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The number of self-managed superannuation funds in breach of borrowing requirements increased over the past year, according to research by the Partners Wealth Group.
<a href="https://www.partnerswealthgroup.com.au/wp-content/uploads/2015/01/2014-Partners-Wealth-Group-Audit-Survey.pdf" target="_blank">The research</a> is based on over 600 SMSFs across Australia audited in 2014 and found 23% of funds with a relevant breach were in breach as a result of borrowing requirements.
This is a significant increase from 12% of funds the year before.
However, overall the number of SMSFs requiring a contravention report to be lodged with the ATO has fallen over the past year in line with the past seven years.
<table style="width: 460px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="77">
Year
</td>
<td valign="top" width="77">
2014
</td>
<td valign="top" width="77">
2013
</td>
<td valign="top" width="77">
2012
</td>
<td valign="top" width="77">
2011
</td>
<td valign="top" width="77">
2010
</td>
<td valign="top" width="77">
2009
</td>
<td valign="top" width="77">
2008
</td>
</tr>
<tr>
<td valign="top" width="77">
% funds in breach overall
</td>
<td valign="top" width="77">
5
</td>
<td valign="top" width="77">
5.3
</td>
<td valign="top" width="77">
5.3
</td>
<td valign="top" width="77">
5.5
</td>
<td valign="top" width="77">
3.4
</td>
<td valign="top" width="77">
7.2
</td>
<td valign="top" width="77">
11.3
</td>
</tr>
</tbody></table>
 
<table style="width: 460px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="205">
Key breaches 
</td>
<td valign="top" width="205">
% of funds with relevant breaches in 2014
</td>
<td valign="top" width="205">
% of funds with relevant breaches in 2013
</td>
</tr>
<tr>
<td valign="top" width="205">
SMSF borrowings
</td>
<td valign="top" width="205">
23%     
</td>
<td valign="top" width="205">
12%
</td>
</tr>
<tr>
<td valign="top" width="205">
Loan to members
</td>
<td valign="top" width="205">
23%
</td>
<td valign="top" width="205">
38%
</td>
</tr>
<tr>
<td valign="top" width="205">
In-house assets
</td>
<td valign="top" width="205">
20%
</td>
<td valign="top" width="205">
31%
</td>
</tr>
</tbody></table>
Partners Wealth Group director of SMSF consulting and auditing, Martin Murden, attributes the increase in breaches to a misunderstanding of the rules.
SMSFs are entitled to borrow under limited circumstances in order to pay benefits, settle on investments and acquire investments via a limited recourse borrowing arrangement (LRBA).
“Because borrowing via a LRBA is relatively new and has been subjected to several rule changes since inception, my suspicion is that there has been confusion, resulting in some SMSF trustees thinking it was permissible to use their fund to borrow to overcome a short-term liquidity problem – much like a small business seeking a temporary extension to a bank overdraft in difficult circumstances,” Murden said in a statement.
Two other key areas of transgression highlighted by the Partners’ research came from funds taking personal loans for members and funds breaching the in-house assets rule.
Murden said, periodically, loans occur by mistake. For example, using the wrong cheque book (that of the SMSF) to pay a personal expense. On other occasions members are simply in need of money and there is no one to stop them from borrowing from the fund.
“However, it is important to remember that while the loan may appear small in dollar terms and when compared to overall fund assets, personal loans are simply not allowed under super legislation. They’re an absolute no-no and size is no excuse,” Murden said. 
Graeme Colley, director of technical and professional standards at the SMSF Professionals' Association of Australia (SPAA), said the spike probably means auditors are being more fastidious in analyzing the operation of SMSFs.
“Hopefully with requirements for the registration of auditors, the auditors that are left in the registration group are taking their jobs more seriously as they have greater obligations in reporting to ASIC,” he says.
“We may see an increase again simply because of the thoroughness of the audits that are conducted.”
Colley says the types of breaches identified by the Partners Wealth Group are not surprising.   
“The main issue is people taking money out of their funds, in-house assets which is next and then separation of assets,” he says.
“Mixing assets is really serious as it means SMSF trustees may be putting their hand into the operation of the fund.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Spike in number of SMSFs in breach of borrowing requirement

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A woman charged over alleged involvement in one of Australia’s largest home loan frauds faced court in Melbourne last week on charges linked to an <a href="https://www.smartcompany.com.au/legal/45172-arrests-follows-after-12-lenders-caught-in-alleged-100-million-myra-home-loan-fraud" target="_blank">alleged $110 million home loan fraud</a>.
Manija Zayee was charged after a lengthy investigation by the Australian Securities and Investments Commission into the activities of her mortgage broker partner Najam Shah and colleague Aizaz Hassan.
The fraud allegedly involved using fake documents to apply for at least 350 loans with numerous lenders, including the Commonwealth Bank, Westpac, ANZ, National Australia Bank and others.
ASIC alleges they submitted bank statements, pay slips, citizenship certificates and statutory declarations on behalf of clients from the now-defunct suburban Footscray company Myra Financial Services, where they worked, for loan applications between 2008 and 2011.
The company was registered in Zayee’s name.
Zayee has been charged with obtaining a financial advantage by deception by submitting false documents to secure a $136,000 loan from the Bank of Queensland.
Siobhan Hayden, chief executive of the Mortgage &amp; Finance Association of Australia (MFAA), said the MFAA only became aware of the fraud when Shah and Hassan were arrested.
Shah was a mortgage broker and previously registered with the MFAA but Hassan only acted as an introducer. 
“It appears that the fraud has been perpetrated around validating deposits and employment credentials,” Hayden says. 
“I’m keen like a lot of people to understand how it has been done, they have obviously used quite a sophisticated system. I would have to assume here the consumers were well aware of what is being structured for them so they could secure the loan.”
Hayden says from her discussion with the lenders involved she understands not one loan is in fault with only a few in slight arrears.
“$110 million has not been lost, it has been fraudulently acquired but the banks are still processing it,” she says.
Hayden says the MFAA did not have to cancel Shah’s registration as it had already expired two months prior to the exposure of the alleged fraud. 
“You can’t mitigate when someone chooses to be fraudulent,” she says.
Hayden says people should still have confidence in the integrity of mortgage brokers.
“Nearly 52% of loans introduced to lenders today are by brokers, so consumer confidence in brokers is still high,” she says.
“If any consumer ever feels uncomfortable about services provided they should contact the MFAA to raise a concern.”
ASIC has come under fire for its investigation of the alleged fraud after it was revealed Hassan was capable of writing loans until his accreditation was stopped on January 6, 2015. 
Hassan appeared before a bail justice on January 2, 2015. 
A spokesperson for ASIC defended the regulators role noting that the investigation into Myra Financial Services had been conducted over several years.
"It has necessarily been a long, complex and at times extremely sensitive operation,” the spokesperson said. 
"There are some important parts of the investigation which we are not able to divulge.”
The spokesperson said ASIC does not as a rule flag an impending arrest to an employer or to other related parties.
"To do so would increase the risk of the person of interest being tipped off, even if this was inadvertent,” the spokesperson said. 
"It would potentially place the employer in a compromised position. For example, the employer may wish to suddenly treat the employee differently – perhaps even sack them.”
A committal hearing for Zayee has been set for 17 April, the same date Shah and Hassan will next appear in court.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Mortgage broker faces court over alleged Myra Financial Services $110 million fraud

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A Federal Court judge has attacked superannuation breaks in the tax system as “totally skewed” in favour of the rich.
Justice Edmonds criticized Australia’s tax regime in a speech to the Australasian Tax Teachers Association conference at the University of Adelaide.
“I dare say that if the ordinary man in the street had any knowledgeable notion of what certain sections of the community were getting away with in this regard, any semblance of consensus would quickly disappear,” he said.
“The whole system of the taxation of superannuation in this country needs to be brought back to the table.”
But Justice Edmonds said the Abbott government has no “realistic prospect” of achieving structural tax reform.
“I fear time is now too short. Of course that may suit the government,” he said.  
<a href="https://www.smartcompany.com.au/finance/tax/25198-revealed-how-much-time-you-are-really-losing-to-tax-red-tape-each-year">Read more: How much time you are really losing to tax red tape each year</a>
“It will be to the detriment of our ‘common wealth’, if that ‘unique confluence of opportunities’ is not grasped by structural reform of our tax system, reform which implements a broader base upon which our income tax can operate, so as to facilitate a reduction of marginal rates of income tax across the board, but particularly at lower levels, which will be required to provide an equitable foundation to broaden the base of the GST, and, if necessary, increase its rate, without doing violence to the underlying criteria that need to be satisfied for the achievement of true tax reform.”
Professor Chris Evans, of the University of New South Wales, attended the conference and was in the audience for Justice Edmonds’ speech.
He told SmartCompany Justice Edmonds’ comments were “quite brave” and “eminently sensible”.
“He is spot on in the sense that it would be good to have structural tax reform. The government is leaving it really late and it does suit the government for there not to be real debate about structural tax reform,” he says.
Evans says if the government is serious about having a better tax system going forward it needs to look at broadening the taxation base by reevaluating superannuation, capital gains tax discounts, negative gearing and the rules surrounding gifts and bequests.
Evans says “there are so many subsidies” making the current tax system “massively inequitable”.
“While [the subsidies] benefit everyone relatively, they benefit those on higher income much more. When you can take literally hundreds of thousands of dollars in superannuation tax-free you have got to say it is skewed violently towards the rich and wealthy,” he says.   
Paul Drum, head of policy at CPA Australia, told SmartCompany CPA Australia has been saying for some time that superannuation requires a long-term vision and a clearly articulated direction.
“Constant rule changes only serve to undermine public confidence in the system,” he says.
 “The fact is that we are living longer and for many of us, despite having a good superannuation nest egg, there is the real possibility that we will outlive our savings.”
Drum wants a comprehensive review of the super system, including looking at ways to improve the de-cumulation phase as part of the broader tax reform process.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Judge slams “totally skewed” super tax breaks for rich

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Former chairman of BHP Billiton and chief executive of the National Australia Bank, Don Argus, is embroiled in a legal battle with the Australian Tax Office over his superannuation.
The ATO wants to charge tax on almost $1.2 million in income earned by the $15 million self-managed superannuation fund of <a href="https://www.smartcompany.com.au/leadership/profiles/21793-20110906-the-selling-of-reform">the elder statesman</a> and his wife, Patricia.
Argus, who is now chairman of the Bank of America Merrill Lynch Australia Advisory Board, claims the income should be tax free.
On 16 April 2014 the Argus’s objected to the ATO’s assessment of income tax issued to their SMSF for the year ended 30 June 2010.
On 29 September 2014 the ATO disallowed the objection and so the Argus’s have now filed an application for the decision to be varied in the Federal Court.
The Argus’s are seeking an almost $1.2 million reduction on the tax paid by them for the 2010 tax year claiming the assessment of $2.25 million in tax is “excessive” because it wrongly concluded the SMSF did not pay out the minimum amount required.
Graham Colley, director of technical and professional standards at the SMSF Professionals’ Association, said with a $15 million fund value the minimum amount of pension to be paid should be around $900,000. 
“[SMSF trustees] need to make sure you pay the minimum amount of your pension for the year,” he says.
“You can do it simply by making sure you have direct debits into your bank account.”
Colley advises SMSF trustees also need to make sure the valuation of the investments are made so the calculation of the amount has been correctly done. 
“Even if you have underpaid a small amount the commissioner will exercise his powers of administration providing you make up the shortfall as soon as it is discovered,” he says.
“Make sure you know when your pension starts, make sure you know when it stops and one of the standards to qualify as a pension is to make sure you pay the minimum amount.”
<a href="https://www.afr.com/p/national/don_argus_takes_on_taxman_over_super_JwuiiKK4asPzKTku9UdW9K" target="_blank">Fairfax</a> reports the dispute is scheduled for a court hearing in Melbourne on 2 Februrary.
SmartCompany contacted Argus but did not receive a response prior to publication.  The ATO declined to comment.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Former BHP chairman Don Argus takes on the Tax Office over his $15 million SMSF 

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The flood of international retailers coming to Australia is set to continue apace, according to a report released today by Deloitte.
Deloitte’s 2015 Global Powers of Retailing Report identifies 37 of the world’s top 250 retailers now operating in Australia, an increase from 30 last year.
These include new entrants in 2014 such as H&amp;M, Fast Retailing (Uniqlo), Forever 21 and <a href="https://www.smartcompany.com.au/technology/social-media/44933-the-final-c-ntdown-sephora-s-spelling-stuff-up-and-three-other-social-media-lessons-from-2014" target="_blank">Sephora</a> which have all established bricks and mortar stores alongside their online presence.
“With a weakening Australian dollar and ever increasing competitive pressures, we expect to see further interest by overseas retailers in the Australian retail market,” David White, Deloitte Australia partner and retail industry leader said in a statement accompanying the report.
“As major global players continue to enter the Australian market, and existing global retailers expand their store footprint, Australian retailers across all segments will continue to face significant challenges and increased competition.  “The ability to innovate, drive improved processes and to connect with the consumer will be critical in order to remain competitive.”
White says in 2015 a number of major international retailers are either expected to, or having formally announced, their intentions to set up shop in Australia. “British retail giants Marks &amp; Spencer are rumoured to be interested in the Australian market, whilst the likes of <a href="https://www.smartcompany.com.au/growth/44658-us-furniture-giant-to-open-first-australian-store-in-december">Ashley Furniture</a>, one of the US’s largest furniture retailers, has already announced that they are setting up operations here,” White said.
But David Gordon, retail expert at Lowe Lippman, told SmartCompany while many international retailers find Australia attractive it can also be a tough market for them.
“Most of the big name retailers that have come here have had phenomenal launches and a strong initial period but then we have seen a reduction in their sales thereafter,” he says.
“Once the excitement of the new brand wears down, they then need to compete on a like for like basis, and that is not as simple as it seems.”
Gordon says Australia has specific requirements and tastes and an operational environment with high occupancy and wage costs makes the profit model very different to overseas and requires some local expertise. 
“The market here, like any mature market, requires innovation because of the multitude of local private companies in this space. It also requires constant hands on attention and often these large multinationals cannot give this consistently due to other priorities and due to distance,” he says.
“Highly branded overseas operators coming into Australia may sound frightening to local brands but they often do not have a lasting impact.” 
The Deloitte report identifies five major retail trends for 2015, which are shaped by the disruptive changes currently impacting the marketplace:
<ol>
<li>
Travel retailing Redefining notions of customer base and transforming the role airport retail plays in a company’s strategy. Around 15% of the global population travel each year, spending the equivalent of a trillion US dollars in the process 
</li>
<li>
Mobile retailing This is a rapidly growing business segment that is expected to approach US$640 billion in annual global sales within just a few years. Wearables will offer new opportunities to engage consumers and payments via mobile are of growing importance. 
</li>
<li>
Faster retailing Speed to market, speed to response and speed to deliver are all key. Millennials prefer fast response times and immediate gratification and successful retailers will cater to that through services such as same day delivery. 
</li>
<li>
Experience retailing Taking shopping and adding entertainment, emotion, deeper engagement, and sometimes even an entire environment. 
</li>
<li>
Innovative retailing Responding to market disruption with disruptive creativity of its own. This can involve continued blurring of sectors such as supermarkets acting as banks.
</li>
</ol>
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Global retail invasion set to continue: The five major retail trends to shape 2015

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The Council of Small Business of Australia (COSBOA), Small Business Minister Bruce Billson and the Real Estate Institute of Victoria are embroiled in a dispute ahead of this weekend’s Victorian election.
The dispute started after Victoria’s real estate industry body slammed a Liberal election commitment to end underquoting as “unnecessary” and an “election stunt”.
In a statement released last week, COSBOA executive director Peter Strong backed the REIV, claiming the state government had "made a mistake by supporting the biggest landlords in Australia against the interests of small businesses and consumers".
The REIV then released advertisements accusing Victorian Premier Denis Napthine of jeopardising 60,000 jobs.
“The Liberals’ new real estate laws hurt small business and cost jobs,” the poster states.
“On November 29 vote them out.”
The poster includes the REIV, COSBOA and Real Estate Institute of Australia logo.
<img src="https://www.smartcompany.com.au/images/REIV%20poster.JPG" alt="">
But COSBOA claims it never authorised the use of its logo despite Strong’s statement supporting the REIV’s campaign.
Billson, whose federal electorate of Dunkley includes the marginal state seat of Frankston, says he stepped in after seeing the advertisement.
“I was flabbergasted by the tone and blatantly partisan nature of the ad which had COSBOA’s logo attached to it, an organisation which has long held the view that it is apolitical and focuses on policy and doesn’t get into the blatant politicking displayed in the ad,” he said.
Billson contacted COSBOA’s then chairman, Robert Mallett, who he was surprised to learn “knew nothing of it” and claimed the use of COSBOA’s logo was “without any authorisation”.
“They were horrified and thought it was done in a quite underhanded way and risked extraordinary reputational damage for COSBOA,” he says.
“I feel sorry for the chair and the board of COSBOA; this is a controversy not of their making. I don’t know what led the REIV to think this was an appropriate way to push its singular issue when the small business interests of Victorian enterprise is a much broader discussion.” 
The fallout at <a href="https://www.smartcompany.com.au/finance/44777-cosboa-names-new-chair-and-deputy-chair-gwa-group-sells-dux-hot-water-for-46-million-midday-roundup" target="_blank">COSBOA has been immediate</a> with Mallett departing yesterday and Paul Nielsen appointed as chairman in his place.
COSBOA’s deputy chair, Amanda Lynch, who is chief executive of the REIA, was also replaced by Teresa Mitchell.
Nielsen issued a statement claiming the use of the COSBOA logo in the advertisements was placed unbeknown to COSBOA and without the authority of the COSBOA board.
“Any inference that these advertisements reflect the policy position of COSBOA is expressly denied,” Nielsen said.
Strong said despite his statement supporting the REIV he did not agree to the use of COSBOA’s logo on the posters.
“I would never try to tell people who to vote for,” he says.
Paul Bird, spokesperson for the REIV, says COSBOA’s claim it did not authorise the use of its logo is “an interesting approach”.
Bird says the REIV may comment further but at the time of publication no further response was available.  
SmartCompany also contacted the REIA but did not receive a response.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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REIV locked in dispute with small business body over Victorian election advertising

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Engineering your end game and getting ready for mobile payments are both key <a href="https://www.smartcompany.com.au/technology/online/33923-trends-in-online-and-store-retail-in-australia">global retail trends</a> for next year, according to Lorna Hall, head of market intelligence at WGSN.
Hall was the keynote speaker at the WGSN Live conference in Melbourne last week. 
She says retailers shouldn’t stop innovating but need to really focus on their customers and identify which trends they are ready for and what will pass them by. 
<img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;"> Universal carts
Universal carts allow customers to purchase from different online stores through the one website. Hall says universal shopping carts could transform marketplaces and affiliate-based businesses into a much more convenient place to shop.
“These sites may be much more important to retailers and brands. It’s not a big step to imagine a time when we all own our own mobile carts,” Hall says. 
<img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;"> Click and collect
Last Christmas in the United States was an “epic fail” for delivering gifts on time, according to Hall.
“As a result, retailers do not want to get burnt again. They are trying all sorts and it is really interesting to see,” she says.
Hall says the problem with traditional online shopping with home delivery is that it is not as convenient as we thought it would be.
“Most of the time we are not at home. The growth of click and collect is one of the ways of bridging that gap,” she says. 
<img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;"> Curbside pickup
Retailers are experimenting with other more convenient ways of delivering purchases beyond click and collect.
In Australia, The Iconic is going to allow ordering before 1pm and getting your goods after 5pm.
“In the US how you receive and return goods is a key battleground ahead of the holiday trading period,” Hall says.
Examples include department store Sears, which has launched an in-vehicle pickup. Customers wait outside the store and a staff member carries the order to their car. 
Meanwhile, Target is piloting a pickup service called Curbside where customers pick up from a tent outside the store.  The Curbside app uses geolocation technology. Customers don’t have to let the retailer know when they are ready to pick up. When their car is 30 minutes away from the store the retailer goes and gets your order ready for you. 
<img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;"> Click and commute
Hall says a growing trend is retailers introducing lockers and collection points into transport hubs.  
In the United Kingdom, department store John Lewis has opened a 3000 square metre store at London’s St Pancras station, which sells stock but also provides a venue for click-and-collect pick up. 
Fashion retailer French Connection recently opened its first “convenience store” at a tube station in London. It allows shoppers to pick up online orders on the same day if they place the order by 1pm and pick up at 5pm. 
<img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;">A single view of inventory
Hall says the thing that unlocks many of these trends for retailers and shoppers is a single view of inventory, with 70% of the new technology and apps relying on a single view of inventory.
“If you are not working towards that in your business and making it a real focus then you are never going to be able to capitalise on a lot of the new technology,” she says.  
“This is where you get innovation for customers and you can achieve better margins for your business.”
<img src="/images/2014/07/04/yellow-six.jpg" alt="" style="float: left;"> Last touch service
Hall recommends retailers innovate around their end game to “elevate brand experience”. 
French company Darty has a physical help button that customers stick on their appliance. Customers pay a service charge and press it when something goes wrong and within one minute receive a call from a Darty service adviser.
In the United States, online jewellery retailer Baublebar adds a present into every purchase. There is no mention of the gift before purchase, it happens after purchase and is a surprise to engender goodwill. 
“I think we are likely to see much more of this post-purchase innovation ideas by retailers as they look to lock in loyalty post the purchase experience,” Hall says. 
This article continues on the next page. Please click below. 
<hr class="system-pagebreak">
<img src="/images/2014/07/04/yellow-seven.jpg" alt="" style="float: left;"> Mobile payment
Hall says the <a href="https://www.smartcompany.com.au/finance/43671-apple-pay-delay-for-aussies-but-will-small-businesses-benefit-from-iphone-tap-and-go">launch of Apple Pay</a> in the IPhone 6 has upped consumer awareness around mobile payments. 
“Mobile payments will unlock all sorts of innovation and change in retail and will change the way we shop,” she says.
“Millennials are already really willing to embrace new forms of payment.”   
New security features are allowing mobile checkouts to become faster and more convenient. 
In the United States, Venmo is providing a new payment option with peer to peer payments. Venmo is predicted to reach $90 billion in payments in the next three years. 
<img src="/images/2014/07/04/yellow-eight.jpg" alt="" style="float: left;"> Data-driven
“Learning algorithms are increasingly being used by retailers to guide the path to purchase,” Hall says. 
Amazon is the pioneer in this area but other examples include US fragrance retailer Scentbird, which tailors recommendations to customers, and the home and renovation app Houzz.
Houzz enables people who are renovating their houses to browse for inspiration. “In theory, the more you browse the service the better the recommendations get,” she says.
<img src="/images/2014/07/04/yellow-nine.jpg" alt="" style="float: left;"> Connecting customers 
“The process of buying something is becoming a learning journey on both sides,” Hall says.
UK pure play furniture retailer Made has launched Unboxed. It’s a social platform for existing customers to upload images from their own houses to show how they have used furniture and styled it.
“You can connect really satisfied customers because they are geo-located,” Hall says.
“At its simplest, Made doesn’t want to invest in expensive retail or showroom space.”
<img src="/images/2014/07/04/yellow-ten.jpg" alt="" style="float: left;"> Surprise and delight in-store
Hall says retailers need to surprise and delight in-store using technology.
“There is not enough of this going on but there is a real opportunity to do this,” she says.   
UK retailer The White Company has installed tiny digital projections in stores to animate products such as messages scrolling across pillows encouraging customers to touch them.   
“We are so caught up with technology that we almost forget how to charm and delight like this.” 
<img src="/images/2014/07/04/yellow-eleven.jpg" alt="" style="float: left;"> Visual search apps  
In the US, Macy’s and Target have launched visual search apps.  
Customers can pull up a photo of a friend wearing a necklace and then use the apps to find similar products.
“This technology is getting better all the time,” Hall says. 
<img src="/images/2014/07/04/yellow-twelve.jpg" alt="" style="float: left;"> Going hyper local with beacons
Hall has seen a “massive push” in terms of trial and innovation around beacons with Timberland, Apple and Macy’s all using beacons in stores. 
Hall cites research which shows 53% of customers are willing to share their current location in order to receive more relevant information.
“The question is how can retailers use beacons to impact the sale,” she says.
US department store Lord &amp; Taylor is using beacons to track dwell time and the beacons send push notifications to alert customers to deals.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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The 12 top global retail trends for 2015

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Collapsed South Australian construction company Stellar Homes has been rescued from administration by the Scott Salisbury Group.
The construction and development business announced its acquisition of Stellar Homes on Friday. 
Stellar Homes <a href="https://www.smartcompany.com.au/finance/44441-construction-company-collapses-owing-5-million">collapsed earlier this month</a> owing $5 million and leaving 36 homes and 173 tradies high and dry. 
The procurement process involved the Scott Salisbury Group working closely with both the administrators at Macks Advisory and the team at QBE to “derive a resolution that is beneficial for all parties involved”.
The sale price for Stellar Homes is undisclosed but is dependent on the performance of Stellar Homes post purchase.
Scott Salisbury Group is a 25-year-old South Australian construction company with 55 employees and a turnover of $50 million a year.
Scott Salisbury told SmartCompany he plans to deliver the projects already underway utilising and managing existing Stellar Homes trades and suppliers.
“The biggest reason for us to get involved in that was to help out in the industry and help those customers missing out in the trade and supplies,” he says. “Obviously there has to be some financial reward for us but we are not all that confident about that yet.”   
Salisbury says the reason for Stellar Homes’ collapse appears to be poor cost control.
“I think it is just poor financial management, some of the projects were sold too cheaply, there was quite a large overhead in the business,” he says.
“They are similar circumstances with builders around Australia when they go under it tends to be because they were too cheap. Builders traditionally get paid in advance so they have a lot of cash in the bank that isn’t actually theirs.”
Salisbury says the Scott Salisbury Group has experience in taking over jobs from companies which have been in administration.
“They are quite difficult jobs as there is a lot of emotion involved,” he says.
But Salisbury says industry-wide improvements are required to make sure a collapse like this doesn’t happen again.
“One of the reasons for doing this is the system needs to be cleaned up,” he says. “The industry knew six months ago that this was going to happen but nobody does anything about it.”
Salisbury says people weren’t being paid and there was talk in the industry that Stellar Homes was in trouble for a long period of time but despite this Stellar Homes was given a building award by the Housing Industry Association only six weeks ago.
“That gave people confidence that they were still viable,” he says.
Salisbury says there needs to be better recording for licensed builders.
“Builder’s licences need to be tied into their assets and financials,” he says.
“Organisations like the Master Builders Association have a code of conduct and if that was made stronger and we could report when trades weren’t being paid then that could be a solution. These things shouldn’t happen they are preventable.”
This article first appeared on <a href="https://www.smartcompany.com.au">SmartCompany</a>.
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Scott Salisbury steps in to rescue collapsed construction company

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Home builder Stellar Homes has collapsed leaving many South Australian home owners with half-built homes.
Administrators were appointed to Stellar Homes last week and the business’ 20 staff were advised of <a href="https://www.smartcompany.com.au/finance/cashflow/41542-10-collapses-10-lessons-how-to-avoid-your-business-going-under">the collapse</a>.
Peter Macks of Macks Advisory is the joint administrator of Stellar Homes and said there is stiff competition for work in the residential construction sector.
“It’s basically the difficult economic climate in South Australia for builders,” he says.
“It came down to a fall in sales which then resulted in a cash flow crisis.”
Stellar Homes was established by Darryn Peter in 2004 and has built more than 500 homes across Adelaide in the past 10 years. 
Around 36 homes are in various stages of construction and <a href="https://au.news.yahoo.com/video/watch/25401468/stellar-homes-collapses/">7 News reports</a> 173 tradies have been left in the lurch by the collapse and are owed $1.5 million. 
While Macks could not confirm these figures, he said over $3.4 million is owed to secured creditors and $1.5 million to unsecured creditors while staff entitlements have not yet been finalised.
Stellar Homes website has been shut down with just a holding site in its place but the company said in a statement the administration is in the best interests of all its creditors.
“It is a decision taken only with great personal anguish, and never lightly,” the statement said.
Ian Markos, director of policy at Master Builders Australia, said of the association’s 2,500 members in South Australia there have been collapses in the “double figures” in the state.
“In South Australia at the moment, unlike the eastern states, the housing sector is doing it really tough,” he says.
“This is not the first company that has been put into the hands of administrators, which is unfortunate.”
Markos says construction businesses want to build homes for the community but are drowning in paperwork.
“They are all small businesses with a husband and a wife running the company and the same amount of the hours in the day, dealing with a lot of red tape and paperwork.”
The first meeting of creditors will be held on 11 November in Adelaide.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Construction company collapses owing $5 million 

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Australian investors have benefited from almost $70 billion in dividends throughout 2013-2014 with $10 billion going to self-managed superannuation funds, according to analysis by Credit Suisse.
Fairfax reports the dividend haul is a record $67.8 billion, up from $61.3 billion in 2012-2013.
“This is what investors want now, especially ‘selfies’ [SMSFs] who are collecting more than $10 billion of dividends themselves,” Credit Suisse equity strategist Hasan Tevfik <a href="https://www.afr.com/p/business/companies/epic_billion_dividend_haul_for_investors_CbbhL0wc7v8D1UY6TWk4VK" target="_blank">told Fairfax</a>.   
Jordan George, senior manager of technical and policy at the SMSF Professionals’ Association of Australia told SmartCompany his research shows that as of the end of 2013 SMSFs held 11.5% of market capitalisation of the ASX.
“If you look at that in context of a $70 billion flow of dividend, $10 billion to SMSFs seems right,” he says.
“We know SMSF investors have a preference for franked dividends as it helps them provide an income stream in retirement and that’s important to consider when we know 35% of SMSFs are in pension stage and are taking an income stream.”
George says SMSF trustees at the pension stage need to generate cash flow to fund paying a pension so dividends are important to maintain that.
“But it’s important to recognise for all super funds there are the same incentives to invest in franked dividends, it is not just an SMSF issue,” George says.
This article first appeared on <a href="https://www.SmartCompanycom.au" target="_blank">SmartCompany</a>.
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$70 billion dividend payout with $10 billion to SMSFs

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

[smartcode_project_cta:default project_id=145590]

Cara Waters

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