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<p>The judge in the ongoing Mossgreen court hearings has made an order that the BDO administrators are justified in not returning the auction goods before the Full Court rules on the appeal of an earlier judgement on the fate of the valuable art and antiques currently caught up in the collapse of the auction house.</p>
<p>"I will make an order to that effect," Justice Perram said yesterday.</p>
<p>But the issue of the ongoing storage costs at the Armadale (pictured) and Clayton premises has become the centre of an unravelling legal embroglio.</p>
<p>His honour noted the issue was one of "spot fires' that had arisen during the voluntary administration.</p>
<p>BDO's James White had urgently sought by way of interlocutory application a series of directions to protect the besieged accountancy firm in terms of storage rental and insurance costs going forward.</p>
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<p id="00840AD6375ad571bd02a51" class="00840AD6 ParaNumbering">"The effect of my decision is that the administrators, to the extent that they have been conducting the process of looking after and attempting to return by means of orderly stocktake the consigned goods to the consignors, have acted outside the functions which are conferred on an administrator and, accordingly, they are not entitled to indemnity or remuneration in respect of that," Federal Court judge Nye Perram noted yesterday.</p>
<p class="00840AD6 ParaNumbering">"The consequence of that conclusion, so far as rent which has been paid in the past is concerned, is that the rent is the administrators’ cost," he noted.</p>
<p class="00840AD6 ParaNumbering">BDO are appealing an earlier judgement that ruled the fee-seeking administrators were "intermeddling" in other people's goods in circumstances "where they had not been invited to do so, were not performing their statuatory functions and had not been appointed receivers" when BDO sought to require the consignors to pay a levy for the return of their goods.</p>
<p class="00840AD6 ParaNumbering">There was a stocktake that cost more than $1 million which Federal Court judge Nye Perram noted could have been court approved if permission had been sought by BDO prior to its undertaking.</p>
<p id="00840AD6385ad571bd02b4e" class="00840AD6 ParaNumbering">"If the Full Court reverses my decision, then the administrators will be entitled to recover that rental and insurance cost by means of the equitable lien which will, by that time, have been reinstated," Federal Court judge Nye Perram noted.</p>
<p class="00840AD6 ParaNumbering">"If they are unsuccessful in the appeal to the Full Court, then they will have no equitable lien and they will have no entitlement to be reimbursed in respect of the rent.</p>
<p class="00840AD6 ParaNumbering">"The difficulty with the proposed interlocutory orders which are being sought is that, although couched, as Mr Foreman of counsel put it, as if it were an interim stay, they are not actually interim in effect.</p>
<p class="00840AD6 ParaNumbering">"If I now make an order, as is sought, that the administrators are justified in causing the company to retain and to continue to pay the rent, then, even if the Full Court upholds my decision, at least for the period covered by that direction, the administrators will have been acting within their statutory remit.</p>
<p class="00840AD6 ParaNumbering">"This is because I will have so held this afternoon, even though, on this hypothesis, I will have held in a final order that the administrators are not entitled and the Full Court will have upheld that.</p>
<p id="00840AD6395ad571bd02cb7" class="00840AD6 ParaNumbering">"That is not a situation which seems to me to be possible.</p>
<p class="00840AD6 ParaNumbering">"I doubt whether I have the power to make the orders which are sought in relation to trying to put the administrators in a position where they can pay the rent and be sure that it has got to their account. </p>
<p class="00840AD6 ParaNumbering">"Even if I do have the power, I would not, as a matter of discretion, exercise it for the reasons which I have given.</p>
<p class="00840AD6 ParaNumbering">"I therefore refuse that aspect of the interlocutory application.</p>
<p class="00840AD6 ParaNumbering">"On the other hand, the administrators are also concerned that, if consignors begin turning up at the premises in the next day or so before the Full Court appeal and demand their goods and the goods are returned to them, and if thereafter the administrators are successful in their Full Court appeal, they will have lost their lien because the goods will have been gone.</p>
<p id="00840AD6405ad571bd02db3" class="00840AD6 ParaNumbering">"This seems to me to be an unanswerable submission.</p>
<p class="00840AD6 ParaNumbering">"I therefore accede to the suggestion that I should make an order that the administrators in substance would be justified in not returning the goods before the disposition of the Full Court appeal and I will make an order to that effect."</p>
<p class="00840AD6 ParaNumbering">The auction house held a large quantity of goods belonging to other people, consisting of:</p>
<p class="00840AD6 ParaNumbering">(a)  goods delivered to it to be auctioned but which had not yet been auctioned at the time the administrators were appointed;</p>
<p class="00840AD6 ParaNumbering">(b)  goods delivered for auction but which had failed to sell and which were awaiting collection by their owners; and</p>
<p class="00840AD6 ParaNumbering">(c)  goods which, although successfully sold at auction, had not yet been collected by the successful bidder.</p>
<p class="00840AD6 ParaNumbering">The judge noted a number of persons whose goods were successfully sold at auction by Mossgreen now claim that the money received by it from their respective purchasers is held on trust for them and is not, therefore, available for general creditors.</p>
<p class="00840AD6 ParaNumbering">The three-cornered contest between the administrators, the trust-asserting consignors and the secured creditor is to be determined by the court later this year.</p>
<p class="00840AD6 ParaNumbering">The judge noted the administrators have in the meantime two alternate interests in recovering the cost of the stocktake and related expenses from the consignors.</p>
<p class="00840AD6 ParaNumbering">"On the one hand, if the secured creditor’s claim for $6 million and the trust claims are unsuccessful then the administrators will be entitled to recover the stocktake expense under their indemnity out of the company’s assets conferred by s 443D of the Act.</p>
<p class="00840AD6 ParaNumbering">"However, this will significantly dilute the return to unsecured creditors as Mr White acknowledged.</p>
<p class="00840AD6 ParaNumbering">"On the other hand, if the secured creditor is successful in asserting his security (or the trust claims succeed), then the administrators will bear the costs themselves since there will be no company property available from which their indemnity may be acquitted.</p>
<p class="00840AD6 ParaNumbering">"In either case, the administrators have a motive to seek to have the consignors meet the cost of the stocktake."</p>
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Stored Mossgreen art and antique rental and insurance liability issue flares

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<p class="wp-caption-text">A tent style home as 290 Tucks Road, Shoreham has been sold after a private auction following its listing with $2.3 million to $2.5 million price guidance.</p>
<p>The iron-sheeted Mornington Peninsula weekender was designed for clients by Adrian Bonomi. </p>
<p><img class="size-full wp-image-310929" src="https://www.realestate.com.au/blog/images/1600x1600-fit,progressive/2018/04/18060901/capi_cb3c8a064484298d23cf8d8a9dd8b9e4_6de8f9ae4deea1133e36cab62bd057a1.jpeg" alt="290 Tucks Road Shoreham, for Herald Sun realestate" data-capiid="6de8f9ae4deea1133e36cab62bd057a1"></p>
<p><em>Tucks Ridge House</em> at <a href="https://www.realestate.com.au/sold/property-house-vic-shoreham-128006238" target="_blank" rel="nofollow">290 Tucks Road</a>, has a three-bedroom, two-bathroom house on a 2.9 hectare holding that last sold for $870,000 in 2015.</p>
<p>Its peninsula architect Adrian Bonomi endeavoured to “mimic the rolling hills the property overlooks” and “not interrupt the landscape”.</p>
<p><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/2018/4/18/tucks3.jpg" alt=""></p>
<p>Being almost self-sufficient with 28 solar panels, the architect wrote an idea that shaped the design to create a building was “visually no more complex than a tent, yet this simplicity allows the relationship between architecture and landscape to become profound”. </p>
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<p class="wp-caption-text">Bonomi wrote the roof that firmly meets the ground, "also leaps towards the sky.”</p>
<p class="wp-caption-text"><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/2018/4/18/tucks4.jpg" alt=""></p>
<p class="wp-caption-text"><span>An indigenous flora restoration project conducted by Wetland Wildlife Creations further honours the land that features a landscaped fire-pit entertaining area.</span></p>
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<div class="celtra-advertisement-message">His study of Australian rural architectural history informed the design, “leading to a richer analysis of the Australian shed vernacular … and the bark shelter vernacular of our Aboriginal people”, Mr Bonomi wrote on his website.</div>
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<div class="celtra-advertisement-message">The Herald Sun wrote it sold just a week after being listed by Kay &amp; Burton Flinders agent Prue McLaughlin.</div>
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Adrian Bonomi's Mornington Peninsula-designed tent home sells at $2.5 million plus

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<p>Archerfield Farm, the Hawkesbury River enterprise of entrepreneur CM Murphy, renowned for taking INXS from a Sydney pub band to the international stage, has an official $5 million asking price.</p>
<p>The marketing is now being conducted by the family.</p>
<p>Murphy bought the <a href="https://www.realestate.com.au/property-other-nsw-richmond+lowlands-7950970" target="_blank">Richmond Lowlands farm</a>, which dates to the 1820s, about 13 years ago. It is currently set up under Murphy's guidance as a polo horse breeding venture.</p>
<p><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/2017/11/27/Arch2.jpg"></p>
<p>He recently acquired Joe Curran's broodmares including the stallion, Hermitage, adding to Chris’s branded bloodlines.</p>
<p>Some of Murphy's current crop are playing under Australia’s best polo players.</p>
<p>Set over 16 hectares, the Edwards Road property comes with a charming four-bedroom, 1930s three-bedroom home with wraparound balcony.</p>
<p>There’s also a four-bedroom Queenslander, plus horse barn with six stables and 12 fenced horse paddocks.</p>
<p><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/2017/11/27/Arch3.jpg"></p>
<p>The grounds, with a 9 metre saltwater pool and cabana, come with a citrus orchard, fruit trees and an established rose garden.</p>
<p>Murphy, who grew up in Shellhabour, ran his late father’s theatrical booking agency with his mother in Wollongong before shifting his focus to rock music acts which included AC/DC, Marcia Hines, Cold Chisel, Skyhooks, Old 55 and The Angels.</p>
<p>Murphy, who first managed INXS from 1979 to 1995 and then returned in 2009, will retain his Ballina stud holding, Sugar Beach Station.</p>
<p><em>This article first appeared in </em>The Weekend Australian. </p>
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INXS band manager slaps asking price on Archerfield Farm

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<p>BDO, the besieged administrators for Mossgreen, are to appeal their recent Federal Court defeat, further delaying the return of art to clients of the collapsed auction house.</p>
<p>The accountancy firm lost their expensive court case last week seeking to charge clients for the return of their goods.</p>
<p>Weekly holding costs are ticking over at $44,000.</p>
<p>Clients, already furious at BDO's attempts to charge a $353 per lot to have their own property returned, are in the dark as to just when they will be able to collect their unsold or purchased lots.</p>
<p>But BDO claims to have incurred about $1,150,000 (including GST) of costs including the stocktaking and storing of auction lots. </p>
<p>BDO’s application argued a complete stocktake of vendor lots was required by the specialist firm, Tiger Asset Group.</p>
<p>"I am concerned about the risk the administrators will be personally liable for these costs and expenses," James advised the court in a hasty affidavit lodged after the recent court loss.</p>
<p>The court judgement savaged the accountancy firm when Federal Court judge Nye Perram ruled the fee-seeking administrators were "intermeddling" in other people's goods in circumstances "where they had not been invited to do so, were not performing their statuatory functions and had not been appointed receivers."</p>
<p>"Accordingly, they are not justified in requiring the consignors to pay a levy for the return of their goods," he ruled.</p>
<p>As part of the hearing, BDO Australia has asked the Federal Court to rule that all its court costs be paid out of Mossgreen's limited estate which, if agreed, will reduce the available funds for even secured creditors.</p>
<p>There has also been no ruling on allocating costs of the stocktaking.</p>
<div>
<p>BDO administrator James White had previously said the amount of the levy was "not negotiable".</p>
<p>"It is still a nightmare," the art collecting accountant Tom Lowenstein told Ross Greenwood's 2GB last week.</p>
<p>He said it was devastating for some of his art world clients yet to get their own property back.</p>
<p>BDO had not responded to a request for public comments, Ross Greenwood told his listeners. </p>
<p>There has still not been a second creditors meeting yet held, which is another source of bewilderment by the many auction house vendors.</p>
<p>"There's been deafening silence as to when the second creditors meeting will be held," one aggrieved collector noted.</p>
<p>It has been mooted BDO could potentially face a motion to be replaced at the meeting.</p>
<p>Toorak businessman Jack Gringlas​ remains the biggest secured creditor, being owed $6 million. </p>
<p>The administration came December 21 with the initially identified 330 creditors told no law required trust accounts for the auction proceeds.</p>
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<p>The names of the creditors are a who's who from across Australia, ranging from passionate collectors, socialites, low key business tycoons to deceased estates.</p>
<p>The appointment of administrators has revealed that Mossgreen was insolvent to a significant extent.</p>
<p>One of its administrators, James White, gave evidence that as at March his investigations had revealed that it had $2.8 million of assets and $14.8 million of creditors including the secured creditor to the value of $6 million.</p>
<p>There is also the additional issue where a number of persons whose goods were successfully sold at auction by Mossgreen now claim that the money received by it from their respective purchasers is held on trust for them and is not, therefore, available for general creditors.</p>
<p>The three-cornered contest between the administrators, the trust-asserting consignors and the secured creditor is to be determined later this year.</p>
<p>Justice Perram noted if the outcome of that contest is that the secured creditor is entitled to rely upon his security, the return to general creditors will be nil.</p>
<p>Justice Perram noted "even if it is not, the return to them will be no more than 18.9 cents in the dollar (i.e. $2.8 million divided by $14.8 million) and even that is on the assumption that the trust claims fail.</p>
<p>Some of the present difficulty arises because Mossgreen did not conduct its inventory control systems competently despite the holding of other people’s goods being a central part of its business.</p>
<p>When the administrators were appointed there was uncertainty as to the status of some of the stock which was on hand, although Paul Sumner offered to work for free to assist the process.</p>
<p>The inventory system suggested that there were as many as 34,000 lots being held, but the limited staff (who were kept on for this purpose) thought there were between 8,000 and 12,000 lots.</p>
<p>"The Administrators have carefully considered Justice Perram’s judgment, as well as the options available to the Administrators to achieve an orderly resolution of the Company’s affairs," creditors were told today.</p>
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<p>"The Administrators have decided to appeal Justice Perram’s decision to the Full Federal Court," White advised.</p>
<p>A notice of appeal was filed by the adminstrators on 12 April 2018, with accompanying submissions regarding the urgency of the appeal.</p>
<p>The Federal Court has confirmed that the appeal is due to be heard on an urgent basis on Tuesday, 17 April 2018 not before 12.00pm before a bench of three Judges.</p>
<p>The Administrators applied separately for orders preserving the status quo pending the urgent appeal.</p>
<p>At a case management hearing held on 13 April 2018, the Federal Court made the order that the administrators are justified in causing the company to retain possession of the consignor property until the determination of the notice of appeal.</p>
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Meddling BDO to appeal Federal Court Mossgreen loss

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<p style="text-align: left;" align="center"><span style="text-align: left;">The Better Homes and Gardens Real Estate brand is set to enter the Australian real estate market after a master franchise agreement was completed between the Realogy Holdings Corporation and CT Investment Holdings Pty Ltd.</span></p>
<p style="text-align: left;" align="center"><span style="text-align: left;">CT Investment Holdings chairman and owner is Charles Tarbey, who is also the chairman and owner of Century 21 Australasia.</span></p>
<p style="text-align: left;" align="center"><span style="text-align: left;">It operates in around 40 states across the USA.</span></p>
<p class="x_MsoNoSpacing">It is not the first time the publishing/real estate linkage has been tried in Australia as Belle magazine teamed up with a property syndicate to launch the Belle property group, which has had erratic progress following its 2000 launch headed by former politician John Hewson, estate agent Chris Meehan and Peter Hocking.</p>
<p>Supported by<span class="Apple-converted-space"> </span><em>Better Homes and Gardens<span class="Apple-converted-space"> </span></em>magazine, the company will provide lifestyle, styling, renovating and gardening content, as well as traditional real estate sales and leasing services.</p>
<p>The Better Homes and Gardens magazine’s multi-media lifestyle brand print edition is read by nearly 40 million people per month in the US and Australia.</p>
<p class="x_MsoNormal">In Australia,<span class="Apple-converted-space"> </span><em>Better Homes and Gardens</em><span class="Apple-converted-space"> </span>magazine boasts a cross-platform reach of more than 3.5 million people across print, digital and social, with<span class="Apple-converted-space"> </span><em>Better Homes and Gardens </em>being the most read magazine in Australia. <span class="Apple-converted-space"> </span></p>
<p class="x_MsoNormal">Sherry Chris, the global President and CEO of Better Homes and Gardens Real Estate, said the announcement marks a "momentous point in Better Homes and Gardens Real Estate’s strategic growth story."</p>
<p class="x_MsoNormal">“Better Homes and Gardens’ lifestyle magazine brand has an unparalleled scope and reputation in Australia, as it does in the United States.  These benefits pave a path of competitive advantage for the Better Homes and Gardens Real Estate brand as it launches in Australia and New Zealand, and there is no better person to oversee the brand’s strategic growth and development than Charles, a seasoned and respected leader in the real estate market.”</p>
<p class="x_MsoNormal">There has been strong interest in the Better Homes and Gardens Real Estate opportunity in Australia and New Zealand.</p>
<p class="x_MsoNormal">Tarbey said that the Better Homes and Gardens Real Estate brand will have a very different offering than other real estate brands throughout Australia and New Zealand and likely appeal to a very unique demographic.</p>
<p class="x_MsoNormal">“The franchisees affiliated with the new business will not only offer traditional real estate services but also what I would describe as a ‘complete lifestyle experience’, that leverages lifestyle content that complements and relates to<span class="Apple-converted-space"> </span><em>Better Homes and Gardens</em><span class="Apple-converted-space"> </span>magazine.</p>
<p class="x_MsoNormal">“Whether it is helping people prepare a home for sale or assisting them in their search for a new home, the Better Homes and Gardens Real Estate brand will enter Australia and New Zealand markets with an exclusive offering.</p>
<p class="x_MsoNormal">"This offering, combined with the power of the media brand and the experienced real estate practitioners we expect to attract, gives us a high degree of confidence that the Better Homes and Gardens Real Estate brand will succeed in real estate like it has in so many other domains,” said Charles Tarbey.</p>
<p class="x_MsoNormal">The Editor in Chief of<span class="Apple-converted-space"> </span><em>Better Homes and Gardens</em><span class="Apple-converted-space"> </span>magazine in Australia, Julia Zaetta, welcomed the news.</p>
<p class="x_MsoNormal">“We are very excited to have the Better Homes and Gardens Real Estate brand in Australia. Better Homes and Gardens’ magazine media brand is a large, much loved and highly trusted multi-platform offering and it is great news that the real estate brand is expanding.</p>
<p class="x_MsoNormal">“We are thrilled our wide audience will now be able to enjoy real estate services as they undertake some of the most important activities of their lives: buying, selling and renting their home.”<span class="Apple-converted-space"> </span></p>
<p>Julia Zaetta paid $1.45 million for her Neutral Bay unit in 2016.</p>
<p>The growing Better Homes and Gardens Real Estate network includes more than 11,500 affiliated sales associates and hundreds of offices serving home buyers and sellers across the United States and Canada, Jamaica and the Bahamas.</p>
<p class="x_MsoNormal">It is expected that the first Better Homes and Gardens Real Estate offices will open their doors in Australia towards the end of 2018 and in New Zealand in 2020.</p>
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New belle of the property ball...Better Homes and Gardens brand comes to real estate in Australia

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<p>Despite a chronic shortage of affordable housing, Australian governments have been slow to experiment or support affordable housing provisions through the planning and development process.</p>
<p>It will be interesting to see whether next month's Federal Budget from Scott Morrison advances the complex issue, and then whether further initiatives come from the State Budget.</p>
<p>To date NSW's mostly voluntary planning incentives have failed to deliver worthwhile numbers of affordable homes.</p>
<p>A recent study calculated the main affordable housing scheme had yielded only 2,000 affordable Sydney rental dwellings since 2009.</p>
<p>This is the equivalent to about one per cent of the city’s total supply.</p>
<div>The scheme typically offers a density bonus to NSW developers with increased floorspace to build in return for affordable rental housing that must be rented to eligible households at 20 percent market discount for 10 years.</div>
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<div>Some 19 of proposals were by private sector developers, while six were by Community Housing Providers (CHPs) or not-for-profit organisations.</div>
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<div>The policy lead in this important area has been South Australia where around 17 per cent of total dwelling approvals within major new residential development areas have been dedicated affordable homes. </div>
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<p>The NSW approach has focused on affordable rental housing, while most dwellings secured through the South Australian model are offered for sale to eligible moderate income earners. </p>
<p>We clearly need better policy to improve the outcome.</p>
<p>When compared to international practice, even the South Australian schemes is modest, according to a recent study by the Australian Housing and Urban Research Institute.</p>
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<p>In England and Scotland, the general expectation is for 20 percent to 40 per cent of new housing developments to be affordable housing. </p>
<p>Australia’s first pilot schemes emerged in the mid-1990s through the Federal Government’s Building Better Cities program which funded projects in Pyrmont and Ultimo.</p>
<p>The approach was extended to the major urban renewal precinct surrounding Green Square.</p>
<p>However, the NSW Government has been reluctant to allow local councils to impose mandatory requirements for affordable housing through the planning process.</p>
<p>At the Federal level, the primary focus has been seeking to address affordability through increasing overall land supply.</p>
<p>Indeed the the Council of Australian Governments (COAG) working party on housing supply and affordability expressed the view in 2012 that affordable inclusionary zoning would be counter-productive to overall supply efforts.</p>
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<p>Since affordable housing requirements reduce the value of undeveloped land, incentives to developers will be needed should significant affordable housing outcomes are to be delivered.</p>
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<p><span>It is also important governments, r</span><span>ather than seeking the highest and best use land </span><span>value in sales of government land, adopt a new approach with the price reflecting the housing needs that the development seeks to address</span><span>.</span></p>
<p>Given that affordable housing is a 30-year plus investment, it requires our governments that think shorter to embrace vision.</p>
<p>This article was first published in the Daily Telegraph.</p>
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Affordable housing scheme not yielding results

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<div>Melbourne was the only capital city to see an increase in the number of homes taken to weekend auction, as weakening clearance rates, along with school holidays, impact on April auction activity.</div>
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<div>Melbourne had a subdued 64 per cent success rate across 874 auctions, down from 68 per cent across 723 auctions last weekend. </div>
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<div>Melbourne's top sale was a renovation opportunity in Fitzroy North.</div>
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<div>The <a id="LPlnk524450" href="https://www.realestate.com.au/property-house-vic-fitzroy+north-127790186" target="_blank">25 McKean Street double fronted brick Victorian era offering</a> (top) fetched $3.84 million, contested by four bidders in the rain.</div>
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<div>Last sold around six decades ago, the home with a classic façade featured soaring ceilings, original cornices, architraves, rosettes and open fireplaces.</div>
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<div>Boasting three street frontages, with access also from Jamieson Street and Alfred Crescent, the home sits on a 600 sq m block.</div>
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<div>Domain advised the vendors inherited the home in the Edinburgh Gardens precinct after their elderly aunt passed away last year.  </div>
<div> </div>
<div>The weekend sale price was $220,000 above reserve with Jobe Watson, the former Essendon captain turned buyer’s advocate, the underbidder for his unsuccessful clients.</div>
<div>
<p>The four bedroom, one bathroom house which had $3.1 million to $3.4 million price guidance was instead sold to a young couple with a baby from Carlton North. </p>
</div>
<div>The former Essendon star secured his first buy for a client last month in his new role as a Melbourne real estate buyer’s agent.</div>
<div>
<p>It was when the Infolio Property Advisors director nabbed a two-bedroom Kensington house for interstate clients at $1.03 million.</p>
<p>Watson, whose passion for property saw him initially a client of Infolio, then did some work experience for the group.</p>
<p>He purchased equity in the company in 2016 and began as a buyer’s advocate after his 220-game AFL career came to an end last season.</p>
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<div>Canberra recorded the nation's highest preliminary clearance rate this week with a 74.3 per cent success rate from its 78 auctions.</div>
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<div>Prices ranged from $405,000 at Palmerston to $2.95 million at Red Hill.</div>
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<div>The <a id="LPlnk794066" href="https://www.realestate.com.au/sold/property-house-act-red+hill-127917522" target="_blank" rel="noopener noreferrer">131 Mugga Way, Red Hill home</a> was a five bedroom Gary Williamson-built home with courtyards on 1255 sq m sold through Luton Properties (below).</div>
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<div><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/2018/4/16/mugga.jpg" alt=""></div>
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<div>The official land value was $1,291,000.</div>
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<div>The national capital's clearance rate was next followed by Adelaide's 70.6 per cent.</div>
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<div>Prices in Adelaide ranged between $385,000 at Bowden and $1,005,000 at Semaphore.</div>
<div> </div>
<div>The Harcourt Williams sale at <a id="LPlnk656387" href="https://www.realestate.com.au/property-house-sa-bowden-127881982" target="_blank" rel="noopener noreferrer">121 Gibson St, Bowden</a> was a basic three bedroom 1900 cottage on 292 sqm.</div>
<div> </div>
<div>The Housing Safety Authority had declared the Bowden property to be substandard with a<span class="x_f"> </span>Housing Improvement Order on the property.</div>
<div> </div>
There were 1,890 homes taken to auction across the capital cities this week, with preliminary results showing a 64.5 per cent success rate, according to CoreLogic.</div>
<div> </div>
<div>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/16/resultscorelogic.jpg" target="_blank">to enlarge.</a>
</div>
<div> </div>
<div><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/2018/4/16/resultscorelogic.jpg" alt=""></div>
<div> </div>
<div>By comparison, 1,839 auctions were held last week with a final clearance rate at 62.8 per cent.</div>
<div> </div>
<div>Over the same week last year, auction volumes were lower due to the 2017 Easter weekend.</div>
<p>Sydney had the top result around the capitals with a pre-auction sale in Killara at $5.7 million through McGrath agents Neo Wang and Glenn Curran (below).</p>
</div>
<div>It last traded at $2.95 million in 2003. </div>
<div> </div>
<div><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/2018/4/16/killara.jpg" alt=""></div>
<div>
<div> </div>
<div>The four-bedroom manor at <a id="LPlnk484501" href="https://www.realestate.com.au/sold/property-house-nsw-killara-127672690" target="_blank" rel="noopener noreferrer">28 Wattle Street</a> with sandstone and double-brick fac­ade sits in gardens designed by Peter Fudge, featured in his first book.</div>
<div> </div>
<div>The gardens come with pool with Moroccan-style mosaics and a sandstone pavilion.</div>
<div> </div>
<div>It was initial listed with $6 million hopes last last year.</div>
<div> </div>
<div>Sydney was host to 774 auctions this week, with preliminary results showing a 64.9 per cent success rate, up from 62.9 per cent across 795 auctions last week</div>
</div>
<div> </div>
<div>Brisbane reported 45 per cent clearance of 56 scheduled auctions.</div>
<div> </div>
<div>Its cheapest result was $620,000 at Deception Bay, north of Brisbane.</div>
<div> </div>
<div>The single story home on 733 sqm at <a id="LPlnk293891" href="https://www.realestate.com.au/property-house-qld-deception+bay-127849170" target="_blank" rel="noopener noreferrer">91 Esplanade</a> was a waterfront reserve knockdown.</div>
<div> </div>
<div>It sold at $480,000 in 2003.</div>
</div>
</body></html>

Fitzroy North and Killara top subdued weekend auction results

<html><body>
<p>Blue Sky's cotton farm Gundaline Station has been sold for around $65 million.</p>
<p>The price has not been revealed, but in an announcement to the ASX on Friday, ASX-listed Blue Sky Alternatives Access Fund confirmed the price was "in line with the Alternatives Fund carrying value for the investment".</p>
<div>
<div id="article-inline-ad">"We anticipate this investment will be completed in the third quarter of 2018, following FIRB approval and the completion of the current cotton harvest and ginning," BAF said</div>
<div> </div>
<div>The trouble fund manager held around a third of the rural asset.</div>
</div>
<p>It was listed for sale late last spring through Kidder Williams.</p>
<p>The sale to an offshore European party was close to being finalised, The Australian first reported mid-last week, with contracts exchanged last week.</p>
<p>The asset sits within Blue Sky's Real Estate Assets division. </p>
<p>The farm, at at Carrathool off the Sturt Highway, isn one of Australia’s largest irrigation properties.</p>
<p>Gundaline Station is located in the highly regarded Southern Riverina region of NSW. </p>
<div>
<p>Dutch-based Optifarm, a fund backed by high net worth European investors, bought it from Blue Sky, the Dutch government pension fund ABP and Singapore-based asset manager Duxton.</p>
<p>Optifarm's acquisition of Gundaline Station followed its earlier purchases this month of Jemalong Station and Jemalong Citrus at Forbes in the NSW Central West region from the Kahlbetzer family's Twynam Agricultural Group.</p>
</div>
<p>Fronting the Murrumbidgee River in NSW, the 15,000 hectare Gundaline property suited to growing a combination of irrigated cotton, cereals/oilseeds/legumes and permanent crops such as almonds was last sold in 2014 to the institutional investor consortium.</p>
<p>Over the past four years, they have more than doubled the land area under irrigation, significantly expanded and improved the water storages and irrigation infrastructure, as well as upgrading the existing irrigation land. </p>
<p>The property consists of more than 6,000 hectares of highly developed furrow irrigation (over 3,500 hectares of new development), with the balance comprising land suitable for development to permanent plantings and additional furrow irrigation, and grazing land. </p>
<p>The holding benefits from significant water entitlements.</p>
<p>The Australian Financial Review indicated Optifarm's directors are listed as Jelle Rienk Elzinga, managing director of Dutch-based securities trader Optiver and Michael Wheeler, a finance manager at Australian agribusiness firm Landmark.</p>
</body></html>

Blue Sky offloads Gundaline Station in the Riverina 

<html><body>
<p>Tarramia, the NSW Riverina estate that was farmed by one of Melbourne's leading businessmen, Sir Clive McPherson, has been sold.</p>
<p>The Mulwala holding has been in the family for over six decades. The buyers are whispered to be Andrew Bouchier and his wife, Ann Marie.</p>
<p class="p1"><span class="s1">As neighbouring properties were subdivided, McPherson, the prominent agriculturalist, began buying up during the interwar year the local farms, with Tarramia forming a significant part of his land holdings.</span></p>
<p>Macpherson sat on the board of the pastoral house, Younghusband Ltd, the National Bank, the Commonwealth Bank, Australian Wheat Board and the Royal Melbourne Hospital.</p>
<p class="p1"><span class="s1">The McPhersons regularly entertained at the home. Guests included Prime Minister Robert Menzies and his wife, Dame Patty Menzies and the Governor General Sir William and Lady Slim and the Governor of Victoria Sir Dallas Brooks and Lady Brooks.</span></p>
<p class="p1"><span class="s1">The local picnic races each year were the occasion for Sir Clive and Marion to entertain a large house party.</span></p>
<p class="p1">The near 2,000 hectare property was expected to sell for $10 million plus. </p>
<p><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/2018/3/28/mulwala%202.jpg" alt=""></p>
<p>Tarramia South comprises 601 hectares with the original lakeside three bedroom homestead.</p>
<p>Tarramia North spans 1,393 hectares. H<span>e died in 1958 having his daughter, the <span>late Marion Orme Page</span> retain the property. Her South Yarra estate sold for $33 million in 2016.</span></p>
<p>Matt Childs at Pat Rice &amp; Hawkins was marketing the property in conjunction with Elders Real Estate. Offers closed April 4.</p>
<p class="p1"><span class="s1">Much of the infrastructure on the property, including the homestead and adjoining cottage, has been renewed in recent years, after being in the direct path of a tornado in 2013.</span></p>
<p class="p1"> </p>
<p class="p1"> </p>
<p class="p1"> </p>
</body></html>

Luxury Riverina estate Tarramia sells

<html><body>
<p>A country Victoria property complete with what was a Philip Cox-designed home, has hit the market.</p>
<p>The <a href="https://www.realestate.com.au/property-cropping-vic-kilmore-7959182" target="_blank">1995-built Kilmore home</a>, set 60 kilometres north of Melbourne, has only had two owners.</p>
<p>It has been listed by the relocating Exell family, who refurbished the homestead since paying $1.05 million in 2004.</p>
<p>Cox designed the home property as a personal friend of the previous owners, the Holdaway family.</p>
<p><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/2018/4/16/kilmore2.jpg" alt=""></p>
<p>The eight bedroom, 540 sqm home features a distinctive Colorbond steel roof and is timber framed with western red cedar cladding.</p>
<p>The design brief was of an Australian farmhouse style homestead that comprises a series of three pods, all interlinked by circulation and flow areas.</p>
<p>Pat Rice Hawkins agent Bart O'Sullivan has the listing.</p>
<p>This article was first published in The Weekend Australian property section.</p>
</body></html>

Philip Cox-designed 1995 Kilmore home listed

<p><a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.</p>

<p>VIP buyers are now being engaged, with a full public sales launch coming later this year.</p>

<p>Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;</p>

<p>[smartcode_project:default project_id=150489 project_image_fid=371113]</p>

<p>The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;</p>

<p>CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;</p>

<p>“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;</p>

<p>[smartcode_project:default project_id=150489 project_image_fid=371114]</p>

<p>“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;</p>

<p>The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;</p>

<p>Construction is scheduled to commence in September 2026.</p>

<p>[smartcode_project_cta:default project_id=150489]</p>


Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

<p>Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.</p>

<p>Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.</p>

<p>What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.</p>

<p>The appeal is relatively straightforward: flexibility.</p>

<p>Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.</p>

<p>For apartment residents in particular, the system has become increasingly valuable.</p>

<p>Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.</p>

<p>Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.</p>

<p>That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.</p>

<p>Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.</p>

<p>The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.</p>

<p>Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.</p>

<p>Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.</p>

<p>The timing of that expansion aligns with broader changes in Australian shopping behaviour.</p>

<p>The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.</p>

<p>That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.</p>

<p>Parcel Locker systems have increasingly been viewed as part of the long-term solution.</p>

<p>The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.</p>

<p>Now, however, the convenience factor is driving mainstream usage.</p>

<p>For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.</p>

<p>The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.</p>

<p>The Parcel Locker model is also beginning to influence property development itself.</p>

<p>Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.</p>

<p>For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.</p>

<p>That reflects a wider evolution in how residential buildings are designed.</p>

<p>Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.</p>

<p>Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.</p>

<p>What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.</p>

<p>And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.</p>


How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

<p>Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.</p>

<p>Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;</p>

<p>David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;</p>

<p>“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;</p>

<p>[smartcode_project:default project_id=110291 project_image_fid=302785]</p>

<h2>Affordable product leads, premium demand remains resilient</h2>

<p>Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;</p>

<p>Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;</p>

<p>At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.</p>

<p>Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.</p>

<p>Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;</p>

<p>[smartcode_project:default project_id=148957 project_image_fid=364102]</p>

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

<p>Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.</p>

<p>David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.</p>

<p>“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;</p>

<p>Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.</p>

<p>[smartcode_project:default project_id=108869 project_image_fid=317905]</p>

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

<p>While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;</p>

<p>Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;</p>

<p>However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.</p>

<p>Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;</p>


Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<p><a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.</p>

<p>The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.</p>

<p>Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.</p>

<p>“Brisbane was the right step for Sammut,” Sammut said.</p>

<p>“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”</p>

<p><img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" /></p>

<p>Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.</p>

<p>The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.</p>

<p>“We are DA approved now which is very exciting,” Sammut said.</p>

<p>“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”</p>

<p><img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" /></p>

<p>Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.</p>

<p>“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.</p>

<p>The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.</p>

<p>“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”</p>

<p>The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.</p>

<p>The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.</p>


Sammut secures approval for debut Brisbane apartment development in Toowong

<p>Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.</p>

<p>Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.</p>

<p>The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.</p>

<p>“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.</p>

<p>“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.</p>

<p>“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”</p>

<p>The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.</p>

<p>“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”</p>

<p>From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.</p>

<p>“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”</p>

<p>The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.</p>

<p>“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.</p>

<p>Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.</p>

<p>“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.</p>

<p>“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”</p>

<p>The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.</p>

<p>“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.</p>

<p>Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.</p>

<p>&nbsp;</p>


Jonathan Chancellor

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