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Financing group Banksia Securities <a href="https://www.smartcompany.com.au/cashflow/051442-10-collapses-and-the-lessons-learnt">has collapsed</a>, putting $660 million in savings at risk.
Receivers McGrath Nicol took control of Banksia, which is based in the Victorian country town of Kyabram. 
Banksia’s trustee appointed Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman as receivers and managers yesterday at the request of Banksia’s board. 
The trustee is a secured creditor. However, Banksia owes around $660 million to investors and advanced these funds to borrowers primarily to finance real property purchases. 
As a non-bank lender, Banksia offers investors high interest on debentures and holds first-ranking real property mortgages to secure its advances. 
McGrath Nicol froze all interest payments and redemptions as of last night.
Tony McGrath said the receivers were in the process of conducting an urgent review of Banksia’s financial position, loan book and underlying security properties. 
“Our primary concern is to ensure the interests of debenture holders are being protected,” he said in a statement. 
“In this regard, we will be working closely with the trustee to ensure debenture holders receive regular communication and Banksia’s assets are managed in a manner to maximise returns”. 
David Grbin, group executive general manager of corporate client services at The Trust Company Limited, which is acting on behalf of the trustee, said the trustee will focus attention on ensuring debenture holders are treated fairly and equally. 
“We will communicate with debenture holders openly and will act in their best interests throughout the receivership,” Grbin said.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Victorian non-bank lender Banksia Securities collapses

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The mood of mid-market companies is volatile, according to a Future Business Index report released by the Commonwealth Bank.
"While overall business sentiment has softened ... it is pleasing that the environment is still considerably better than 12 months ago," executive general manager Symon Brewis-Weston says.
The report, released twice-yearly by the bank, measures the confidence of businesses with a turnover of $10 million to $100 million. It shows a notable drop in overall business confidence, from 9.3 points six months ago to 4.3. However, the new figure is still much higher than 12 months ago when it was in the red at -0.3.
The trend wasn't uniform across all business sectors. Retailers and the mining sector jumped by 10 and 7 points respectively, while construction, business services and transport all dropped double figures.
In regard to the next six months, mid-market companies are undecided. While 27% are optimistic about the forecast, 26% of companies expect it to worsen. Opinion on revenue is evenly split, with 50% predicting a rise. But larger companies, with more than $50 million turnover, are more positive, with 59% expecting an increase.
The number of companies expecting to reduce expenditure was down to one third, although more are planning to cut staff.
The story is also very different from state to state. Victoria and Tasmania, both of which have experienced economic difficulties recently, had a 4-point jump in confidence. But that's where the positive outlook ends. New South Wales and the ACT declined 4 points, although confidence is still high, while South Australia and Tasmania slumped 15 points to -10.1. Western Australia also declined sharply off the back of bad news from China, slipping from 16.7 to -2 in just six months.
The news isn't all good, but the results show that while business confidence has dropped, mid-market companies haven't given up hope.
This article first appeared on <a rel="nofollow" href="https://www.leadingcompany.com.au/">LeadingCompany</a>.
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Mid-sized retailers feeling more optimistic than 12 months ago: CommBank

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The receivers of collapsed music chain Allans Billy Hyde have announced all the company's stores will close and more than 500 jobs will be lost as a result.
Brendan Richards of Ferrier Hodgson said in a statement Australian Music Group Holdings will be shut down.
"The loss of jobs is disappointing, but we exhausted all avenues and there is no other way forward for this business," he said.
"These people have served music lovers and been a key part of the Australian music industry for generations. It is a sad day for live music in this country."
The 513 staff will be made redundant over the next few weeks. All the 27 stores will be closed.
The company collapsed earlier this year, after an injection of capital failed to save the business and investors called in receivers. It had been experiencing trouble for years, with the two groups, Allans and Billy Hyde, creating a new chain in 2010.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Receivers of music chain Allans Billy Hyde to close all 27 stores

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Bluechip Properties, which owns a chain of hotels operating under the Leisure Inn brand and turns over $5 to $6 million a year, has slipped into receivership.

David Winterbottom of Korda Mentha has been appointed as receiver of the company, which owns properties including Hobart's Macquarie Inn and Woolmers Inn and Launceston's Penny Royal.
The Macquarie Inn has already been listed for sale by Korda Mentha.
Bluechip is owned by Sydney property mogul Kurt Braune and the Leisure Inn brand forms part of the 25-hotel StayWell Hospitality Group.
Richard Doyle, director of StayWell, told SmartCompany that Bluechip is a separate entity and Staywell manages the Bluechip hotels, a role which is continuing despite the receivership.
"The StayWell Group owns Leisure Inn brand and has licensed it to Bluechip Properties," Doyle says.
Doyle says his understanding is that the hotels are trading strongly but were tipped into receivership by existing debt obligations.
"The group got into difficulty because another entity associated with their group was involved in the collapse of an office facility in Sydney owned by New Invest, it was nothing to do with the management," he says.
"My understanding is the reason the group is in trouble is the bank was not paid under guarantee in relation to that property."
The major creditor is Bankwest.
Braune puts the reason for the collapse as an ongoing dispute with StayWell, which had been heard in the Supreme Court in March.
"We were continuing our negotiations with StayWell in good faith and thought we were just about there," he told The Australian Financial Review.
Braune said he had a good relationship with Bankwest until it called in receivers "out of the blue".
Winterbottom told SmartCompany the receivership has nothing to do with the trading of the hotels but would not comment further.
"All three hotels are trading very well and it is business as usual," he says.
Bankwest confirmed the hotel chain had entered receivership but had no further comment.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Bluchip hotel chain, which operates under the Leisure Inn brand, enters receivership

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The head of Ritchies IGA has accused the major supermarkets of land banking, which he says disadvantages small businesses, and has called for a two-year moratorium on building new retail spaces.
Ritchies operates 70 of the supermarkets which are part of the IGA's network of 1,400 independent grocers.
Fred Harrison, chief executive of Ritchies IGA, told SmartCompany the current pace of retail development was likely to disadvantage small business and he called for a two-year moratorium on development.
"I just think there is basically an oversupply of retail in Australia at present and we know retail is genuinely struggling. It is not just one sector, it is across the board," he says.
"There are enough indications now that retail life is fairly tough, it has not been tough for a day or week or month; it has been tough now for 18 to 24 months."
Harrison said the amount of available retail floor space in Sydney and Melbourne had increased from two to three square metres per person in the three years to 2010.
"Our population is not growing at a dramatic rate but the level of retail development in recent years has been phenomenal," says Harrison.
"Rather than just having more and more stores being built across the board maybe we should complete what we have and let existing businesses consolidate, because it is not going to be good if we end up with empty retail tenancies."
Harrison says it is "not the most level of playing fields" for small businesses to compete with Coles and Woolworths and accused the two supermarket giants of buying up land in order to block competition.


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"I believe there has been a lot of land banking and I think because of that they have such high subsidies across so many different businesses so they can use one business to subsidise another," he says.
"Naturally, the big end of town is going to be anti these sentiments but there are a lot of small businesses out there that don't have the clout or push to get on TV or to get in the business section of the papers so, in many respects, we are speaking for them."
SmartCompany asked Harrison if it was realistic to propose a two-year moratorium on retail building. "Everything is realistic: Did we think a carbon tax was realistic a couple of years ago?" he says.
"Do we want to go the path of the UK or Spain with acres and acres of empty tenancies? I think it needs to be discussed."
Harrison's comments follow the Australian Competition and Consumer Commission's concession that<a href="https://www.smartcompany.com.au/retail/051807-independents-warn-of-clear-and-present-danger-as-accc-says-coles-and-woolies-may-escape-legal-action">there is not much it can do about claims of anti-competitive behaviour </a>by Coles and Woolworths.
A spokesperson for Coles told SmartCompany, "Coles is not in the business of opening unprofitable stores, we only open stores where we believe there is customer demand for our offer."
Woolworths did not respond to requests for comment before publication.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Ritchies IGA calls for two-year moratorium on new retail space

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The Sando is likely to be redeveloped into apartments after the pub's owner failed to find a buyer or partner to save the iconic live music pub, which went into receivership in July with a debt to Bankwest of $3.6 million.
Expressions of interest closed yesterday for Sydney's Sandringham Hotel, immortalised by The Whitlams in the songs God Drinks at the Sando and Blow Up the Pokies.
Even support from the great and good in the music industry<a target="_blank" href="https://www.propertyobserver.com.au/leisure/the-sando-owner-says-iconic-recently-renovated-sydney-pub-receivership-due-bankwest-the-council-and-the-suits/2012071255560"> failed to save The Sando</a> despite a <a target="_blank" href="https://saveoursando.com/" rel="nofollow">free concert in Martin Place</a> earlier this week to draw attention to the pub's plight fronted by Mark Evans, formerly of AC/DC, Mark Gable of The Choirboys and Doc Neeson of The Angels.
Tony Townsend, owner of The Sando, told SmartCompany a number of rallies had been held to draw attention to the pub's plight but expressions of interest had closed and he is not aware of any offers.
"We were not able to uncover the white knight, unfortunately," says Townsend.
"We have tried a number of times to bring the bank to the table and we have actually made a few offers to the bank and at this point of time they are going to take it to due process."
Townsend claims The Sando was highly leveraged at around 65% when Bankwest (which was taken over by the Commonwealth Bank) called in its facility and gave him seven days to pay $3.2 million.
"I was very upset by some of the things that were said by Commonwealth Bank and the receivers as they were misleading to say the least; things like we never paid or defaulted on paying our interest, that was just not true," he says.
"Until the bank sent its letter of demand on we paid every single interest payment, the only default we had was a loan value ratio default which is a minor default."
Townsend says he ran a "very tight business" but it was very marginal and once the receivers, Ferrier Hodgson, were called in it was very difficult to save the business.
"We've worked through a number of solutions since that letter of demand but it's very difficult when you have a scenario of interest jumping from $16,000 to $48,000 per month plus other costs, such as the receiver's costs and legal costs," he says.
"It's just a recipe for disaster, especially when you put your hand out to the bank and said we are in trouble, we need you to give us a hand, that's the sort of hand we got given."
 
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Townsend says he is planning legal action and is also making a submission to the <a href="https://www.smartcompany.com.au/financial-services-and-insurance/051162-no-conspiracy-commonwealth-bank-denies-allegations-it-liquidated-bankwest-customers-at-senate-inquiry">Senate Inquiry into the banking sector</a>, which is investigating claims as to whether the Commonwealth Bank sought to liquidate Bankwest customers to reduce the price paid for Bankwest.
"It will go to court and we will be seeking damages. It appears that the Financial Ombudsman Service can't do a lot until somebody actually takes the business away from you. The court can't stop the process until you lose it."
Townsend says while he initially hoped to find a partner to enter into a joint venture to keep The Sando as a live music venue, it was difficult because live music venues only return around 6% while pubs which have gaming return about 14%.
"We tried to raise awareness of what a hotel like The Sando is in a community like Newtown and what it means to a community like the music community and, unfortunately, we were not able to uncover anyone who had an empathy for that use," he says.
Townsend expects The Sando will be sold cheaply to developers and will no longer operate as a live music venue. He says the property is zoned for accommodation and can be built to four storeys.
"Someone will make $5 million or $6 million out of it," he says.
"They won't pay full value for it, they'll pay fire sale value for it and it will just be another live venue gone."
Michael Cave, spokesperson for Ferrier Hodgson, told SmartCompany it was still "early days" in the process and the receivers are still dealing with the "numerous" expressions of interest that came in.
He says the Sandringham Hotel business had been in financial difficulty since mid-2009, and Townsend has been issued with numerous breach and default notices, with his account in arrears throughout 2011 and the first half of 2012.
"The bank took the decision to appoint receivers only after considering all available options and going to extraordinary lengths in an attempt to help the customer resolve his financial issues," Cave said in a statement.
The Commonwealth Bank directed SmartCompany to a statement it issued last month entitled "<a target="_blank" href="https://www.commbank.com.au/about-us/news/on-the-record/2012/270812-sandringham-hotel.aspx" rel="nofollow">Facts about The Sandringham Hotel</a>", which said Townsend was in default throughout 2009 and 2010, including non-payment of interest on the debt and also non-payment of land tax to the NSW Office of State Revenue.
"As the customer did not take the necessary steps to resolve his financial issues and following an extensive period of time working with the customer, the Bank appointed receivers in July, 2012," the statement said.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Sydney pub the Sando likely to be developed as white knight deadline passes

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Ardent Leisure Group has agreed to buy Fenix Fitness Clubs for $60.9 million in a move that signals further consolidation in the health and fitness sector.
The deal follows <a target="_blank" href="https://www.smartcompany.com.au/leisure-and-gaming/050009-fitness-first-to-slim-down-by-selling-24-clubs-as-low-cost-gyms-grab-market-share">Fitness First's recent sale</a> of 24 clubs in a response to low-cost gyms grabbing market share.
Sources in the industry say Fitness First is desperately trying to offload some of its remaining clubs, but Ardent went for the Fenix clubs instead, seeing them as an opportunity to strengthen its group.
Ardent already operates Goodlife gyms and Fenix's 10 premium fitness clubs in Victoria and Queensland. Two more Victorian clubs in development stage will be rebranded to Goodlife gyms within 12 weeks.
The Fenix clubs have about 35,773 members.
The purchase will be funded through a fully underwritten $50 million equity placement and a $20 million share purchase plan expected to be completed by October 31, 2012.
Ardent chairman Neil Balnaves said the deal was a "strategic opportunity" to strengthen the position of Goodlife "in a core growth market".
"[It] is expected to positively impact the performance of the existing club portfolio through enhanced passport benefits," he said.
"Goodlife has consistently delivered above market membership and profit growth and will now enjoy equal No1 ranking in Melbourne with 19 clubs, together with the two Fenix clubs under development.
"Following the recent acquisition of the Fitness First South Australian portfolio Goodlife is also now well placed to capitalise on a more extensive product offering in South Australia."
In a statement to the Australian Securities Exchange Ardent, he said the acquisition represented a strategic opportunity to strengthen one of its strongest performing operating divisions and would add to earnings both before and after synergies.
Ardent's divisions include Dreamworld and WhiteWater World on the Gold Coast, AMF bowling alleys, marinas and the Texas-based Main Event entertainment arcades.
However, Goodlife was one of Ardent's few successful divisions last year with earnings up 21% in comparison to Ardent's overall 2011-12 which fell below expectations by 63%.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Ardent Leisure Group to buy Fenix Fitness Clubs for $60.9 million

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Fashion retailer Ojay has collapsed, with David Coyne and Gideon Rathner of Lowe Lippmann appointed as administrators.
Ojay's administration is yet another blow to the fashion industry and follows the recent <a href="https://www.smartcompany.com.au/retail/051252-the-party-s-over-for-fashion-retail-chain-frat-house" target="_blank">liquidation of Frat House</a> and the collapse last year of <a href="https://www.smartcompany.com.au/retail/20111005-fashion-retailer-brown-sugar-rescued-out-of-administration" target="_blank">Brown Sugar</a>, Grab Jeans, Belinda International and Bettina Liano.
The fashion retailer was founded in 1976 and has stores in Victoria, New South Wales, Queensland and Western Australia.
Coyne told SmartCompany "it is still very early days in the administration" and said at this stage he was unable to comment.
Ojay reduced its prices by 40% last year but this move was not enough to address the fashion retailer's problems.
A spokesperson for Ojay said the business was not commenting at this stage.
David Gordon, retail specialist at WHK, says the collapse was "very sad news" for the retail sector.
"Ojay were veterans of the apparel game in Australia, with a very good reputation," says Gordon.
"I suppose you would say this is probably quite a telling indication of the impact of the quick-fashion low-price entrants into the market because their product is mostly after-five wear."
Gordon says Ojay did not have a presence with stockists such as Myer or wholesale, which would have made the business "extremely vulnerable".
"It indicates that without a real multi-sales channel you are extremely vulnerable in the current climate," he says.
A creditors' meeting will be held on September 10.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Retail landlords hit in Victoria, NSW, Queensland and WA as fashion chain Ojay collapses

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Queensland's Quinn family have revealed why they <a href="https://www.propertyobserver.com.au/retail/darrell-lea-s-27-retail-stores-to-close-as-chocolate-maker-sells-to-queensland-s-quinn-family/2012090356379" target="_blank">bought Darrell Lea</a>, after the confectionery and chocolate maker's administrators announced plans to close the brand's remaining 27 retail stores and make 418 employees redundant.
Tony and Christina Quinn are the owners of the <a href="https://www.smartcompany.com.au/retail-trends/20111128-plenty-of-bite-in-pet-food" target="_blank">chilled pet food producer VIP Pet Foods</a> and are well known for their involvement in Australian motor racing.
They are on the BRW Rich List, which estimates the couple's wealth at around $350 million.
A spokesperson for the Quinn family said the price paid for Darrell Lea was confidential but that the Quinns were attracted by the opportunity to buy an <a href="https://www.smartcompany.com.au/food-and-beverages/050642-the-rocklea-road-to-darrell-lea-s-demise-five-lessons-from-the-iconic-chocolate-company" target="_blank">iconic Australian brand</a>.
"The Quinn family have long held an interest in entering the Australian confectionery market, with the acquisition of Darrell Lea that interest become a reality, allowing the Quinn Family to purchase an iconic Australian brand and compete against market leading brands such as Cadbury, Nestle and Mars," says the spokesperson.
While chocolates and pet food might not sound like they have much in common, the spokesperson says there are significant synergies between the Quinn family's existing businesses and Darrell Lea.
"The Quinn family will bring a wealth of experience in food manufacturing and distribution to the Darrell Lea brand and are looking forward to building a strong brand presence that is enabled by a strengthened manufacturing and innovation capability," the spokesperson says.
However the spokesperson was tight-lipped on the family's plans for Darrell Lea: "At the moment we are developing plans to ensure the long-term success of the Darrell Lea brand for our employees, suppliers and consumers across Australia."
The Lea family issued a statement yesterday acknowledging that the collapse of the business had been "a very challenging period for everybody involved with the Darrell Lea business".
"The family believes that it has acted to the best of its ability to protect the interests of staff, licensees, suppliers and other key stakeholders," the statement said.
The Lea family said it wished the Quinn family success in maximising the "considerable value" that exists within Darrell Lea.
"Part of that value is reflected in the goodwill that resides within the Australian public," the statement said.
"The family thanks the Australian public for their support during the company's long history and especially in recent times."
Administrators PPB Advisory said the sale and subsequent store closures and redundancies were "unfortunate" but necessary to strengthen the manufacturing and distribution operations and ensure employment is secured for Darrell Lea's 83 manufacturing and administrative staff.
Those employees affected by the Darrell Lea sale are to have all superannuation and wage entitlements paid in full.
"We are confident that the Quinn family has the necessary skills and experience to take the business forward," said Mark Robinson of PPB Advisory.
 This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Quinn family explain their decision to buy Darrell Lea and close stores

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The iconic confectionery and chocolate maker Darrell Lea was sold today to Queensland's Quinn family. However, the brand's survival is bittersweet, with the remaining retail stores to close and 418 employees to be made redundant.
<a href="https://www.propertyobserver.com.au/retail/what-darrell-lea-s-collapse-means-for-retail-landlords/2012071155521" target="_blank">Darrell Lea</a> licorice and chocolates will be sold through its existing network of 1,200 licensed retailers, wholesale customers and by export.
The remaining 27 Darrell Lea company-owned stores will cease trading on Sunday, September 9 because the stores have been "consistently loss making for a number of years".
Darrell Lea's administrators say the stores did not attract any meaningful interest during the sale process.
The roles of 246 permanent and 172 casual employees will be made redundant in the process.
"While this is unfortunate, the decision is necessary to strengthen the manufacturing and distribution operations and ensure employment is secured for 83 manufacturing and administrative staff," administrators PPB Advisory said in a statement.
It said those employees affected by the decision would have all superannuation and wage entitlements paid in full.
"This sale represents the best outcome for Darrell Lea and it ensures that this iconic Australian brand and its manufacturing operations can continue to operate locally and stay Australian-owned," said Mark Robinson of PPB Advisory.
"We are confident that the Quinn family has the necessary skills and experience to take the business forward."
A spokesperson for the Quinn family said the family had a long-held interest in entering the Australian and international confectionery market.
"Our company has a strong history of building sustainable Australian-based businesses, and it is our aim to do the same with Darrell Lea," the spokesperson said.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Darrell Lea's 27 retail stores to close as chocolate maker sells to Queensland's Quinn family

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>

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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."

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[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.

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[smartcode_project_cta:default project_id=145590]

Cara Waters

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