<html><body>
An aged care and property development group had administrators appointed yesterday after the company collapsed as a result of long delays in planning approvals.
Riad Tayeh and David Solomons of de Vries Tayeh were appointed as administrators of the Crighton Group, which is made up of 15 companies.
The Crighton Group has been operating for over 25 years and has around 30 staff.
The companies now in administration are the Hermitage Lifestyle Resort, Crighton Properties, Myall River Downs, Crighton Building Co, Crighton Lifestyle Resorts Real Estate, Myall Quays Shopping Village, Lifestyle Resorts, Woodstock at Jamberoo, Crighton Bowral, Myall Down Angus Stud, Red Gum Grove, Laurieton Lifestyle Resort, Crighton Mudgee, Crighton Byron and Crighton Bathurst.
The company Hermitage Management has not been placed in administration and Tayeh said at this stage the retirement village, Hermitage Lifestyle Resort, will continue to operate as usual.
"In the main the group has been the victim of the slow and unyielding process of getting approvals for developments," Tayeh says.
It has taken 11 years to get zoning through for some developments and no company can survive that sort of delay, and with the prevailing economic conditions it could no longer continue to trade."
The Crighton Group's major creditors are the ANZ, Commonwealth Bank and St George.
Tayeh says the Crighton Group is "not a fly-by-night group" and at its full valuation had land holdings worth over $100 million. However, recent falls in value mean the valuation is now closer to $30 or $40 million.
"The thing that has really hampered this industry and similar developers has been the inability to get projects up and going that have been supported by the community, this is not a good thing for the industry," he says.
"You can't have something being held up for 11 years, some of the things they have to do to get these developments through are unbelievable."
Geoff Cox, founder and joint proprietor of the Crighton Group, said in the past the development industry has had to go through "a lot of nonsense" to get master plan approval from the Department of Planning.
In developing the Tea Gardens, Cox says ANZ lost patience after nine years in development.
"The land was rezoned as a residential parcel in June 2000, then three years later they brought through an embargo on residentially zoned land being developed unless subject to a master plan," he says.
"As part of that plan, we had to prepare a flood evacuation plan for 87 years' time for what would happen in the event of a 'probable maximum flood event', which is what happens when a cyclone comes through in the tropics – but we are not in the tropics."
Cox says the Crighton Group had to spend a huge amount of time going through computer modelling to prepare an evacuation plan for assumed residents in 87 years' time costing $250,000.
"When you look at the lunacy of that you think it is madness," he says.
"We were totally gobsmacked at what we had to go through. It's an example of the absolute nonsense the development industry had to go through to get master plan approval."
Cox says the problem is not with the department of planning but with the "nefarious government agencies" that developers are required to deal with.
"Now the banks have essentially stopped funding retirement development outside the metropolitan areas," he says.
The administration of the Crighton Group follows the <a href="https://www.smartcompany.com.au/buy-or-sell-a-business/054903-aged-care-business-falls-into-administration-after-being-struck-by-government-sanction" target="_blank">collapse earlier this year of Nepean Hospitals</a>, which operates two aged care centres in Victoria: one 46-bed operation in Bendigo and another 125-bed facility in Mount Martha.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
</body></html>

cwaters-YrtBR88nBe

Administrators appointed to $100 million NSW aged care Crighton Group

<html><body>
Nathan Tinkler’s move yesterday to put his horse racing empire on the market reveals the true state of the embattled coal baron’s finances.
At a recent NSW Supreme Court hearing, Tinkler was very cagey about the extent of his assets and debt.
He put a value of $1.2 billion against the assets held in his family’s trust, all in his wife’s name but this is an aggressive valuation.
He also revealed he had as much as $600 million debt against these assets.
Tinkler has fought hard to hang onto Patinack Farm despite being more willing to give up other luxuries in life, like his private jet and helicopter.
The thoroughbred stable is one of the biggest in the land, with more than 1,000 horses and 150 staff despite recent sales of horses in a bid to raise cash.
Liquidators were appointed to <a href="https://www.smartcompany.com.au/wealth/053055-nathan-tinkler-s-horse-racing-empire-goes-into-liquidation" target="_blank">Patinack Farm in November last year</a> after an unpaid levy to WorkCover South Australia of around $17,000.
But Tinkler fought back to save Patinack Farm, which is at the centre of his horse racing interests.
He sold his champion colt, All Too Hard, for a reported $28 million, and had also sold $2.8 million worth of horses at <a href="https://www.smartcompany.com.au/the-fast-lane/magic-millions-gives-a-glimpse-of-the-year-ahead-for-rich-listers" target="_blank">Gerry Harvey’s Magic Millions Auction</a> at the start of this year, and paid off the levy so Patinack Farm escaped the liquidators.
But that fight has come to an end, with Tinkler releasing a statement announcing the sale of the operation, which includes more than 1,000 racehorses, broodmares and stallions and high quality facilities.
Tinkler said in a statement that Patinack Farm represents a “terrific opportunity” for a local or international owner.
“As I am spending more time overseas, I do not have the time to manage the business,” Tinkler said in the statement, referring to his decision to reside in Singapore.
More likely, Tinkler desperately needs the money, given that he has ploughed between $200 million and $300 million into Patinack Farm.
Critics who claim he overpaid for many of the thoroughbreds may find some justification in the estimated sale price of around $100 million for the operations.
In the past, Tinkler has done everything possible to hold on to Patinack Farm, and selling up sticks gives more indication of his perilous financial position than any statement made in the Supreme Court.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
</body></html>

Nathan Tinkler's decision to list Patinack Farm suggests financial desperation: Cara Waters

<html><body>
The self-managed superannuation fund sector is soaring, with the Australian Taxation Office revealing it expects more than 1,000 applications a week to be lodged for SMSFs in May and June this year.
Speaking at the annual <a target="_blank" href="https://www.smartcompany.com.au/superannuation/054815-asic-sounds-warning-bell-on-smsfs">Australian Securities and Investments Commission</a> forum in Sydney yesterday the ATO's commissioner for SMSF, Stuart Forsyth, said the rush was already on with the office receiving a record 500 applications to set up new funds in one day last week.
"It is the highest we have ever seen on one day," he said.
"It is an illustration of the growth that is out there."
This last minute surge before the end of the tax year will take the total number of <a target="_blank" href="/news">SMSFs</a> to half a million, although Forsyth said the ATO rejected about 68 of the 500 applications as being unsuitable.
Graeme Colley, director of education and professional standards at the SMSF Professionals Association of Australia, told SmartCompany a surge in applications for SMSFs was "not surprising" towards the end of the financial year.
"You can get a tax deduction of up to $25,000 on your contributions, so traditionally there is a spike towards the end of the year," Colley says.
"People are disillusioned with larger funds and there is more interest in SMSFs generally, which influences people to set up their own funds."
Colley believes speculation about the budget and the impact of what will happen means people are trying to protect themselves from any superannuation changes by setting up an SMSF.
He says the ATO receiving 500 applications in one day last year is interesting and he assumes people are setting up the SMSFs for the right purposes.
"The concern is that people are panicking or rushing in to set up an SMSF and hopefully the advice they are getting is for the right purpose to provide retirement benefits; they need to look before they leap," Colley says.
The ATO also revealed at yesterday's forum that it will seek to close down as many as 10,000 self-managed superannuation funds this year, targeting funds that are inactive and have not been lodging annual tax returns.
Forsyth told the forum the closures come at the end of a year-long review of the SMSF sector.
According to Colley this shutdown of SMSF funds is not something SMSF trustees should be concerned about.
He says "every now and again" the ATO goes through its database and looks at those funds which are inactive or have been closed down and it undertook a similar exercise a few years ago.
"When you look at shutting down 10,000 funds out of half a million it is only 2% of the total number, it is a very small proportion," he says.
"The ATO will notify trustees a number of times before closing down a fund, it's not like opening and shutting a shop."
This article first appeared on <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;ved=0CDMQFjAA&amp;url=http%3A%2F%2Fwww.smartcompany.com.au%2F&amp;ei=qVJSUYTyLcnYigeQxIDQBQ&amp;usg=AFQjCNHpZnYFW6OgdohnBFaGGjvpykD8CA&amp;bvm=bv.44342787,d.aGc" target="_blank">SmartCompany</a>.
</body></html>

ATO prepares for influx of SMSF applications

<html><body>
There is good news for retail property landlords with ice-cream franchise Baskin-Robbins announcing plans for another 200 shops in Australia over the next 10 years, tripling the chain's presence in the country.
On a smaller scale, relative newcomer to the market <a target="_blank" href="https://www.smartcompany.com.au/retail/20090804-ice-cream-chain-ben-a-jerrys-comes-to-australia-with-franchising-plan">Ben &amp; Jerry's</a> is planning an additional 30 stores across Australia.
Baskin-Robbins has entered into a master franchise joint agreement with Galadari Brothers, the parent company of Galadari Ice Cream Co, which is a long-time Baskin-Robbins licensee for the Middle East.
The tie-up comes after <a target="_blank" href="https://www.smartcompany.com.au/franchising/20101021-breaking-news-allied-brands-loses-baskin-robbins-franchise-rights-receivers-appointed-to-subsidiary">former master franchise Allied Brands </a>was stripped of its Australian franchise rights for the Baskin-Robbins franchise by the US owner of the brand, Dunkin' Brands.
Dunkin' Brands will maintain a 20% stake in the new joint venture while Galadari will be primarily responsible for day-to-day operations in Australia.
Galadari will open additional franchise locations as well as corporate-owned and operated stores, with each company jointly contributing $2 million over the next three years for marketing.
"Galadari has done an outstanding job of making Baskin-Robbins one of the pre-eminent ice cream brands in the Middle East, and we believe they can do the same in Australia, one of our high opportunity markets," said Giorgio Minardi, president of Dunkin' Brands International in a statement.
Ben &amp; Jerry's is also expanding in Australia with the opening of its fourth Scoop Shop franchise on the Gold Coast.
The expansion of the ice-cream chain into new states is part of a larger rollout plan, introducing Ben &amp; Jerry's packaged product and franchise outlets into new states with up to 30 franchise shops across Australia planned.
Launched in Australian in 2009, Ben &amp; Jerry's brand manager Kalli Swaik said in a statement the plan is to make the brand available across the nation.
The ice-cream chain aims to open up in key sites along the east coast including Circular Quay, Darling Harbour and Sydney CBD in New South Wales, Melbourne CBD, Southbank and St Kilda in Victoria, and Brisbane CBD, Broadbeach, South Bank and The Valley in Queensland.
"We're on the hunt for a team of dedicated Scoop Shop owners to help us spread peace, love and ice cream across the country," Swaik said in a statement announcing the expansion.
Jason Gehrke, director of the Franchise Advisory Centre, told SmartCompany Baskin-Robbins' ambitious plans were achievable provided it was prepared to invest enough.
"That will substantially increase their chances of achieving that growth target but it is not going to happen without a significant commitment of resources on the master franchisees behalf," he says.
"Baskin-Robbins is a mature brand in the Australian market today so the question is: What is new and different about this agreement that will cause a stampede of franchisees?"
In contrast, Gehrke says Ben &amp; Jerry's is a new player on the market and one that has been relatively conservative in its initial approach.
"So that relative newness and perceived vibrancy will be its competitive advantage in appealing to the market," he says.
"But these businesses are all affected by seasonal variations and consistent high temperatures are very good for these kind of businesses but one or two cool summers would quite severely impact a franchisee turnover."
Gehrke says there are already plenty of well-established ice-cream franchises in Australia and an additional 230 stores will add to the already hot competition for ice-cream customers and for sites.
"Often you find the more players in a market, the bigger the market segment becomes. The question is can everyone make money out of it," he says.
"These businesses are all going to be competing for sites as well and if you have multiple brands competing for the same locations that may have the knock-on effect of pushing up rents where rents are otherwise stagnating."
This article first appeared on <a target="_blank" href="https://www.smartcompany.com.au/">Smartcompany.com.au</a>
</body></html>

Baskin-Robbins and Ben & Jerry's plan another 230 stores

<html><body>
Australia's "Jeans Queen", Bettina Liano, has closed all but one of her Australian stores and set her sights on the United States market instead.

Liano's first store in the United States will open in New York at the end of this week as her original store on Chapel Street in Melbourne closes its doors after 24 years.
The designer has closed down her other four Australian stores, leaving only one store remaining in Sydney.
Liano told SmartCompany she wants Bettina Liano to become a global brand with international trends and styles at the core of the collections each season.
"I am just looking for volume in the market, I feel that I outgrew Melbourne in particular and I have been banging the drums for 25 years. I feel like I could do with a new audience and I'm confident that what I do is different enough from everyone else to be able to sell it [in the United States]," she says.
"I want to create a focal point here [in the US], because if you go into a new market and you don't sell anywhere they can't market you and department stores won't buy if you haven't got any marketing."
Liano says she has always been attracted to opening in the United States and to New York in particular.
"It is the fashion capital of the world and because I have always liked America and I've always liked the way they do business here," she says.
"They do retail like nobody else, and also they love denim; denim is an American thing at the end of the day."
Liano says after <a target="_blank" href="https://www.smartcompany.com.au/strategy/049928-bettina-liano-escapes-administration-and-stitches-up-a-new-deal-three-companies-that-have-hung-on-to-their-founders">fighting her way back from voluntary administration</a> the business struggled last year because of a supply delay.
"I experienced chronic delays with my suppliers. I didn't get delivery of a summer season until the first week of January so that just killed me – I don't know how long you can sell a sweater for," she says.
Liano cites the <a target="_blank" href="https://www.smartcompany.com.au/property/054256-international-retailers-keep-sydney-and-melbourne-in-top-10-most-expensive-global-retail-property-markets">expensive rents in Australia</a> as a key reason for closing her stores and says she was paying $25,000 a month in Chapel Street.
"It's sad, but I'm going to come back by the end of the year I'm going to reopen stores. I just want to pay good rent; Melbourne is not worth what they are charging at the moment," she says.
"At the moment in the States it is like repeating how I started in Melbourne, there were empty stores going cheap. In Australia, in the last 12 months, I have been on sale for the last 12 months; it is just so price sensitive."
Liano's New York store will open at 246 Mott Street in NewYork's SoHo district and she plans to open stores in San Francisco, Los Angeles and Miami.
"I saw an opportunity as they've had a recession here, it's small and the rent is really reasonable so I don't have to sell a lot of stock to break even," she says.
Liano is also developing a new Bettina Liano website but says actual bricks-and-mortar stores will always be important for retail.
"Opening a store is like a showroom, it's like a billboard, it gives people a place to go and you can communicate your offer," she says.
"Online is a focus for me but online and the real experience are not comparable. I might have been born in the 60s, [but] I don't care what anyone says, you can't touch the fabric online, you can't smell the candle burning, you can't sit on a chair and be served."
Liano says it has been <a target="_blank" href="https://www.smartcompany.com.au/retail/20110711-melbourne-jeans-label-bettina-liano-collapses">a long road back from the collapse</a> of her business but she is confident about the future for the Bettina Liano brand.
"I lost most of what I worked 25 years for, I lost millions of dollars in equity and I'm trying really hard. I'm not a crook," she says.
"They have a different attitude to that sort of stuff in America, what I have done is going to make me money. I am still here, I am still 100% in business, and I still own the business 100%."
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank" rel="nofollow">SmartCompany</a>.
</body></html>

Bettina Liano closing Australian stores and selling jeans in the United States

<html><body>
Continued legislative tinkering to the superannuation system is forcing individuals <a href="https://www.smartcompany.com.au/superannuation/052307-government-warned-to-back-off-on-proposed-changes-to-smsfs">to abandon super and self-managed super funds</a>, leading to $16 billion not being placed into SMSFs, according to research published this week.
The research by the SMSF Professionals Association and Russell Investments found that as a result of lower contribution caps and continued changes to super, 54% of SMSF trustees would change the decisions they are making currently about their strategies towards their retirement.
Launching the research, SPAA chief executive Andrea Slattery said, of those who would change, 75% said they would invest in things other than super.
“That would be outside of super, not inside of super, and so that leads towards $16 billion not being placed in the superannuation system in this last 12 months,” she says.
“It shows there are big numbers in the SMSF sector which are mainly professionals, small business and the self-employed that are not putting money into super and if they are not putting it into super they are putting it elsewhere or spending it.”
Slattery says negative gearing has been the main benefactor of the movement out of superannuation, with confidence amongst SMSF trustees low.
In July last year the amount of pre-tax income people over the age of 50 may put into super each year was halved to $25,000.
Trustees now have to deal with legislative risk, according to Alan Schoenheimer, chief executive of Russell Investments in the Asia Pacific.
“I think trustees are learning a new risk called legislative risk, which they used to ignore in the past but now it is becoming clear this is a major dilemma,” he says.
“You put your money into the system and once it is in it is locked in, and you can’t reverse that decision, and now it is there for the government to raid.”
Schoenheimer says 10 or 15 years ago people were encouraged to contribute more than the required amount into superannuation and they were given incentives to do that and told it was a good thing.
“It is in a system where you can’t hide it by the way, it is there for all to see and Australian Prudential and Regulation Authority or the Tax Office or someone have your statistics and can look at it all the time and you can’t hide it out, you can’t get it out and all of a sudden the rules change.”
“I would have thought there were a lot of angry people right now.”
This article first appeared on Smart Company.
</body></html>

Government tinkering with superannuation proving costly

<html><body>
Foreign tourists are travelling to Australia in record numbers, an increase the tourism industry is attributing to savvy marketing by Tourism Australia in Asia.
Figures from the Australian Bureau of Statistics released yesterday show the number of people travelling to Australia was up 6.9% on the same time last year.
While New Zealand continued to be the biggest source of tourism arrivals for Australia, Chinese visitors rose by about 14% in November. China is now Australia's second largest source of foreign tourists, beating the United Kingdom.
The growth in tourists from Asia was not limited to China, with Malaysian and Thai tourists increasing by 35% and 27% respectively.
The industry's peak body, the Tourism and Transport Forum, attributed the boost in numbers to an increase in flights by Asian airlines and successful marketing campaigns in the region by Tourism Australia.
John Lee, chief executive of the TTF, told SmartCompany there were increases across the board, with the exception being the UK.
"The passenger movement tax in the UK is just decimating outbound travel from the UK. It means a family of four pay just under $800 in taxes alone to travel from the UK to Australia," he says.
Lee says the strength of the tourist numbers coming from China, north Asia and south-east Asia is "heartening".
He attributes much of the growth to Tourism Australia's advertising campaign that was launched in June last year and garnered over 24 million hits on the ad, with 20 million hits in China.
"Millions and millions have seen the ad and have transferred their psychological intention to booking tickets and that is great news for our sector," he says.
"Now it is the Asian Century with huge growth from Malaysia, India and Thailand and, if we get it right, rather than the rivers of coal of the past 10 years in Australia there is an opportunity to have rivers of visitors from Asia."
Lee describes Tourism Australia's digital campaign and strong reach into new markets as "phenomenal" and singles out the leadership of managing director Andrew McEvoy and chairman Geoff Dixon.
"We are seeing the fruits of that intelligent strategy deployment. It is all about marketing where you are going to make a difference," he says.
"Andrew jokes China is an overnight success but it has taken 10 years to come to fruition."
Some 66,000 visitors traveled to Australia for business purposes. 
The ABS figures also revealed Australians are continuing their love affair with overseas travel, with the number of people flying abroad for holidays or business rising by 2.5% in November.
For the year to November, a record high of almost 8.18 million Australians travelled overseas.
"We still have a passenger deficit of six million inbound and eight million outbound but we were seeing outbound growth of over 10% last year and that is shrinking and is now back to 5.6% and dropping," Lee says.
"So it seems as though that is capped and it is dropping. I think there was an absolute spurt of outbound movement with the rise of the dollar and a perception of a once-in-a-lifetime opportunity to see other parts of the world."
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
</body></html>

Foreign tourist numbers up 6.9% from last year, with Asian marketing increasing

<html><body>
While property experts are predicting <a href="https://www.smartcompany.com.au/property/053595-property-experts-tip-recovery-in-house-prices-for-2013-but-boom-times-long-way-off" target="_blank">house prices will make a modest recovery for 2013</a>, driven by low interest rates, there is little comfort on the horizon for the struggling construction industry.
Last year was a tumultuous year for the industry with the <a href="https://www.smartcompany.com.au/construction-and-engineering/051126-construction-industry-nightmare-nsw-government-launches-inquiry-into-company-collapses" target="_blank">NSW government launching an inquiry</a> as a result of the sheer number of construction businesses that collapsed during the course of 2012.
The problem wasn’t confined to NSW alone, with the collapse of the Hastie Group and St Hilliers along with hundreds of smaller construction companies signalling the nationwide problems in the sector.
The slump in construction looks set to continue with the latest Australian Performance of Construction Index showing the national construction sector finished 2012 in negative territory.
Commercial construction and engineering construction contracted at a slower pace while house building and apartment building declined further.
Given the tough business conditions, it is unsurprising that the construction industry is continuing to reduce employment.
There continues to be a prevailing sense of caution in households, businesses and most importantly the financial sector, so construction starts and completions are likely to continue to languish.
Harley Dale, the chief economist at the Housing Industry Association, says he is tipping a “modest recovery” for new home building in 2013.
However, Dale admits this modest recovery comes from recessionary levels of new home building and the industry is by no means out of the woods yet.
Business sentiment and confidence continues to be fragile and the finance simply isn’t there to enable a strong recovery to take place.
One thing that could be done to bolster the construction industry is spending by government on infrastructure projects to keep work flowing through the construction industry until consumer and business building picks up.
Action needs to be taken now rather than sitting around waiting for the outcome of the NSW government’s inquiry.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
</body></html>

Australia's construction industry will continue to struggle in 2013

<html><body>
Retailers are enjoying strong Boxing Day sales trading with the Australian Retailers Association predicting its estimates of $14.8 billion in spending from 26 December to 15 January will be met.
Most of this spending came immediately after Christmas with the Australian National Retailers Association estimating $1.8 billion was spent on Boxing Day itself, with $5.7 billion spent in the first week of the sales. However, the association does not have results to confirm its estimates yet.
It comes as the NAB Online Retail Sales Index for November recorded surges ahead of Christmas, rising to 241 points from 209 points in October, but year-on-year growth only edged higher to 27%.
In the 12 months to November 2012, Australians spent around $12.6 billion on online retail. This level is equivalent to 5.7% of the scale of traditional bricks and mortar retail (excluding cafés, restaurants and takeaway food) for the year to October 2012.
November is the peak month for online retail sales – with consumers allowing adequate time for delivery of their purchases prior to Christmas.
Alan Oster, chief economist at NAB, says as the online market matures, it will be interesting to observe whether consumers have greater confidence to make online purchases later in the month.
ANRA chief executive Margy Osmond says post-Christmas sales got off to a great start on Boxing Day with large numbers flocking to stores and shopping online.
“Christmas Day was one of the biggest online shopping days as people looked to cash in their Christmas present vouchers.”
Russell Zimmerman, executive director of the Australian Retailers Association, was also positive about the sales period and said the few days directly after Christmas and Boxing Day were “very strong and solid”, although sales were starting to slow down now.
“The Boxing Day sales were very big and the pre-Boxing Day sales by those retailers that were online worked very well,” he says.
The ARA predicted a 3.9% increase on last year’s post-Boxing Day sales and Zimmerman says he thinks that will be pretty close to the mark.
“Some things, like men’s clothing, are doing very well in post-Christmas sales as I suspect men have not been looked after over the last couple of years but it’s got to the point they have to buy new clothes for work,” Zimmerman says.
He says food was also a very strong performer for retailers in the sales period.
“We projected about $6 billion of post-Christmas food sales in the period until January 15 and I think that is pretty much on target to come through,” he says.
However, Zimmerman says while retailers are happy with the sales boost, they would have liked more.
“Retailers would have liked to have seen a much bigger increase. We predicted 3.9% increase in spending and $41 billion spent in in pre-Christmas sales this year, 10 years ago we used to get increases of 5% to 6% but those days have gone for a long while yet,” he says.
“If this hot weather keeps up, that will slow down some of the sales moving into the next few days as heat has an interesting effect on people going out and buying – if it gets too hot they don’t leave home.”
The strong performance comes after a promising start in 2011 dwindled to a flat result overall for retail, with the latest Australian Industry Group/Commonwealth Bank Australian Performance of Services Index falling 3.9 points to 43.2 in December.
Sub-sectors linked to household spending including retail trade and accommodation, cafes and restaurants all reported declines in activity in December.
"At the end of what was a tough year for the services sector, consumer caution, poor sentiment and the high Australian dollar all continued to weigh heavily on sales to households during the Christmas trading peak,” AIG chief executive Innes Willox says.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
</body></html>

Australian retailers buoyed by post-Christmas sales

<html><body>
“Aussie John” Symond built his business as an alternative to the big banks, but Symond today reveals why he decided to sell out to Commonwealth Bank.
The executive chairman and founder of Aussie Home Loans agreed for the Commonwealth Bank to increase its existing shareholding in Aussie Home Loans to 80% by acquiring a further 47% with the sale requiring approval from regulators.
Under the deal Symond will continue as executive chairman of Aussie for four years and will retain a 20% shareholding, while continuing to be involved in the growth and direction of the business.
Symond says he is not selling out and it is business as usual for Aussie.
He would not reveal how much Commonwealth Bank paid for Aussie, only to say “it is a fair price, that I was happy with and they were happy with”.
“Commonwealth Bank came in as a 33% owner a bit over four years ago, it’s given me and Commonwealth Bank a chance to look at each other, see how we operate, and they have been very good shareholders and investors,” he says.
Symond says Commonwealth Bank has allowed Aussie “to continue to do its own thing” and respects the “integrity” of the Aussie business model, which provides hundreds of different loan choices and a panel of 18 lenders.
“Commonwealth Bank appreciates and accepts that consumers want choice and don’t just want to deal with one bank or provider,” he says.
Symond says Aussie has been “very successful and profitable” and Commonwealth Bank recognises the distribution channel Aussie has is something it doesn’t have, and Commonwealth Bank can provide more products and services for Aussie.
“Our feeling is it is a bigger, better Aussie with more choice and services for consumers, and that has to be good for competition,” he says.
Symond denies he has compromised Aussie’s independence by selling out to the Commonwealth Bank.
“I say to people we have tried very hard for 21 years to earn the trust of consumers and we have got a lot of runs on the board, I ask them to trust us, time will tell,” he says.
“At the end of the day if we don’t have compelling products and services at exceptional prices I don’t expect people to support us, I’m hoping to reach out to even more customers and grow the business.”
Symonds says “actions are more important than words” in convincing consumers Aussie is still on their side.
“We have demonstrated our fighting for consumers for 21 years, we have 21 years of unblemished consumer championing,” he says.
As for Symond’s future, he says he is committed to four years at Aussie as executive chairman but won’t be drawn beyond that.
“Who knows what will happen after four years from now,” he says.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
</body></html>

'Aussie John' Symond explains sale to CBA

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