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A Dandenong based mortgage broker has agreed to cancel his credit license after concerns from ASIC that he was failing to verify documents.
Parmjit Singh did not verify payslips, bank statements and employment references in support of about 40 loan applications to banks, even though they were of questionable validity.
ASIC was concerned that Singh appeared reckless about potentially false information from prospective buyers about their income and employment statuses, noting that he may not be a “fit and proper person to engage in credit activities.”
Singh has also agreed not to apply for a license or participate in the consumer credit or financial services industries for five years.
According to ASIC deputy chairman Peter Kell, brokers and credit providers have important responsible lending obligations.
“ASIC will take action where it identifies mortgage and finance brokers who knowingly or recklessly submit false loan documents,” said Kell.
Singh is one of several mortgage brokers who ASIC has taken action against in recent months. Other brokers found to have submitted questionable or false information on loan documents include Hyuk Hwang, who was banned from engaging in credit activities for three years after providing false documents to secure a $250,000 loan and Daniel Minh Tuan Nguyen, who has been permanently banned after being <a target="_blank" href="https://www.propertyobserver.com.au/finance/mortgage-broker-convicted-of-providing-banks-false-infor-to-secure-%2475m-of-loans-asic/2013121166888">convicted of providing false documents to secure loans</a> totalling about $3 million.
In January, <a target="_blank" href="https://www.google.com/url?q=https://www.propertyobserver.com.au/news/asic-bans-manager-after-%2432m-of-false-or-misleading-home-loan-applications/2014012267316&amp;sa=U&amp;ei=v9kCU7TUOqSg2AW43YDoDw&amp;ved=0CAYQFjAA&amp;client=internal-uds-cse&amp;usg=AFQjCNGp2xT2B2i_iwAlP2uuNWb76a3L6Q">ASIC banned Anthony Bergin from engaging in credit activities</a> for three years after his company submitted seven home loan applications, worth a total of $3.2 million, containing false or misleading information.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
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jrichardson-uRX5hFdKfN

Mortgage broker loses credit license after failing to verify documents

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According to a new report released by BIS Shrapnel, New Zealand’s building sector is expected to reach a new peak by the year ending March 2016.
BIS Shrapnel’s Building and Construction in New Zealand 2014-2019 report cites a rebound in Auckland’s housing sector and rebuilds in Canterbury as the driving factors behind growth in the building sector.
Remediation work on leaky homes and schools and earthquake-risk buildings is also contributing to the sector’s recovery, with total building authorisations over the next five years to 2019 forecast to hit NZ$10 billion (A$9.26 billion) in value in 2016 (in constant terms).
“We expect Auckland to experience strong growth in residential construction over most of the next five years,” said Adeline Wong, the report’s author and BIS Shrapnel senior project manager.
“The number of dwelling consents in Auckland is expected to increase from 4,760 in 2012/13 to an estimated 6,350 in 2013/14 and then to around 10,000 by 2017/18.
Wong said building activity should be underpinned by a number of demographic factors.
“Relatively low levels of new residential building in recent years have left a housing shortage, although 2013 Census data indicates this may be less than previously thought,” said Wong.
“Population growth including through immigration, firm economic growth, and relatively low – but rising – interest rates should also support the demand for residential dwellings.
“Auckland’s high house prices are likely to drive first home buyers to settle for cheaper apartment prices in high density living in the inner city. The high density housing sector may thus present an upside over the forecast period – which is in line with Auckland’s Unitary Plan that calls for up to 70 per cent of new dwellings to be built within the current city boundary.”
BIS Shrapnel expects that total annual average valuations will reach NZ$5.85 billion (A$5.4 billion) in constant terms over the next five years.
Reconstruction in Christchurch is likely to provide a major boost to the non-residential building sector over the next five years. However, the report also points to growth in new building and refurbishment activity in the factory, office building and warehouse sectors in New Zealand’s North Island, as leasing activity picks up in response to growth in the domestic and global economy over the next two to three years.
Annual average commercial and industrial building authorisations are forecast in the report to reach an estimated NZ$2.39 billion (A$2.21 billion) in constant terms, 14% higher than the levels seen during 2004-2008’s boom years.
Wong notes that reluctance from owners of properties that are quake damaged or at risk of damage from earthquakes may dampen their outlook.
“The non-residential building sector over the next five years may get an extra lift from potentially wider earthquake strengthening work in office buildings and schools in Wellington in particular,” said Wong.
“However, there is also a downside risk to our forecasts in that the timing and scale of Christchurch reconstruction, and also seismic work in Wellington may not be as expected.
“Some owners of quake-damaged and earthquake-risk properties may not commit to redevelopment in the short term, which would impact the overall outlook.”
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
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New Zealand building sector on path for recovery: BIS Shrapnel

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According to new research from Bankwest, Australia's demand for medium density housing is now at its highest recorded level.
The Bankwest Housing Density Report shows that a record 43.4% of total new home approvals in the year to October 2013 were for units, townhouses or semi-detached houses.
The increase in medium density approvals in the last year outstripped approvals of stand alone houses. Medium density approvals were up by 22.9% from the previous year, while stand alone dwelling approvals increased by only 6.5%. Approvals for medium density dwellings increased by 45.9%. In that period, approvals for stand alone houses fell by 8.5%.
<img src="/images/stories/2014/02/17/chart-feb-17-one.gif" width="470" height="242" alt="chart-feb-17-one">
Bankwest executive general manager Mark Reid says the push for medium density houses may be due to demographic changes, in addition to demand from first home buyers.
"Smaller housing options continue to increase in popularity as the population grows and consolidates around Australia’s capital cities," said Reid.
"The increasing popularity of medium density housing is possibly being driven by Australia’s first time home buyers, who are finding it difficult to afford a stand-alone house." According to Reid, the bank's First Time Buyer Report, released last year, showed that first home buyers are able to save for a 20% deposit on a median-priced unit in 3.4 years, while 4.2 years to save for a 20% deposit on a stand alone home. 
<img src="/images/stories/2014/02/17/chart-feb-17-two.gif" width="470" height="264" alt="chart-feb-17-two">
As expected, capital cities accounted for the majority of medium density dwelling approvals, making up 87.1% in the year to October. Approvals for medium density homes in Sydney, Canberra, Darwin, Melbourne and Brisbane made up more than half of all approvals for that year.
Perth was the only capital city in which the proportion of medium density approvals declined, with the report showing that only 20% of total approvals were for medium density homes, down from 22.6% in the year to October 2012.
According to Reid, first home buyers are possibly taking advantage of the comparatively small difference in the time it takes to save for a unit and a house in the state.
“In Western Australia the gap between savings time for a house and for a unit is the smallest of any state in Australia," said Reird.
"It only takes six months longer to save for a house in Perth than it does to save for a unit. It’s possible that buyers are simply holding out for the additional six months in order to save for a stand-alone home instead of a medium density property."
The highest annual increase in medium density approvals was recorded in the ACT, where the proportion of medium density approvals out of total approvals was up 82.7%. Over the same period, Queensland saw the next highest increase, with 53.5%, which was followed by South Australia with 43.4%.
The report points to a long term trend of Australians turning to medium density homes, according to Bankwest. The proportion of medium density home approvals has annually averaged 30.6% since 1985; in the past 10 years the annual average has risen to 34.3%, and in the past two years this figure has increased to 40.1%.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
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Demand for medium density housing at record high

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Sienna Mount Waverley, a 118 lot development on an old quarry site, has sold out its fifth stage of releases, five months after the lots were placed on the market.
The fifth stage, named Jade, is made up of 17 double storey four bedroom houses in the residential community, developed and constructed by Five Squared Property Group on behalf of the Chain Group. Home prices ranged in price from $815,000 to $858,000, with total sales nearing $14 million.
The houses include multiple living zones, outdoor entertaining, SMEG appliances, reconstituted stone benchtops and timber floorboards. All houses come with a remote-access double garage, with no owners’ corporation fees.
According to Ashley Lewish, co-founder of Five Squared Property Group, Mount Waverley’s schools and universities are a major source of demand for residences in the area.
“Mount Waverley Secondary College has become one of the top public high schools in Melbourne, and Sienna is also located close to Wesley College and Deakin University, so a lot of our buyers are families looking to provide their kids a high quality education,” said Lewis.
Sienna is also located minutes from the Monash Freeway and Eastlink, and close to The Glen and Chadstone shopping centres.
Lewis says that the fast sale of Jade indicates that buyer uncertainty is on the decline.
“The positive market conditions for home buyers have also played a huge factor in demand. It has taken us half the time to sell our Jade release than our previous stages.”
“Over the last couple of years, we’ve seen buyers sit tight because of economic uncertainty, which meant it took us anywhere from nine months to a year to sell each release. The response to Jade is clearly a sign that people are feeling comfortable to make a long term investment for their family,” he said.
Sienna is a nine stage development, launched in 2009. The development includes three and four bedroom homes overlooking walking paths and parks. The development’s centerpiece is a lake with a sculptured waterfall and stone wall.
“Sienna has started to really take shape as a community. More than 50 families have already moved in,” said Lewis.
{yoogallery src=[images/stories/2014/02/17/sie2]}
Photos: Construction is underway at Sienna.
Construction on Jade has commenced and is due to be completed in September. Amber, the development’s next release, will comprise 15 four bedroom homes. A limited pre-release of five homes will be launched this week. House prices for the stage will begin at $840,000, with internal living spaces ranging from 218 square metres to 282 square metres.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
 
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Sienna Mount Waverley sells out fifth stage with $14 million in sales

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Australian actor Portia de Rossi is known abroad not only for her turns on Arrested Development and Ally McBeal, but for her property prowess. With wife Ellen DeGeneres, de Rossi made news last month when the couple purchased the Brody House, a Los Angeles mansion designed by renowned architect A Quincy Jones.
The modernist masterpiece (pictured below) was constructed in 1949, with interiors by Billy Haine and Garrett Eckbo. In October last year, the mansion was updated by designer Stephen Stone to prepare it for market. Rumour has it the property, which has six bedrooms, nine baths and is set over a 4,118 square metre estate, was hardly on the market at all before DeGeneres and de Rossi snapped it up for a reported US$39.89 million (A$44.64 million) sum.
{yoogallery src=[images/stories/2014/02/17/ell]}
Photos courtesy of curbed.com
The house was commissioned by the late arts advocate Frances Lasker Brody and her husband, the late Sidney F Brody. After Frances Lasker Brody’s death in 2009, the property was sold for the first time for US$14.88 million (A$16.65 million) in 2010.
Portia de Rossi, legally known as Portia Lee James DeGeneres (born Amanda Lee Rogers), and DeGeneres have been involved in quite a few notable Los Angeles property transactions in recent years. Last year, the couple sold their ranch in Thousand Oaks, California. The 26 acre property was originally listed by the de Rossi and DeGeneres in 2011, with an asking price of US$16.5 million (A$18.5 million). It sat on the market for nine months after being pulled, and was relisted last year.
The eight bedroom, 11 bathroom ranch (pictured below) was <a target="_blank" href="https://www.propertyobserver.com.au/international/ellen-degeneres-and-portia-de-rossi-re-list-horse-ranch-for-%2410995-million/2013082663802">reportedly sold for US$10.95 million</a> (A$12.14 million). According to de Rossi, the ranch’s redesign was handled entirely by DeGeneres. In an interview with Elle Décor, the Geelong native said that the original property was a horse facility, with an unsalvageable main house. “I thought it might take five years for Ellen to finish the project,” she told the magazine. “And she did it in one! It was shocking.”
{yoogallery src=[images/stories/2013/08/aug27thousand]}
A number of other high profile properties have passed through Portia and Ellen’s capable hands. They purchased a US$26.5 million (A$29.45 million) <a target="_blank" href="https://www.propertyobserver.com.au/news/aussies-keeping-us-realtors-busy-olivia-newton-john-portia-de-rossi-and-frank-lowy/2013062661728">13 acre estate in Montecito</a> (pictured below), just outside of California’s Santa Barbara, in May 2013. Known locally as Saladino Villa, the six bedroom, seven bathroom home overlooks the Pacific ocean.
{yoogallery src=[images/stories/2013/06/june27saladino]}
The couple also sold their sprawling Beverly Hills estate (pictured below) in 2012 to US television personality Ryan Seacrest, for a whopping US$49 million (A$54.43 million).
{yoogallery src=[images/stories/EllenandPortia]}
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
 
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Aussie Portia de Rossi and Ellen DeGeneres big players in the California prestige market

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Sydney agent Louise Catherine Sultana has admitted to taking $330,000 from the trusts of Century 21's clients between 2010 and 2012. The 25 year old, who is reportedly pregnant, has been handed an 18 month sentence with a seven month non-parole period in a hearing at Parramatta Local Court on Thursday. 
Sultana converted $208,689 from her company's sales trust account and $55,062 from Century 21's rental trust account. She was also convicted of failing to lodge $66,650 of rental bonds. She was operating under the agency Century 21 Lifestyle Hawkesbury, via BLM Enterprises Pty Ltd located in Windsor, as can be <a target="_blank" href="https://www.fairtrading.nsw.gov.au/biz_res/ftweb/pdfs/About_us/Enforcement_actions_report_Jul_Sep_2013.pdf">seen in Fair Trading's enforcement report</a>. BLM is currently under administration.
Century21 Australasia chairman Charles Tarbey said the company took a proactive approach to addressing Sultana's actions.
"We were party to finding that problem, and we reported it. We assisted the Department of Fair Trading," he said.
"We audit our offices, and there's no level of tolerance for that. And as far as we're concerned, when we found out, we immediately opened up to the authorities any information we could provide, because we operate in real time, and could see all the transactions. And the Department of Fair Trading got everything they needed."
Tarbey said there were multiple practices in place to monitor the accounts of franchisees.
"Because we operate in real time, we can see all their transactions. They also have an obligation to provide us with a full audit. And when we requested one and it wasn't available, that was when the flag went up for us - and when it was requested again, that's when the flag went up again.
"And we said, 'If we don't receive this within, we'll be reporting [the matter] to the Department of Fair Trading."
The Century21 Australasia chairman noted that this was not an isolated incident in the industry.
"It's not the first time - and it's not the first time for my business, either. You see it around the traps.
"A perfectly good franchisee has issues outside of your franchise, and the relationship you have with them in business - you don't know what they do.
"I understand one of the people reported on today, from another franchise group, had a drug and gambling problem. I don't think any franchisor would know that. In fact, I don't think any employer would find that about some of their employees.
"There have been many cases where employees in legal firms, accountancy practices and real estate agencies have defrauded the trust accounts, and it takes an audit to pick it up. And those audits are only legally required annually. So a lot can happen in that period of time."
 
As a result of her actions, Sultana's real estate license has also been cancelled. She has been disqualified by NSW Fair Trading from holding a license or certificate for 10 years, and disqualified from being involved in the direction, management or conduct of the business of a licensee for 10 years. Sultana was formerly the director and company secretary of BLM Enterprises, trading as Century21 Hawkesbury.
The breach was found during a NSW Fair Trading compliance campaign into real estate traders who failed to lodge their auditor's reports for the 2010/2011 financial year. 
Trust accounts are used by agents to hold money on behalf of buyers. They cannot legally be used for a purpose other than to hold funds for the completion of a sale or transaction. According to NSW Fair Trading, disincentives for commiting trust fund fraud have not been high enough. NSW Fair Trading commissioner Rod Stowe told the ABC that the body has recently changed its policies to deal with trust fund fraud more aggressively.
"It was our view that there was not a strong message going to people in that industry that they wouldn't get away with it," Stowe told the ABC. "While we were taking their licences away, we weren't stopping them from making a living."
NSW Fair Trading is now actively seeking criminal prosecution in cases of trust fund fraud, said Stowe.
According to Tarbey, he has a zero tolerance policy for any fraudulent behaviour by employees or franchisees.
"I won't tolerate it. If I see it, hear about it, if anybody even whispers about it - that's it."
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
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Pregnant Century 21 agent jailed for 18 months after siphoning $330,000 from trusts

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Construction at the 2,418 square metre site at 177 Pacific Highway in North Sydney has commenced. 
A groundbreaking ceremony was held for the 30 level Leighton Properties development, to be built by Leighton Contractors (artistic impression below). The $413 million, development, with 40,000 square metres of floor space, is set to become the Leighton Group’s new global hub.
<img alt="north-sydney-aug-21-one" height="517" width="470" src="/images/stories/2014/02/19/north-sydney-aug-21-one.gif">
At the ceremony, Leighton Holdings chief executive officer Hamish Tyrwhitt noted the date’s significance for the company.
“This is a great milestone to be celebrating today. For the Leighton Group this is a step towards creating the next generation workspace for our staff - one that fosters collaboration, innovation and performance and is an example of our corporate values,” Tyrwhitt said.
The development will be North Sydney’s first new commercial tower in six years, according to Leighton Properties managing director Mark Gray.
“177 Pacific Highway will add an entirely new dimension to the North Sydney skyline,” he said. “Being the first new ESD rated commercial tower in six years it will provide the market with much-needed A-grade accommodation. It signals an important next step in North Sydney’s continued development as a commercial CBD,” Gray said.
Gray expects that Leighton’s reputation will attract strong demand from commercial tenants.
“We expect the certainty of the completion date, and the commitment and involvement of Leighton, will make this a highly sought-after building for companies wanting to secure a noteworthy address,” said Gray.
10,000 square metres of the building’s top level space is still available for lease, with 76% of the tower’s total space leased by Leighton.
The building was designed by Bates Smart, and is scheduled for completion and occupancy in early 2016. The company is targeting a 5 Green Star and 5 Star NABERS energy rating for the building.
The ground levels of the building will include cafes and retail spaces.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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Construction begins at Pacific Highway, North Sydney commercial tower

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Just in case you haven't had the appropriate dose of romance this Valentine's day, Property Observer brings you three holiday rentals that are bound to bring a little loving your way.
Coonawarra Vineyard, South Australia
{yoogallery src=[images/stories/2014/02/14/coo]}
If the soft-focus didn't clue you in, the rose petals in the bathtub transmit the message loud and clear - this rental is all about romance. But in case you still haven't gotten it, the two champagne glasses and the long stemmed roses next to the tub should do the trick.
If you're after a bit of seclusion with your other half, Honeysuckle Lodge certainly looks like the place to get it. If you won't take our word for it, ask the couple casually sipping wine in front of the open fire.
 
Jacaranda at Jambaroo, New South Wales
{yoogallery src=[images/stories/2014/02/14/jam]}
This one bedroom self contained cottage on a rural estate has all the ingredients for a great romantic getaway - seclusion, beautiful landscapes and a great kitchen. And, at the right time of year, we bet that pond would generate some mist worthy of Wuthering Heights. Of course, the rental comes with the requisite red bedding.
 
Reid's Place, Redcliffe, Queensland
{yoogallery src=[images/stories/2014/02/14/red3]}
If there's any lesson to learn this Valentine's Day, it's that nothing says 'I love you' like bathrobes. Thankfully, on this front, Reid's Place delivers. The listing shows couples eating breakfast in bathrobes, eating another meal in their bathrobes, and putting away dishes in bathrobes.
There's even a shot of two bathrobes hanging side by side, just for good measure. All this bathrobe wearing is thankfully explained by two shots of two different (but eerily similar looking) couples enjoying bubble baths at Reid's Place. Only one gets the red petal treatment, but both get to crack into some champagne.
While it might be a little late to book one of these romantic getaways for you and your special someone, keep them in mind for the next time you need to escape for the weekend. And if you're on the other side, and thinking of renting out your property for a short term holiday rental, take a look at our <a href="https://www.propertyobserver.com.au/landlords/holiday-and-short-term-rentals-do-the-finances-stack-up-in-a-real-life-case-study/2014021167712">Airbnb case study</a>.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_parent">jrichardson@propertyobserver.com.au</a>
 
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We'll always have Coonawarra: Three romantic Valentine's Day rentals

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While we at Property Observer occasionally feel giddy over a good property, we try to draw the line at getting romantic about real estate. Clare and Terry Cantwell, of the Property Palace in Queensland, do not.
In their listing for <a target="_blank" href="https://www.realestate.com.au/property-house-qld-karana+downs-116003663">161 College Road, Karana Downs</a> (pictured below), the agents get positively swept away. The listing's opening lines:
BE MY VALENTINE!!! WITH THIS ROMANTIC COTTAGE!!!
Roses are Red, Violets are Blue, this romantic cottage could be for you!!!!
You dont need to go away for a romantic getaway as you can now live it everyday in this immaculate Chalet Style Home right here in Karana Downs!!
{yoogallery src=[images/stories/2014/02/14/kar]}
According to Clare Cantwell, she decided to take advantage of the holiday after viewing the property.
"I looked at it and I thought, the theme of the property is all red and white, it's a lovely cottage, and it's very romantic," she said. "I always think about the time of year [the property will be listed], and when I realised it was Valentine's Day, I thought, 'terrific!'"
Of her marketing strategy, Cantwell said, "It's not dull and boring, and it does grab people's attention. With a property like this, why not?"
While the property itself has plenty of charm, with exposed timber ceilings and a claw-footed bath, our favourite detail on the listing is Clare and Terry's photo (pictured below). The couple, who are both former police officers, are pictured in front of a bright red backdrop, with Terry delivering a truly arresting stare straight out of The Bold and the Beautiful.
<img style="display: block; margin-left: auto; margin-right: auto;" alt="batb-feb-14-one" src="/images/stories/2014/02/14/batb-feb-14-one.jpg" height="333" width="300">
With the property market so often dominated by doom and gloom or nail-biting anxiety, it's nice to see a little bit of love is still in the air. 
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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Be mine, dear...Karana Downs cottage?

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The three-bedroom Archibald penthouse in The Residence apartment tower is now on the market through CBRE. The last remaining penthouse in the complex, the 690 square metre Archibald has panoramic views and includes a private pool and spa, a rooftop kitchen and outdoor terraces.
The penthouse was named after Jules Francois Archibald, the Australian journalist who founded The Bulletin. According to CBRE agent Ben Stewart, who is marketing the property with Caroline Fagerlund, the apartment was designed by Sydney-based architectural firm Scott Carver with attention paid to its environmental efficiency.
“This apartment has been designed to the highest environmental standards and demonstrates an intelligent design approach that draws inspiration from the phenomenal beauty of its location,” said Stewart.
{yoogallery src=[images/stories/2013/08/aug28syd]}
Last year, the penthouse adjacent to the Archibald, known as <a href="https://www.propertyobserver.com.au/news/hyde-park-the-residence-penthouse-sale-confirmed-at-%2417-million/2013082764609" target="_blank">the Sulman</a> (pictured above, made headlines when it was purchased for $17 million by an offshore buyer with children who were studying at university in Sydney.
The Residence is located on College Street in Hyde Park and comprises 87 apartments.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
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The Residence in Hyde Park's final penthouse now selling

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Joel Robinson

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

Jessie Richardson

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