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The Australian Private Equity and Venture Capital Association (AVCAL) supports the federal government’s decision to extend the consultation period for proposed changes to rules for superannuation funds, rules that if implemented, could have a negative impact on startups.
AVCAL chief executive Yasser El-Ansary says the proposed changes, which require commercially sensitive information to be published by super funds, have the potential to stifle potential investment in startups by super funds.
The new rules were due to start this year but are now set to go into effect in a little over a year’s time, on 1 July, 2015.
The proposal requires superannuation funds to disclose every investment held, along with the relative market valuation of that investment every six months.
“We want to ensure the policy and regulatory frameworks support and facilitate as much investment into the startup and venture capital sector as possible,’’ El-Ansary says.
He says the proposed changes are an attempt to improve the level of access, transparency and disclosure of information to super fund members.
“The policy objectives are pretty clear, and not really objectives that many would debate or argue.”
He says a balance needs to be struck in how much and what type of information is provided. 
“What we’re concerned about especially is that the circumstances that an asset is held by a private equity or venture capital fund that is about to be sold, either through market or trade sale; requiring the disclosure of that asset could have the effect of jeopardising the capacity of the venture capital or private equity fund to realise the best price of the asset.
“For private equity and venture capital funds, these rules are the equivalent of asking the vendor of a property to tell everyone what their reserve price is before the auction.”
In a statement yesterday, the Finance Minister Mathias Cormann said the government remains “fully committed to these reforms as part of our efforts to improve the efficiency, transparency and competitiveness of our superannuation system”.
According to El-Ansary, the proposed rules are at odds with those in the US, which recently examined the issue and concluded it is in the interests of fund members to keep some information confidential.
“The US may well provide a good yardstick that we can measure our own framework against,’’ he says.
El-Ansary says it’s difficult to know whether the government will be convinced by AVCAL’s arguments before implementing any of the proposed changes.
“What I can say is the arguments we’ve put forward to the government over the past few months have been well received. The context of what we’re trying to do here is to design the framework that strikes the right balance, meets objectives and boosts engagement with super fund levels,’’ he says.
This piece originally appeared at <a href="https://www.startupsmart.com.au/">StartupSmart</a>.
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Superannuation disclosure pushed back until next year

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GUEST OBSERVATION
So you’ve made it to the crucial stage of selling your home: the inspection.
Think of the open house as a first date with your prospective buyer, you only get one chance to make a lasting impression.
While it is common knowledge to de-clutter and clean every nook and cranny in the house, what is the key to making your home stand out so that it has the best chance to sell for a great price quickly?
It’s important to remember that a well-presented home gives buyers the impression that the property is well maintained and therefore, chances of encountering hidden problems post-sale are minimal.
You are permanently on show
Although you will not be letting people into your home all day, every day, there is a good chance you will have people driving by to look at the home and assessing the street appeal from the minute the property hits the market.
In some cases, this is a way that properties are shortlisted. If a potential home buyer likes photos of your home, they might go ahead and do some research on the street appeal and what other houses in the street are like before they attend an inspection.
You always have a chance to make an impression before the buyer contacts an agent, so here are some “housekeeping habits” to get into in order to maximise your chances of drive-by buyers wanting to see more:
<ol>
<li>Make sure your front gardens and lawns are well kept and maintained; 
</li>
<li>Remove all junk mail and newspapers from the letterbox and yard as they arrive; 
</li>
<li>Park the cars in the garage, if possible; 
</li>
<li>Avoid having rubbish out for collection on the kerbside, and; 
</li>
<li>Each night before sunset, turn on all outdoor lights.</li>
</ol>
Set the mood
You might not know what the potential home buyer is thinking, but you can do your best by making them feel positive and by creating a welcoming and comfortable atmosphere in your home.
A great way to set the mood is to think about the senses; what the prospective buyer will experience when inspecting your home.
For instance, you can open all windows at least an hour before an inspection to chase away any “house smells”. You can also try placing a cinnamon stick in a cup of water in the microwave for two minutes, or plugins, candles and oils to add a subtle fragrance in your house.
To add to the mood you can play some non-offensive music in the background, keeping in mind that everyone has different tastes.
And do remember to adjust room temperature accordingly, making sure that it is comfortable for visitors walking in and out of the house.
All trimmings great and small
Whether you already accessorise or not, it’s the little things that help create a great impression.
For example, sprucing up cushion covers, putting your newest towels in the bathroom and clearing your paperwork off your desk [no matter how neat it is] go a long way in creating a large but lasting impact of the house and its owners.
Other tips and ideas include:
<ol>
<li>Buy fresh flowers, even if it is simply a centerpiece for the dining or coffee table. 
</li>
<li>Straighten and align photographs and art on walls. 
</li>
<li>Turn off all electronic devices such as computers and televisions. 
</li>
<li>Leave toilet seats down. 
</li>
<li>Leave all internal lights and lamps on during inspection.</li>
</ol>
A home that is a fresh, cared for, low-maintenance property is a something most people are very attracted to so the day your home goes to market should be the best it has ever looked.
Inspection time is the moment to make your home shine and stand out from the competition and where you aim to gain the maximum price in the shortest time period.
Naomi Findlay is the award winning founder of the <a href="https://www.instituteofhomestaging.com.au/" target="_blank">International Institute of Home Staging</a> (IIHS) and <a href="https://www.silkstaging.com.au/" target="_blank">SILK Home Staging &amp; Styling</a>. She is also the author of a bestselling book, 'Ignite Your Property Mojo'.
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Open house inspections: Applying the finishing touches

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GUEST OBSERVATION
Prime Minister Tony Abbott has suggested that <a href="https://www.couriermail.com.au/news/opinion/opinion-any-budget-pain-will-be-australias-gain-in-the-longterm/story-fnihsr9v-1226898755245">“You can’t fix the economy unless you fix the budget</a>“.
If we are to believe the over-the-top Commission of Audit report it will take far more than this to bring the budget to surplus by 2023. But few seriously think many of the recommendations will be implemented.
While it is correct to say that lower debt would allow more government revenue to fund worthwhile projects to improve economic outcomes, it is not clear why lower (or zero) deficits or debt necessarily implies the economy will perform better.
A balanced budget may be a very valuable, but not essential, condition for good economic management. There are even fellow economists who argue (in my view wrongly) that increasing deficits and debt are necessary at the moment to increase current economic growth and reduce unemployment.
How Australia’s economy is faring
A good way to judge how Australia’s economy is faring is to compare key indicators such as inflation, unemployment rate and GDP growth compared to other industrialised countries, especially those who make up the <a href="https://www.oecd.org/about/membersandpartners/list-oecd-member-countries.htm">OECD</a>. I’ve chosen OECD countries comparable to Australia: the United States, United Kingdom, Germany and Japan, as well as the OECD average.
Inflation: By almost all the standard economic indicators the Australian economy is doing better than most other industrialised countries – even though our inflation rate is somewhat higher, we have an enviably high rate of growth and low rate of unemployment compared to other OECD countries.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/47507/width668/ynjv5tcr-1398912827.jpg" alt="">
Inflation: Australia compared to OECD
Australia is a very rich country by world standards and the economy does a pretty good job of developing wealth and opportunities for most people. These comparatively glowing figures, however, mask the fact that there are those who do not fare so well in the market economy.
Welfare and unemployment: Despite being one of the richest countries in the world, 20% of Australian households rely almost entirely on welfare payments. Those of working age receiving benefits, rather than being in work, make up over 16% of the labour force.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/47508/area14mp/6dj3x44s-1398912828.jpg"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/47508/width668/6dj3x44s-1398912828.jpg" alt=""></a>
 Unemployment: Australia compared to OECD countries
In addition many are underemployed, working fewer hours than they want to. By changing the way we measure joblessness we could easily double the official estimates of unemployment.
As Ken Henry <a href="https://theconversation.com/why-rising-youth-unemployment-demands-our-urgent-attention-25990">pointed out recently in The Conversation</a>, youth unemployment is a particular concern. The rate among 15-19 year olds is currently over 16%, and is 9% among 20-24 year olds.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/47506/area14mp/sdwncqpb-1398912827.jpg"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/47506/width668/sdwncqpb-1398912827.jpg" alt=""></a>
Youth Unemployment: Australia compared to OECD countries
Productivity: Also, recent concerns have been expressed about Australia’s <a href="https://theconversation.com/why-we-should-approach-claims-of-a-productivity-crisis-with-caution-26000">levels of productivity</a>. In other words, we need to make better use of the resources already employed as well as do better by putting unemployed resources to work. This becomes particularly important given the ageing of the population.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/47512/area14mp/kqwqbg56-1398912836.jpg"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/47512/width668/kqwqbg56-1398912836.jpg" alt=""></a>
OECD Labour Productivity
Debt: While there has been a lot of public concern expressed about reducing Australia’s debt levels, Australia’s debt-to-GDP ratio - a key indicator of how well a country can pay back its debt without incurring more debt - is significantly lower than the OECD average and also much lower than countries such as Japan. In fact, Australia’s position <a href="https://media.smh.com.au/news/federal-politics/joe-hockey-grilled-by-british-presenter-5373145">is the envy of other countries</a> in the OECD.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/47510/width668/kyz8gwkp-1398912830.jpg" alt="">
OECD Govt Debt
<h2>How the budget is faring</h2>
The structural deficit: So, it can be demonstrated that Australia’s economy is strong. However, there is concern that Australia, on its current trajectory, is heading for (or well on the way) to an unsustainable structural deficit. This is where the budget may most influence economic growth, as it impedes the ability of a government to plan future spending.
It is generally accepted that the actual government budget will (and should) fluctuate between deficit and surplus during, respectively, downswings and upswings in the economy. While there is a lot of public attention on whether the year-on-year budget balance is in deficit or surplus, and by how much, the structural balance is the more important concept. The structural balance is basically the budget deficit or surplus after accounting for cyclical movements in the economy - the balance when conditions are normal or average.
We have heard much in recent budgets about Australia’s structural deficit, backed by <a href="https://www.aph.gov.au/~/media/05%20About%20Parliament/54%20Parliamentary%20Depts/548%20Parliamentary%20Budget%20Office/Parliamentary%20Budget%20Office%20Stuctural%20Budget%20Balance.pdf">several reports</a> indicating the structural budget balance is in pretty poor shape.
As I have <a href="https://theconversation.com/pbo-and-treasury-reports-confirm-it-the-deficit-is-unsustainable-14559">pointed out previously</a> in The Conversation this structural imbalance is a result of irresponsible spending policies of successive governments, both Coalition and ALP but particularly by the Rudd/Gillard governments. New spending initiatives, such as the Gonsky funding changes and the NDIS, have been brought in without plans to raise the revenue to pay for them, and often, without due analysis.
And bad luck for Tony Abbott that he is left with unfunded big budget items in the future to deal with, as a legacy of the former government. The only way to reduce the deficit is through reduced expenditure and/or increased revenue. As each idea of how this can be done is <a href="https://theconversation.com/abbott-on-back-foot-over-tax-levy-parental-leave-26043">shot down</a> on a daily basis, the Coalition government is realising what a difficult thing this is to sell. The hostile reaction to the Commission of Audit report at least might mean some of the unpopular decisions in the May budget are, by comparison, greeted with relief
How to “fix” the budget
There is, however, more to government policy than balancing the budget. Policy should be made in the context of a long-term vision for the economy. This includes getting everyone who wants to into work, providing the public infrastructure needed to increase productivity, the right mix of private and government provision of health and education, and reform of the regulatory environment.
The continuous economic growth that the Australian economy has achieved, even during times when other countries’ economies experienced recessions, are largely due to the economic reform process carried out during the Hawke/Keating and Howard terms in government. Economists credit the increased productivity levels of the second half of the 1990s and early 2000s as resulting from microeconomic reform and the adoption of new technology.
For policy to facilitate reform in the economy it needs to address impediments to growth in the current tax system and in government programs – it is not only the quantity (size of the deficit) but the quality (of taxation and spending) which is important.
Among the obvious things that need to be addressed are – education participation, infrastructure spending, industrial relations, a greater role for markets, and reducing work and investment disincentives inherent in our benefits and taxes.
While short term measures such as expenditure cuts and debt levies may have an impact on the size of the deficit, they cannot “fix” the economy. The economy is not in disarray, and long-term budget deficit and debt issues require well thought-out policy on the structure of taxation and expenditure.
Phil Lewis is professor of economics at University of Canberra.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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Australia’s economy is healthy, so how can there be a budget crisis?

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Property developer Fridcorp was last night the host of a glitzy party at the launch of their newly completed 16 storey tower, Avenue.
Avenue, situated on the corner of Chapel Street and Alexandra Avenue, South Yarra, is a $120 million section of the <a href="/news/south-yarras-forrest-hill-precinct-the-vision-behind-the-rejuvenating-transformation">Forest Hill rejuvenation</a> plan.
The result is an impressive rippled rose colour glass design by architect Elenberg Fraser, peering over a key stretch of the Yarra River.
“Avenue is about great things coming together. It's where three of the most recognised design teams in attainable luxury collaborate; Fridcorp, the developer, Elenberg Fraser, the architect and Hecker Guthrie, the interior designer,” said Fridcorp director Paul Fridman.
“We are extremely proud of Avenue, with its uninterrupted City and Yarra views across 16 levels with every apartment meticulously designed for modern day living,” said Fridman.
The completion party was a suitably stylish affair, with white-feathered models greeting attendees.
But the centre of attention for this party was My Kitchen Rules judge, celebrity chef Manu Fiedel, who was at hand in the kitchen catering for the event.  Lydia Schiavello of The Real Housewives of Melbourne was also in attendance.
The development of Avenue was often controversial. Initial plans for a 25 storey tower atop the former Lamborghini dealership site were bitterly contested by parents at the nearby Melbourne High School, and billionaire Lindsey Fox.
In 2011, <a href="https://newsstore.fairfax.com.au/apps/viewDocument.ac;jsessionid=7FD264BAB550BD8A90CA3103EC19909F?sy=afr&amp;pb=all_ffx&amp;dt=selectRange&amp;dr=1month&amp;so=relevance&amp;sf=text&amp;sf=headline&amp;rc=10&amp;rm=200&amp;sp=brs&amp;cls=279&amp;clsPage=1&amp;docID=SAG110828204T13BUR9B">Fairfax reported</a> that Fridcorp had doubled the density of the project, rebranding it as Avenue.
Although the party celebrated the completion of Avenue, Fridcorp is still active in South Yarra with construction continuing at the nearby mixed-use development, <a href="https://www.fridcorp.com.au/projects/lilli-apartments" target="_blank">lilli</a>, home to Fiedel’s new restaurant <a href="https://www.legrandcirque.com.au/" target="_blank">Le Grande Cirque</a>.
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Fridcorp host completion party for Avenue in South Yarra

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BitCoinCloudMining.com has launched, making it Australia’s first global bitcoin mining cloud service.
Cloud mining consists of a customer leasing mining hardware capabilities through a cloud based service.
According to the company, BitCoinCloudMining platform has been designed to reduce complexity for investors and offer the easy creation of a passive bitcoin income without incurring the cost of mining hardware and operations. Its website claims it is the “world’s most affordable bitcoin mining company”.
The platform is a key business in the operations of the Bitcoin Corporation (BTC Corporation), founded by Australian digital media pioneer and entrepreneur Domenic Carosa. The specialist bitcoin investment group also includes <a href="https://buyabitcoin.com.au/" target="_blank" rel="nofollow">BuyaBitcoin.com.au,</a> where Australian users can buy the currency with further bitcoin-based products and services in development for the online interactive gaming industry.
“Bitcoins are changing the way we live, transact and do business. The digital economy has removed the traditional restraints of geographic boundaries with the rise of bitcoin currency facilitating the evolution and growth potential of both private and commercial transactions in ways that the market has not yet conceived,” says Carosa.
A recent report by investment firm Wedbush Securities estimates more than US$200 million (A$215m) was spent on bitcoin mining equipment globally during 2013, with the utility costs of running the equipment continuing to rise.
Carosa says the entry of BitCoinCloudMining.com provides relief from these rising operating costs for individual bitcoin miners by removing the overheads from the process and delivering simple access and an easy to use interface to the bitcoin process.
BTC Corporation chief executive Simon Oliver says as an early adopter of the bitcoin technology, the Australian market also provides an accommodating regulatory ecosystem.
“The recent launch of Australia’s first bitcoin ATMs is a promising sign the market is seriously embracing this new digital currency,” Oliver says.
There are already a number of established global bitcoin mining cloud services in the market.
This article first appeared on <a href="https://www.startupsmart.com.au/" target="_blank">StartUpSmart</a>.
Photo courtesy of Antana/Flickr/<a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">Creative Commons</a>.
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Australia’s first bitcoin mining cloud service launches

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The release of the Commission of Audit yesterday has recommended the federal government abolish support for funding through the <a href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/financing-a-business/commission-says-startups-should-not-receive-government-help/2014050112201" target="_blank">Commercialisation Australia and Innovation Investment Fund</a>.
The commission believes the government should stop providing assistance to startups as there was no greater public benefit, with benefits only for the companies.
“The intellectual property, and any profits arising from these new ideas remains with the business, and there are no clear public benefits arising,” the report says.
“The process of commercialising new products can often be a difficult one.
“However, skills and finance can be acquired from the private sector, and there is no clear reason for the Commonwealth to provide this assistance in competition with private sector providers.”
We spoke to a number of investors about their reaction to the recommendation and what impact, if any, it would have on the community.
Rui Rodrigues, investment manager, <a href="https://www.tankstream.vc/" target="_blank">Tank Stream Ventures</a>:
Rodrigues says that while the tech sector is not reliant on these grants, and nor should they be, there will be an impact in the industry should the recommendations be approved by the government.
“There grants are important in early stage startups and there will be consequences for the sector if they are abolished,” Rodrigues says.
He points out that Commercialisation Australia was responsible for commercialising Wi-Fi (a method was developed and patented by Australian CSIRO researchers to "unsmear" radio waves that echo off indoor surfaces making Wi-Fi possible) something the government was still reaping rewards from through licensing.
He says the audit was not well executed and there were no ideas on how to support innovation and no recommendations on how things could be done better.
“Companies will continue with these grants or not, it’s not critical, but they will be impacted,” Rodrigues says.  
Governments should not be responsible for investment in startups, but they do need to put incentives in place to facilitate it from the private sector.”
Adrian Stone, chairman, <a href="https://www.investorsorg.com/" target="_blank">Investor’s Org</a> and early stage investor:
Stone says his concern is for early stage startups, which were never well-supported by their Commercialisation Australia or the Innovation Investment Fund.
“They were relics of the old days developed along a manufacturing model that did not support startups well,” he says.
The crucial factor here, according to Stone, is that early stage investment represents better “bang for your buck.” Using government money to get in early would represent a greater reward to the economy in the long-run with smaller amounts of money needed.
“The Commercialisation Grant should stay, but it needs to be simplified,” Stone says. “Governments should be co-investing with investors and accelerators that know and understand the market.”
He says IIR was never relevant and in setting up accelerator Inspire 9, of which he is a partner, there was no government support available.
He says a new process that was quicker and simpler was needed by the industry and the current commercialisation grant, which insisted on startups being “pre-revenue”, went against lean startup best principles, forcing startups to apply at a stage where they hadn’t proven their viability as a business.
Clearly the government had a mandate to save money without giving much thought to the longer term impact beyond two years, he adds.
This article first appeared on <a href="https://www.startupsmart.com.au/" target="_blank">StartUpSmart</a>.
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Investors react to Commission of Audit recommendations

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GUEST OBSERVATION
If you own a rental property you could be one of the 110,000 investors who will be getting a letter from the Australian Tax Office (ATO) about your tax liabilities.
The ATO has announced that it will be writing to a sample of rental property owners about their tax obligations and entitlements, after new data mining technology identified that property investors may have submitted incorrect tax claims in prior tax years.
The ATO are targeting aggressive expense deductions and particularly the estimated two thirds of property investors who are negatively gearing their investments and claiming losses on their investment properties to offset their tax bills.
If you fall into this category, the following tips might be worth considering when you are completing your tax return.
What’s the status of the property?
Firstly, it’s vital that, if you’re claiming deductions, your rental property needs to be rented or available for rent. If a property is not available for rent, then expenses incurred by a taxpayer are not deductible.
This would seem an obvious point, but it’s worth remembering particularly if your property – as a holiday home or other part-time accommodation - is not rented out across the entire year. If that’s the case, remember that you can only claim deductions for the period that the property is rented or available for rent.
Who’s the owner?
It’s also worth remembering that the legal ownership of the rental property determines the proportion of ownership and entitlement to deductions on your individual tax return. This means that if a husband and wife purchase a rental property in joint names, then their levels of ownership will be 50/50 unless stated otherwise in the purchase contract.
Categories of deduction
Generally, the ATO specifies three types of rental property expenses:
<ul>
<li>Those which you cannot claim a deduction. 
</li>
<li>Those which can be claimed as an immediate deduction in the financial year in which they were incurred. 
</li>
<li>Those that can be deducted over a number of years.</li>
</ul>
Capital or personal expenses aren’t deductible, although you may be able to claim decline in value deductions (depreciation) or capital works deductions, or include certain capital costs in the cost base of the property for capital gains tax purposes. Other examples across each of the three categories are outlined in the sidebar alongside this article.
The picture also gets a bit more complicated when other considerations are factored in. For example, if you take out a loan to purchase a rental property, you can claim the interest charged on that loan as a deduction. However, if the loan is taken out for more than one purpose, you can only claim the interest relevant to the amount borrowed for the rental property. Depending on your circumstances, there may also be potential to claim prepaid interest to maximise your deductions.
Another factor which often confuses owners is the area of repairs and improvements to the property. Spending on repairs and maintenance is tax deductible, but you can’t immediately deduct costs on improvements and total replacements of items, as these are considered capital in nature. However, you might be able to claim depreciation and capital allowances on some improvements.
And, if you’re looking to fix something straight after buying the property, remember that you cannot claim initial repair costs for deterioration and damage already there when you bought the property until at least 12 months after purchase
You should consider getting a quantity surveyor’s depreciation report to ensure you can claim the maximum depreciation and capital allowances deductions. A specialist quantity surveyor can visit your property and prepare a depreciation report that will cover the actual building and the items within it (such as air-conditioner, stove, hot water service, etc).
It’s also worth consulting your accountant before you leap into the property investment space. Given the issues outlined above, tax time can be complex for property investors. When it comes to completing your tax return, working with your accountant to get it right can save a great deal of paperwork – and cost – down the track.
Daniel Deutsch is a partner at <a href="https://www.marinaccountants.com.au/" target="_blank">Marin Accountants</a>, a firm specialising in advice for individuals, investors and family businesses. 
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Rental properties – keeping deductions working for you

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Commonwealth Bank customers will be the first in Australia to be able to withdraw cash from ATMs using only their smartphones.
From May, customers will be able to use their Commonwealth Bank app on an Apple iOS or Android smartphone to withdraw up to $200 cash in one transaction per day. The plan follows the development of ‘Tap &amp; Pay’ technology, and is designed to give customers access to cash when their card isn’t available.
Michael Harte, chief information officer at the Commonwealth Bank, said in a statement demand for contactless and mobile payments is on the rise.
“Mobility is not a trend,” he said. “It is increasingly our way of life. These new mobile offerings will improve our customers’ banking experience by placing information-rich, value-added services and additional security at their fingertips at the time they need our help.”
More than 2.3 million users have registered to use the revised CommBank app since its launch late last year.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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CBA customers to withdraw cash using smartphones

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GUEST OBSERVATION
When Woolworths delivered its half-year <a href="https://www.woolworthslimited.com.au/icms_docs/137436_First_Half_Profit_Report_and_Dividends_announcement_for_the_27_weeks_ended_5_January_2014.pdf" target="_blank">results</a> in February, the numbers for its Masters hardware chain were sobering. On sales of A$393 million, Masters, a joint venture between Woolworths and US company Lowe’s, lost $71.9 million in six months. Put another way, for every dollar of sales in Masters in the second half of 2013, it lost around 23 cents.
Quarterly sales <a href="https://www.woolworthslimited.com.au/icms_docs/137803_Third_Quarter_Sales_Results_-_Financial_Year_2014_13_weeks_to_6_April_2014.pdf" target="_blank">results</a> released by Woolworths today indicate things could be going from bad to worse at Masters. Woolworths management have touted that quarterly sales increased from $128 million to $179 million year-on-year. Masters added 16 new stores (from 29 to 45) in the last 12 months. It’s the growth in the number of stores, rather than growth in sales per store, that has ensured Masters is “Australia’s fastest growing hardware store”.
The bad news is that quarterly sales per store decreased from $4.41 million in Q3 2013 to $3.98 million in Q3 2014 (a decline of 9.4%). In Perth on Tuesday, Wesfarmers announced store on store sales growth of 9.1% for Bunnings, Masters' key competitor. Customers are still buying, just not from Masters.
Today’s analyst webcast had more questions on Masters (which commands less than 1% of Woolworths' sales) than any other Woolworths business, indicating serious disquiet among investors about how things have gone so wrong so fast.
Masters' new management team (Matt Tyson joined Masters in January from Europe’s Kingfisher) face some serious challenges, some unavoidable and some self-imposed.
As a late mover into the “big box” hardware sector, Masters has often had to lease or develop sites that have been passed over by its larger competitor, Bunnings (which is owned by Woolworths’ arch-rival, and Coles owner Wesfarmers). At times, its rush to grow led to real problems. For example, its application to develop a store in Ballina (near Byron Bay) on a flood plain was rejected by the local council in March 2013. This led Masters to apply only months later to develop a store in Lismore, some 30 kilometres to the west. This new site is next to an existing Bunnings store and was clearly not Masters' first preference.
The rush to secure and develop sites has created investment decisions that seem, at times, capricious. As fast growth seems to have been the imperative, Masters' “big bang” approach created massive up front development costs that are a major drag on corporate earnings.
Aldi’s systems and strategies
Not all new entries into the Australian retail industry have been as inauspicious. Notable among the successes has been the German retailer Aldi that has patiently built a portfolio of 340 stores over 14 years – a new store on average every three weeks.
As a privately-owned firm, Aldi does not publish sales and profit figures, although informed estimates suggest it garners around 10% of Australian grocery sales from its Australian stores. <a href="https://corporate.aldi.com.au/en/about-aldi/" target="_blank">Aldi has signalled</a> its intention to open new stores in South Australia and Western Australia over the next few years, continuing its patient, staged approach to its Australian rollout.
Strategic management researchers often suggest firms should “stick to their knitting” – doing what they know well and knowing what they do well. Aldi knows what it’s good at – selling discount groceries. Founded in war-ravaged Germany in 1948 by the Albrecht brothers (the name is a derivation of Albrecht Discounts), Aldi keeps a limited product range of less that 1500 SKUs – or products – per store, while Woolworths and Coles often have more than 10,000. This limited range has many benefits - it enhances Aldi’s buying power, facilitates smaller stores, increases product turnover and simplifies inventory management.
In store, Aldi uses simple and effective palletised logistics for its fast turnover products and keeps its staffing levels low. Around 95% of its products are own-brand, and the quality of these products is often excellent. These are sourced both locally (for most fresh foods) and from its global supply chain (for many longer shelf life products).
Real estate wars
Aldi’s patience has allowed it to build retail scale slowly, centred on its five major Australian distribution centres (two in Victoria, two in NSW and one in Queensland).
Getting access to new retail sites has been a real problem for Aldi, as Coles and Woolworths <a href="https://www.theage.com.au/national/aldi-brands-coles-safeway-retail-bullies-20080628-2yjt" target="_blank">reportedly</a> locked them out of many suburban centres through restrictive agreements with landlords. In response, Aldi was patient, pursuing shopping centre vacancies when they arose, but also building a large number of standalone sites when the opportunities emerged.
These tactics are a sign that Woolworths and Coles are too big and too dominant in the Australian grocery industry. With a combined share, by some estimates, of 80% of Australian grocery sales, new growth has to come from areas where Woolworths has limited know-how and little brand equity.
Slow and steady wins the race
With the benefit of hindsight, it could be argued that Woolworths’ Masters rushed foray has been driven more by machismo than fundamental strategic management thinking.
Wesfarmers’ success with Bunnings was a sore point for Woolworths’ corporate management - whose grocery business had seen off the challenge of Coles prior to Wesfarmers acquisition of Coles in 2007. The launch of Masters has certainly created an internecine war in the hardware industry, but so far Woolworths has been the main victim.
In comparison, Aldi has a fundamentally valuable point of differentiation in its market – namely low prices. Aldi delivers this differentiation through strong internal consistency in terms of efficient systems and processes, a culture of corporate modesty and the patience to successfully execute its growth strategy over a long period of time. In essence, its management is driven by sound reasoning, disciplined consistency and patient execution.
Masters is on track to lose half a billion dollars before Woolworths hopes it to become profitable in 2016. That is serious money, and the Masters investments continue to limit Woolworths’ abilities to invest in and renew its existing portfolio. The worst-case, but highly possible, scenario is that the turnaround does not happen and the losses continue to escalate.
John Rice is associate professor in strategic management at Griffith University<a href="https://theconversation.com/institutions/griffith-university"></a>.
John Rice is a current member of the Australian Labor Party and the National Tertiary Education Union.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. 
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Masters could learn a lot from Aldi

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Popular insurance and home loan provider Virgin Money has paid more than $30,000 in penalties after the Australian Securities and Investments Commission found it misled customers through online and television advertising.
ASIC issued three infringement notices imposing a penalty of $10,200 each. The notices related to the promotion of Virgin Money’s “Quick &amp; Easy” <a href="https://www.smartcompany.com.au/finance/32519-tombstoning-financial-advisor-banned-for-life-by-asic" target="_blank">life insurance</a> product, which was advertised on television until May 2013 and online up to May this year.
The corporate regulator found while the advertisements claimed no health and lifestyle questions would be asked, the insurance application form contained specific health and lifestyle-related questions. Customers were queried about their smoking habits and weight and their responses used to calculate premiums and determine the coverage offered to them.
ASIC deputy chairman Peter Kell said in a statement the misleading advertisements were particularly concerning because life insurance is such an important decision.
“Purchasing life insurance is an important decision and consumers should be able to confidently rely on representations made to them in advertising,” he said.
Melissa Monks, special counsel at law firm King &amp; Wood Mallesons, told SmartCompany ASIC’s decision is sending a clear message to businesses.
“This is a good reminder to ensure that the terms and conditions of the claims you make in a particular campaign are accurate because the fallouts can be quite significant,” she said. “These things come very easily to a regulator’s attention when they are so obviously wrong.”
The payment of infringement notices is not an admission of a contravention of the Australian Securities and Investment Commission Act. However, Monks says infringement notices are a cheap and quick enforcement mechanism for the corporate regulator.
“It is still not an ideal outcome [for the business] and many consumers see it as some sort of admission,” she said. “Increasingly regulators are using these and particularly ASIC. This is a good warning to the financial services industry that they really need to get their messaging right because the regulator is very willing to act.”
Monks also points to the non-financial repercussions cases such as this one have on businesses.
“The brand damage that flows from something like this is significant,” she said. “And the lack of confidence customers will have in the company going forward.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Virgin Money coughs up $30,600 for misleading advertising

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Jacob Robinson

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