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Australia’s largest cattle exporter to Indonesia, Consolidated Pastoral – which made a $19 million annual loss in 2010 – has indicated the live cattle export ban is likely to encourage its possible expansion into sheep grazing and grain growing.
Its chairman Ken Warriner noted the key reasons for the losses – which were incurred prior to the recent live cattle ban – resulted from Indonesian decisions regarding cattle weight restrictions and the limiting of import permits.
As a result of the more recent ban of live cattle exports to Indonesia, Consolidated Pastoral Company says it will be investigate wool and sheep meat markets.
“These markets have improved considerably recently as a result of the sheep herd in Australia dropping from 170 million in 1990 to less than 70 million today,” Mr Warriner said.
“All markets and opportunities are being monitored closely; however the appropriate opportunities are quite rare at this time due to the lack of suitable sizeable properties coming on to the market,” he said.
The loss announcement coincides with cattle prices beginning to fall across eastern Australia as export-destined stock is redirected towards the crowded domestic market.
Consolidated Pastoral, which is the second largest beef producer in Australia, is majority owned by British private equity firm Terra Firma.
Consolidated Pastoral, whose livestock assets are worth more than $233 million, runs 357,000 cattle over 18 properties, covering more than 5.8 million hectares – representing about 0.75% of Australia’s land mass. The cattle numbers were up 3%. But its cattle sales were down by 9% to 53,000 sales.
It was 2008 when Terra Firma bought the company, which had been part of Kerry Packer’s family company. At the time of its reputed $425 million purchase it had 16 beef-producing properties – mostly in the Northern Territory and Queensland. Its 300,000 head of cattle were valued at $145 million in 2008 when the company had leasehold land valued at $162 million and $27 million worth of freehold land.
The late Kerry Packer had begun putting the parcels of properties together after his purchase of the 1 million-hectare Newcastle Waters station in the Northern Territory in the early 1980s.
Mr Warriner, a long-time Packer family friend and who has been chief executive and chairman of Consolidated Pastoral, maintained his 10% stake in the business alongside Terra Firma. Mr Warriner says after running the company since 1983 he will step down from his role as soon as a replacement CEO is found, but he intends continuing as its chairman.
"The challenges relating to the Indonesian market have curtailed our desire to acquire land in areas overly dependent on that trade," Mr Warriner says.
"All markets and opportunities are being monitored closely. However, the appropriate opportunities are quite rare at this time due to the lack of suitable sizeable properties coming onto the market that meet Terra Firma purchasing guidelines."
Consolidated Pastoral's total asset value slipped to $696.1 million in the full year compared with $703 million in the previous corresponding period. As at December 31, 2010, property, plant and equipment was valued at $417 million.
It also supplies grass-fed Japanese ox and cattle for the local domestic market. The annual report of the company noted 2010 had been a year of challenges, particularly the unexpected restrictions by the Indonesian government limiting import weights and restricting the issue of import permits.
“This resulted in the redirection of cattle which otherwise would have been exported to Indonesia to eastern and southern Australian meat processors,” it said.
“CPC and others have done a considerable amount to address the welfare of cattle in both Australia and Indonesia, and the enforcement of recognisably acceptable standards of welfare will continue to be our priority,” Mr Warriner said.
“CPC and our business partners AGP have led the development of a humane and halal compliant killing process in Indonesia, with the introduction of stunning guns to be used in conjunction with restraining boxes.
“Stunning guns operated with compressed air are currently being installed in all abattoirs where CPC cattle and other cattle from our Indonesian joint venture feedlot will be slaughtered,” he said.
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jchancellor-FAypfDUnLy

Beef producer moots shift to lamb and grain

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Highlighting the trend of wealthy private schools buying up their neighbours, the 1911 Darling Point mansion Duntrim, which was expected to fetch more than $15 million, has been sold to neighbour Ascham School for $12.25 million.
The 4500-square-metre Darling Point Road property in Sydney’s inner eastern suburbs was listed under instructions from the former NSW Labor state government through Colliers agents Guillaume Volz and Robert McCuaig.
“We believe this site will be the key that unlocks the school so we continue to offer our students the best possible education and school experience,” Diane Grady, chairwoman of the Ascham council of governors says.
“This is an important step in our long-term strategic planning.”
After necessary renovations the school plans to use the existing three buildings to expand its residential boarding facilities.
The school also plans to build classrooms on the site to enhance its science facilities.
Website schoolschoice.com.au suggests Ascham has 1000 students with 100 boarding places.
Now occupying about 3.7 hectares, Ascham, one of the oldest girls’ schools in Australia, was founded by Miss Marie Wallis in 1886 with nine pupils in a Marathon Avenue, Darling Point terrace.
Miss Wallis named the school after Roger Ascham, tutor to Queen Elizabeth I.
The school moved to its current location in 1909 with the purchase of the two-storey Victorian Italianate 1870s house Glenrock, which came with a Moreton Bay fig tree, now thought to be more than 150 years old.
The school’s website suggests the tree embodies the school’s continuity and growth, with Ascham appreciative of the contributions of all who worked toward the school’s development during the past 125 years.
“Such a unique and large parcel of land in a prestigious eastern suburbs location provided a once-in-a-generation opportunity,” McCuaig said on the Duntrims listing.
“The proposed heritage listing would make it a significant challenge to secure buyer interest.”
The NSW Department of Health, which housed a renal dialysis unit at the arts and crafts-style mansion, bowed to public pressure in November 2010, withdrawing demolition plans that would have maximised its value.
Engaging Urbis heritage consultant Stephen Davies, Ascham School was the major opponent to the demolition of Duntrim when it came before Woollahra Council’s consideration.
The house, built for hardware merchant William Macpherson, was a private home until Sydney Hospital began using it as a nurses home in 1954.
In 1989 then Liberal Government Minister for Health Peter Collins included Duntrim in a long list of departmental property that he was seeking to sell, with funds invested in building new hospitals and health facilities.
Ascham has previously conserved and adapted for school residential use the Yeomerry residence in nearby St Marks Road and Duntrims architect Maurice Halligan designed another house within the school grounds, Raine, now the junior boarding facility.
Sydney Church of England Grammar School (Shore), heads the list of schools on the recent acquisition trail. 
 It offered the $35.2 million winning bid for the 2.65-hectare Graythwaite site in North Sydney in 2009, which took the portfolio of the wealthy private school to around 86 different titles.
 Shore had bought 12 properties in the prior decade around its 5.65-hectare campus near North Sydney's business district and nine hectares of playing fields in Northbridge. 
 Other well-heeled private schools that have spent up on property include The Scots College, which bought a house in Bellevue Hill for $4.1 million in 2008.
 Newington College spent $5.2 million on the Braeside Anglican Hospital site after the $3.51 million purchase in 2007 of the Concordia Club site on Stanmore Road. 
 Ascham’s purchase was overseen by the school board’s treasurer Steve Harker, the chief executive officer of Morgan Stanley Australia.
 After graduating from the University of Sydney with a Bachelor of Economics and a Bachelor of Law, Mr Harker was a research officer for the Federated Ironworkers Association of Australia from 1979-1983 and was then a research officer with the Reserve Bank of Australia.
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Ascham School snaps up Darling Point neighbour

<html><body>The reform process to achieve a greater supply of housing needs a rocket under it, and a solution to getting stamp duties slashed, according to the Housing Industry Association (HIA).
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Stamp duty must go to boost housing supply: HIA

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Tennis ace Thomas Muster has sold his Noosa residential retreat for about $5 million to Formula One driver Mark Webber.

Muster spent $3.5 million in early 2006 on the highest of the six luxury houses on the steep slopes of Noosa Hill, set in the Viridian Noosa complex.

It was passed in at auction in January when it was given a $5,175,000 price tag by Peter Butt of Richardson &amp; Wrench, Noosa.

The property is set on a 1362-square-metre block, with a huge private pool and views over Tea Tree Bay, extending to Double Island Point.

“This magnificent property was designed to entertain on a grand scale, with extensive outdoor seating areas and landscaped water features,” its marketing brochure says.

The four bedroom, three bathroom house virtually wraps around hilltop trees.

The shielding vegetation offered the privacy presumably sought by Muster, who returns occasionally to the Queensland coastal town because his former wife, Jo Beth Taylor, former Australia's Funniest Home Videos host, periodically resided on the Sunshine Coast with their young son Christian while working for the local radio station.

The Perth-based Taylor had adopted Muster's Noosa base after the couple met at the Australian Grand Prix in 2000.

The 35-hectare hinterland property, Cintamani, was Muster's first house, which was bought in 1994 for $1 million and sold in 2002 for $7.6 million to Collection House founder Stephen Walker.

Viridian Noosa was a joint venture between Leighton Properties and Ariadne Australia.

Designed by Noosa resident John Mainwaring, it was only built after the long-time owner of the 19.8-hectare banana plantation headed to the High Court after a decade-long battle with Noosa Shire Council, which constrained the land's development.

Muster was in Noosa during the Queensland floods in January and gave his time in the subsequent Brisbane clean-up.

Properties you may like in Queensland:

[smartcode_project:default project_id=94832]

[smartcode_project:default project_id=21877]

[smartcode_project:default project_id=27575]
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Mark Webber buys tennis star’s Noosa retreat for $5 million

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The unprecedented supply pipeline of inner-Melbourne residential apartments is potentially destabilising but the market will correct its own excesses, according to an ANZ report.
The ANZ’s senior economist for property research, Ange Montalti, envisages reassessment of project viability by developers, with their bankers to act as a key lever, to minimise market oversupply.
But Mr Montalti predicted inner-Melbourne apartment prices would continue to be volatile given the emerging residential precinct was not yet mature.
The report, Growing Pains for Inner-Melbourne Apartment Market, noted prices fell by 14% during 2003-04, and by about 7% after the global financial crisis, but then recovered to new highs.
Inner-Melbourne prices collapsed 9% in late 2010, but regained some of this lost ground in early 2011, lifting 5% since January, it said.
''Such volatility is par for the course in this market,'' Mr Montalti said.
The report notes Melbourne building approvals have breached historical peaks, in stark contrast to other capital cities which have generally held within their ‘two-decade’ range.
Victorian dwelling completions are set to run higher than underlying requirements in 2011 and 2012 for the first time in several years.
At face value, such strength suggests a degree of overshoot and unsustainability, it noted.
Vacancies were likely to be volatile as more stock was built, but this would be shorter- rather than longer-term.
Mr Montalti said higher interest rates and a more subdued housing sentiment would create headwinds for the inner-city apartment market.
He said a sentiment-driven 'correction’ currently under way was critical to minimising the potential oversupply.
The most vulnerable period will be 2013, with peak volumes of about 5000-7000 apartments and the product mix shifting mainly to high-rise complexes of 25 storeys or more.
The report noted Melbourne building approvals had surpassed historic peaks, supported by strong jobs growth and a period of under-building (2007-09) that suggested pent-up demand existed.
''The current boom therefore reflects elements of catch-up and should not alone raise undue concern about potential market fallout,'' he said.
Inner-Melbourne was at the centre of the building boom, with approvals running four times higher in the nine months to March 2011 compared with trend levels in recent years.
The range in the quality and size of the new supply – ranging from studio units to luxury - would be critical to absorption rates and the size of apartment growth.</body></html>

No risk of inner-Melbourne apartment oversupply until 2013: ANZ

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The Northern Territory/Kimberley pastoral property market will remain in a state of limbo until there is some certainty on the resumption of live cattle export trade, according to Herron Todd White valuer Terry Roth.
“It remains very difficult to judge what the longer-term impact on property prices may be as we do not expect to see any market activity until the position becomes clearer,” Mr Roth said.
“But there is no doubt that the risk profile of investing in the northern Australian cattle industry has been elevated, even if the trade resumes immediately.”
Under the terms of pastoral leases, most stations have no practical alternative use other than cattle production, and economically, the only significant profitable market at present is the live export market to Indonesia.
“To put the Indonesian live export trade in context, Australia has exported live cattle for more than a century.
“We supplied about 500,000 head per annum to Indonesia – which was about 80% of our live cattle exports. It also represents about 25% of Indonesian beef consumption.
“The trade represents about $300 million per annum and is one of the Territory’s largest industries and by far its largest primary industry.
“Cattle producers across northern Australia, but especially in the Kimberley and the northern half of the NT, have come to rely almost exclusively on this market for their cattle.”
He said the industry had invested heavily in station infrastructure and herds in the last two decades, replacing inferior British breeds (such as the Shorthorn) with the tropically adapted Brahmin, to suit the live export trade.
The cost of freight to domestic markets was prohibitive, with the nearest commercial-scale abattoirs located at Townsville, Mr Roth said in HTW’s June month in review.
Danny Glasson, another HTW valuer, said prior to the introduction of the live export ban in June the pastoral market for Cape York Peninsula and the Gulf was already thinly traded with a number of properties on the market but very few buyers despite exceptional seasonal conditions across most of North Queensland during 2010.
“Cape York Peninsula in particular has seen property values come back substantially from peak levels reached around 2007/2008 , and the recent sale of Kingvale Station for only $875,000 – substantially lower than market expectations – is reflective of current conditions, albeit this sale was sold mortgagee in possession.
“There has been interest for closer in pastoral properties with Crystalbrook River recently transacting at asking price to an overseas buyer for $2.75 million,” Mr Glasson said.
He said prior to the live export ban agents were reporting limited enquiries for northern pastoral properties, although there would still appear to be some interest for closer in properties that have proximity to Tablelands and coastal fattening areas.
“Of interest, also in the north is a number of producers looking to value add product either by going organic or moving into the retail chain by acquiring butcher shop operations,” the report said.</body></html>

Top End cattle market in the doldrums after live export ban

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Australian borrowers are likely to be spared an interest rate rise when the Reserve Bank meets in July.
But while many expect the hike could come as soon as August, some money market traders believe the next move could be a cut with bond markets pricing in a full 25 percentage point cut by early next year, which would take the cash rate to 4.5%.
All 10 economists surveyed by AAP said the RBA would keep the cash rate at 4.75% for July.
Six of the 10 say the cash rate will be raised to 5.0% in the September quarter, and all believe there will be a rise before the end of 2011 given Australia's mining investment boom is expected to lift economic growth to 4% during the 2011/12 financial year, with higher inflation kicking in.
A survey of 22 economists by Reuters found that all 22 expect the official cash rate to remain unchanged at 4.75% for the seventh month in row.
However, the majority (17 out of 22) expect a 25 basis point interest rate rise in the third quarter of the year and one in two expect another 25 basis point rate rise in the fourth quarter of the year, taking the official rate to 5.25%.
Westpac, Citibank and St. George economists are among the minority of economists who don’t expect a rate rise in 2011.
HSBC chief economist Paul Bloxham forecasts the next rise will be in August.
He expects the Australian Bureau of Statistics on July 27 to announce an elevated inflation reading for the June quarter.
Mr Bloxham has likened the endless interest rate speculation to Samuel Beckett's play, Waiting for Godot.
''Much like Beckett's protagonists who spend the whole play waiting for the arrival of a character named Godot, we continue to wait for an RBA hike,'' Mr Bloxham told the SMH.
Godot never does arrive in the absurdist play, and Bloxham says the bond markets are taking a similar view on whether the RBA will follow through on its tough rhetoric with action.
"Although recent weaker domestic indicators – particularly softer employment growth and business conditions – provide some risk to this timeframe," Mr Bloxham says.
"Nonetheless, we think hikes will be forthcoming and give little credence to the argument that the next move is down.
"The mining investment boom is a massive multi-year story and to stop it there would have to be a significant rout in iron ore and coal prices, which seems unlikely, given continued Chinese demand," Mr Bloxham says.
Deutsche Bank's fixed income strategist, David Plank, stresses that market pricing should not always be taken literally, because bond traders are weighing up the likelihood of two very different scenarios.
''It's not unusual for the market to diverge quite a bit from the RBA's central view,'' Mr Plank says.
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Interest rates tipped to remain unchanged for seventh-straight meeting

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Auctions are quickly moving into the normal winter hibernation. A poll of 13 leading Melbourne agents has found seven expect spring will not bring its traditional major fillip in auction volumes. The early winter results have been described as mediocre by James Buyer Advocates, which has noted the best buyers in the current buyers’ market scenario are the pro-active ones. In Melbourne Real Estate of Victoria CEO Enzo Raimondo notes there are 460 auctions over each of the forthcoming four weekends, which compares with the 630 average in the first half of the year. Sydney likewise is heading for quieter times with weekend auction volumes set to head under 300 from July 16, according to Australian Property Monitors. Dr Andrew Wilson, the senior economist for APM, has already noticed buyers  showing restraint through what he expected to be the quiet winter selling season.
<img src="/images/stories/57.jpg">
Sydney’s weekend clearance rate from the preliminary 203 results compiled by Australian Property Monitors. There were 298 auctions held in Sydney, which was 17% down on the 360 results on the first Saturday in July 2010. Clinton McNabb at APM says there are about 310 auction due next weekend.
 
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<img src="/images/stories/55.jpg"> 
Melbourne’s weekend clearance rate from the preliminary 403 results compiled by the Real Estate Institute of Victoria. There were 470 auctions held in Melbourne, which was 20% down on the 591 results on the first Saturday in July 2010. Enzo Raimondo at the REIV says there are about 485 auction due next weekend.
 
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<img src="/images/stories/10.jpg">
Reservoir in Melbourne was the busiest auction suburb across the country with 10 listings, however just two sold – and they were after the auction. Surry Hills in Sydney was the next busiest auction suburb, with its six of its eight listings finding buyers. The dearest two Surry Hills terraces had both last sold in 2007. The four-bedroom Riley Street terrace that fetched $1.45 million through BresicWhitney agent Brigitte Blackman previously sold for $1.21 million, reflecting 4.5% annual growth. The three-bedroom Bourke Street terrace that sold for $1.12 million on the weekend through McGrath agent Andrew Toohey had sold for $850,000 in 2007, reflecting 7.2% annual growth.
 
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<img src="/images/stories/505k.jpg"> 
Brisbane’s highest weekend auction sale was in Coorparoo, according to APM. The three-bedroom Ferris Street house sold through Ray White Eight Mile Plains. The 627-square-metre property last sold for $12,000 in 1975.
 
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<img src="/images/stories/2point6.jpg"> 
A six-bedroom house in Sydney’s Randwick was the weekend’s dearest house sale. The 655-square-metre Darley Road property sold through LJ Hooker Bondi Junction agent Edward Brown. Set directly opposite the Govett Street Gates to Centennial Park, the unrenovated 1913 residence was being offered for the first time in 50 years.
 
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<img src="/images/stories/108.jpg"> 
Adelaide’s Unley Park recorded the city’s highest weekend sale, according to APM. It was a renovated four bedroom 1925 stone Northgate Street cottage that had been listed through Toop &amp; Toop Norwood agent Kay Morris with $1.1 million hopes. It had last sold in 1998 for $289,000, according to RP Data.
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Auction wrap: Where the hammer fell

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<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">
Sussan fashion chain executive chairwoman Naomi Milgrom, usually dubbed Victoria's richest woman but who maintains a base on the riverfront in Sydney's Woolwich, has expanded her Byron Bay holdings. She's spent $6.2 million to buy the 1200-square-metre property adjacent to her $4.75 million acquisition in 2007. It takes her NSW far north coast hillside holding to 2130 square metres.
Milgrom's 2007 purchase was from the Asciano boss Mark Rowsthorn, who had bought the property in 2002 for $2.825 million from John Weller, the former Melbourne solicitor who made international news when he won the first case of child maintenance for a man in the 1970s.
Rowsthorn upgraded to Marine Parade, Wategos, where he paid $6.2 million in late 2006 buying from Peter Gifford, the former Midnight Oil bass player who runs the microscopic bikinis website Wicked Weasel.
Milgrom's musical tastes are slightly more refined, as she's one of the investors, alongside fashionista Peter Weiss and Transfield managing director Guido Belgiorno-Nettis, who're spearheading a new investment vehicle seeking to buy a $1.79 million Stradivarius violin.
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">It was Vaucluse's John and Jo McNiven who have apparently secured about $22 million from Chinese buyers for their hillside mansion. Title Tattle gleans it has been bought by Yang Yang, who currently gives an address as a 47th-floor rental in the multi-award-winning Lumiere Apartment complex on Bathurst Street. The McNivens, who bought a vast terrace in Potts Point last year, have regularly hired out their trophy home as the backdrop for Sydney social promotional events.
Attendees still fondly remember the 2005 evening when the Tuscan villa was the venue of a Armani perfume launch. The McNivens went out to dinner and missed the party, coming home as the last of the guests were teetering down the driveway clutching their free bottles of perfume.
The major player in securing houses for events or film crews in Sydney is Anthony Morano, who was spotted last month checking out a double apartment in the landmark Aaron Bolot-designed 1951 Wylde Street, Potts Point apartment block. It fetched $1.36 million last weekend through BresicWhitney agent Anthony Ross, but not to Morano.
 
<img src="/images/stories/brendanmoar.jpg">
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Celebrity gardener Brendan Moar – who’s soon to host The Renovators on Channel Ten – secured $1,036,000 for his recently sold Newtown terrace (pictured above) in Sydney’s inner west. It sold pre-auction at an undisclosed price, with viewers at the final open for inspection being told they needed to pay $1 million to secure the 1890s terrace. A check on the official records reveal its $1,036,000 price tag. It fetched well above Moar’s initial $900,000-plus hopes through Ray White Surry Hills agents Timothy Gorring and Shaun Stoker. It was 2004 when the landscape architect paid $686,000 with Cathy Wadling, with the terrace very much reflecting Moar's creative flair with airy interiors and a newly landscaped wraparound courtyard. It had three bedrooms plus a study.
 
 
<img src="/images/stories/minnisroadgordon.jpg">
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">The one-time Gordon residence of the renowned Sydney artist Benjamin Minns, who during the 1920s was the head of the Watercolours Society of NSW, has been sold. Its price has been withheld, but the expectations were about $3 million. It last sold at $2.25 million in 2006 when bought by the Owler family. It has five bedrooms, a study and three bathrooms. The 1920s front façade remains the same, but behind its been altered and extended extensively, according to its LJ Hooker Wahroonga selling agents Robert Ward and Michael Walter. It comes with a grand limestone-tiled entrance room and an enormous glass enclosed sunroom, which overlooks the gardens and dramatic bushland valley vistas.
During the Minns' ownership the home on 3,338 square metres was a favourite sanctuary for many in the painting fraternity. Set on parklike grounds, once featured on Burke's Backyard, it has a series of terraced lawns, stone walls and established gardens with soaring ferns and a tinkling creek at the bottom of the garden. There’s a rustic stone gazebo in which it is reported that Minn's wife often sought refuge to follow her passion of writing.
 
<img src="/images/stories/williamstown.jpg">
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Soccer champion Mark Viduka has trimmed his property portfolio, recently selling a townhouse in Williamstown (pictured), Melbourne and a Milsons Point, Sydney apartment. The two-bedroom, 160-square-metre Milsons Point apartment, which cost $1.45 million in 2005, sold through Andrew Cocks of First National Real Estate Circular Quay for $2 million. Viduka, who splits his time between Melbourne, England and Croatia, had hoped for $1.5 million plus for the tri-level, four-bedroom townhouse, which has been sold for an undisclosed price through Hocking Stuart Williamstown agent  Rashard Risilia. It had been bought for $465,000 in 2004.
 
<img src="/images/stories/doublebay.jpg">
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Hollywood Hills-based cosmetics king Napoleon Perdis has bought back home in Sydney. Perdis and wife Soula-Marie have spent about $3.7 million for near-new Double Bay house (pictured above). The couple relocated in 2006 to the United States after selling in Drummoyne for $2,775,000. The new Sydney home has a lift from its triple garage in the basement connecting to the two-storey, four-bedroom, three-bathroom house with a swimming pool. Its previous sale was for $3.55 million after its 2009 completion. One of the two other nearly identical neighbouring properties sold last December for $3.785 million through Ashley Bierman of Ray White Double Bay. Perdis apparently liked the fact that it was a good lock-up-and-leave property given his international commitments.
 
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">And don't say that Title Tattle told you, but apparently the Paspaley pearl family who bought in Bellevue recently for $9.4 million are listing their sandstone Woollahra cottage through Savills agent Martin Schiller. It was bought for $3.87 million in 2005.
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Sussan boss Naomi Milgrom spends $6.2 million to buy her Byron Bay neighbour: Title Tattle

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Burraga Island, a 121-hectare Shoalhaven River island, has been sold for $2.5 million to Chinese interests.
It is one of a handful of privately owned NSW coastal islands, hardly paradise, but its sale price ranks it among the many tropical island counterparts.
It was sold recently, ending 34 years of Kennedy family ownership of the island.
It is about six kilometres up from the coastal Comerang Island, not far from the Princes Highway, Nowra Bridge. It is set between the northern village of Bomaderry and the southern village of Terara.
The purchasing entity gives its director as the Shanghai-born property developer Quan (David) Fang, and its beneficial owners as Beauty Castle Enterprises, a British Virgin Islands-based company.
Although there appear to be no formal links, Fang is also a director of ASF Group, the publicly listed company that operates in Australia and through subsidiaries and investments in controlled entities across China, with a focus on mineral resources and energy, property marketing and  travel services.
Fang came to Australia in 1988 and has since spent most of his entrepreneurial life in Sydney. He has experience in the property sector covering property sales/marketing, development, acquisition, and syndication.
ASF is undertaking exploratory coal work in the Canning Basin of Western Australia.
Burraga Island, known officially as Pig Island, last sold in 1977 for $105,000 after the collapse of plans for a $4 million hotel/motel.
The development had met strong opposition from environmentalists concerned for the snipe, migratory birds from Japan.
The actor Walter Chiari, star of the 1966 film They’re a Weird Mob, had been among the investors in the proposal.
Its recent marketing campaign was through Ray White Gerringong agent Neil Campbell, who had given $2.5 million as its likely selling price.
Burraga Island is prime grazing land with billabongs, with a 1998 built five-bedroom house and its own ferry to the mainland.
The district’s last serious floods were in the 1970s, especially 1974, when 8000 hectares were underwater in the district.
Burraga was briefly caught up in a 1995 native title claim by the Jerrungarugh tribe involving the neighbouring stretch of the Shoalhaven River.
The elders suggested Pig Island had been used for ceremonial dancing.
The island is zoned rural flood liable, so agriculture pursuits is its most likely use.
Just one residence is permitted, which could be used for low-key tourism accommodation.
It ceased operating as a dairy farm several years ago and now has 190 beef cattle.
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Burraga Island sells to Chinese interests

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

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Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

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Joel Robinson

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

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Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

[smartcode_project:default project_id=149594 project_image_fid=362614]

While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

[smartcode_project:default project_id=149594 project_image_fid=362633]

"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

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Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Jonathan Chancellor

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