOM; and Lendlease Development with Assemble, Scape and Keyton.

The Hamton and Lendlease-led consortiums made the shortlist.

Hostplus is an industry superannuation fund founded by the United Workers Union and the Australian Hotels Association in 1988.

Its nine-member board comprises three directors nominated by each organisation and three independent directors jointly selected by them.

The announcement comes four years since the state government announced a new Royal Melbourne and Royal Women’s hospital precinct for this area ahead of the November 2022 election then abandoned it in the May 2024 budget.

25-year plan

Arden, about 1.5 kilometres north-west of Melbourne’s CBD, is expected to accommodate more than 10,000 residents alongside retail, community facilities and 5.5ha of open space.

The development will be delivered progressively over 25 years.

Initial civil infrastructure works will precede the first residential building, which is expected to be completed by 2032.

Stage one is expected to deliver about 1700 homes across 45 per cent of the precinct.

The proposed towers could reach 40-storeys under the broader Arden precinct’s 2021 planning framework, which placed the tallest buildings along the rail corridor and CityLink (continues below).

Those controls applied across the wider 46ha precinct. Hamton and Hostplus renders show towers that height.

Live music venue

Live Nation will deliver and operate a 5000-capacity live music venue expected to host more than 100 events annually.

The venue could open in 2030, two years before the first homes are due, although that timing should be treated as a proposed schedule rather than a confirmed construction commitment.

Hamton and Hostplus’ precinct will also include an extension of the University of Melbourne’s Melbourne School of Design, to be known as MSD+, and a new Melbourne Victory Football Club campus with women’s and youth pathway programs, community sporting facilities and a shared community hub.

Retail plans include a full-line Coles supermarket, smaller-format shops, outdoor dining, a gym, childcare and offices.

A site has also been identified for a future government primary school, complementing the planned secondary school elsewhere in Arden.

The project is also targeting a 6-Star Green Star Communities rating.

Chunk of homes for FHB

Up to 10 per cent of homes in the first stage will be offered to first-home buyers, according to the development partners.

The project is expected to support more than 1100 full-time equivalent on-site jobs once complete.

Hamton founder and executive chairman Paul Hameister said the precinct would combine housing, culture, sport and public space.

“Opportunities to create an entirely new part of Melbourne at this scale, just 1.5km from the CBD, will not be replicated in modern times,” according to the executive.

Hostplus chief executive David Elia added the investment was intended to generate long-term returns for members while contributing to housing supply and community infrastructure.

Subscribe to our newsletter at the bottom of this page.

Pub and property investor Bruce Mathieson is backing an $800 million development outside Brisbane, while the Perich family prepares to open its first hotel in Sydney’s south-west, extending two established property interests into growing population centres.

In Queensland, Mr Mathieson has teamed with Gold Coast developer Tim Gordon’s Gordon Corp to develop a 12.7ha town-centre holding at Springfield Central, about 25km south-west of Brisbane’s CBD.

The pair acquired the site from Springfield City Group for $50m in July.

The proposed mixed-use precinct is expected to include retail, commercial, entertainment, leisure and medium-density residential uses.

Its first stage is Springfield Village, a planned 10,581 sqm retail and lifestyle hub anchored by Coles, within a broader 30,000 sqm retail precinct.

This component is scheduled to open in mid-2029.

The development builds on the Mathieson and Gordon partnership’s existing projects, including the $400m Mantaray Marina and Residences on the Gold Coast’s Spit and the Elle on Jefferson apartment project at Palm Beach.

Perich family enters hotel market

In Sydney’s south-west, the Perich family has partnered with EVT Hotels & Resorts to develop Atura Oran Park, a 184-room hotel in the centre of Oran Park Town (artist’s impression, top).

Also with a restaurant, bar, conference facilities and communal areas, it was built on the former Oran Park Raceway site (continues below).

It is scheduled to open this month.

The Perichs, a dairy-farming family that built a multibillion-dollar fortune through a combination of agriculture and property development, will develop it via the Greenfields Development Company.

EVT will operate the property under its Atura brand.

Growth areas

Oran Park is forecast to grow beyond 50,000 residents over coming decades.

The hotel is about a 17 kilometres drive from Western Sydney International Airport, which is due to begin commercial operations on October 25.

Both projects are being delivered in areas undergoing population growth, with new retail, accommodation and community infrastructure planned alongside expanding residential catchments.

Subscribe to our newsletters at the bottom of this page.

Spotlight Property Group has paid $30 million for a prominent block beside Dreamworld.

A retail centre is planned for part of the 2.78 hectare Pacific Motorway-fronting site.

The two-lot property, 170 and 171 Dreamworld Parkway, Coomera, was offered by Gordon Corp.

The Brisbane-based developer lodged plans 10 years ago for a 12-level, 300-suite hotel, and two apartment towers, of 22 and 27 storeys, over a retail, dining and entertaining precinct.

SPG is headquartered in Melbourne.

Colliers’ Marlon Crawford brokered the off-market deal.

Change of plan

Gordon Corp director Tim Gordon said it also considered subdividing the site (continues below).

“But SPG presented a compelling opportunity to sell the holding to a genuine occupier with the vision and capacity to realise its potential,” according to the executive.

Spotlight director and owner Zac Fried added the proposed centre would target locals and visitors. It would also have to be considering airspace development across the broader site.

“The Gold Coast’s visitor economy and the continued growth of Queensland make Coomera an exciting location for retail,” he said.

The deal comes three months since the state government approved a 55.3ha masterplan covering Dreamworld, WhiteWater World and adjoining land owned by theme park operator Coast Entertainment Holdings.

The approval allows for staged tourism, accommodation, retail, commercial and residential development across the broader precinct.

Coomera is about 28 kilometres north of Surfers Paradise.

Subscribe to our newsletter at the bottom of this page.