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CBRE has launched a new agribusiness division after the recruitment of Shaun Hendy, Tim McKinnon and William Barton.
They will lead the new division as joint directors, supported by three assistant valuers.
CBRE chief Tom Southern said the appointments were a significant development for the firm’s valuations and advisory services business line.
The team will offer national support on forestry, grazing and cropping, viticulture and wineries, dairy, horticulture, food and fibre processing, aquaculture, broad hectare irrigation, water entitlements and mining tenements.
 
 
 
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jchancellor-FAypfDUnLy

CBRE launches agribusiness division

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Last year marked the first time in a decade that there was a synchronised weakness in new housing starts across all eight states and territories.
And its not getting better with new home sales down to their lowest level in 18 years in March 2012, the voice of Australia’s residential building industry, the Housing Industry Association, claimed today.
Its chief economist, Dr Harley Dale, says leading housing indicators are still pointing to ongoing deterioration in already very weak new home building conditions.
"That situation is in turn having a major negative impact on manufacturing and services sectors," he says.
"It is not too late to turn the situation around.”
Click to enlarge
<img src="/images/stories/hiaapril30thumb.gif">
The HIA views any interest rate cuts as providing a helpful tonic to the residential construction industry.
But they aren’t the panacea for turning around weak housing conditions.
The HIA continues to advocate the importance of structural reform to new housing supply, suggesting there are simply too many excessive and inefficient cost obstacles to providing an adequate supply of new dwellings.
"Needless to say Australia's banks need to pass all official rate cuts on in full, as their actions to date on interest rates have damaged economic confidence and activity.
The latest HIA - JELD-WEN new home sales report, based on a survey of Australia’s 100 largest builders, showed a sharp decline of 9.4% in total seasonally adjusted new home sales in March 2012.
Detached house sales dropped by 9.7% while multi-unit sales fell by 6.9%.
Queensland suffered the biggest drop in March, with the number of seasonally adjusted new detached house sales down by 15.3%, and while poorly taken up, the end of the building boost today might not assist any recovery.
Next followed a 12% drop in Western Australia and fall of 9.7% in NSW.
The number of seasonally adjusted new detached house sales fell by 4.6% in Victoria and 4.7% in South Australia.
The figures are an estimate, with the month’s sample size capturing 14% of Australia’s new home building industry.
As I’ve been saying for some time, the lengthening absence of data indicating any housing construction recovery – and accompanying growth in credit – must be weighing on Federal Treasurer Wayne Swan during his May budget preparations. This isn't a blimp due to the introduction of the gst or triggered by the alarm of the gfc.
I suspect the federal government will throw some money at the problem so that it takes effect this year rather than save any announcement until the 2013 election year. The Federal Government will need to work in lockstep with state governments if they are to make any worthwhile advances.
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Further declines in new home sales across Australia must weigh on Treasurer Wayne Swan

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The Kahlbetzer family's company, Twynam Agricultural, which had sold more than half its agricultural portfolio in NSW in recent years, has its sights on Africa. Its new farming project is a venture involving the development of 50,000 hectares for cotton, maize, sorghum, soybean and other crops in Khartoum.
Twynam has registered a new company called Twynam Agriculture Africa and has advertised for a project manager.
Its emerging agricultural interests will centre on the Blue Nile state of Khartoum, in Sudan, Africa, but the group has also signalled expanding its cropping operations in Asia.
Over the past three years, the Kahlbetzer family's company has sold more than $200 million in land in addition to the $303 million in Murray Darling water licences sold to the government. It most recent sale was the 35,600-hectare <a href="https://www.propertyobserver.com.au/rural/kahlbetzer-familys-twynam-group-sells-collymongle-in-northern-nsw/2012012953156" target="_blank">Collymongle at Collarenebri in northern NSW.</a>
It has yet to sell all its intended land holdings on the Murrumbidgee River.
The Australian Financial Review speculated the venture could be incentivised by the receipt of funding from the World Bank, which is seeking to boost global food supplies.
United States President Barack Obama has pledged to invest $US3.5?billion to spur agricultural development around the world, including support for?the World Bank’s global agriculture and food security program.
While Federal Minister for Agriculture Joe Ludwig said the Kahlbetzer family's sale of rural holdings was not an indication of where agriculture in Australia was headed, the high-profile farming Liberal Senator Bill Heffernan told the AFR he was sad to see the retreat of such a great family from agriculture in NSW.
"I am sad [to see the Kahlbetzers withdraw], but I have to say that everyone is entitled to their own destiny," Heffernan says, noting concerns as to the future of NSW cotton production.
NSW Deputy Premier and Nationals leader Andrew Stoner says he is disappointed by the move.
“It is always distressing to hear of?families divesting themselves of agricultural interests,” he says. “It is understandable that the proposal in the draft basin plan to remove from productive use over a short time frame a huge quantity of water – 2,750 gigalitres – would create uncertainty about the future of productive agriculture in the basin.”
It’s not the first time the group has ventured overseas, as it went into Argentina in 1982.The Twynam Agricultural Group was founded in the early 1970s by John Dieter Kahlbetzer and is now mostly run by his two sons, Johnny and Markus.
The Twynam agricultural property portfolios have a wide geographical base expanding over 117,000 hectares in Australia, seeking a sector spread to provide security against adverse weather conditions and commodity market fluctuations.
Its website says it employs around 56 people in operational roles in regional NSW, along with 15 staff at its Sydney head office.
<a href="https://www.agnomad.com/job/21/project-manager-agriculture-sudan-at-twynam-group/" target="_blank">Applications for the project manager job </a> close May 6.
No doubt the new applicant will need to become quickly familiar with the recent threat of Egypt to withdraw from the Nile Basin Initiative (NBI) if the upstream countries are to insist on signing a framework cooperation agreement and the establishment of the new High Commission for Nile Waters without the consent and participation of Egypt and Sudan.
Egypt stressed that in the case of the establishment of this commission, or conclusion of an agreement that does not include the two countries, it would bring to an end <a href="https://sudanow.info/en/en-essays.php?ID=486&amp;show=sc%20projects" target="_blank">the joint dam construction</a> to be implemented within the NBI, according to a report by SudanNow Magazine.
The Nile River is the longest in the world, and the Nile Basin covers 3.36 million square kilometres, making it slightly larger than India.
There are 10 riparian countries — Egypt, Sudan, Ethiopia, Uganda, Tanzania, Kenya, Democratic Republic of the Congo, Rwanda, Burundi, and Eritrea.
Sudan contains 63% of the basin, while Ethiopia has only 12% and Egypt 10%.
 
 
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Kahlbetzer family's Twynam Agricultural out of the NSW Murray-Darling and into the African Nile

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With uneven buyer demand, top-end auction offerings are trailing off in both the Melbourne and Sydney auction markets.
But an Edwardian weatherboard in Mayston Street, Hawthorn, listed through Marshall White and Jellis Craig, was emblematic of strength in the inner-Melbourne family home market. It sold for $1,965,000 after three bidders competed. It had a $1.83 million reserve and was Melbourne’s top sale.
Buyers’ agent Mal James says most Melbourne family homes at this price level have gone well this year.
“And we do have a stock shortage in April.”
He says the price reinforced his perception of the market’s strength and that $1.9 million was the market level for this home as there were three real bidders.
“This surprised me – yes, it's good land size, but I did not expect it to be quite so strong.
“But, again, this is a family home and tighter-than-anticipated stock levels says for the right home the market is far from dead.
“Prices have definitely stabilised from last year's falls for the moment for these types of family homes – absolutely no question about that,” James <a href="https://marketnews.com.au/auction-reviews/19236/29-Mayston-Street-HAWTHORN_EAST/" target="_blank">advised in his auction review</a>.
"The $1 million-plus inner-Melbourne market has little option but to remain solid for the moment, with universal demand for market priced homes and new supply at a trickle in April.
“On top of this, new stock levels appear well down on initial selling agent expectations for May.”
The top sale in Sydney was a two-bedroom home at Northbridge, on the lower north shore, which was offered for the first time in 25 years.
The $2.25 million sale through Ray White Northbridge followed 10 registered bidders, with five competing strongly.
But none of the three offerings over $2 million sold in Melbourne, with no bidders on a $3.7 million-plus Danks Street, Middle Park, offering.
A Nelson Road South Melbourne offering – $2.4 million vendor bid – was among the 45% of Melbourne’s $1 million-plus listings that were passed in.
Brisbane auctioneer Jason Andrew said while buyer registrations continued to rise, the number prepared to act had been falling.
"While the inner ring of Brisbane is performing better than the outer suburbs, the air of optimism that was tangible earlier in the year has recently been lacking. 

“News of an interest rate cut would normally spark enthusiasm in the property market, but despite last week’s speculation around a possible series of cuts on the back of the latest inflation data, we have not seen any change in buyer sentiment at this point,” Andrew said.

“There’s still buyer interest but it’s predominantly coming from the sidelines – most are unprepared to actually get in the ring.”

“Consumers are jaded – they don’t believe the banks are going to pass on any official cut anyway.”

"Buyers in today’s environment are only interested in value,” Andrew advised.

There were 217 auctions listed in Sydney, down on 316 the previous weekend and 352 the year before. In Sydney, the clearance rate was reported as 48.8%, down on 58% on the prior weekend, according to Australian Property Monitors, which is owned by Fairfax Media.
There were several districts faring well.
The Canterbury Bankstown district was strong, with 73% of its 21 listings being sold.
Some 55% of the 50 upper north shore were sold.
And 61% of the 38 in the city and east were sold.
In Sydney’s west was weak at 44%. The south west had 18 results with six finding buyers.
The NSW central coast had 17 results, of which seven found buyers.
The south of Sydney had nine sales from its 26 reported offerings.
The Melbourne residential auction market has been providing very consistent outcomes, with the weekend no different given its 60% clearance rate.
It compares to 59% last weekend.
It represents an improvement on the 56% on the same weekend last year.
The five Melbourne weekends leading up to Easter returned clearance rates in a very tight band between 58% and 61%, which indicates very consistent demand despite the fluctuations on volume and price.
It has dipped to 55% on one weekend since.
There were 520 weekend auctions reported to the Real Estate Institute of Victoria, with 310 selling and 210 being passed in, 130 of those on a vendor’s bid.
Announcements on Tuesday of the state budget and interest rates have the potential to improve consumer confidence, the economy and the property market over the coming months, REIV boss Enzo Raimondo says.
Next weekend the REIV expects around 670 auctions followed by 650 in a fortnight in Melbourne.
APM has 380 and 360 scheduled auction listings over the next two weeks across Sydney.
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Inner-Melbourne $1 million-plus family home market shows strength: Mal James

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The penthouse in the Gold Coast beachfront Jade complex has been finally offloaded by the mortgagee at somewhere between $6.5 million and $7 million, compared with its boomtime ask of $20 million plus.
It was almost a done deal too back in late 2006, with developers the Bezzina Group claiming they'd be setting an record Australian apartment price after a $20 million-plus sale price was agreed for the penthouse.
Developer Mick Bezzina, whose developments stretched over the past two decades far from his Sutherland Shire stamping ground, suggested terms were agreed with an intending overseas buyer.
But the paperwork never got to finalisation, and now six years on it’s been sold following its recent Ray White auction.
The late 2006 touted sale of the three-level unit would have snared the record from the $16.85 million off-the-plan sale in the Juniper development Soul, on the Gold Coast, set in October 2006.
The Soul buyer, said to be a company director in the construction services industry who bought the home just 24 hours after visiting the display centre,<a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/residential/gold-coast-soul-penthouse-on-market-as-it-nears-overdue-completion/2012042354395" target="_blank"> is seeking offers through Ray White, with construction nearing its conclusion</a>.
In Sydney Aussie founder John Symond's Walsh Bay sub-penthouse had held the 2006 record when it sold for $16.1 million in September 2006.
The Walsh Bay apartment has 520 square metres of living space plus a 140-square-metre balcony and two boat berths. The Walsh Bay sale broke the $15 million record set by broadcaster John Laws for an apartment at Woolloomooloo Wharf in 2004.
“People see value at prices now,” the Ray White agent Andrew Bell said, commenting on the Jade penthouse sale last week.
Title Tattle recalls the party that accompanied Bezzina's onsite launch in December 2006 in the then near-completed $96 million complex.
The Bezzina Group paid $17.5 million for the site four years earlier and had Bezzina's in-house architect Vic Lake worked with Brisbane architect Scott Peabody from Planit Architecture on the design of the 15-level, 16-pool complex set on the Northcliffe Terrace, close to Q1.
It comes with a distinctive Ticu Gold blade on its roadside exterior with the photovoltaic cells embedded in the blade envisaged as providing a power source for the common property.
The party went late into the night as Bezzina had truly capitalised on the then bullish Gold Coast market with all but two – priced at $5.9 million – of the 12 apartments reportedly sold pre-completion, with prices reportedly starting from about $5 million plus each.
It had also sold both the ground-floor beach bungalows for about $12 million each.
The world No. 4 ranked golfer Adam Scott was the known only off-the-plan buyer. He paid $4.4 million off the plan in 2004, and during his many attempts to sell over the past few years he has dropped his indicative asking price to below $3 million for the garden apartment.
The only time a price has gone up when Toni Lewis, the widow of Bernard, the Lewis Land Corp founder, spent $5.5 million on her apartment in 2008. The unit fetched $4.7 million off the plan in 2004 when sold by the Bezzina Group.
Late last year Toni Lewis's daughter Marnie picked up a unit at $2.5 million, which was the cheapest sale by the mortgagee, who took control in November 2008 with some six off-the-plan settlements never taking place.
All 16 units now sold and the gross proceeds total about $70 million.
The Jade penthouse sold through Ray White Paradise Waters agents Michael Willems and Robert Graham.
 
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Jade penthouse on the Gold Coast sold by mortgagee for a third of dashed boomtime hopes

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Austria-bound film producer John Weiley and wife Susanne have listed Seven Mile, their 3.5-hectare Broken Head property set in coastal scrub on the outskirts of Byron Bay.
The four-bedroom Neville Quarry-designed house comes with an infinity pool, which overlooks the ocean. Graham Dunn of <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-byron+bay-107372107">Byron Bay Property Sales </a>and Nicolette van Wijngaarden at Unique Estates are selling the property with offers due May 23, having had the property sit on their websites since last year.
<img src="/images/stories/7mile1.jpg">
Half the land is rainforest and the other is pony paddocks. Title Tattle recalls when the filmmaking sea-changer sold his Paddington terrace, Jersey House in 2004 to move into their then new house which comes with a mix of tallowwood walls, brushbox floorboards and rosewood framed sliding glass doors in the main house. There's also a beach shack and studio in its grounds.
With $100 million box office takings, Weiley's first IMAX big screen film, Antarctica, ranks as the second highest grossing Australian production, after Crocodile Dundee.
The couple plan to reside in Austria, Susanne's home country, given plans to possibly buy a chalet and be closer to their children, who are in Europe. Originally from the NSW north coast, Weiley left the region for about 12 years to work for the BBC in London, and bought at Broken Head in 1997 for $770,000 from local solicitor Bob Friend and wife Vera.
Seven Mile was the last house designed by Neville Quarry, who died in 2004.  The Seven Mile Beach Road property is set 33 metres above sea level, close to the 8.49-hectare holding sold by Melbourne's Smorgon family last year for $6.3 million to former WorleyParsons executive Russell Staley. The Staley purchase came with approval for an eight-bedroom, Kerry Hill-designed house on its holding of 460 metres beach frontage. The Staley holding had been previously traded at $5,020,000 in 2005 when sold by actor Paul Hogan and long-time colleagues John Cornell and Allan Johnston, who had paid $265,000 in 1983.
 
 
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Neville Quarry-designed Broken Head listing: Title Tattle

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John Symond, the founder and chairman of Aussie Home Loans, believes the Reserve Bank of Australia should cut rates by 0.5 percentage points tomorrow to stimulate growth in the non-mining sector of the economy.
"With the ANZ Bank lifting its mortgage rates recently and other banks seeking to do the same, no change or a drop of 0.25% will not do any good for the vast majority of Australians and businesses doing it tough," he says.
Symond says that weak home finance and retail figures are indicators that the economy is struggling with accelerating job cuts across Australia creating fear among consumers, who had reacted by "pulling in their horns."
"The Reserve Bank needs to provide stimulus for consumers to spend again, build or invest in property and take a holiday at home instead of capitalising on the high Australian dollars and travelling overseas.
"The Reserve Bank admitted last month that there is scope for a rate change in May as economic growth is slowing and concerns about unemployment are on the rise while recognising finally that we currently have a two-speed economy," he says.
Evidence of the lack of confidence among borrowers had been found in the surge of inquiries to Aussie from consumers doing their own financial or mortgage health checks.
But he told the News Ltd papers that it was vital that Australians become more vigilant and start asking questions about their mortgages, especially if the Reserve Bank doesn't act decisively at the May board meeting.
"Our research shows that more than 50% of our customers achieve up to a 0.75% saving by switching home loans," he says.
"Apathy is a killer for consumers getting a better deal and controlling their expenses, which will come under further pressure when the carbon tax kicks in on July 1," he says.
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 RBA interest rate cut of 0.5% needed: John Symond

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The NSW state government has rejected the request for fast-tracking approval of the 240 hectare Jack Nicklaus Golf Course housing project by Capital Corporation at Rothbury.
The review has also knocked out a request to fast-track 142 hectares at The Vintage owned by Stevens Holdings. They will now progress as a normal development application through local councils.
The two applications were among the 43 submitted earlier this year by landowners after being invited by the state government which indicated worthy projects would bypass councils processes for rezoning if deemed suitable for some of the thousands of new houses needed on Sydney’s fringe and inner metropolitian.
In what was deemed a radical centralised approached to quickly increase home building numbers, the government initiative was based on claims Sydney has been building barely two-thirds of the 25,000 homes needed each year.
The government established a committee, run by the Premier's Department, to assess the nominated sites in January.
The 43 landowner-nominated sites, which identified more than 12,000 hectares of property, mainly on Sydney's fringe, enough land for more than 100,000 homes, has now been cut back to 31 sites. The former Clydeburn Marshalling Yards site covering 14 hectares at Auburn has been dropped from the list, along with Mir Group’s 30-hectare Kellerman Drive estate at St Helen’s Park, which locals claim is home to koalas, swamp wallabies and wallaroos. But Mir’s controversial plans for development of a 164-hectare development in the Blairmount area has made it to round two of a fast-tracked application process.
Assessment is also continuing on all 10 sites nominated in Wollondilly Shire, all four applications in Camden and all two applications in The Hills Shire.
Greens MP David Shoebridge says the government scheme was gifting developers "spot rezoning opportunities and cash windfalls" rather than conducting strategic planning for housing near infrastructure.
The general manager of Wollondilly Shire Council, Les McMahon, said developer proposals covered more than 4,000 hectares for rezoning, with only three sites in the council's new growth strategy.
"Under our growth strategy we would get 10,000 more sites [houses] over 20 years… This proposal increases that by another 26,000 [houses]," McMahon told the local press.
Stephen Albin, chief executive of developer lobby group the Urban Development Institute of Australia, hailed the scheme on its announcement as a stimulus that would fix up the massive supply problems in NSW for the last decade.
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Jack Nicklaus Golf Course among potential NSW developments putted back to councils for approval

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<img src="/images/stories/noll1.jpg">
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">
Singer Shannon Noll and his wife, Rochelle, have sold their five-bedroom Lilli Pilli home (pictured above) for $1.26 million and are selling up their regional home base cottage as they seemingly upgrade homes. The recently sold two-storey, American homestead-style abode in the Sutherland Shire had cost $1,285,000 in 2005 after Noll’s Australian Idol stardom. Noll's first house was bought in late 2002 - before he was catapulted into the charts and onto the Dancing With the Stars dance floor – which cost $150,000 in Condobolin (pictured below).
<img src="/images/stories/noll2.jpg">
It was listed with $230,000 hopes late last year, then $220,000 hopes and is now scheduled for May 12 auction through Ray White Parkes agent Kim Noll. The Lilli Pilli house had been listed through Greg Gilbert Real Estate and Abode Carringbah.
{yoogallery src=[images/stories/jan17nicole]}
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">The Cronin Island, Gold Coast property (pictured above) of Nicole Perrin, wife of former Billabong surfwear entrepreneur Matthew Perrin, has been settled, with the sold price being $6.1 million. It had been passed in at $5.9 million at its January auction through Michael Willems of Ray White Surfers Paradise, but was briefly valued for borrowing purchases for Matthew at $15 million in 2008. It’s the three-level Southern Cross Drive house, the subject of a court battle between Perrin and the <a target="_blank" href="https://www.propertyobserver.com.au/residential/nicole-perrin-joyous-but-stacey-mcivor-distraught-in-cronin-island-home-dramas/2011092051617">Commonwealth Bank, which unsuccessfully sought to seize it </a>in a bid to recover a $13.5 million debt owed by Matthew after he filed for bankruptcy in 2009. The contemporary mansion with seven bedrooms and eight bathrooms straddles a double block. There’s also a 10-car garage. It’s been bought by Terry Gavan.
<img src="/images/stories/brougham.jpg"> 
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Brougham House (pictured above), one of the original Woollahra estate, has been listed for sale. It sits in north-facing gardens with open level lawn and a mature Norfolk Island and Hoop pine trees. The Nelson Street holding is listed through Ray White Elliott Placks. Built in the early 186's, added to in 1870 and again in the 1900s, the house was occupied by Judge James Dowling of the District Court, up to the early 1900s and then by solicitor Frederick King up to the early 1930s. It was purchased by the NSW government, and used until 1992 under the control of the Department of Youth. The 1,309-square-metre landholding has been listed by Jewish Care with $4.5 million-plus hopes. Placks will donate his commission fee to charity.
<img src="/images/stories/avondale.jpg">
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Avondale (pictured above), the striking Wharf Road, Gladesville residence, has been listed for May 17 Savills auction. It's a landmark estate on a 2,141-square-metre waterfront grounds block. The house dates back to 1888, with renovations undertaken in 1993 and 2009. It’s an ornate Victorian residence built by solicitor Edwin Sandys Lumsdaine, the husband of Banjo Paterson's sister, Rose Florence Paterson. A son of Reverend William Lumsdaine, he was also a religious, having a small chapel built within the house, which is now used as a study. The grounds have the original stables, which have been converted to a self-contained guest house overlooking a 16-metre swimming pool. There's also an 1830s sandstone cottage, Rockend, which was the home of Banjo Paterson's grandmother and as a young man, the iconic bush poet lived there with her.
With ornate original details throughout, the two-storey residence has elegant formal sitting and dining rooms, five bedrooms, three bathrooms and a modern marble kitchen. More than $4.8 million is being sought by the Savills listing agents Adam Ross and Shayne Harris.
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">The Honan family has finally sold its redundant hillside Palm Beach retreat, Lethington, through LJ Hooker Palm Beach agents David Edwards and Peter Robinson. It's a four-bedroom, 1922 sandstone residence set on a 1,256-square-metre block with a somewhat neglected mini-tennis court. The ridge-line Palm Beach Road house dates back to Sir Herbert Lethington Maitland, an eminent Sydney surgeon, who bought the property in 1922. He demolished the existing house and built the present one with sandstone quarried from the site. The house was named Lethington but locals still refer to it as the Maitland House. The listing in April last year followed the Honans' late 2010 purchase of Lango, the three-level 1960s house set on 1,433 square metres above the rock pool at Palm Beach. It was sold to the Honans for $10.05 million by the Cross family, who'd paid $750,000 in 1969. The family patriarch, Dick Honan, chairman of the ethanol-producing Manildra Group, have always hovered around trophy property, as Title Tattle recalls an auction in 1994 when the family unsuccessfully sought to buy on the beach when Melaleuka, the Pratten family's bungalow, was sold for $3.1 million to the Chisholm family. Title Tattle would be surprised if the family didn't give due considerations to have bought Kalua.
{yoogallery src=[images/stories/september16kalula]}
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">But of course it was retired car dealer Laurie Sutton who bought Kalua (pictured above), the Joye family’s plantation-style Palm Beach trophy home. It sold at a record price for the suburb, with Sutton and his wife, Di, likely to have paid a tad short of its ambitious $25 million expectations set when Kalua was listed last September, perhaps closer to $23 million or so. It’s the second highest price ever paid for a beachfront holiday home in Australia, the highest being the $26 million Ilyuka estate at Portsea in late 2010. Kalua is the 1920s Ocean Road holiday home best known as having been the prestige Christmas holiday rental for international luminaries including Nicole Kidman, John Cleese and James Murdoch, although it didn’t get a mention in the mid-week Leveson Inquiry. Sutton and his wife will be the 1920s beach bungalow’s third owner. It was last sold by the Horden retailing family to the more entrepreneurial Joye family, the current vendors, for $330,000 in 1978. It was listed by Ken Jacobs and Darren Curtis at Christies International in conjunction with LJ Hooker Palm Beach agents David Edwards and Peter Robinson, who are under instructions not to speak with the media about any detail of the sale. There’s no confirmation whether Sutton took up the offer of taking 60% vendor financing.
{yoogallery src=[images/stories/april20stkroad]}
<img src="/images/stories/flagtitletat.jpg" style="float: left; margin: 5px;">Kia Pajouhesh, the Melbourne dentist who established Smile Solutions, has bought the 39th whole-floor Royal Domain Tower sub-penthouse. With 557 square metres of space, it’s been sold by Joanne Cookes, the wife of former Venture Stores Group owner Colin Cookes.
More than $8 million is the reputed selling price of the St Kilda Road apartment through Kay &amp; Burton agent Andrew Baines. It has views across the Shrine, city, Botanic Gardens and the bay. It comes with three bedrooms and a study plus a separate self-contained, one-bedroom apartment along with parking for eight cars. It was reportedly listed at $15 million last October, when it became the first sub-penthouse to come up for four years. It was bought by the Cookes family in 2007 from Ross and Jennifer Palazzesi for $5.35 million. The Cookes had sold their Toorak mansion to Solomon Lew's daughter, Jacqueline, for about $8.6 million.
The Cookes family had an involvement in the retailing industry for more than nine decades. The 42-level apartment block is substantially higher than most other residential projects on St Kilda Road, which are restricted to about 15 levels.
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Shannon Noll sells in Lilli Pilli and lists Condobolin cottage: Title Tattle

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The former property development funding entity Bridgecorp director Rod Petricevic has been jailed for six and a half years in New Zealand.
Petricevic was convicted on 18 Crimes, Companies and Securities Act charges of including misleading statements in an investment prospectus, with the former charges carrying a maximum sentence of 10 years’ imprisonment.
Justice GeoffreyVenning said Petricevic had known statements that the company had never missed principal or interest payments were wrong. He said more than $NZ91 million ($71 million) of reinvested funds and $NZ28 million of new money was invested after misleading statements were published.
In 2007 it emerged that $18 million was owed by former Test cricketer Craig McDermott to the failed property development funding entity. It was due to be repaid two years earlier, but this deadline was extended.
Venning said he did not believe Petricevic showed true remorse for his actions in the collapse of Bridgecorp.
Some 14,500 investors lost $490 million in 2007.
"You have said you are remorseful but also maintain your innocence,” Venning said.
"You may be sorry investors lost their money but that is not true remorse – you apparently still consider you did nothing wrong.”
Crown prosecutor Brian Dickey had previously said Petricevic had not shown the kind of remorse that the court could consider as a mitigating factor.
Venning said Petricevic's feeling was nearer regret for the loss of money than remorse.
Dickey also said testimony towards Petricevic's good character, mainly from family and close friends, was "unremarkable".
Petricevic and fellow former directors, Rob Roest and Peter Steigrad were convicted in the High Court earlier this month on Crimes and Securities Act charges of misleading investors. Roest and Steigrad will be sentenced on May 18.
 
 
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Former Bridgecorp director Rod Petricevic jailed over misleading investment prospectus

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

Joel Robinson

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

An 1880s timber cottage that has survived Kangaroo Point's transformation from riverside suburb to high-density apartment precinct is set to become the centrepiece of <a href="https://www.apartments.com.au/developers/zephyr">Zephyr Group</a>'s proposed Banksia development.

Rather than see the locally heritage-listed Alpha Cottage as an obstacle to navigate, plans integrate the landmark home into a new 18-storey residential tower, giving one of the suburb's oldest surviving residences a new role as the project's communal hub.

The development application covers a 1,177 sqm amalgamated site at 127-133 Lambert Street and 30 Shafston Avenue, where Zephyr Group plans to deliver 64 apartments above three basement levels. Designed by <a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>, the proposal carefully weaves the retained heritage cottage into a contemporary residential scheme, with the tower elevated above the historic building to preserve its presence within the Lambert Street streetscape.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="f9dc5bdb-d691-4c60-bf2b-c3ed405a3e75" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Banksia.png?VersionId=Jh4bjlewU.o8HXWt0V4KaFA_lPcF7KWM" />

Named after the native Australian Banksia flower, the project draws inspiration from its distinctive form through curved balconies, sculpted planter boxes and cascading subtropical landscaping that soften the building's profile.

As the design report explains: "The tower's identity is defined by its feature facade, drawing direct inspiration from the Banksia wildflower. The building departs from traditional rigidity through the use of elegant, GRC-moulded planter boxes that appear as if shaped by the breeze."

Plans propose 64 apartments, comprising 32 two-bedroom and 32 three-bedroom residences, across an 18-storey tower. Residents would have access to rooftop amenities including a swimming pool, spa, gym, sauna, private cinema, dining spaces and landscaped recreation areas, while more than half the site is dedicated to planting and open space.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="16041b5f-033e-47fa-8fbe-9886e072c1f2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pool.png?VersionId=kpx5w4EbLx0_TdWfDoD1vrSs0_cZ5Ao1" />

The heritage component is the defining feature of the proposal. Constructed in the early 1880s and occupied from at least 1883, Alpha Cottage is recognised by Brisbane City Council as an important surviving example of Kangaroo Point's nineteenth-century residential development and as a representative transverse-gable timber cottage. Despite extensive redevelopment across the peninsula, the building has retained a high degree of its original form and internal fabric.

As part of the redevelopment, the cottage will be carefully relocated a short distance within its original allotment to facilitate construction before being returned to a prominent position along Lambert Street. Original verandah elements will be dismantled, catalogued and reinstated, while significant internal features, including timber flooring, wall linings, joinery, doors, windows and hardware, will be retained. Later additions, including the enclosed rear verandah, will be removed to better reveal the building's original form.

Once restored, Alpha Cottage will accommodate the building manager's office, mail room and parcel facilities, providing an active everyday use that supports its long-term conservation rather than preserving it as a static display. The heritage strategy also maintains landscaped space around the building, allowing it to remain visually distinct beneath the new tower.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="43b027e1-576e-4624-a66c-7cc54ea8b7be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/banksia%20tower.png?VersionId=2W6E2yfkj2AQlWlLeV986grA5zB9f817" />

The Heritage Impact Assessment concludes that "the proposal secures the ongoing occupation, maintenance and conservation of Alpha Cottage," finding the development would result in "no more than a minor impact on the cultural heritage significance" of the building while ensuring its long-term future.

Joe Adsett Architects have designed the tower to sit above the heritage building rather than overwhelm it, creating a clear visual separation between old and new. The development's flowing balconies, integrated planting and organic façade respond to Brisbane's subtropical climate while complementing the restored cottage below.

Banksia occupies a prominent corner in Kangaroo Point within walking distance of the Kangaroo Point Bridge, Brisbane River, ferry services, QUT, the CBD and the Woolloongabba precinct. The site also benefits from direct access to active transport infrastructure and sits within an area earmarked for continued higher-density residential growth.

Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

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Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

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The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

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For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

[smartcode_project:default project_id=149637 project_image_fid=351024]

As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

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Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

[smartcode_project:default project_id=13962 project_image_fid=362240] 
&nbsp; 
<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

[smartcode_project:default project_id=13962 project_image_fid=362566] 
&nbsp; 
"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

[smartcode_project:default project_id=13962 project_image_fid=362564] 
&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

[smartcode_project:default project_id=13962 project_image_fid=291195] 
&nbsp; 
Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

[smartcode_project_cta:default project_id=13962]

Jonathan Chancellor

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