<html><body>
The government “paused” plans to immediately implement controversial changes to the Future of Financial Advice reforms yesterday following <a href="https://www.smartcompany.com.au/legal/politics/41219-fast-lane-why-we-need-to-make-a-fuss-about-fofa" target="_blank">fierce opposition</a>.
Finance Minister Mathias Cormann was handed back responsibility for the government’s planned changes to FoFA after assistant treasurer, <a href="https://www.smartcompany.com.au/growth/economy/41175-assistant-treasurer-steps-down-amid-icac-probe-accc-releases-product-safety-guide-for-online-businesses-midday-roundup" target="_blank">Arthur Sinodinos, stood aside</a>.
Cormann said in a statement the government “remains committed” to implementing its proposed changes to FoFA “as soon as possible”.
But while the legislation was before the Senate Economics Committee, Cormann said he decided to “pause” implementation of the regulations “to enable the government to consult in good faith with all relevant stakeholders”.
Cormann said the government is committed to restoring the balance between appropriate levels of consumer protection and access to affordable high-quality financial advice.
“The government is committed to the retention of the best interest duty and that we do not intend to reintroduce conflicted remuneration or sales commissions for financial advisers,” he said.
The FoFA reforms originally set out to ban commissions for financial advice, require financial advisers to ask clients whether they wish to continue receiving their service every two years and require financial advisers to act in the best interests of their clients.
But led by Sinodinos, <a href="https://www.smartcompany.com.au/legal/35388-burdensome-financial-advice-reforms-watered-down" target="_blank">the Abbott government moved to water down the “burdensome” reforms</a> and announced many of the changes would be made by regulation not legislation, meaning there would be no scrutiny by a parliamentary committee.
Cormann appears to have blinked in the face of increasing opposition to the watered down reforms from the Financial Planning Association, National Seniors, Council on the Ageing, Choice and Industry Super Australia.
John Hewison, managing director of Hewison Private Wealth, told SmartCompany he applauded the government’s decision to pause the changes. 
“I think the direction the government was heading in watering down the submissions was completely wrong,” he says.
“I’m hoping the government abandons the exclusion of general advice from products on commission and it retains the best interest duty.”
He says the system as it stands is broken and advice needs to be separated from product. 
“Frankly the Australian consumer deserves to be able to obtain un-conflicted opinions and advice from a professional adviser when they are talking about something as important as their life savings,” he says.  
Legislation to impose the changes was introduced into the House of Representatives as part of the <a href="https://www.smartcompany.com.au/legal/politics/41168-business-reacts-to-the-red-tape-repeal-what-s-missing" target="_blank">government’s repeal day</a>.
But now the reforms have been referred to the Senate economics committee, which will report on 16 June.
Even if the laws do not pass the upper house, waiting for that report still leaves the government two sitting weeks to table regulations to force through its changes before Labor’s existing FoFA laws come into effect on July 1.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
</body></html>

cwaters-YrtBR88nBe

Government puts Future of Financial Advice reforms on ice

<html><body>
The fight is on over the Abbott government’s push to unwind Labor’s Future of Financial Advice reforms.
<a href="https://www.smartcompany.com.au/finance/30625-government-tweaks-fofa-reforms-on--conflicted-remuneration" target="_blank">The FoFA reforms</a> initially set out to ban commissions for financial advice, require financial advisers to ask clients whether they wish to continue receiving their service every two years and require financial advisers to act in the best interests of their clients.
But led by former assistant treasurer Arthur Sinodinos, the Abbott government moved to <a href="https://www.smartcompany.com.au/legal/35388-burdensome-financial-advice-reforms-watered-down" target="_blank">water down the “burdensome” reforms</a> and announced many of the changes will be made by regulation not legislation, meaning there will be no scrutiny by a parliamentary committee.
The key amendments under FoFA now include removing the opt-in requirement, streamlining the annual fee disclosure requirements, amending the best interests duty to allow for scaled advice, exempting general advice from conflicted remuneration and amending grandfathering to allow for adviser movements.
It’s now open slather with the sudden resignation of Sinodinos and the fight is on as to whether companies should be free to motivate employees offering consumers general product information with commissions and bonuses to maximise sales. 
Finance Minister, Mathias Cormann, is now back in the driver’s seat and he has made it clear he believes an effective ban on incentivising employees to provide basic general advice is “just ridiculous”.
The political wrangling means that FoFA’s guiding principle of bringing clarity to financial service clients appears to have been lost.
The financial services industry has been preparing for the FoFA reforms for a long time and the constant changes are just adding to the uncertainty.
For the more forward thinking members of the industry it should be abundantly clear that commissions and financial advice ‘fees’ of which clients are unaware of need to come to an end.
Requiring financial advisers to act in the best interests of their clients should be standard, not controversial.
Cara Waters is editor of <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
</body></html>

Why we need to make a fuss about FoFA

<html><body>
A Victorian construction contractor which has been in business since 2002 has been placed in voluntary administration.
Remedial Concrete Works provided specialist design and support contract services to construction projects around Australia.
But <a href="https://www.smartcompany.com.au/growth/economy/34976-the-20-most-notable-collapses-of-2013">the business has ceased trading</a> and Laurie Fitzgerald and Stephen Dixon of Grant Thornton were appointed as administrators on Monday.
Fitzgerald told SmartCompany Remedial Concrete Works had a turnover of $17 million a year and at its peak it was employing about 70 people. 
Most of these staff were let go before the administrators were appointed.
“[Remedial Concrete Works] got into some contractual problems on some major projects in the last nine months which caused it to sustain some heavy losses,” Fitzgerald says.
“Because it’s a contracting company, it works with skinny margins.”
Creditors are owed around $4.5 million with the Australian Tax Office a key creditor.
“We are looking to recover what we can in the way of assets in the company,” Fitzgerald says.
“It has a significant number of projects with outstanding guarantees on so we are trying to get those guarantees returned and determine who the creditors are.”
Fitzgerald says while it is “early days still”, the administrators are confident most employees have got their pay and are now just working out the details owed for superannuation. 
A first meeting of creditors will be held on March 27 in Melbourne.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
</body></html>

Construction company with $17 million turnover collapses

<html><body>
The former chief executive of West Australian hotel chain Compass Hotel Group has had his original sentence quashed by the NSW Court of Criminal Appeal and has received a tougher sentence of three years and six months’ imprisonment.
Bryan Northcote pleaded guilty to breaching directors’ duties and submitting false and misleading documents to the Australian Securities and Investments Commission after the <a href="https://www.smartcompany.com.au/growth/economy/19201-20110323-another-hotel-group-collapses-with--100-million-in-debt" target="_blank">Compass Hotel Group collapsed in 2011</a> with debts of $100 million.
The chain consisted of 12 hotels and taverns including the Carine Glades Tavern, the Belmont Hotel and the Albion Hotel.
Following an ASIC investigation, Northcote pleaded guilty to dishonestly withholding information from the Compass Hotels Group board and using his position to gain a financial advantage after he <a href="https://www.smartcompany.com.au/legal/28240-former-boss-of-collapsed-pub-group-charged-over-alleged-hotel-sale-kickbacks" target="_blank">siphoned more than $1.5 million in hotel broker commissions</a> into his own private company.
Northcote was initially sentenced by the Sydney District Court to two years’ imprisonment on the charge of breaching directors’ duties and one year for each of the two counts of submitting false and misleading documents to ASIC, with the sentence to be served by way of Intensive Correction Order.
The Commonwealth Director of Public Prosecutions, in consultation with ASIC, appealed the sentence on the basis that it was manifestly inadequate.
The NSW Court of Criminal Appeal agreed and quashed the sentences imposed by the District Court.
Northcote was re-sentenced to a term of imprisonment for a period of three years and six months for breaching his directors’ duties and one year imprisonment for each of the lodging false and misleading documents offences.
Northcote is now due to be released on September 26, 2015, upon entering a recognisance that he be of good behaviour for the balance of the term of his sentence.
The court said the original sentence was manifestly inadequate “because it did not reflect the seriousness of the offence, the extent to which the respondent personally was financially advantaged by the offence, the need for general deterrence and to the need to impose a sentence which both punished Mr Northcote and denounced his criminal conduct.”
ASIC Commissioner John Price said the regulator is committed to ensuring company directors act appropriately as this is integral to ensuring fair and efficient markets.
“Directors who step over the line by abusing their position for their own dishonest purposes need to know that they are risking jail time for their actions,” he said in a statement.
Ian Ramsay, professor of commercial law at the University of Melbourne, toldSmartCompany ASIC is likely to be happier with the tougher sentence.
“What’s clear is that the sentence of imprisonment has gone up significantly from a total of two years to three-and-a-half years, what is unclear is how it is to be served,” he says.
“The original sentence was an Intensive Correction Order, which is essentially serving it in the community, there’s a vast difference between an ICO and serving your time in jail.”
Ramsay says if the revised sentence is to be served in prison “then this is a very substantial repudiation of the original sentencing decision”.
He says it indicates a willingness on the part of ASIC, when it does believe sentences are significantly adequate, to work with the DPP to seek an appeal.
“The conduct here was obviously very significant, this was a very blatant conflict of interest, where Northcote personally profited by taking funds that otherwise belonged to the company of which he was CEO.”
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
</body></html>

Court slaps former CEO of collapsed Compass Hotel Group with three-year jail sentence

<html><body>
A free trade agreement between Australia and China appears to be a step closer, after Chinese Premier Li Keqiang said his government would seek to “accelerate” an agreement with the Australian government.
Li made the comments during a speech to the Chinese parliament this week, in which he said the Chinese economy will grow at around 7.5% this year, according to reports in <a href="https://www.afr.com/p/world/li_warns_of_china_pc_growth_pains_w8xcQEDh7FTYwSsyDb7aPO" target="_blank">Fairfax</a>.
He also said China will look to speed up free trade agreements with South Korea and the Gulf states.
However, Li give no timeframe for the signing of an agreement, which would allow imports and exports to enter each country without paying duties.
An Australia-China free trade agreement has been in the works for more than nine years and Prime Minister Tony Abbott has previously said he is aiming to secure a free trade agreement with China and Japan <a href="https://www.smartcompany.com.au/growth/export/35043-crossbencher-s-bill-could-scuttle-china-free-trade-agreement" target="_blank">by the end of 2014</a>.
Peter Mace from the Australian Institute of Export told SmartCompany Li’s comments are a “positive sign” ahead of Abbott’s scheduled visit the China in April.
But he says “there is still some water to go under the bridge” before the parties can reach an agreement and it is unlikely that an agreement will be secured anytime soon.
Nevertheless, Mace is “hopeful” a deal can be nutted out by the end of the year.
Mace warns there are “still some sticking points” that will be need to be addressed for an Australia-China free trade agreement to proceed, including improved access to investment in Australian firms for Chinese companies and access to the Chinese agricultural market for Australian exporters.
He says based on the New Zealand experience, where agricultural exports to China rose “exponentially” after the country signed a free trade agreement with China, an Australian agreement presents significant opportunities for Australian companies.
University of New South Wales economics professor Tim Harcourt <a href="https://www.smartcompany.com.au/growth/export/32734-free-trade-agreement-back-on-the-table-with-china---good-news-for-smes" target="_parent">previously told SmartCompany</a> a free trade deal would make trading with China easier for Australian SMEs.
“Small and medium-sized enterprises are now more likely to go to China and south-east Asia than anywhere else in the North Atlantic,” said Harcourt.
“Opportunities exist particularly in regards to the urbanisation in China, which is opening up opportunities for architects and construction and services firms.”
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.     
</body></html>

China seeks to “accelerate” free trade agreement with Australia

<html><body>
Technology company AWA Limited is up for sale after collapsing into administration last week.
AWA Limited services the technology needs of businesses and its website claims “where there is technology infrastructure that needs to be installed and maintained AWA will be there making it all work.”
The tech company started operations in 1909 as a radio manufacturer and radio broadcaster, but in recent years has focused on providing technology services to major businesses and government organisations.
It began as Australasian Wireless Limited, a Telefunken wireless agent, and since then has grown to employ 240 staff with a network of regional agents in over 700 locations around Australia.
It fields 15,000 service calls a month and 40,000 inventory transactions with a blue chip customer base which includes Flight Centre, Dimension Data, HP and NEC.
The business has been placed for sale by Andrew Spring and Roderick Sutherland of Jirsch Sutherland who were <a target="_blank" href="https://www.smartcompany.com.au/growth/economy/34976-the-20-most-notable-collapses-of-2013">appointed as receivers</a> on February 28, 2014.
“We are continuing to seek expressions of interest in respect to the sale of the business/assets of the company,” Spring and Sutherland said in a sale advertisement placed today.
AWA Limited was placed in administration last week with Philip Carter, Daniel Walley and Alan Walker of PPB Advisory appointed as administrators.
Carter told <a target="_blank" href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-02-26/awa-appoints-administrators-after-105-years/5285602?section=business">ABC radio</a> that AWA's board had "run out of time" and "run out of options".
"The company was either about to become insolvent or already insolvent, so in this case they have acted at a time when it looked like they were shortly to become insolvent."
Expressions of interest in buying the business are open until March 10, 2014.
Jirsch Sutherland and PPB Advisory were contacted for comment but failed to respond prior to publication.
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>.
                             
</body></html>

Tech company with 240 staff collapses after 105 years

<html><body>
Malz Motoring &amp; Leisure Zone is up for sale after the car parts retailer <a target="_blank" href="https://www.smartcompany.com.au/growth/economy/34976-the-20-most-notable-collapses-of-2013">collapsed</a> earlier this month.
Malz’s directors appointed Kim Strickland from WA Insolvency Solutions as administrators and then KPMG partners, Hayden White and Damian Templeton, were appointed receivers and managers of Malz on February 3, 2014.
The West Australian retailer sells automotive aftermarket parts, accessories, tools, equipment and leisure items.
Malz operates from four custom-fitted stores across metropolitan Perth and has a standalone head office and warehouse facility.
The retailer has lease arrangements in place for a further two stores.
Malz opened its first store in December 2004 and since then has grown to generate an unaudited turnover for this financial year of $11.3 million.
A spokesperson for KPMG said White and Templeton have assumed control of the assets and operations of Malz and started evaluating the financial position of the business with a view to selling it.
Notices advertising the sale of the business ran in newspapers last week.
“KPMG is already in discussions with a number of parties interested in purchasing part of, or all of, the existing business,” the spokesperson says.
In the interim, Malz is continuing to trade.
Australia’s retail sector has been weathering tough conditions with the collapse already this year of retailers <a target="_blank" href="https://www.smartcompany.com.au/finance/cashflow/35295-creditors-line-up-after-fashion-retailers-collapse-dion-lee-ellery-and-mercedes-benz-fashion-week-all-owed-cash">Jasu</a> and <a target="_blank" href="https://www.smartcompany.com.au/marketing/sales/35064-peeptoe-shoes-collapses-as-retailers-continue-to-face-financial-pressures">Peeptoe Shoes</a>.
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
</body></html>

Car parts retailer with $11 million turnover collapses

<html><body>
An <a target="_blank" href="https://www.smartcompany.com.au/growth/economy/31298-imf-report-cautiously-optimistic-about-global-growth">International Monetary Fund</a> review of Australia <a target="_blank" href="https://www.imf.org/external/pubs/ft/scr/2014/cr1451.pdf">released today</a> recommends the Aussie dollar should trade at “low US80c” and backs the federal government’s anticipated budget cuts.

The Australian dollar closed yesterday at US90.63c and the IMF’s review was prepared when it was US89c, but the IMF still characterised the Australian dollar as too high and 5% to 10% higher than it should be.
The IMF model suggests the Aussie dollar should be between US80c and US85c.
"Australia's floating exchange rate has been a vital shock absorber for the economy during the upswing of the mining investment boom," the IMF report says.
But more recently as minerals prices have fallen, "the exchange rate did not depreciate as would normally be expected".
It says government officials have expressed surprise that the exchange rate has remained as high as it has and Reserve Bank staff have told it that market intervention remains "part of the policy toolkit, although more recently used only at times of market dysfunction".
Export Council of Australia general manager Peter Mace told SmartCompany there is “a bit of consensus” around exporters that around 80c to 85c would be an appropriate level for the dollar to be at.
“A lower dollar as a general rule is good for exports,” he says.
“There are a lot of vagaries in terms of the drivers on trade, certainly the commodities side of export has an impact.”
<img src="https://www.smartcompany.com.au/images/stories/news/imf-graph-600.jpg" style="max-width: 370px; max-height: 247px; display: block; margin-left: auto; margin-right: auto;">
But Mace cautions that exporters’ competitiveness is not just reliant on the dollar.
“It’s built on international supply and demand structures, which is dependent how our trading partners are pricing items,” he says.
The IMF report recommends budget deficit reduction as a means to “take pressure off the dollar over the medium term”.
“Staff supported the broad aim of improving the budget position over the medium term, which would help rebuild fiscal buffers and increase the policy scope to deal with adverse shocks, but cautioned that it should be done in a way that does not disrupt growth prospects in the near term,” the report says.
The IMF calculates Australia will have the largest spending growth among 17 advanced economies between 2012 and 2018.
Outlays are expected to rise by more than 15% after inflation taking into account the upcoming government spending surge involving expensive promises on education, disability services and paid parental leave.
“Achieving and sustaining a surplus over the next decade will be challenging in light of current social spending commitments,” the IMF says.
“Early decisions on policy changes required to ensure the medium-term consistency of fiscal policy goals would help to preserve policy flexibility.”
<a target="_blank" href="https://www.smartcompany.com.au">This article first appeared on SmartCompany.</a>
 
</body></html>

IMF calls for lower Australian dollar and budget cuts

<html><body>
Pollster Gary Morgan is embroiled in a bitter legal stoush with the Fair Work Building Industry Inspectorate following a Federal Court judgment finding his family trust <a target="_blank" href="https://www.propertyobserver.com.au/https://www.austlii.edu.au/au/cases/cth/FCCA/2013/1097">engaged in sham contracting</a>.

The pollster is not going down without a fight and has vowed to appeal the decision, declaring it “a sham”.
The Federal Circuit Court found Morgan’s family trust, Linkhill, underpaid 10 employees who it had maintained were contractors.
The 10 workers were engaged by Linkhill Pty Ltd to perform the renovation works at 384-386 Flinders Lane, Melbourne.
The court ordered Linkhill pay its workers $178,941 in unpaid wages and entitlements.
In his evidence to the court, Morgan was highly critical of the Fair Work Building Inspectorate and the government.
“I mean, you’ve got a very vicious government who wants to stitch people up, like me,” he told the court.
“And, they want to basically try and control independent contractors and small business. That’s what it’s about this case, nothing to do with a few bricklayers who were independent contractors…”
Morgan described Fair Work as “the most outrageous misnaming of an organisation in the country.  It’s not fair.”
Morgan claimed the workers were contractors and wanted to be contractors.
“So long as they are, in my opinion, remunerated above what the award is and fairly and have a job to do, I think that is what they’re doing,” he says.
“What the government’s trying to do is rope them all into large corporations or large building businesses and kill the small businesses, small entrepreneur who’s trying to start up his brick business.”
But the court found the evidence showed the 10 workers, engaged between June 2007 and August 2010, were employees not contractors.
“An examination of the totality of the relationships between each of the individual workers and Linkhill, the system and arrangements pursuant to which they worked and the work practices which regulated that work, clearly establishes by reference to the established indicia that each of those relationships were in the nature of employment and not independent contractor relationships,” Federal Circuit Court judge Justice O’Sullivan found.
O’Sullivan found the “relationships” between Linkhill and the workers were “contracts quintessentially in the nature of contracts of employment for the personal provision of each workers labour to Linkhill”.
The court found Linkhill reserved control over where, when and to what ends the workers’ labour was to be directed and it directed and supervised the performance of the work of each worker on a daily basis.
O’Sullivan found  the requirement for workers to supply an ABN, the lack of taxation deducted from the payments they received from Linkhill and payment pursuant to invoicing arrangements imposed by Linkhill did not alter these “fundamental features” of their engagement.
But Morgan told SmartCompany Linkhill did not engage in sham contracting.
“The only sham here is that engaged in by the Australian Building and Construction Commissioner and the Fair Work Inspectorate,” Morgan says.
“Intimidation, threats and blackmail of workers and companies appear to be standard operating procedures for these organisations.”
“A Royal Commission is needed into the unions and the Fair Work Building Industry Inspectorate.”
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
</body></html>

Fair Work “a sham”: Pollster Gary Morgan hits back as court finds his family trust engaged in sham contracting

<html><body>
The federal government released its watered down version of the draft of the <a target="_blank" href="https://www.smartcompany.com.au/finance/30625-government-tweaks-fofa-reforms-on--conflicted-remuneration">Future of Financial Advice</a> legislation yesterday.
Assistant Treasurer Arthur Sinodinos said the government is supportive of the principles of FOFA but the previous government’s reforms were “unwieldy, burdensome and unnecessarily complex”.
The government announced in December that it would seek to overturn the majority of the former Labor government’s financial advice reforms.
Research undertaken by Rice Warner Actuaries in 2013 found that the previous government’s FOFA laws would reduce the average cost of financial advice from $2,046 before the reforms to $1,163 after the reforms by 2026-27 and double the provision of financial advice in Australia.
But Sinodinos says <a target="_blank" href="https://futureofadvice.treasury.gov.au./">draft legislation and regulations</a> will still reduce compliance costs and remove red tape on the financial services industry.
“The proposed reforms will reduce the burden on industry and pressures on the cost of advice to consumers,” Sinodinos said in a statement.
The government has now announced many of the changes will be made by regulation not legislation, meaning there will be no scrutiny by a parliamentary committee.
“In order to provide certainty for industry and to ensure that the measures have effect as soon as possible, the government will implement time-sensitive measures through regulations to the extent legally possible, with amendments to be subsequently made in the primary legislation,” Sinodinos said.
The key amendments include removing the opt-in requirement, streamlining the annual fee disclosure requirements, amending the best interests duty to allow for scaled advice, exempting general advice from conflicted remuneration and amending grandfathering to allow for adviser movements.
The government said the interim regulations will be repealed once the legislative amendments have been passed, while those amendments best addressed via regulations will remain in place.
A spokesperson for Sinodinos defended the amended FOFA regulations toSmartCompany and said the "catch-all" provisions had been removed from the best interests duty because they created "significant legal uncertainty" on how advisers can actually satisfy the best interests duty.
"Removing this provision will make the best interests duty more objective and ensure that advisers have access to a true safe harbour," she said.
"The best interests duty without paragraph g will still provide appropriate levels of protection to consumers as the remaining elements of the duty (i.e. sections a-f) impose an appropriate standard of care."
But Industry Super Australia is critical of the government’s approach and says a thorough assessment is needed of the impact of proposed changes to laws designed to protect consumers from conflicted financial advice.
David Whiteley, chief executive of Industry Super Australia, said Australians want impartial financial advice that is in their best interests and not tainted by sales commissions, ongoing advice fees, volume rebates or other types of incentives paid to financial planners by banks and other institutions.
“Industry Super Australia is concerned that these proposed changes will re-permit the payment of conflicted remuneration and re-open the debate about whether a financial planner is an impartial adviser or a sales rep,” he said in a statement.
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
</body></html>

Coalition water down "burdensome" FOFA reforms

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

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News