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Melbourne apartment developer Jonathan Hallinan, a Financial Review Rich Lister, has called time.
"I am pulling out of the residential space," Jonathan Hallinan told the press this week. "Policy makers have repeatedly hit our industry with several regulatory changes, which are now compounding to result in what is likely to be a devastating effect on housing supply and affordability in the long term," he had previously blogged. "Over my 22-year career as a property developer, I have had to remain nimble enough to withstand changing market forces. "I have not tried to forecast economic swings or predict fluctuations in the housing economy, but rather create a formidable business model that can endure the inevitable peaks and troughs of the property cycle. "However, the last 12 months of successive government restrictions on the property industry have put insurmountable pressures on many developers that are far beyond most local developers’ ability to restructure their business models and adapt. "It would appear that our policy makers, who evidently believe that their actions are alleviating the pressures of an over-heated housing market, are, with great success, crippling the very industry that has the power to ease the housing affordability crisis." Hallinan lists the recent adverse changes:
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1. Introduction of APRA regulations on banks and financial lenders which resulted in changes to investment lending, reducing the borrowing power of investors.
2. Removal of the stamp-duty concession from off-the-plan purchasers for investors
3. Introduction of plot ratios to the Melbourne planning scheme, hugely lessening the number of dwellings that could be built on a development site.
4. Implementation of apartment design guidelines, forcing developers to build fewer larger and more expensive apartments.
5. Limitations on foreign purchasers to not more than 50% ownership in a given apartment project
6. 7% foreign surcharge on all offshore purchasers
7. Enforcement of minimum $5,000 FIRB application fees
8. Increase of 5.5% stamp duty fees on foreign purchasers
9. Enforcement of absentee surcharges on purchasers with properties vacant for six months or more
10. Proposed introduction of a new tax on the four banks as part of the 2017 Budget.
"Since the [stamp duty] changes have been implemented, foreign sales have been almost non-existent," Hallinan told the Australian Financial Review. He reaffirmed that supply of new apartments would "fall off a cliff" as more developers followed suit.
"Supply is about to fall of the cliff, so my predictions are that rental occupancy will decrease when this happens.
"You will see price growth and yet another boom over and above the one we already are witnessing," he suggested in his blog post.
One of BPM's most recent acquisitions was a two-storey commercial King Street building in the centre of Melbourne for $12.35 million with a plans for a new hotel as part of a mixed-use development.
Jonathan Hallinan founded BPM in 1995 securing early success with luxury townhouses in Melbourne’s bayside areas.
In 2015 BPM was working on its first high-rise luxury development, Shadow Play, a $300 million project of 494 apartments which is shortly due for completion.
Designed by Ellenberg Fraser, with interior finishes from designers Hecker Guthrie, the project is at the corner of City Rd and Clarendon St, previously home to King Furniture.
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There was a $10 million plus penthouse sale secured in 2015. By August 2016 there'd been a 75% sales success.
The marketing included a $350,000 bespoke promotional short film, which billed Shadow Play as “elegant hedonism”.
Hallinan suggested there was "a misconception in the media that foreign buyers are our enemy in this crisis, creating more competition for local buyers."
He advised his Shadow Play project of 500 apartments relied on the sale of 150 apartments being sold to international purchasers to get out of the ground.
"Without these 150 sales, the project would not have gone ahead, and certainly would not have been able to develop the additional 350 apartments, which were all sold to local buyers.
"And of the 150 foreign purchasers, the majority are investors providing further supply into the over-heated local rental market."
Only last year when the AFR asked Hallinan to describe his life philosophy he said: "Love the fight, not just the victory. The victory for me is developing buildings that contribute to the skyline of Australian cities. But in signing up for that dream more than 20 years ago, I also signed up for the costs and the pain. I made a conscious choice."
At its peak BPM had more than 2,600 apartments across 16 projects under development with a combined value in excess of $1.4 billion.
There was even speculation of $US300 million site acquisitions in Los Angeles as he signalled he did not want to be exposed to the ups and downs of just one country’s real estate market.
“I am not prepared to have a business that is in one property cycle,” he told The Australian in 2015.
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Back home, last October Hallinan advised only two apartment settlements failed to proceed in two of his completed projects in the Melbourne and Brisbane apartment markets.
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They were the 40-unit Black Fold project in Brisbane's West End and the 30-unit Light Edge project in Melbourne.
"We've settled 70 in the last two months," Hallinan told Fairfax Media.
"Over two projects, we've had two fall over. Those two were very quickly resold."
Black Fold was a collaboration between BPM, Noel Robinson Architects and Hecker Guthrie with one and two bedroom apartments.
The <a href="https://www.facebook.com/bpmdevelopment/photos/a.1599677896987160.1073741834.1586943561593927/1599677926987157/?type=3&amp;theater" target="_blank">27-29 Bank Street project</a> was a sellout after its 2015 marketing.
Black Fold is situated 1.5 kilometres south west of the CBD.
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Jonathan Hallinan won The CEO Magazine’s Construction Executive of the year award in 2015.
His first property was in the south-east Melbourne suburb of Bentleigh at age 19, following the completion of my carpenter's apprenticeship.
He purchased the property for $90,000, with just $12,000 of his own equity. 
"Through managing the renovation and subdivision process, I turned a $12,000 investment into $220,000 in 18 months," he once advised.
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Jonathan Hallinan calls time saying foreign buyers are a necessity not "our enemy"

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Liar loan applications constituted alarmingly high volume in the second half of 2017 loan application, according to analysis of by the online property lender Tic:Toc Home Loans.
Analysis of the applications revealed about 20 per cent overstated their income, typically by around 30 per cent.
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Some 50 per cent of applications indicated their expenses were lower than the commonly accepted University of Melbourne Household Expenditure Measure, also by around 30 per cent.
The data was based on applications received since last July.
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Salaries are often overstated by borrowers using a range of tactics, such as over-stating bonuses or, for variable income earners, using peak rather than average income.
The issue of exaggerating income and understating their spending comes despite the Australian Prudential Regulation Authority crack down on lenders' assessment of borrowers' genuine capacity to repay debt. 
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Tic:Toc uses Yodlee, a sophisticated, high tech gatekeeper that digitally validates borrowing power, credit checks, personal ID and all other financials.
Anthony Baum, founder and chief executive, said the loan applications are generally representative of larger lenders in terms of location, borrower and loan size.
Baum told Fairfax Media in many cases applicants did not have to over-state their income for the required loan.
It targets buyers that have 20 per cent deposits with highly competitive rates and no lending fees. 
Its loans range from about $60,000 to $1.3 million.
The latest analysis was based on a smaller sample than UBS's survey which highlighted concerns last September. The UBS survey of over 900 mortgage applications originated over the last 12 months revealed that about one third of home loans contained information that was not accurate.
Martin North, principal of Digital Finance Analytics, an independent consultancy, recently noted standards had slipped because of lenders' readiness to "jump over backwards" to increase business.
North added the government's widely used 'Household Expenditure Measure', which uses family size, location and lifestyle to estimate living expenses, was "very low", particularly for high costs cities like Sydney and Melbourne.
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Wayne Byers, the APRA chairman, has requested lenders collect more realistic living expenses from borrowers.
UBS estimated $500 billion of home loans were "liar loans", the researchers, Jonathan Mott, Rachel Bentzvelen and George Tharenou wrote.
 
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Liar loan applications needlessly continue amid APRA crackdown

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Federal Labor's negative gearing policy would likely have a modest downturn impact on home values, official Treasury documents have revealed.
Contradicting Turnbull Government claims the policy would "smash" Australia's housing market, the previously confidential advice to Treasurer Scott Morrison from his department has been obtained by the ABC under Freedom of Information.
The ALP's plan to restrict the tax deduction, along with halving the capital gains tax (CGT) discount, was an policy difference issue at the 2016 election campaign.
The documents suggest "in the long term, increases in taxation on rental property could have a relatively modest downward impact on property prices."
It also noted as the after-tax returns for Australian investors in shares and property would fall due to the reduction in the CGT discount, households may increase their investment in owner-occupied housing which remains exempt from CGT which "would tend to counter any downward pressure on prices."
After winning a two-year FOI fight, the ABC revealed Treasury officials in early 2016 gave advice to Scott Morrison.
"The ALP policies could introduce some downward pressure on property prices in the short term, particularly if the commencement of the policy coincides with a weaker housing market," they wrote.
The department warned the price impact would be greatest if "uncertainty arising from the policy change itself" compounded any housing market "downturn that may be underway at the time".
The documents also noted Labor's proposal "runs the risk that more wealthy investors will continue to enjoy the same tax incentive benefits they get now, while more modest mums and dads will have to look elsewhere."
The papers advised previous changes to negative gearing (1985-1987) and the introduction of the CGT discount (1999) had little discernible impact on the market, though the housing market itself has historically been highly cyclical and it is "possible that uncertainty arising from the policy change itself could compound upon a cyclical downturn that may be underway at the time."
"Overall, price changes are likely to be small, though the composition of ownership may shift away from domestic investors."
"In the longterm, increases in taxation on rental property could have a relatively modest downward impact on property prices" and "returns for Australian resident investors will fall under the policy," Treasury advised. 
There were <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-01-08/govt-negative-gearing-claims-contradicted-by-official-advice-foi/9309736" target="_blank">18 pages in the FOI release</a> obtained by ABC political reporter Dan Conifer and ABC FOI editor Michael McKinnon.
Senior bureaucrats threatened to stop giving honest advice to the Federal Treasurer if negative gearing documents were not kept secret from the ABC.
 
 
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Labor's negative gearing will impact more in a weakened property market: Treasury

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Paul Sumner's Mossgreen art auction house has debts of $12 million, its administrators BDO told the first creditors' meeting.
There were 400 creditors owed money, with 50 turning up to yesterday's meeting.
Toorak businessman Jack Gringlas​ confirmed to Fairfax Media that his family company was the biggest creditor, being owed $6 million. 
It is understood that Mossgreen owes its vendors $5.8 million, with the remainder owed to unsecured trade creditors.
A recent auction vendor is owed $400,000 from sold art and furniture, with another owed $250,000.
Creditors will vote at a second meeting whether to liquidate Mossgreen or be restructured so it can continue.
Property Observer understands the second creditors' meeting will be held around February 7 or 8 where Paul Sumner will have provided the administrator and creditors with his proposed scheme of arrangement offer.
The meeting was advised the company assets were $3 million.
Auctions scheduled for its Armadale premises will reportedly proceed in February, but Sydney's Woollahra will close indefinitely. 
Mossgreen's Auckland office will re-open.
Gringlas, a Mossgreen director for four years until June 2017 when he sold his shares to Paul Sumner and his wife Amanda Swanson, said he was upset and frustrated. 
Asked the about creditors' chances of getting their money back, Mr Gringlas noted Sumner had "written to every vendor and told them they're going to get 100 cents in the dollar ... that he is putting in place arrangements to ensure that they all get paid".
"So he must believe it. I don't know where that money is coming from because there isn't the money in the company, so I can only assume he's planning to bring more money into the company."
Gringlas sold the leased High Street, Melbourne premises mid-last year for around $10 million to John Karkar.
The administration came late last month.
The move came December 21 with the appointment of three administrators from accountants BDO, James White, Nicholas Martin and Andrew Sallway. 
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It followed failed fundraising attempts in early December. 
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<div>One of the recent major contents auction was for the contents in the Macleay Regis penthouse, home of the late esteemed gynaecologist Professor Malcolm Coppleson and his late wife, Patricia, who was Vogue Living’s editor-at-large.</div>
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The 172 lots (pictured onsite) included the sale of a $192,200 Ian Fairweather work which had an $80,000 to $120,000 price guidance. A Tim Maguire fetched $117,800.
Its most recent auction on December 7 was contents of Dr John Sheehy and Jean Sheehy with just 274 of the 438 lots being sold.
Sumner blamed the current circumstance on growing "a little bit fast."
In 2013, Mossgreen acquired coin, stamp and memorabilia experts Charles Leski Auctions and in 2015 acquired New Zealand auction house Webb's.
It was a capital injection from wealthy former engineer Jack Gringlas that effected the merger with stamps and collectibles firm Charles Leski, followed by the Gringlas purchase of Sotheby’s former long-time saleroom in Melbourne’s upmarket Armadale with Mossgreen relocating from Toorak Road, South Yarra.
In September last year Gringlas, a self-described passionate stamp collector, advised the stampboards website that "both Charles Leski and I have sold our shares to Paul Sumner."
"There is nothing unusual about this, just part of my transition to retirement planning, whereby I am reducing the number of active boards that I sit at.  "I am mainly focused on my finance business, working with my son to grow a significant mortgage investment business for commercial loans, together with managing a number of other business investments."
In an Australian Financial Review profile in 2016, Sumner said Mossgreen's turnover grew from about $10 million before the Leski merger to $39.6 million in 2015, with staff numbers jumping from eight to 55. 
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Auction house Mossgreen owes $5.8 million to antique vendors

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The property expert Cameron Deal, 46, has been sentenced to six months prison after pleading guilty to scamming the Geelong footballer Stewart Crameri in a hoax real estate venture.
The former real estate agent and buyer's advocate blamed alcohol and drug abuse for his circumstances, claiming he had been threatened by an armed drug dealer over a $114,000 cocaine debt. 
The 46 year old Deal (below) wept as the custodial sentence was handed down in the Melbourne Magistrates Court pre-Christmas.
His lawyer has indicated an appeal would be lodged, Fairfax Media reported.
With over 2,500 purchases, Deal very successfully promoted himself as "a respected media authority on all property matters" regularly offering himself to Melbourne media. 
The court was told Deal, who spent over 20 years as an agent and buyers advocate, enticed Crameri to invest in a St Kilda property in 2016.
He instructed the then Western Bulldogs footballer to deposit $96,250 into a trust account to which he was a signatory.
Crameri was provided with falsified documents for the Crimea Street property which was not on the market.
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The deposit was then taken by <a href="http://www.infolio.com.au/the-pointy-end/" target="_blank">the former regular property seminar speaker.</a>
Deal also pleaded guilty to unauthorised transactions on a credit card he stole from a buyer's advocacy firm that employed him briefly in 2016.
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Deal narrowly avoided a prison sentence last January, when he pleaded guilty in the County Court to stealing $230,000 from the South Melbourne real estate business owned by his former wife. 
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Another former business associate said he lost about $300,000 in a failed venture with Deal, which involved fraudulent sale contracts for three inner-city properties.
The money was only repaid after the dispute reached the "steps of court."
Over the past two years, Deal has been evicted from two apartments in Black Rock and Elwood over failure to pay his rent, while a Mercedes SL 500 was also repossessed.
It is understood several complaints about Deal's conduct have been forwarded to Consumer Affairs Victoria.
In 2010 the Melbourne Magistrate’s Court granted final orders against the South Melbourne real estate agency Infolio Corp Pty Ltd and its former director Cameron Deal briefly restraining them from operating as a real estate business without a licence.
The court found that the company had breached the Real Estate Agents Act 1980 by operating without a licence between September 2009 and 11 August 2010.
Consumer Affairs Victoria took out a temporary injunction against Infolio Corp Pty Ltd.
The company, which subsequently received its real estate licence, was ordered to pay $2500 costs.
In 2012 The Australian Financial Review cited Deal as an expert on property matters.
In 2012 he wrote on the rules and regulations regarding cooling off rights, then in 2013 Property Observer wrote of his weekend auction tactics. He was a big advocate of his local suburbs. He featured in numerous seminars. 
"The lies and misconceptions that I saw as a real estate agent to buyers really shocked me," he once advised on the reason he became a buyers' advocate.
In 2014 still at Infolio Property Advisors, which he was a co-founder in 2008, Deal was in the media after seminars billing himself as an "expert across the breadth of the home market – from million dollar plus properties to $400,000 investments."
One of <a href="https://joy.org.au/humpdaycrew/2009/06/thinking-of-buying-a-property-cameron-deal-talks-with-the-hump-day-crew-about-the-market/" target="_blank">his earliest mentions</a> was on Melbourne radio station Joy.
 
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Fallen property buyers' agent Cameron Deal jailed for fraud

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Darwin was the weakest capital city for prices in 2017, according to CoreLogic.
CoreLogic's Tim Lawless believes Darwin's housing downturn is "entrenched" given prices have fallen by 21.5 per cent since May 2014.
But there is a silver lining for the Northern Territory capital as the substantial fall in values has pushed Darwin City rental yields higher.
Darwin's rental yields are 5.9 per cent, the highest out of all capital cities.
For Darwin, Lawless noted Darwin values down 6.5 percent during 2017.
Its rental prices were down too - by 1.5% over the year. 
Sales last year where vendors look a loss included a three bedroom, two bathroom 2003 apartment at $375,000. <a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-125224626" target="_blank">The Carey Street apartment </a>had sold in 2005 at $399,000.
The rental estimate was given as $550 to $600 per week for the recently repainted apartment with leafy aspects from all bedrooms and water views from the balcony. It sold through Rhiannon Oakhill and Karl Secondis at One Real Estate after 100 days on the market.
It has council rates of $1,395 per annum and body corporate fees of $2,560 per quarter.
A three bedroom, two bathroom apartment sold at around the same time for $400,000 was quickly snapped up after becoming available at $550 a week rental.
Situated in Vantage Point, with sweeping views across Frances Bay towards Bayview, a seventh floor apartment in White Tower, sold at $395,000, after three years on the market.
 The rent was $650 per week with a DHA lease due to run until June 2017.
It was available for rent in July at $545 a week.
It had sold at $450,000 in 2005, so fell $55,000 in price.
There was a big price drop at <a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-124708002" target="_blank">19/96 Woods Street</a>, when a $450,000 sale was achieved for a 2009-built three bedroom apartment (below).
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It sold off the plan at $466,000 then onsold at $560,000.
The rental asking price was $750 in 2013, then $650 in 2015, and then a $610 asking price in 2016. The selling agent, Stuart Rodda at Territory Real Estate advised the current tenant was paying $560 per week. 
At the prestige end of the market, a 320 sqm penthouse in the Arkaba complex sold for $1.25 million.
<a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-117516567" target="_blank">The 25/13 Esplanade offering</a> had previously sold at $1.7 million in 2009. It had been on and off the market since 2014, at one stage rented out at $1400 a week.
The four bedroom penthouse had body corporate levies of $4,826.25 per quarter. The rates were $2,200pa.
There are currently around 185 units for sale in the 0800 Darwin postcode.
Offers over $700,000 are being sought for <a href="https://www.realestate.com.au/property-apartment-nt-darwin+city-125395458" target="_blank">a two level 26th floor penthouse</a> that sold at $785,000 in 2015.
With the growing demand for executive style living in a central location, the spectacular apartment was a hot pick for anyone working in the CBD, the FIFO worker or Defence personnel tenant, the Raine &amp; Horne listing agent suggests.
A two bedroom 1980s unit last sold at $365,000 in 2014 that was seeking offers over $299,000 has been pulled from sale.
It was then available for rent at $280 a week, having been previously listed at $330 a week asking rent in 2016.
First National agent Michael Keith is offering what he has marketed as a long-term 5% net yielding property, "providing a genuine set and forget investment."
It is in the tightly held City Garden Apartments in the Darwin CBD which consists of 16 two bedroom self-contained serviced apartments.
The apartment is 70sqm in size on the 1st floor overlooking a resort style pool. The income was listed as $1,735 per month fixed for two years with 3% increase annually thereafter. There is a rent review every five years adjusted at 5% on valuation. There is an option for three additional five year rental periods. The council rates are $1,400 per annum and the body corporate fees are $500 per quarter.
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Buying discounted property in Darwin, Australia's weakest capital city

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The Newcastle and Lake Macquarie district has been ranked as having the strongest capital gains of any regional property market across Australia in 2017, according to the latest CoreLogic data.
It had 11.7 percent annual growth, which easily outperformed Sydney's 3.1 percent annual price growth during 2017.
The regional locations - north of Sydney - were followed by the NSW Southern Highlands and Shoalhaven (up 10.3%) and then Geelong, outside Melbourne, (up 9.7%).
In April last year Property Observer columnist Terry Ryder advised that "those who find Sydney a tad rich don’t have to go too far to find major markets" with greater affordability and good growth prospects.
Ryder suggested Newcastle "has a rising economy, a strong property market and appears to be settling into a sustained period of growth."
Ryder also twice identified Geelong as a a locality with potential including mid-year when he wrote that the Geelong economy was performing strongly and its property market thrived as a cheaper alternative to Melbourne.
In 2014 he wrote "I’m wondering why so many have declared Geelong a dead duck."
The weakest regional markets continue to be in Australia’s outback regions and areas dependent on the mining sector, according to the latest CoreLogic update.
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The largest fall in dwelling values over 2017 was recorded in Outback Queensland, a region which encompasses a vast but sparsely populated area of western Queensland, where dwelling values were down 14.3% in 2017.
Rounding out the top five for largest value falls across the regional areas of Australia were Darling Downs–Maranoa in Queensland (-8.2%), Outback South and Outback North in Western Australia (-7.6% and -7.3%) and Townsville in Queensland (-5.6%).
Across Australia, Tim Lawless at CoreLogic confirmed that the 2017 shift to falling national dwelling values was being driven by the capital cities, with the combined capitals tracking half a percent lower over the December quarter, while across the combined regional areas of Australia, values were half a percent higher over the quarter.
Amongst the capitals, the weakest end of year conditions are concentrated in Sydney and Darwin.
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Tim Lawless said that “Sydney’s housing market has become the most significant drag on the headline growth figures.”
Sydney dwelling values were down 0.9 percent over the month to be 2.1% lower over the December quarter and 2.2% lower relative to their August 2017 peak.
The city’s annual rate of growth is now tracking at just 3.1 percent; which CoreLogic's Tim Lawless noted was a stark difference to the recent cyclical peak when values were rising at the annual rate of 17.1 percent only seven months ago.
Despite the reversal in growth rates since August 2017, Sydney dwelling values remain 70.8 percent higher than their cyclical low point in February 2012.
The best performing capital city over the 2017 calendar year was Hobart, where dwelling values rose by 12.3 percent: almost five times higher than Hobart’s decade average annual rate of capital gain (2.5 percent).
Despite the strong capital gains, housing prices remain extremely low in Hobart relative to the larger mainland capital cities, with the median house value tracking at $424,251; 54 percent ($634,000) lower than Sydney values and 49 percent ($408,000) lower than Melbourne.
 
 
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Newcastle, Lake Macquarie, Southern Highlands and Shoalhaven property capital gains outperforming Sydney: CoreLogic 

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Heir apparent Ginia Hope Rinehart, who married last year and had a baby recently with husband, Simon Robinson, purchased a Bondi Beach penthouse for $14.8 million mid-year.
It was likely <a href="https://www.realestate.com.au/sold/property-apartment-nsw-bondi+beach-121875218" target="_blank">the highest priced first home acquisition ever</a> in Australian property history.
She's the daughter of Gina Rinehart, the mining tycoon who has more recently stepped up her interest in outback cattle farming.
Fresh-faced and more mature first time buyers began to make an impression on the Sydney market this year.
Model Jordan Stenmark joined his twin brother and fellow model Zac on the property ladder earlier this year, securing his first apartment, a $1.19 million unit in Bondi.
Bachelorette and former 2DayFM radio personality Sam Frost secured her first Sydney home, however it was not the coastal apartment she'd initially been after.
Sam settled on a $1.2 townhouse near Sydney Park, one of Sydney's best park playgrounds.
South Sydney Rabbitoh rising star Tyrell Fuimaono paid $785,000 for a two-bedroom Alexandria unit.
There were also the emerging rentvestors, who have secured an investment property as their first acquisition.
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There were some 10,496 first time buyers in a recent four month period who dived into the market after stamp duty concessions came into effect in July arising from the Berejiklian government’s big state budget measure. Just 3094 first timers had accessed stamp duty concessions when they were limited to new properties in the same time last year.
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With continued low interest rates, softening prices across Sydney and the tougher lending rules applied to investors, we’re likely to see more first-home buyers entering the market next year.
No avocados on toast over the Christmas break for them while saving for a deposit.
Nine out of 10 properties in Sydney are out of the reach of first-home buyers, a recent study suggested, with most having to secure something 30 kilometres from the CBD to easily afford an apartment, and 50 kilometres for a free-standing house.
The average first-time buyer has $500,000 to spend in Sydney where the median price is over $1 million.
It comes as there's been a pull back in investor spending along with disconcerting higher fees for foreign investors.
Developers are also seeking out first timers with lower deposit requirements too.
This article was first published in the Saturday Daily Telegraph.
 
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Hope for first home buyers

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The auction house Mossgreen has gone into voluntary external administration. Mossgreen billed itself as one of Australia’s largest auction houses.
The move came December 21 with the appointment of three administrators from accountants BDO, James White, Nicholas Martin and Andrew Sallway. 
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It followed failed fundraising attempts in early December. 
The first meeting of creditors is January 4, 2018. 
It is understood creditors will be told Mossgreen are "restructuring" with no plans to close any outlets or lose staff, and creditors would be paid.
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Westpac is listed as having a registered security interest over the company. 
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On the eve of the decision, Jack Gringlas of Jadig Investments Pty Ltd is understood to have been advised December 20 given his status as a secured creditor of the company which has showrooms in Melbourne's Armadale, Queen Street, Woollahra in Sydney and Parnell in Auckland.
The Australian Financial Review's Peter Fish reported in August that Mossgreen had parted company with its chairman and major financial backer, Jack Gringlas. 
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<div>One of the recent major contents auction was for the contents in the Macleay Regis penthouse, home of the late esteemed gynaecologist Professor Malcolm Coppleson and his late wife, Patricia, who was Vogue Living’s editor-at-large.</div>
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The 172 lots (pictured onsite) included the sale of a $192,200 Ian Fairweather work which had an $80,000 to $120,000 price guidance. A Tim Maguire fetched $117,800.
Mossgreen was known for its single-owner sales, especially since the estate of the late art patron Ann Lewis in 2011, and then an array of objects from much-loved artist Margaret Olley’s Paddington, Sydney home. Its first auction in its Armidale premises in 2013 was the collection of John and Marita McIntosh. McIntosh is a Melbourne establishment stockbroking doyen.
In 2014 there were the contents of Musk Farm, the Stuart Rattle country Victoria estate. Its most recent auction on December 7 was contents of Dr John Sheehy and Jean Sheehy with just 274 of the 438 lots being sold.
It was in late September 2017, that BDO was approached by the company’s accountant, Laura Raymer of CFO Strategic, to provide assistance to the Mossgreen in assessing its financial position.
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BDO was formally engaged on 26 October 2017 to undertake an independent business review.
A final report was issued to Mossgreen on 8 November 2017 after documentation was provided relating to its financial position and operations.
A December 12 meeting between Mossgreen and BDO got an "update on the company’s financial position including attempted fundraising attempts." It was also attended by David Hall of Allunga Advisory. 
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Paul Sumner has over thirty years experience working in the art and antiques industry with international and Australian auction houses.
Sumner, the son of art and antique dealers, took his first auction at age 17.
He emigrated to Australia in 1987 to commence work with Sydney Auction house Rushton Fine Art and joined Christies Australia in 1990, becoming their Sydney manager in 1992. He was then headhunted by Sotheby’s Australia, and at age 32 became their youngest ever managing director.
Paul held this position until 2001 when he was appointed the Managing Director of Sotheby’s London Auction house at Olympia, London.
He returned to Australia after this contract period to set up a new company Mossgreen with Amanda Swanson.
After nine-years of growth Mossgreen merged with Leski Auctions in 2012. Mossgreen and Leski had a combined turnover in its first financial year of $22 million.
The Mossgreen Melbourne rental premises were sold by Jagid Commercial Pty Ltd mid-year when buyers were advised the annual income was $481,960 per annum with favourable 3.5% rental increases every year, plus the benefit of a mid-term market review in 2020.
The former Armadale Theatre building in High Street, Armadale sold for around $10 million to an investor, John Karkar after a marketing campaign that saw 10 plus offers.
The property, 926-930 High Street,adjoins Armadale train station. It had Mossgreen Tearooms-Melbourne, in partnership with Peter Rowland Catering, which offered one of the finest high tea experiences in Victoria.
The premises had last traded in 2012 for $5.06 million. Previously, the building was occupied by art dealer Sotheby’s. 
CBRE’s Retail Strip Investments team comprising Josh Rutman, Rorey James and Lewis Tong negotiated the sale. 
Rutman said the international marketing campaign appealed to a mix of local and offshore investors.
Rutman noted that "the international marketing campaign appealed to a mix of local and offshore investors who were attracted to the long-term lease, location and confidence in the Mossgreen business." 
“Long-term, secure leases are hard to find in the current market, with many economists taking a ‘lower for longer’ view on investment returns. The fixed annual rental increases will prove highly attractive to prospective investors looking to house their funds in bricks and mortar assets,” Mr Rutman said.
James said the significant capital appreciation - almost $5 million in less than 5 years - in such a short period of time highlighted the lack of blue chip investment properties available in the Melbourne market.
Since the administration was formalised, Paul Sumner advised clients by email that "Mossgreen has chosen to take a path of voluntary administration during the month of January at a time that will least impact our clients and which will allow the company to re-structure its business. "The company is looking forward to a very strong calendar of auction-sales that are contracted and already catalogued for the first half of 2018, starting in February. "No vendors will lose any money in this process and neither will any of our staff, who will also be fully supported through this process."
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Auction house Mossgreen under voluntary external administration

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The infamous Bourbon nightclub in Kings Cross is set for demolition following a redevelopment proposal for a $47 million luxury eight storey apartment block.
It would be the end of an era for the standalone hotel that comes with more folklore than any other in Sydney since being opened in 1967 by Bernie Houghton.
The Bourbon premises, initially the haunt of US servicemen on R&amp;R, then colourful underworld Sydney identities, more recently had a reputation for late night sporting star fistacuffs as it was among Sydney's first seven days 24-hour licenced premises.
It was in the late 1990s when cricketer Ricky Ponting, four years after his Test debut, was involved in a fight which left him with a black eye. Drag queen Carlotta happily gave her insights into the night to the inquiring news hounds.
"Everyone who drank there has a Bourbon &amp; Beefsteak story," writer Paul Ham once suggested, adding Ponting's "sobering experience helped put the young cricketer back on the path to greatness."
Local novelist Louis Nowra wrote that between 1988 and 1996 the Kings Cross police were called to the venue no fewer than 550 times.
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(Source Sydney City Council Archives)
But having spent $66 million on his substantial five building site amalgamation, developer Sam Arnaout isn't sentimental instead seeing himself as the king of the emerging residential rejuvenation of the Darlinghurst Road strip. 
The only nod to the past in the proposed plans was keeping the curved facade of the former 1965 Les Girls hotel, in accordance with Sydney City Council's determination of its supposed significance.
Arnaout's Iris Capital proposes 83 apartments and 101 car parking spaces, plus retail premises and two licensed bars. It is proposed the reincarnated Bourbon will have up to 400 patrons and the Empire some 920, as it the mixed use application seeks to navigate the twin outcomes of liquor outlets and quiet residential living.
Residents point out the nearby Rex, on the other side of the fountain, did not keep its barn style liquor outlet in its residential redevelopment by the O'Neil family.
Chris Corradi, the Sydney City Council area planning manager, gave Iris Capital pre-application advice on the proposal that seeks:
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Arnaout now controls the expanded northern entry of the Cross, from the Fountain Cafe at Kingsley Hall on Barncleuth Square through to the Empire Hotel on the Roslyn Street corner, but he missed out on securing the Lido building which would have made the site rectangular. His site is 2500 sq m.
The proposal also sees the demolition of the adjoining former Sydney Swans Club.
Arnaout seeks to increase the site density. The current floor area is 5856 sqm. The application seeks an extra 1865 sqm, taking the density to 6936 sq m. 
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There is currently some 656 sqm of retail floor area on the site and a further 5,200 sqm of pub floor area associated with the two licensed premises. The Bourbon is currently 4000 sq m space. It proposes the new liquor premises will have a combined 1,280 sqm space.
 
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<div>Residents are likely to strongly oppose the demolition of the heritage buildings dating back to 1896, <a href="https://online.cityofsydney.nsw.gov.au/DA/IndividualApplication?tpklapappl=1332824" target="_blank">but have only until January 24</a> to lodge submissions to the council.</div>
The Greenland development group bookend the nightclub strip where the Crest redevelopment, Omnia is under construction with the Chinese developer having secured an $11 million penthouse sale, highlighting the potential of the rundown location.
Arnaout had owned that site too, but flicked it.
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Arnaout bought the Bourbon for $24 million from publican Christopher Cheung who said the lockout laws had influenced his decision to sell the property.
The proposed apartment block has been a collaborative design by SJB Planning, Urbis Heritage and Woods Bagot Architects. 
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Last drinks for Bourbon at Kings Cross with eight storey apartment redevelopment plans

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Jonathan Chancellor

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