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McGrath’s most difficult days are behind it, according to the listed McGrath estate agency boss Geoff Lucas.
But the board will not pay a final FY18 dividend saying McGrath’s dividends will be reinstated as soon as it is deemed prudent.
“With the new board and senior leadership team settled in, the last quarter of FY18 saw the beginning of a period of stabilisation, and we are in the midst of a business turnaround.
"We are already seeing good progress in culture and agent recruitment, and critically we are seeing some strong sales results within our key markets,” Lucas maintained.
However weak real estate industrywide conditions impacted sales volumes.
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And their revenue was impacted by many internal factors including lower agent numbers and a decline in offices, particularly within the franchise network.
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Agent numbers were down 99 to 558 with 8,065 sales from franchises during FY18 compared to 8,337 sales during FY17.
The number of company-owned offices declined to 26 from 28 over FY18.
The number of franchisee offices decreased to 69 from 74 in the prior year. 
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There was a slowdown in the project marketing business with tightening regulatory conditions impacting investment demand.
There was also lower numbers of properties under management in the company owned network.
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Managed properties declined to 7,215, driven by challenging conditions across the East Coast residential market.
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The number of Oxygen Loans settled were at four year lows. 
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At the end of FY18 there were 31 mortgage brokers supporting the network, a decline of five.
Even its industrywide AREC conference didn't exceed past record attendance levels.
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The update to shareholders unveiled snippets of the strategy to turn the business around pinpointing a desire for agency growth in Victoria, Queensland and Western Sydney.
"Due to the difficult market conditions, lower sales volumes, and the departure of some of McGrath’s sales agents over FY17 and FY18, group revenue was down 23 percent to $99.2 million (compared to FY17)."
The lower revenue reduced underlying EBITDA to $5 million (before $4 million of one-off costs and $59.4 million of goodwill impairments), achieving market guidance.
"The ability of the business to generate positive earnings even after a $30.2 million reduction in revenue is testament to the robustness of the McGrath brand and position in the real estate industry," Lucas said, after a tumultuous year.
"The current property market conditions are challenging," he said. The revenue of company owned agents was down 32 percent.
"We will be concentrating our growth in predominantly franchised offices along the eastern seaboard, with particular focus on Victoria and Queensland.
"We will also be strengthening our presence in our existing company owned offices with an additional focus on the growth precincts around Western Sydney”, he added.
''We do believe the most difficult days are behind us, notwithstanding the current challenging residential market,'' Mr Lucas said.
The press release advised the new board and management team had put in place an operational plan that is "stabilising" the business, with early signs of positive momentum repositioning the business for a return to growth.
The shares were trading at 38 cents, edging up to 40 cents during morning trade having been floated in late 2015 at $2.10.
The FY18 (vs FY17) results overview:
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  Revenue down 23% to $99.2 million
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  Reported results reflect the impact of one-off restructuring costs ($4 million) and impairment charges ($59.4 million) – EBITDA of $1.0 million, and loss after tax of $63.1 million
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  Underlying EBITDA of $5 million; achieved guidance
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  Balance sheet with no debt and $10.9 million cash
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  After the departure of some of McGrath’s sale agents, market share based on value was constant at 3.1% (source: CoreLogic, 30th June 2018).
 Over $12 billion of properties were sold by McGrath in FY18 with property sales volumes decreasing 14% to 11,067, impacted by the reduction in the number of agents.
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During the reporting period, the board announced a number of changes to its composition which included:
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  the resignation of Non-Executive Directors Cass O’Connor, Elizabeth Crouch, Nigel Dews and Cath Rogers;
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  the appointment of independent Non-Executive Directors Peter Lewis and Andrew Robinson; and
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  the appointment of Non-Executive Director Wayne Mo. John McGrath is not considered independent as he is an executive director and Wayne Mo is not considered independent as he is the CEO of AL Capital, a substantial holder of the company via Aqualand.
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jchancellor-FAypfDUnLy

McGrath Group revenue down 23 percent as estate agency says most difficult days are behind it

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A newly completed Washington Street, Toorak penthouse which came with initial $20 million hopes has been sold, reputedly at a still impressive $16 million plus.
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The 1000 sqm space atop Orchard Piper’s luxury development boasts pool, yoga room, sauna, and 1300-bottle wine cellar.
The three bedroom penthouse is accessed via private lift from its four car garaging.
One of six residences in the development, its occupies the entire third floor.
<div id="unruly-publisher-marker__inArticle">It was marketed by selling agent Marcus Chiminello of Marshall White as “without peer in Toorak.” It sold to a local downsizer at what was nearly double the previous $8.2 million Toorak record.</div>
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<div>The lower level sales ranged from $4.1 million to $6.8 million with buyers including members of the Smorgon, Nitschke and Iglicki families.</div>
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<div>The $25 million Melbourne apartment price record remains with the Australia 108 penthouse in Southbank, sold offshore and off the plan in 2015.</div>
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<div>This article was first published in the Weekend Australian.</div>
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Washington Street, Toorak penthouse sold for $16 million plus

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Residential project marketer Ausin China has collapsed leaving a trail of 100s of failed property settlements in Australia.
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Ausin China sold off-the-plan apartments and houses to buyers in China, with an investigation now underway into the whereabouts of the deposits along with settlement monies.
Jin Tianyou, aka Harry Jin, who was in charge of running the Ausin China offices, is allegedly being sought by authorities.
Video of hostile graffiti painted on the lobby walls of its Shenzhen office on Wednesday (below) have been circulated on WeChat, alleging "Ausin money launderer" and "black intermediary."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/20/ausin2.jpg" alt="">
The confirmation of the official investigation came after Chinese speculation that "the funding chain has broken." An August 15 letter to staff and others affected suggested "seven solutions" after the so-called "rogue" behaviour.
Staff were told "because the company faces serious financial difficulties, the salary of the colleagues in July needs to be delayed."
Ausin Australia, led by founder and chief executive Joseph Zaja, indicated on Friday there was evidence of fraud and the matter has been reported to the Australian police.
Zaja has cancelled licensing agreements with Jin.
"We have zero tolerance for any misappropriation of funds or corrupt behaviour," Zaja said.
Zaja confirmed that around 8000 properties have been sold during the near decade long agreement with Shenzhen Ausin Investment Consulting Co. Ltd., which was licensed to use the Ausin brand in China.
Jin ran all the China offices under a marketing and client referral agency agreement with Ausin Group.
Ausin's China business was a separate entity to Ausin Australia. Jin resigned his Australian directorship earlier this year. The Australian Financial Review says Jin is still registered as a shareholder.
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A Chinese website has reported the relationship between the Australian headquarters and China outfit had "become tense" from 2015 in regard to a "truncation" of commission flow.
Ausin Australia has advised that Ausin China was "expressly prohibited from the collection of any funds", although allegations have surfaced that deposit funds were paid directly to Mr Jin.
The most recent appearance of Jin was in April at a press conference in China.
In attendance were representatives from some of the biggest media channels in China, including Tencent and Sina Weibo.
The event was marked by a speech from Harry Jin, managing director of Ausin China.
It has been advised the collapse leaves a trail of 130 failed settlements of houses and apartments in Australia across 15 projects in Sydney, Melbourne and Brisbane. 
There have also been reports in China of "disguised exchanges."
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"There will be some initial concerns from Chinese buyers because Ausin is the biggest known Australian apartment agent in China," project marketer CLG Group Real Estate managing director and former McGrath Asian business development manager Allen Yan said when asked about the likely fallout.
"A lot of people believed them and trusted them.
"The collapse will hurt their confidence, but only in Ausin as an agent," Yan told the AFR.
House and land projects reportedly among the projects where settlements have been lost have been suggested as <a href="/news/eig-developments-affirms-elpis-truganina-buyer-deposits-secure-in-australia">Elpis by developer EIG</a>, Williams Landing by Cedar Woods, and Willow Pimpama Village in south-east Queensland region.
The Australian-based Apartmentdevelopments website proclaims Ausin Group as one of the leading partners for major Australian developers for project sales and marketing into China and Australia.
It suggests Ausin was "the first choice business for mainland Chinese sales" for listed companies including Mirvac, Stockland, Leighton Properties, Cedar Woods, SP Setia and Lend Lease.
Ausin's other developer relationships were listed as including Sunland, Metro Properties, Rose Group, Crown, Glenvill, Satterley, Little Projects and Intrapac.
In 2015 Property Observer reported Ausin Group had opened two new offices in China to cash in on the growing demand from China buyers for new Australian properties.
The offices in Dalian and Chengdu took its total number to 15 offices in China.
At the time it was noted Ausin employed over 500 staff working across Sydney, Melbourne, Brisbane, Auckland and London.
The group also offers accounting, property management and migration visa services.
Uglobal Immigration Magazine recently recognized the global investment migration industry’s most influential and powerful leaders with the distinguished Top 100 Global Migration Agency CEOs Awards including Ausin 澳信, Shenzhen, China, and its CEO, Yanqin Zhu.
 
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Property deposit funds allegedly misappropriated ahead of Ausin China collapse

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The Royal Commission has heard the unpaid, unsolicited endorsement of Scott Pape, the Barefoot Investor, has created a $2.5 billion boost for the funds under management held with industry super fund, Hostplus.
The revelation came during proceedings of Kenneth Hayne's royal commission, when HostPlus chief executive David Elia referred to the "Scott Pape" effect, which, he divulged, had resulted in a $2.5 billion funds under management influx.
"The fund has actually grown by $14 billion over the course of the last two years," Elai told the commission.
"The Scott Pape effect... that accounts for about $2.5 billion.
"So if you take out the Scott Pape effect in terms of funds under management, there’s about $11 and a half billion dollars of growth that’s largely attributable to – well, it’s attributable to a number of things, investment performance.
"Hostplus, for the year ending 30 June 2017, delivered a 25 rate of return – I think it was – we were the best performing fund of 13.2 per cent."
In his last book, Pape points out he shut down his SMSF to instead invest in "the lowest cost fund in the world", the Hostplus Indexed balanced Fund, which charges a management fee of 0.06 per cent to track the ASX200 combined with a similar, indexed approach to global stocks. 
"This boring fund has beaten the pants off most stock-pickers", he wrote. 
His Barefoot Investor book also revealed he also invests in ChoicePlus', a HostPlus funds that lets you pick the specific investments within your superannuation portfolio.
The commission also heard Elia's testimony on corporate hospitality spending.
Elia said it was a necessary evil and absolutely met the legal requirement for superannuation funds to act in the best interests of members.
Hostplus spends hundreds of thousands of dollars entertaining employers at the Australian Open each year, the commission heard.
The bill for the tennis last year came to $260,000, which equated to less than 1¢ per member per week, Mr Elia said.
Hostplus gets most of its new members because it is listed as the default fund in workplace deals. 
Counsel assisting the commission, Eloise Dias, said the regulator had raised concerns about Mr Elia's spending after a report from a whistleblower.
The royal commission is examining whether spending on advertising and sponsorship is in the best interests of members.
Hostplus fees are comparatively low, at $87 a year, or $1.50 week, but its members have low balances vulnerable to erosion by fees and insurance premiums.
A review by Rice Warner in 2017 found claims by Hostplus members aged under 25 are very low and as a cohort they are "over-insured", Ms Dias said. 
Pape recommended Hostplus twice in his recent 280 page The Barefoot Investor book pointing to his own membership.
He mentioned he and his wife used to have a self-managed super fund (SMSF)..."because that's what wealthy, sophisticated people do, right?"
One of the reasons he shut it down was that he wanted simplicity.
"I love investing. But Liz? Not so much.
"And given that she's younger than me, and fitter than me, the chances are she'll outlive me. And an SMSF would be a technical and administrative nightmare for her."
The other key reason for snapping his own fund was Paps reckoned he'd found the lowest cost fund in the world
"It's also been one of the top-performing funds over the years.
"It's the Hostplus Indexed Balanced Fund, and it charges a tiny investment management fee of 0.02 per cent.
"In other words, 2 cents for every $100 invested (plus a $78 a year admin fee).
"There's no minimum balance," Pape noted.
Pape made his views known under the headline: The SMSF Lite that I use
He noted he had SMSF Lite with Hostplus (because he was already invested in their ultra-cheap Index Balanced Fund for his super).
"They call it 'ChoicePlus'. and it allows you to invest in any of Australia's biggest 300 companies on the stock exchange, together with a range of term deposits and ETFs." 
ChoicePlus needs a minimum of $10000 to kick things off, and costs $180 a year, "versus thousands for a traditional SMSF from an accountan," Pape advised.
By combining ChoicePlus with the Indexed Balanced Fund, Paps suggested he got the best of both worlds: "the cheapest super fund in the country together with the opportunity to pick and choose my own shares!" 
Property Observer noted HostPlus was recently named as the top performing super fund over three, five, seven and fifteen years.
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Unpaid, unsolicited Scott Pape endorsement triggers Hostplus bonanza 

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The Birdsville Hotel, one of the most well-known tourism pubs in Australia, is back on the market.
Offers for the hotel, built in 1884, are sought by September 20.
One of Queensland's most famous watering holes, the Birdsville Hotel has survived floods, heat waves and fire, set at the edge of the Simpson Desert.
Birdsville was settled by pioneers in the early 1860s and in the 1880s the hotel became the central meeting place for town residents, nearby station owners and their thirsty cattle drovers. 
The sale will include the hotel and its 27 rooms motel accommodation.
It will also include the liquor licence, goodwill, intellectual property, business name, plant and equipment and stock in trade.
There are two detached residences, an industrial block and an aviation fuel supply business operated by the current hotel owners on offer.
The sale campaign is being managed by Russell Iles and Guy Bennett of Knight Frank, in conjunction with Darren Steele of Steele &amp; Associates Hotel Brokers. 
The current owners bought the hotel in 1980.
The hotel manager Ben Fullagar suggested there had been "a huge amount of work over 38 years to build the brand and totally rebuild the entire premises."
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The town of Birdsville is located in outback Queensland, on the edge of the Simpson Desert 1,600 kilometres from Brisbane.
The Birdsville Hotel is well regarded outback tourism destination having won tourism awards including Queensland's best outback pub for three consecutive years.
Its annual races are in a fortnight's time, run on the first Saturday in September.
It attracts thousands of visitors during school holidays and mild winter months. 
The boozy Birdsville image annoys many locals, especially the heroines of the outback. 
Mr Steele said he expected the iconic hotel offering to be highly sought after by buyers from around Australia, as well as internationally.
“It’s a true Aussie icon, and one that many people around the world have heard of, so we anticipate there will be interest from investors and those looking to own and operate their own hotel in Birdsville."
The tourism sector in Queensland is strengthening, with international visitors up by 5.5% and domestic visitors up by 2.6%, with spending around 6% more in the year ending March 2018, according to Tourism &amp; Events Queensland.
Birdsville is accessible by road as well as a sealed airstrip adjacent within walking distance from the hotel. 
Light planes ceased to park in front of the hotel in 1964 because fences and street lights had been erected.
The hotel was on the market in 2007 as well but reported offers of up to $5 million were not enough to make the Fort family, the long time owner, part with the Birdsville property.
Knight Frank’s Guy Bennett told the local paper that what was on offer now was a “very different proposition” to 2007.
It was former Adelaide builder Kym Fort who took over the hotel when it was a fire-ravaged shell with its only working part a makeshift public bar.
He used his construction skills to restore one of Australia's most famous pubs which he co-owned with four silent partners.
 
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Time gentlemen please! The Birdsville Hotel seeks new publican after 38 years

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Lleyton Hewitt will be interested when the undisclosed sale price emerges for a nearby Toorak home sold while currently under construction.
The mid-week sale was a <a href="https://www.realestate.com.au/sold/property-house-vic-toorak-127654494" target="_blank">Christopher Doyle-designed home</a> with five bedrooms and four bathrooms across three floors.
The 723 square metre holding on completion will have five car spaces in the basement.
The home was sold through Marshall White.
The Davis Cup coach Lleyton Hewitt and wife Bec spent $12.7 million on a similar new build Georgian style residence on one of Toorak's finest boulevards in 2017.
Their new Georgian style residence was by Peter Johnston's Royale Constructions.
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Spec-built Toorak trophy home sold before completion

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Ray White's top pub broker and its No.1 sales agent globally, Andrew Jolliffe, has quit selling under the Ray White Hotels brand after almost eights years.
He is now working under the HTL moniker.
The new boutique brokerage firm HTL stands for Hotels, Tourism and Leisure Property.
The Shout website says it ends "months of speculation." 
The hotel and pub broker has teamed up with former CBRE national pubs director Daniel Dragicevich in the new brokerage outfit.
The pair, who have been co-agents on numberous pub deals, have already sold Sydney's Vauxhall Inn to Moelis-owned Redcape for more than $40 million and sold Redcape's Belrose Hotel for more than $20 million over the smooth transition. 
The Australian Financial Review excitedly reported "Jolliffe has almost single-handedly decimated the Ray White sales team."
He has Ray White Hotels agents Glenn Price, Mark Bullock, Grant Bailey, Blake Edwards and Xavier Plunkett at HTL along with Vikki Bush and Rebecca Buckman.
The move was however cast in a positive light by Ray White when announcing <a href="/news/ray-white-remuera-beats-out-double-bay-again-but-gavin-rubinstein-takes-the-top-residential-spot-for-sixth-time">its 2017-2018 award winners</a> last Sunday night with 2,500 attendees from across the entire group.
Andrew Jolliffe was the group’s top performer for gross settled fees.
"Mr Jolliffe has since repositioned his business to HTL, in partnership with the White family and Daniel Dragicevich and together they have enjoyed a tremendous start," the Ray White press release advised.
HTL Property was registered in May as a business name with ASIC. Its office addresses are the same as Ray White offices.
In ASIC documents, Ray White Hotels (NSW) Pty Ltd and Ray White Hotels Pty Ltd are listed as its HTL's business name holders in the joint venture.
The new HTL website's legal and privacy links lead directly to formal Ray White websites. Ditto the HTL google +, Twitter and linkedin all connect to Ray White social media outlets.
The former raywhitehotels.com.au website leads directly to <a href="https://htlproperty.com.au" target="_blank">HTL</a>.
Andrew Jolliffe was awarded the major individual honours at the annual Ray White Commercial awards for the fourth consecutive year.
Jolliffe quit selling as Ray White Hotels saying he had the "great satisfaction of enjoying top billing for the third year" at Ray White, which was "only surpassed by the unqualified affection I hold for the family owned company that has provided me with such a phenomenal launching pad".
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He said he believed the brokerage landscape was "ripe for an agile organisation to consolidate top-level talent".
Ray White Group director Dan White said in 2017 that Jolliffe's product knowledge was second to none.
"Andrew always put his clients in the best position to make the best decisions. His attention to detail is flawless. He knows his market intimately and therefore he communicates opportunities frequently to his clients," he said.
Dan White put out <a href="https://www.youtube.com/watch?v=lEFTg3xbWec" target="_blank">a video</a> on the transition indicating HTL would be a division of Ray White.
"When the culture of an organisation creates a platform where everyone pushes and pulls in the same direction, it can become quite intoxicating in terms of the availability of success for those involved," Jolliffe said on receiving the 2017 award.
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Top pub broker Andrew Jolliffe quits Ray White branding

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The Full Federal Court has handed down judgment in the appeal by Aussiegolfa Pty Ltd (in its capacity as trustee of the Benson Family Superannuation Fund (BFSF) which clarifies SMSF rules regarding the sole purpose test. 
The Court held that the primary judge was incorrect in concluding that the leasing of a property held by the sub-fund to a child of a member of the BFSF was a breach of the ‘sole purpose test’. 
It related to a $104,000 student residential property in Melbourne's Burwood.
DomaCom had entered into a leasing and managing authority with Student Housing Australia for the leasing of the Burwood Highway property. The first two longterm tenants of the studio apartment were persons unknown, and unrelated, to the Benson family, but then Student Housing Australia agreed to lease an apartment to a daughter of the Benson family with the lease at the same $869 monthly rental as had been paid by the first two tenants. 
The DomaCom chief Arthur Naoumidis has welcomed the decision.
"DomaCom is very pleased to have the court confirm that it was not a breach of the sole purpose test when a related party of the BFSF rented a property held by the DomaCom Burwood sub-fund.
"We believe that this finding, on its own, represents a milestone for the SMSF industry.” 
DomaCom supported the action against the Commissioner of Taxation in the Federal Court hoping a ruling would confirm that SMSFs can invest in property sub-funds where the tenant of the underlying property is a related party of the SMSF.
The court heard it was in 2015 that the Benson family fund made a decision to invest in student accommodation and other ‘relatively low-cost, relatively high-return’ opportunities through a DomaCom sub-fund with a return of approximately 6.5%. 
The decision to lease the Burwood property to the daughter was not made until 2017.
The appeal judges' ruling noted four reasons why the finding made by the primary judge was in error.
But the Court also held that the primary judge was correct to conclude that the units held by Aussiegolfa Pty Ltd in a sub-fund of the DomaCom Fund constituted an investment in a ‘related trust’ of the BFSF. 
“In relation to the related trust determination, we are reviewing the comprehensive judgment with our lawyers and will make a further announcement about the effect, if any, of the decision on the DomaCom Fund.
The DomaCom Fund disclosure documents have been amended significantly since the Burwood sub-fund was created in 2015.
"Accordingly, we will analyse the effects of the judgment on sub-funds created using the current version of the DomaCom Fund constitution and disclosure documents," Arthur Naoumidis said.
"If our analysis determines that it is necessary, we will consider amending our constitution and disclosure documents to address this issue with respect to future sub-funds.” 
MT Flynn QC and Dr J Glover were counsel for Aussiegolfa Pty Ltd.
DomaCom launched Australia’s first online platform (registered as a managed investment scheme) to provide a property investment solution for the SMSF market and other long term investors through the fractional acquisition of units in a unique trust structure that enables investors to gain exposure to the property they select.
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Residential and commercial property Australia wide can be accessed in this fund, sourced from a variety of vendors and developers.
DomaCom is Australia's leading property crowdfunder. It allows anyone to <a href="/expert-insights/crowdfunding-into-property-domacom-explains">invest a little or a lot</a> into property investment. 
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DomaCom secures stronger SMSF footing after Federal Court decision

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Joe Dolce, the writer and performer of Australia's biggest selling single, has reduced his price hopes for his weekender in Victoria.
It is the former Natte Yallock Uniting church.
The property, 200 kilometres north-west of Melbourne, has been under the ownership of the Shaddap You Face singer and his artist wife Lin van Hek for the last 23 years costing $32,000.
They were initially seeking $385,000 late last year, and now they're happy to take $345,000 through Elders Avoca agents Elizabeth and Heathcliffe Teal.
The property was built from handmade bricks in 1904 by the Natte Yallock community. The galvanised iron roof still covers the property.
The interior is still a canvas for any style, the marketing suggests.
Dolce shot to fame with his 1981 hit Shaddap You Face, which remains Australia's biggest-selling single, even outselling Up There Cazaly and Slim Dusty's Pub With No Beer.
This article first appeared in The Weekend Australian.
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Natte Yallock church listed for $345,000

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After just seven days on the market, 25 Monomeath Avenue, Canterbury found a buyer mid-week.
<div>The Chinese vendor secured $8,188,000, having done very little to the house that cost $4,812,790 in 2013.</div>
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<div>The 1868 sqm battle-axe block with an early 1990s one storey brick home sold to a buyer from Macau through Louis Lin at AVE Real Estate.</div>
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<div>Now replaced by European chateaus, few of its Edwardian era homes remain along the avenue lined with beautiful oaks planted from the day when the road was made in 1911.</div>
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<div>While the sold property does not come with noteworthy former political links, such has Hamer and Peacock, it was the home of John Mott, whose family founded the Melbourne newspaper chain Leader Associated. Mott bought bought the home shortly after the 1986 sale of his stake in the Herald &amp; Weekly Times.</div>
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<div>The avenue's record price of $13,188,000 was set in 2015 with a purchase by Qiuying Sun with other sale prices also coming with the lucky 8 number. </div>
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<div>There was also a $12.08 million sale when Yi Qian purchased a three level Phillip Mannerheim designed trophy home, with lift-access from its eight car basement. The six bedroom, six bathroom home came with interiors designed by the late Stuart Rattle, within Paul Bangay gardens. </div>
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<div>There was a $8,000,888 sale in 2010, though it was not to a Chinese buyer.</div>
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The $8,188,888 Monomeath Avenue, Canterbury trophy home

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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