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Melbourne suburban office sales surpassed $1 billion in value for the fifth consecutive year in 2018, according to Colliers International.
The group is forecasting another year of record investment in the Melbourne metropolitan market.
$1.08 billion worth of metropolitan office sales were recorded in 2018, for offices above $5 million with 44 transactions taking place.
This was an increase from $1.03 billion in 2017. 
Colliers International’s Peter Bremner, National Director of Metro Sales, said the most active market was the city fringe region, where just over $500 million of office buildings sold in 18 transactions.
This was followed by the Outer East region, where $300 million of office stock sold across 14 transactions.
“We predict another $1 billion-plus year in 2019 as buyers see value in the strong fundamentals of the Melbourne metro office market, as leasing conditions continue to turn in favour of lessors and rents continue to rise and incentives decrease across most regions," Bremner said.
“Whilst yields may not decline like they have in previous years, capital growth is still expected due to these favourable leasing conditions.
“Pre-commitment and speculative office construction will rise as residential development sites are converted back to commercial as the highest and best use.”
Melbourne’s metropolitan office market comprises 3.23 million square metre in NLA and has a current overall vacancy of 5.24%. 
Bremner said the hottest markets to watch in 2019 would continue to be those city fringe suburbs within the 3-5 kilometre ring around the CBD, including South Melbourne, Kensington, Fitzroy, East Melbourne, Abbotsford, Collingwood, Richmond and Cremorne.
The largest deal of 2018 in Victoria was the sale of 60 Brougham Street in Geelong for $115.25 million.
The office building was 100% occupied by TAC and purchased by Centuria for a passing yield of circa 6.90%. 
Followed by the sale of 21 Harcourt Parade, Cremorne, an office building that was pre-committed by MYOB and sold by Colliers International as a fund-through transaction to AXA for $100.1 million, reflecting a yield of 5.40%. 
The third priciest deal of 2018 was 452 Johnston Street in Abbotsford which transacted for $93.5 million at the start of 2018, with Abacus Property Group purchasing the Computershare headquarters on a yield of 5.85%. 
Private investors accounted for 51% of metropolitan office sales in 2018 (or 22 deals), following by owner-occupiers at 21% (nine deals).
This was followed by institutions at 12% of total transactions (five deals), offshore buyers at 9% (four deals), syndicates at 5% (two deals) and just one sale to a developer (2% of total transactions).
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j.ballantyne1990-6AQqhLzZaK

Melbourne metro office investment cracks $1 billion for fifth year running

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The Zenith, located in Chatswood on Sydney’s North Shore, is to be sold by Centuria and a private fund managed by BlackRock. 
Comprising of two buildings situated on a site of approximately 7,990 square metres, the property has price expectations of over $400 million. 
The Zenith is an A-grade asset with circa 44,102 square metres of NLA set across 21 levels. 
It is 100% occupied and with a WALE of 4.4 years with tenants including Property NSW, Commonwealth Government of Australia, Lendlease and Sage. 
The Zenith is located at 821 Pacific Highway.
Prime office rents are 50% less than similar assets in the Sydney CBD and the soon to be completed Sydney Metro, located within 150 metres of the Zenith will decrease travel time to Barangaroo to about 11 minutes.  
<img src="https://www.urban.com.au/images/2019/2/5/Zenith.JPG" alt="">
The office vacancy in Chatswood is at its lowest levels since 2000 at circa 5.5%, with the vacancy rate expected to fall below 5% by 2020, according to Centuria. 
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The Zenith Chatswood listed with $400 million price expectations

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LandMark White Limited has became aware that a dataset containing property valuation and personal contact information has been disclosed.
"We take the privacy and security of our data very seriously, and we are working closely with cyber security consultants to investigate the circumstances of the disclosure of the dataset," LMW told the ASX.
LMW became aware through one if its corporate partners, CoreLogic.
"We have taken immediate steps to secure what we believe to be the source of the disclosure to prevent any further disclosure of data.
"Currently there is no evidence of misuse of any information although this remains under close review."
LMW are directly notifying affected corporate partners of the incident.
As part of our response, we have established a dedicated email mailbox (privacy@lmw.com.au) to respond to questions about this incident and will be creating a dedicated FAQ web page (www.lmw.com.au/faqs) which we will update as more information becomes known.
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Founded in 1982 and listed on the Australian Stock Exchange in 2003, LMW has a long and proud heritage of providing independent professional property services to people and companies across Australia.
LMW has over 400 property professionals across 40 plus locations Australia wide.
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LandMark White Limited reports property valuations data breach

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EXPERT OBSERVER
Department stores and clothing retailers are drawing on consumer behaviour and psychological research to compete with online shopping. 
Bricks-and-mortar retail stores are under intense pressure from online competition. Feeling the most heat are clothes shops and department stores.
This year David Jones’s profit halved, to A$64 million. Myer declared a “disappointing” <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-09-12/myer-full-year-results-2018/10236074" target="_blank">A$486 million loss</a>. German giant Esprit, whose global sales have fallen 40% in four years, has shuttered <a href="https://www.ibisworld.com/industry-insider/analyst-insights/espirit-the-clothing-retailer-set-to-close-its-australian-stores/" target="_blank">its Australian operations</a>. The US-based Gap closed its <a href="https://www.news.com.au/finance/business/retail/gap-closes-final-australian-store-ending-its-disastrous-foray-down-under/news-story/c27860366c3c290e087339aaec3c8503" target="_blank">last Australian store</a> back in February. Other brands to have collapsed include Metalicus, Oroton, Marcs, David Lawrence and Pumpkin Patch.
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What to do?
One answer is to invest in and enhance those aspects of the shopping experience that online retailers just can’t provide.
To do so department stores and clothing retailers are drawing on consumer behaviour and psychological research to make themselves more appealing – sometimes without shoppers even consciously realising it.
Here are three of the most significant strategies.
<h2>Home is where your heart is</h2>
Shopping from home is comfortable. You can do it in your time. You feel no pressure to hurry up and buy something. You can do it in your pyjamas.
To compete against the home shopping experience, retailers are exploring how to make you feel more at home in their stores. Tactics involve evoking sensory familiarity through furnishings, lighting and even scents.
Men’s clothing retailer Rodd &amp; Gunn is taking the homeliness vibe to its logical extreme, with shop fit-outs that mimic an actual home.
<img src="https://images.theconversation.com/files/247179/original/file-20181126-149311-1x3m3l0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""> Rodd &amp; Gunn’s ‘experiential’ retail store in Chadstone, Melbourne. Rodd and Gunn blog
The picture above shows Rodd &amp; Gunn’s “<a href="https://www.insideretail.com.au/news/stores-news/rodd-gunn-opens-experiential-chadstone-store-201810" target="_blank">experiential store</a>” in Chadstone, Melbourne. There’s a slanted wood-panelled ceiling to evoke a real house roof. In the centre of the shop floor is a “living room” space with sofa, armchairs and a coffee table. Artworks hang on the walls. It’s all intended to make you feel as relaxed (almost) as you would in your own home.
This approach reflects the research that shows how <a href="https://www.sciencedirect.com/science/article/pii/S096969891630577X" target="_blank">familiar design elements</a> help make shoppers feel comfortable. Colour and music choices apparently don’t make much difference, but layout and other sensory experiences do.
Familiar scents, for example, can affect your decision to go into a store, how long you stay and ultimately how much you spend. They are particularly effective when they <a href="https://www.sciencedirect.com/science/article/pii/S0969698916305483" target="_blank">complement</a> the brand, such as the faint smell of wood in a hardware store or a more herbal scent in a wellness store.
<h2>You want space, but not too much</h2>
What can make or break your experience in a shop is how the staff treat you. As <a href="https://www.researchgate.net/publication/282224094_The_Thin_Line_between_Love_and_Hate_of_Attention_The_Customer_Shopping_Experience" target="_blank">Sarah Alhouti and her colleagues</a> have put it, there’s a thin line between love and hate of attention.
An overly attentive salesperson can be perceived as desperate, pushy or aggressive and <a href="https://www.sciencedirect.com/science/article/abs/pii/S0148296304000372" target="_blank">drive you away</a>. Too little attention, on the other hand, can leave you feeling <a href="https://www.jstor.org/stable/pdf/2786426.pdf" target="_blank">ignored, unwanted and unworthy</a>, with the same result.
With the Goldilocks zone being different for different people, retailers are turning to technology to help get the attention levels right.
For example, Australia’s largest swimwear label, Seafolly, is trying out an <a href="http://www.ragtrader.com.au/news/seafolly-has-launched-a-magic-mirror" target="_blank">interactive mirror</a> in the fitting room of its Bondi Junction store in Sydney.
<img src="https://images.theconversation.com/files/250180/original/file-20181212-76974-17a4act.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""> The interactive mirror in Seafolly’s Bondi Junction store. Seafolly
It allows the customer to message staff directly from the changing room for assistance only if, and when, they decide they need it.
<h2>You’re so special</h2>
Shopping online is highly convenient but it doesn’t necessarily make you feel special.
Some bricks-and-mortar retailers are positioning themselves at the premium end of the shopping market by appealing to the human desire to be pampered. It makes sense to invest in the “VIP experience”, because now every customer they get is very important.
Creating the VIP experience extends from personal greetings to champagne and caviar bars.
Department store <a href="https://www.smh.com.au/lifestyle/fashion/department-stores-are-promising-better-service-but-is-it-too-late-20181003-p507i8" target="_blank">David Jones</a> has embraced this trend as part of the A$200 million redevelopment of its Sydney premises.
Its revamped shoe floor – the largest shoe store in Australia – includes “shoe concierges” to greet and guide you and specialist shoe fitters recruited from around the world. And yes, there’s also a champagne bar.
<img src="https://images.theconversation.com/files/247180/original/file-20181126-149317-1nzb9wa.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""> David Jones’ new ‘Level 7’ shoe floor in Sydney. David Jones media release
Such experiences meet the desire for <a href="https://www.forbes.com/sites/njgoldston/2017/12/29/what-you-need-to-know-about-luxury-consumer-trends-for-2018/#2d19680921eb" target="_blank">a “luxe” experience</a> without the luxury price tag. Research has found that even the simple act of just being welcomed at the entrance of a store can influence how your <a href="https://www.sciencedirect.com/science/article/abs/pii/S0148296316304295">perceive service quality</a> as well as <a href="https://www.researchgate.net/publication/324159812_The_Social_Servicescape_A_Multidimensional_Operationalization" target="_blank">customer satisfaction and store loyalty</a>.
Whether such strategies can save bricks-and-mortar stores remains to be seen.
In the meantime, champagne anyone?<img src="https://counter.theconversation.com/content/107506/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/eloise-zoppos-579650" target="_blank">Eloise Zoppos</a>, Senior Research Consultant, <a href="http://theconversation.com/institutions/monash-university-1065" target="_blank">Monash University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/brick-bait-three-tricks-up-retailers-sleeves-to-lure-you-back-to-physical-shops-107506" target="_blank">original article</a>.
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Brick-bait: the tricks up retailers' sleeves to lure shoppers back

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A 12 acre Byfield hobby farm has been recently sold by loss taking mortgagee for $150,000.
It was sold by Lindsay Lodwick from Ray White.
Located at <a href="https://www.realestate.com.au/sold/property-residential+land-qld-byfield-202156950" target="_blank">23 Jealous Road</a>, the acreage is fenced into two cleared paddocks with a seasonal creek separating the two.
Other features include power to the block, a 10 metre by 8 metre shed which currently used as a storage. 
The property last sold for $240,000 in 2011.
 
 
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Byfield hobby farm sold by loss taking mortgagee for $150,000

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Melbourne estate agent Glen Coutinho has joined the Harcourts USA team as its director of growth and training, for the Pacific Region.
He will also become owner of a new office in Beverly Hills.
“We are very pleased to welcome Glen to the Harcourts group,” said Harcourts International managing director Mike Green.
Coutinho’s (pictured middle) is a director of RT Edgar Boroondara, in Melbourne, ranked among the top 10 real estate agents in Australia for the past six years running.
Coutinho is a licensed auctioneer and has conducted over 8000 auctions to date in his career.
As a keynote speaker for Harcourts Australia and Harcourts New Zealand events, Mr Coutinho sees this new chapter as an extension of a long relationship with Harcourts owners, Mike and Irene Green and Paul Wright.
“With two of my sons recording music in LA, the opportunity to work with an established brand with people I already know and trust here in the USA was a simple fit,” said Mr Coutinho.
“I am a customer service fanatic and I enjoy having the same values as the company.
"The core value of ‘People First’ is one that resonates with me at the heart of everything I do, in my professional and person life.” His new book The People Lover will be released internationally in 2019.  
Mr Coutinho is the director of the new office located on Camden Drive in Beverly Hills, one street from the iconic Rodeo Drive, which focuses on selling prestige property and the use of auctions for non-distressed properties.
He will be taking over from Alex Duk, who will be a partner in the business along with Deanna C D'Egidio, Krystle &amp; Laurent Bijaoui. Joining them are Mr Coutinho’s daughter Brooke Coutinho and Amy Perceval who have been with him for the last five years in the business.  
Together with his wife Simonne, and children Brooke, Jack, Billy, Mason and Jules, the family has made the move to live in Beverly Hills, Los Angeles.
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Glen Coutinho to open flagship Harcourts estate agency in Beverly Hills, Los Angeles

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Mirvac is marketing a "Chinese New Year" rebate for buyers across its apartment towers in Sydney.
Buyers are being offered a public rebate of up to $18,888 on selected apartment purchases at five of Mirvac's projects in Sydney, The Finery, Marrick and Co, Green Square, St Leonards Square and <a href="https://pavilions.mirvac.com/chinese-new-year" target="_blank">Pavilions in the Sydney Olympic Park</a>.
The rebate is an amount paid back to the buyer on settlement.
Mirvac says it regularly offered rebates over the Chinese New Year period as an annual practice.
The new lunar year started today.
"Mirvac has had a long standing relationship with the local Chinese community.
"Over the last several years we have acknowledged and celebrated lunar new year with a special offer on selected properties for a fixed period of time," a spokeswoman told Nine Entertainment.
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Sydney unit prices have <a href="/news/sydney-house-values-dropped-10-percent-in-2018-corelogic">fallen nearly seven per cent last year</a>.
For Mirvac, the $18,888 rebate applies to the purchase of selected three-bedroom apartments, while a rebate of $15,888 applies to a 2-bedroom apartment purchase and $10,888 is redeemable on a one-bedroom or studio apartment.
Buyers must make a 10 per cent deposit.
The promotion only applies to sales during February 1-28 except to Finer lots 59, 114, 188, 193 and 212.
Prices for available apartments across the developments range from:
a. Finery: $695,000 - $1.78 million
b. Marrick and Co: $699,000 - $1.895 million
c. Green Square: $795,000 - $940,000
d. St Leonards Square: $715,000 - $4.625 million
e. Pavilions: $699,000 - $1.65 million
 
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Mirvac marketing $18,888 rebate on Chinese New Year Sydney apartment purchases

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Chris Joye's AFR column says the biggest winners from the royal commission are demonstrably the big banks while the largest losers are Australia’s mortgage brokers.
"Indeed, the top end of town have done an amazing job convincing everyone that brokers should be made the “fall guys” for their own deeds, surreptitiously fattening their profits, despite no evidence of pervasive misconduct," Joye noted.
Joye noted the single biggest cost a lender incurs when selling a home loan is the 0.6 per cent upfront commission and 0.2 per cent annual trailing commission that they pay to a mortgage broker.
Mortgage brokers currently settle around 59 per cent of all mortgages in Australia.
"If the royal commission has its way and/or Labor comes to power, these commissions will disappear completely, destroying the existing business models of the 20,000 mortgage brokers (and their employees) that rely on this revenue.
"This is horrific news for aggregator businesses that have built up large networks of brokers licenced by them in exchange for a share of the revenue they generate."
The only hope the latter have is to quickly shift into lending and securitising themselves, he says, adding the ban on broker commissions will radically reduce bank and non-bank mortgage distribution costs, which is "ironically going to be a huge profitability fillip for funders."
According to CBA evidence cited by the commission, a bank typically has to pay a mortgage broker $6,600 in fees to sell a loan via this channel, which accounts for almost 60 per cent of all residential mortgages written in Australia.
Under the commission’s proposal, these costs will disappear and be shunted on to consumers, whom CBA says should be prepared to pay about $2,310 for the service.
Brokers are also set to be regulated for the first time under the much stricter future of financial advice (FoFA) laws that apply to planners.
Mortgage brokers will be subjected to a "best interests" duty.
The government has said it will move to ban trailing commissions from July 2020, after the royal commission final report declared the chief value of trail commissions to the recipient, "to put it bluntly, is that they are money for nothing".
The government said it would not immediately adopt Commissioner Kenneth Hayne's call for upfront commissions to also be banned and be replaced by a customer-paid fee, which Labor indicated it would support.
 
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Mortgage brokers are the fall guys for the big banks' misdeeds: Chris Joye

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Hong Kong based, Societe Generale's chief economist for Asia Pacific, Klaus Baader has joins the growing band of senior economists who foresee a rate cut in Australia in 2019.
He has issued a statement in light of recent economic events that a cash rate cut is more likely than a hike in Australia.
Klaus Baader said since the RBA's previous meeting in December, prospects for the global market have deteriorated markedly, several other central banks have shifted their guidance - some rather radically - "and Australia's economy looks notably less strong than it did then (two months ago)."
"The RBA's latest forecasts will illustrate this.
"Given this backdrop, we have ditched the view that rate normalisation would begin in May of this year."
"Indeed, with the US economy likely so slide into recession in 2020, we believe that the next RBA rate move is more likely to be a cut than a hike," he concluded.
Klaus joined Societe Generale in July 2009 and was Chief Euro Area Economist in London before moving to Hong Kong in 2012.
He had been Chief Europe Economist at Merrill Lynch since 2006 after working at Lehman Brothers, UBS and Deutsche Bank.
Klaus began his career at Salomon Brothers in 1989, after studying Economics and Political Science at the University of Cologne and the London School of Economics.
He received his B.Sc. in Economics from the LSE in 1988, and completed a Master course in Economics in 1989.
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Next RBA rate move more likely to be cut than hike: Klaus Baader

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GUEST OBSERVATION
The government is acting on all 76 of Justice Hayne’s recommendations.
Treasurer Josh Frydenberg was glossing over history when he said the <a href="https://financialservices.royalcommission.gov.au/Pages/reports.aspx" target="_blank">final report of the banking royal commission</a> “endorsed many of the themes and individual reforms the government is currently pursuing”.
In fact, on coming to office in late 2013, his government – through Finance Minister Mathias Cormann - <a href="https://www.smh.com.au/business/banking-and-finance/how-the-coalition-ran-interference-for-the-banks-20180425-p4zbjz" target="_blank">did the opposite</a>.
Instead of extending provisions in the law that financial service providers act in the “best interests” of their clients, it tried to remove them, pressing Senate independents to have them excised from the at-the-time unimplemented Future of Financial Advice Act.
It argued there would be greater certainty if advisers were merely required to fulfill a number of specific requirements rather than to act in the overall best interests of their clients.
It’s a checklist approach <a href="https://financialservices.royalcommission.gov.au/Pages/default.aspx" target="_blank">Justice Kenneth Hayne dismisses</a>, saying it has encouraged advisers to pursue a “good enough” outcome “instead of the best interests of the relevant clients or members”.
“The more complicated the law, the harder it is to see unifying and informing principles and purposes,” the report says. “Exceptions and limitations encourage literal application and focusing on boundary‑marking and categorisation.”
What’s important is that the intent of the law is met, “rather than merely its terms complied with”.
Hayne wants laws rewritten to draw explicit connections between their requirements and what they are trying to achieve.
Such rewriting will make it clear that “exceptions and carve outs like grandfathered commissions constitute a departure from applying the relevant fundamental norm”.
The Coalition fought hard to allow financial advisers to continue to receive some grandfathered commissions – commissions their customers were signed up to before laws outlawing commissions came into place.
Hayne wants all grandfathering to go “as soon as is reasonably practicable”.
Frydenberg <a href="https://treasury.gov.au/publication/p2019-fsrc-response/" target="_blank">has agreed</a>. From January 1, 2021 all grandfathering will go, and any previously grandfathered payments to advisers from clients accounts will be handed back to clients where they can reasonably be identified.
Ongoing fees taken from clients accounts will need to be specifically reauthorised each year, a proposal neither the Coalition nor Labor put forward in negotiations over the Future of Financial Advice Act, settling on reauthorisation every two years in order to avoid paperwork.
Frydenberg has accepted the recommendation, without a start date.
Hayne wants all commissions to mortgage brokers banned so that the borrower, not the lender, pays the broker a fee.
The Royal Commissioner wants the changes made over a period of two or three years, first by banning so-called annual trailing commissions that last the length of the loans, and then by banning upfront commissions.
Frydenberg will ban trailing commissions from July 1, 2020 and will ask the Council of Financial Regulators and the Australian Competition and Consumer Commission to review in three years’ time the implications of moving to full consumer-pays.
Hayne’s point is that buyers of financial products of all types often assume the person standing between them and the provider is acting in their interests. They need not be when they are being paid by the provider.
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1. The interests of client, intermediary and provider of a product or service are not only different, they are opposed.
2. An intermediary who seeks to stand in “more than one canoe” cannot. Duty (to client) and (self) interest pull in opposite directions.
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Hayne’s three key themes are now government policy:
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Financial industry laws and regulations will apply more broadly than they have. Funeral insurance will no longer be exempted. Car dealers will face a limit on the fee they can get for selling add-on insurance.
And retailers won’t be able to sell add-on insurance at the same time as the products themselves. Frydenberg said that people buying mobile phones were being sold screen insurance that cost more than the replacement of the screens.
“Hawking”, unsolicited phone calls and pitches for superannuation and insurance and other products, will be prohibited. Lenders to farmers won’t be able to charge high default interest rates during droughts or when there is no realistic prospect of recovering the money.
Banks won’t be able to offer overdrafts on basic accounts without the formal approval of the accounts’ owners, they won’t be able to charge dishonour fees on basic accounts, they will have to value agricultural land used as security for loans independently of the people who decide whether to grant the loans.
Superannuation fund trustees won’t be able to work for other parts of the conglomerate that owns the fund giving them a conflict of interest, and trustees and directors will be subject to civil penalties if they fail to act in the fund members’ best interests.
Each Australian will be defaulted into (“stapled” onto) only one superannuation account once at the beginning of their working life instead of into several as they change jobs as is required by awards and industrial agreements. The <a href="https://www.pc.gov.au/inquiries/completed/superannuation" target="_blank">Productivity Commission estimated</a> these multiple accounts cost super fund members A$10 billion per year in unnecessary fees.
Australia’s much-criticised “twin peaks” model of regulation shared between the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority, will stay, although they will be subject to a new independent oversight body that will report on their performance every two years. They will also need to prepare and maintain a joint co-operation memorandum.
In any investigation ASIC will have to have as a starting point the question of whether a case should be taken to court. Infringement notices should mainly be reserved for administrative rather than deliberate failings.
Hayne says too often, banks and other financial services entities that broke the law were not properly held to account.
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Misconduct will be deterred only if entities believe that misconduct will be detected, denounced and justly punished.
Misconduct, especially misconduct that yields profit, is not deterred by requiring those who are found to have done wrong to do no more than pay compensation. And wrongdoing is not denounced by issuing a media release.
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He says in almost every case, bad conduct was driven not only by the firm’s pursuit of profit but also by individuals’ pursuit of gain.
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Providing a service to customers was relegated to second place. Sales became all important. Those who dealt with customers became sellers. And the confusion of roles extended well beyond front line service staff. Advisers became sellers and sellers became advisers.
Rewarding misconduct is wrong. Yet incentive, bonus and commission schemes throughout the financial services industry have measured sales and profit, but not compliance with the law and proper standards. Rewards have been paid regardless of whether the person rewarded should have done what they did.
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Frydenberg says he is taking action on all 76 recommendations.
He’ll set up an industry-funded compensation scheme able to payout over misconduct over the past ten years.
And 24 specific acts of misconduct have been referred to authorities, covering every big financial firm other than Westpac.
<a href="https://theconversation.com/au/team#peter-martin" target="_blank">Peter Martin</a>, Section Editor, Business and Economy, <a href="http://www.theconversation.com/" target="_blank">The Conversation</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/banking-royal-commission-no-commissions-no-exemptions-no-fees-without-permission-hayne-gets-the-government-to-do-a-u-turn-110974" target="_blank">original article</a>.
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Banking Royal Commission: no commissions, no exemptions, no fees without permission, Hayne gets the government to do a U-turn

Developer <a href="https://www.apartments.com.au/developers/bottega-property-group">Bottega House</a> has secured council approval for its first Brisbane project - a $270 million luxury residential development on an absolute riverfront site in leafy St Lucia.&nbsp;

The 15-storey project, known as <a href="https://www.apartments.com.au/new-apartments/st-lucia-by-bottega-house-180-macquarie-street-st-lucia-qld-4067">St Lucia by Bottega House</a> , will occupy a prime north-facing site at 178-180 Macquarie Street, directly fronting the Brisbane River in the established inner-west suburb known for its rowing clubs, golf courses and sprawling University of Queensland campus.&nbsp;

St Lucia by Bottega House will feature a suite of amenities including dedicated wellness spaces, a mineral pool and cold plunge. The project has been positioned to attract affluent owner-occupiers seeking high-quality, house-sized apartments.&nbsp;

Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.

Malloch said the project drew inspiration from its Brisbane River setting and leafy inner-west surrounds, while responding to the demands of discerning locals looking to transition from freestanding homes into apartment living.&nbsp;

"With an expansive river frontage and lush green surrounds, we knew we had to create something special that reflects the natural beauty of the location while offering residents masterfully crafted homes," said Malloch.&nbsp;

"Our intent was to complement the project's quiet, private setting by introducing residences that offer a calm retreat and sanctuary from the everyday. The result is a harmonious blend of architecture, interiors and amenity that emphasises wellbeing, comfort and beauty without excess."&nbsp;

Malloch added that project consultants had been carefully selected in alignment with Bottega House's commitment to care, quality and attention to detail. The design team includes architects <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, interiors practice <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and landscaping by <a href="https://www.apartments.com.au/architects/urbis">Urbis</a>.&nbsp;

Three-bedroom apartments are expected to start around $5 millio. Selling agents Keenan &amp; Byrne said the pricing strategy for the project was anticipated to achieve upwards of $25,500 per square metre.&nbsp;

The project's development approval this week follows the success of Bottega House's inaugural Queensland project - a 22-storey collection of full-floor sky homes at Broadbeach on the Gold Coast which included the sale of a two-storey penthouse at a record price for a beachside residence.&nbsp;

St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.

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Joel Robinson

Bottega House to make Brisbane debut with St Lucia riverfront apartment development

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is advancing its affordable apartment model into Brisbane with the acquisition of another site at Cordelia Street in South Brisbane for $27 million.

Sherpa, which has a $1.7 billion pipeline across Southeast Queensland, intends to bring a cohort of apartments exclusively for first homebuyers into its proposed 186-apartment project to be built at 2 Cordelia Street.

The Sherpa model has already been incredibly well received from their Gold Coast projects, where Sherpa Group set aside a number of apartments exclusively for first homebuyers.

The new $320 million project marks Sherpa Group's second development in Brisbane, following its $255 million Symphony project, also on Cordelia Street, which is currently under construction.

Symphony will deliver 146 apartments across 28 levels, offering a mix of one, two and three-bedroom apartments. With 114 already sold, construction by <a href="https://www.apartments.com.au/builders/lps-group">LPS Group</a> is scheduled for completion in 2028.

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Sherpa Founder, Christie Leet, said the company was excited to be venturing into Brisbane for its second residential project.

“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” Leet said.

“The success of Symphony has guided us into what will be our second project and we look forward to submitting our plans with council soon so we can deliver yet another quality project to the inner city residential market.

“Our Flourish model has been very well received both in Brisbane and the Gold Coast, and we’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market.

“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”

2 Cordelia Street will be designed by <a href="https://www.apartments.com.au/architects/hal-architects">HAL Architects</a> &amp; Finegrain and will include Sherpa’s signature residential amenities including pool, gym, recreation, wellness and work from home spaces.

The project will feature ground-floor commercial space, creating a vibrant amenity for residents and the surrounding community.

A development application will be lodged with Brisbane City Council in August on the code compliant site and will be launched to the market early 2027.

Sherpa acquires new site for second Brisbane apartment tower

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

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

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

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

Staff reporter

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