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<p>The Law Institute of Victoria (LIV) has sold its long-term CBD headquarters at 470 Bourke Street Melbourne for more than $30 million.</p>
<p>The final sale price and purchaser details was not revealed, however, selling agents Colliers International confirmed the result comfortably exceeded the Law Institute’s reserve price.</p>
<p>The nine-storey 470 Bourke Street office building has a net lettable area of 3,339 square metres. The underlying land area is 916 square metres with dual street frontages to Bourke Street and Little Bourke Street with direct access to the prestigious Melbourne legal precinct.</p>
<p>LIV chief executive officer Nerida Wallace said: “Our building has served the Law Institute and the community well for almost 40 years. We’re excited to be moving to modern accommodation within the legal precinct so we can better support our members, the legal profession and the community.”</p>
<p>The property was offered by international expressions of interest by Colliers International Melbourne city sales team Oliver Hay, Matt Stagg, Daniel Wolman and David Sia. The purchaser was represented by Rob Harrington of Fitzroys.</p>
<p>The LIV sold the property subject to a six-month leaseback to provide sufficient time to relocate to another building within the legal precinct.</p>
<p>Hay said the campaign generated more than 130 buyer enquires and multiple bids from a range of owner-occupiers, investors and developers. </p>
<p>The strong buyer response was due to the property’s prime location in Bourke Street and limited supply of significant freehold offerings during the first quarter of 2018, Hay said.</p>
<p>Stagg added the strong Melbourne CBD office leasing market and low interest rate environment had fuelled purchaser demand for commercial investments in the Melbourne CBD from local and international investors.</p>
<p>The Law Institute of Victoria was advised on the sale by Charter Keck Cramer and Russell Kennedy Lawyers. The LIV is examining several leasing opportunities and is being advised by Charter Keck Cramer in the process.</p>
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Law Institute of Victoria sell Bourke Street headquarters

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<p>The home of ASX-listed Austin Engineering in Perth’s Kewdale Industrial Precinct has come to market with expectations of $14 million to $15 million.</p>
<p>The 3.2-hectare site with 6,622 square metres of office/workshop space at 100 Chisholm Crescent is undergoing extensive upgrades to modernise the facility.</p>
<p>Savills Australia’s James Condon has been appointed to sell the property in conjunction with Knight Frank’s Jarrad Grierson via a four-week campaign.</p>
<p>With Austin Engineering signing a new eight-year lease for the premises, Condon said investors were likely to compete for the opportunity to own the refurbished asset.</p>
<p>“With more than $1 million in annual rental income and fixed rental increases, 100 Chisholm Crescent will be very well received by the Perth investor market,” he said.</p>
<p>The tenant has been in the area for more than 20 years and has just committed to an extension to the lease of their second site nearby at 2 Draper Place, Kewdale, for another five years, which they have occupied for more than 10 years.</p>
<p>Condon said Austin Engineering’s signing of the two new leases showed commitment to the ongoing evolution of the Kewdale Industrial Precinct.</p>
<p>Chisholm Crescent is within close proximity of the Kewdale intermodal facility and the Perth International Airport, about 12 kilometres from the CBD. </p>
<p>The high-quality office/workshop has a heavy-duty support structure to cater for a variety of gantry cranes, including two 25-tonne, three 16-tonne and one 10-tonne crane. </p>
<p>The facility also includes an ancillary workshop of 890 square metres.</p>
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Austin Engineering’s Kewdale facility up for grabs

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<p dir="ltr">A Melbourne investor has paid $1.82 million for a warehouse in a sought after precinct of Richmond on Melbourne’s CBD fringe.</p>
<p>Teska Carson’s Tom Maule and Matthew Feld said the property drew four bidders driving the price to achieve a land rate of $6570 a square metre.</p>
<p>Located at 79 Murphy Street, the property comprises a single level, 240 square metre, double-fronted, brick warehouse, with RSD access and two off-street car spaces.</p>
<p>The 277 square metre site, which includes 7.9 metres frontage to both Murphy and Blazey streets, is zoned Industrial 1.</p>
<p>"Richmond has become a very much sought after address for those looking for a location within easy reach of the CBD, at competitive rentals, with both parking and public and private transport access, and within close proximity of Richmond’s popular restaurant and fashion precincts," Maule said. </p>
<p dir="ltr">The vendor was a private investor.</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/2018/3/9/79%20Murphy%20St%20Richmond.jpg" alt=""></p>
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Richmond warehouse fetches $1.82 million

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<p>The Melbourne industrial market performed strongly in 2017, according to the recent report by valuers, Herron Todd White (HTW).</p>
<p>With interest rates remaining low and a relatively stable economy, new industrial developments are continuing to come onto the market, it noted.</p>
<p>"This can be seen in growth corridor areas where there is an abundance of vacant land prime for development, including suburbs such as Clyde and Pakenham in the south-east, Carrum Downs in the south, Truganina and Derrimut in the west and Epping in the north," the report said. </p>
<p>"The need for small scale industrial units continues to grow, especially for tradies and retirees looking for extra space solutions to store their associated tools or lifestyle equipment."</p>
<p>HTW expect to see increased demand for large scale warehousing and distribution facilities, particularly in the western suburbs where the proximity to the western suburbs to the West Gate Freeway, Princes Freeway and Western Ring Road is a major draw card for transport, logistics and distribution.</p>
<p>It noted there have been a number of new major projects throughout Melbourne, including the Woolworths Distribution Centre in Dandenong South, the Merrifield Business Park in Mickleham and the Bund Business Park in Port Melbourne, which are all due for completion in 2018.</p>
<p>Throughout 2017 there was extensive investment in infrastructure with major road widening projects for the City Link Tullamarine Freeway, Western Distributor Project and the Monash Freeway. Industrial areas in the vicinity of these transportation routes are anticipated to have continued demand.</p>
<p>Rental levels are expected to remain reasonably stable for the first quarter of 2018. Prime face rental rates in Melbourne’s industrial outer areas have generally ranged between $70 and $90 per square metre of building area per annum net plus GST, with secondary rates around $50 to $70 per square metre of building area per annum net plus GST.</p>
<p>Tenant demand has remained relatively strong over the previous 12 months however we remain cautious of oversupply given the large amount of industrial development occurring, especially in the south, south-east and west.</p>
<p>Incentives are expected to remain reasonably high with larger scale new developments achieving a range of 15% to 35%, HTW noted.</p>
<p>Yields have been under increasing downward pressure for prime grade industrial development with yields for secondary development generally steady.</p>
<p>"This has been underpinned by the current low interest rate environment and investors hunting quality investments and there being limited properties for sale," the March report noted.</p>
<p>Vacancy rates are continuing to decrease in comparison with 2016 as tenant demand is increasing to match the supply on offer.</p>
<p>Demand has remained consistent this year in the northern suburb of Epping following the relocation of Melbourne’s fruit and vegetable market to Cooper Street in late 2015. This area has seen an influx of speculative development for both standard of office and warehouse accommodation and cold storage facilities.</p>
<p>Areas to avoid are markets with over supply, vacant older style properties without any development up side and industrial properties with high rental rates yet short WALEs.</p>
<p>Areas of continued demand include the Melbourne Airport precinct, west of the Essendon Football Club Training Facility in Tullamarine. Demand for larger warehouses, distribution centres and other transport and logistics facilities is expected to continue to grow in the south-east, where developers are listening to and meeting tenant and occupier requirements. Green eld land available throughout suburbs such as Keysborough, Dandenong South, Lynbrook and Cranbourne West are expected to be sought at strong levels, with rates breaking the $400 per square metre of land area barrier (for sites under 4,000 square metres).</p>
<p>In addition to the above, further opportunities foreseen in the market are those properties with solid cash flows underpinned with medium term redevelopment potential. </p>
<p>A new factory in Epping Central Industrial Precinct has been sold for $1.27 million (pictured below).</p>
<p><a href="https://www.realcommercial.com.au/property-industrial+warehouse-vic-epping-502692170" target="_blank">Located minutes from the Epping Fruit &amp; Vegetable market, Western Ring Road, Hume Highway &amp; Cragieburn bypass</a>, the total building area of the property is 827 square metres (732 square metre floor plus 95 square office), and the total land area is 1200 square metres.</p>
<p>It also includes 13 car bays.</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/2018/3/8/epping%20.jpg" alt=""></p>
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Strong demand for small scale Melbourne industrial units: HTW

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<p>Coral Sea Resort, one of the tourist destinations at Airlie Beach, has been listed for sale.</p>
<p>CBRE Hotels have been appointed to market the four-star resort on behalf of Sydney-based owner Darrol Norman. </p>
<p>The 25 Ocean View Avenue holding comprises 60 large guest suites, with a total inventory of 73 keys in the resort letting pool, conference and function facilities, tour desk, gazebo, private jetty, and the Clipper Restaurant and Lounge.</p>
<p>CBRE Queensland Director Paul Fraser said the asset has been held by the same owner for over 20 years.</p>
<p>"The family has now decided to divest their prized asset to focus on retirement," Fraser said.</p>
<p>"This is a quality hotel which presents exceptionally well, having been maintained with constant capital expenditure.</p>
<p>"The resort has an unrivalled location, positioned on a 7,521 square metre ocean front site between the CBD and Abell Point Marina and offering spectacular views over the Coral Sea coastline.</p>
<p>"It is arguably the best site in the Airlie Beach region," Fraser added.</p>
<p>Offers for the Coral Sea Resort close April 12.</p>
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Coral Sea Resort at Airlie Beach listed for sale

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<p>A main road site located at 1297-1299 Sydney Road, Fawkner to international doughnut giant Krispy Kreme.</p>
<p>The 1,823 square metre site has just been completed.</p>
<p>John Star of CVA leased the property.</p>
<p>It will be home to their second drive-through concept store after successfully opening in Bulleen in January this year.</p>
<p>The existing buildings were demolished to make way for the purpose-built 250 square metre store which features open plan seating area, storage, offices and amenities and customer parking.</p>
<p>Krispy Kreme have leased the site on a 10-year lease term plus options for $115,000.00 per annum equating to a building rate of $460 per square metre.</p>
<p>Located adjacent to the Gowrie Train Station and close to Jukes Road the property is situated less than 1.2 kilometres from the Metropolitan Ring Road and its associated arterials. </p>
<p><img src="https://www.urban.com.au/images/2018/4/3/DSCN4559.JPG" alt=""></p>
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Krispy Kreme lease Fawkner drive-through location

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<p>GUEST OBSERVER</p>
<p>A proposal to increase regulation for unlisted property products could result in fewer products being available to retail investors.</p>
<p>Treasury’s proposed product design and distribution obligations combined with new product intervention powers would lead to consolidation among retail providers of unlisted property funds, and fewer choices for retail investors. </p>
<p>An increase in compliance, uncertainty and costs would make it harder for boutique and mid-market fund providers. Retail investors will likely miss out as more issuers decide to go wholesale only. </p>
<p>Many in the small-to-mid-market will find the retail compliance demands too onerous and too costly. </p>
<p>This could lead to consolidation in the retail market with fewer products available, which won’t benefit the average investor.</p>
<p>The proposed legislation, which could be enacted during 2018, shifts more risk to product providers. Key stumbling blocks include the need for product issuers to identify the ‘appropriate target market’ for their products. </p>
<p>Legislating this requirement places more risk on the issuer and arguably shifts responsibility from the financial adviser to the product issuer. </p>
<p>Unlisted property funds will need to spend more on compliance, legal advice, and possibly consumer testing to satisfy these requirements. Those funds which do go ahead will be under pressure to pass these increased compliance costs on to investors.</p>
<p>Investors must be protected but investors also benefit from product innovation, much of which comes via boutique providers. There is a balancing act between appropriate compliance measures and the freedom to bring new and innovative products to market. </p>
<p>ASIC already has the tools available to protect unlisted property investors. There is strong demand among retail investors for unlisted property vehicles and we need to ensure industry can continue to bring appropriate, high performing products to this market.</p>
<p><em><strong>Paul Healy</strong> is CEO of <a href="http://www.propertyfunds.org.au/" target="_blank">Property Funds Association</a>, an industry body for the $125 billion Australian unlisted wholesale and retail property funds sector. </em></p>
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Increased regulation of unlisted funds will impact investors: Paul Healy

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<div>Most market onlookers believe the cash rate will remain static at the April board meeting, but just two 25-basis-point rate rises is all it could take before some ‘risky’ mortgage holders lose grip of their repayments, according to new finder.com.au research.</div>
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<p>Thirty one of the 32 (97%) panellists from the finder.com.au RBA survey are expecting the rate to remain on hold, with one respondent (Mark Crosby from Monash University) forecasting a rise to 1.75%.<br><br>Eighty-three percent (24 of 29) of experts and economists believe the next rate move will be an increase, while the remainder of the panel believe the Reserve Bank will stay in the cutting cycle.<br><br>Finder’s new Economic Sentiment Tracker, which was introduced to the survey last month, has found household debt to be the number one area of concern for the majority (55%) of panellists.<br>Graham Cooke, insights manager at finder.com.au, says household debt is still a struggle for many Australians.</p>
<p>“Mortgage repayments are king of household debt, but other costs like personal loans and credit card repayments also comprise a large chunk of household debt — and they roll in like clockwork.</p>
<p>“Running costs like electricity and gas can also quickly deplete household savings,” he says.</p>
<p>Employment is viewed with optimism among the experts and economists (65%) while the panellists mostly felt neutral (50%) or negative (15%) about the nation’s wage growth.</p>
<p>Thirty percent of panellists expressed negative sentiment toward cost of living.</p>
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<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/3/finder.jpg" target="_blank">to enlarge.</a></p>
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<p>UBS Wealth Management Australia recently released a report saying 18% of the home loan market included fraudulent details on their applications. With this in mind, panelists were asked how many 25-basis-point rate increases it would take before mortgage holders started defaulting.</p>
<p>In response to this, 56% of experts believe up to two rate increases could cause the “risky” end of the market to default on their repayments.</p>
<p>Thirty-nine percent think two cash rate increases would be enough to throw homeowners into default, while a further 17% said just one rate increase would put fraudulent borrowers in a precarious position.</p>
<p>According to recent data, Sydney’s auction clearance rates (ACR) have fallen from 73.7% in August 2017 to 63.8% on March 2018, hitting a low of 57.5% in February 2018.</p>
<p>Panellists were asked if clearance rates will fall below 50% in 2018. Most respondents (13 of the 20 who opted in to this question) said they don’t expect to see Sydney ACRs fall below 50%.</p>
<p>“We’ve seen some correction in the Sydney market, with some experts indicating the market may continue to slow and we may see an average clearance rate around the 55% mark,” Mr Cooke says.</p>
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<p><strong>Here’s what the experts had to say: </strong></p>
<p>Jordan Eliseo, ABC Bullion (Hold):"The RBA will continue with their current monetary policy settings, though recent data will have dented their confidence regarding the outlook for employment, inflation and overall economic growth. We remain of the view that their next move will be a cut to the cash rate, particularly if house price weakness continues, but this will take time to play out."</p>
<p>Tim Nelson, AGL Energy (Hold):"No material changes to outlook since March. "</p>
<p>Shane Oliver, AMP Capital (Hold):"High business confidence, strong jobs growth and the RBA's own growth and inflation forecasts argue against a rate cut, but risks around consumer spending, weak wages growth and inflation, the slowing Sydney and Melbourne property markets and the still too high $A argue against a rate hike."</p>
<p>Alison Booth, ANU (Hold): "The fundamentals don’t want any change."</p>
<p>John Hewson, ANU (Hold):"[The RBA] simply can't move given level of household debt. The economy is still mixed."</p>
<p>Malcolm Wood, Baillieu Holst (Hold):"Inflation below target range, Moderate growth, global volatility."</p>
<p>Paul Dales, Capital Economics (Hold):"There are still no real signs that inflation is heading back up to the middle of the 2-3% target range, so interest rates need to stay low to give it a bit of a boost."</p>
<p>Saul Eslake, Corinna Economic Advisory (Hold):"Nothing has materially changed since the RBA last stated that current monetary policy settings were (in its opinion) appropriate. There’s been no new data on price or wage inflation; and the most recent labour force data suggests that the margin of spare capacity in the labour market remains unchanged, despite ongoing strong employment growth (because most of the new jobs are going to new entrants to the labour force). And the RBA has repeatedly made it clear that it feels under no pressure to follow other central banks in hiking rates."</p>
<p>Peter Gilmore, Gateway Bank (Hold): "The RBA is still concerned about low wages growth and household debt levels."</p>
<p>Mark Brimble, Griffith University (Hold): "Volatility and uncertainty are key factors in the global context and the Australian economy continues to show lackluster performance."</p>
<p>Shane Garrett, Housing Industry Association (Hold):"The current economic environment of strong job creation and fairly weak price pressures does not merit a change in monetary policy from the RBA at this time."</p>
<p>Alex Joiner , IFM Investors (Hold):"There is no material change in the outlook. The labour market continues to perform well however economic activity nor consumer price/wages inflation justifies a near term adjustment of policy."</p>
<p>Michael Witts, ING (Hold):"The RBA will keep rates unchanged as it is looking for the economy to gather further momentum."</p>
<p>Leanne Pilkington, Laing+Simmons (Hold):“The residential housing market, and the economy generally, requires the steady interest rate environment to continue. Employment growth has been encouraging but tempered by flattened wage growth, while house price growth is also subdued and clearance rates are solid if unspectacular. It amounts to a prudent case of the RBA leaving rates as is."</p>
<p>Nicholas Gruen, Lateral Economics (Hold): "The economy has spare capacity and the bank doesn't want to cut – even though for a long time it should have."</p>
<p>Mathew Tiller, LJ Hooker (Hold):"The global economy has continued to show signs of improvement, despite ongoing geopolitical uncertainty. In Australia, the economy remains on a steady footing with business confidence and employment improving. However, this is yet to flow through the increased wages or consumer prices. Housing markets across the country continue to remain active with listings numbers increasing and auction clearance rates sitting just below the long-term average. More properties on the market for sale has provided more choice for buyers and when combined with the moderation of investor demand has led to a slowdown in price growth. In weighing up these variables, it is likely that the RBA will keep the cash rate at the record low of 1.50% over the short-term."</p>
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<p><span>Marie Mortimer, loans.com.au (Hold):</span><span>"We are speaking to a lot of borrowers who are refinancing with loans.com.au for a cheaper rate than traditional lenders because they are conscious of their household budget. The RBA are also aware of the impact on a rate rise to household budgets and we believe that rates will remain on hold in the short term due to the relatively low inflation rate and weak economic sentiment." </span></p>
<p><span>Stephen Koukoulas, Market Economics (Hold): </span><span>"The RBA is unable to get away from its obsession with non-existant financial instability. It should be cutting rates" </span></p>
<p><span>John Caelli, ME (Hold): </span><span>"The RBA has flagged they are in no hurry in increasing rates. They want to see inflation increase, a pick-up in wages and lower unemployment before they consider putting up rates again." </span></p>
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<p><span>Michael Yardney, Metropole (Hold):</span><span>"Despite an increasing divergence with overseas rates, the RBA will keep official rates at their historic low of 1.5% because of spare capacity in our employment markets. While the Australian economy added 17,500 jobs in February, strong </span>population growth and increased labour-force participation meant the official unemployment rate crept up a notch from 5.5% to 5.6%."</p>
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<p><span>Mark Crosby, Monash University (Increase):</span><span>"Despite ‘The Donald’s’ attempts to trash the world economy, the case for the RBA raising is now very strong." </span></p>
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<p><span>Christopher Schade, MyState (Hold): </span><span>"With wages growth subdued and inflation well contained; there is no need for the RBA to rush to raise rates. We would not be surprised to see the RBA on hold for much, if not all of CY 2018." </span></p>
<p><span>Alan Oster, nab (Hold): </span><span>"No increase until we get better wages and more consumer activity." </span><span>Jonathan Chancellor, Property Observer (Hold): </span><span>"More time and confidence is needed </span>before any rate rise."</p>
<p><span>Matthew Peter, QIC (Hold): </span><span>"No inflation to speak of, tepid growth, slowing housing market and an unsettled global outlook give the RBA more than enough reasons to remain on hold." </span></p>
<p><span>Noel Whittaker, QUT (Hold):</span><span>"Housing not rising - markets wobbly - no reason to move." </span><span>Nerida Conisbee, REA Group (Hold): </span><span>"Economy still isn't strong enough." </span></p>
<p><span>Christine Williams, Smarter Property Investing (Hold):</span><span>"Unemployment figures have reduced slightly across most states, however individual debt has increased per capita. Banks are continuing to tighten their policy to be in line with responsible lending with owner occupier and investment property loans, thus reducing their overall risk in the property segment." </span></p>
<p><span>Besa Deda, St George Bank (Hold):</span><span>“The inflation outlook does not warrant a near term rate increase from the RBA.” </span></p>
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<p><span>Brian Parker, Sunsuper (Hold): </span><span>"Labour market and inflation developments aren't robust enough to warrant any near term tightening, and the RBA is clearly unwilling to ease to boost growth. On hold for a long time!" </span></p>
<p><span>Clement Tisdell, UQ-School of Economics (Hold):</span><span>"No reason for a change."<br></span></p>
<p><span>Bill Evans, Westpac (Hold):</span><span>"Unlike the “immediate” Trump fiscal stimulus the Australian</span>Government is adopting a more structured, cautious approach."</p>
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No RBA change says Finder.com.au experts

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<p>The Gold Coast millionaire businessman and property developer Michael Issakidis has been sentenced to a decade in jail for his involvement in a $135 million tax evasion case, the largest ever successfully prosecuted in Australia.</p>
<p>Issakidis and his co-conspirator, former Ernst &amp; Young executive Anthony Dickson, used a web of companies to evade corporate tax.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="469195" data-gtm-vis-first-on-screen-7770372_137="469195" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The Supreme Court of NSW handed Issakidis the jail sentence, including a non-parole period of seven years and six months, on Thursday.</p>
<p>The frail 73-year-old faced a sentence hearing in the NSW Supreme Court after a jury found him guilty in June last year. There had been four trials.</p>
<p>The Federal Revenue Minister Kelly O'Dwyer said it was the "largest and one of the most complex investigations into tax fraud in Australia's history".</p>
<p data-gtm-vis-recent-on-screen-7770372_137="469195" data-gtm-vis-first-on-screen-7770372_137="469195" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Issakidis had been allowed to return to his Sovereign Island mansion after posting bail of $1.5 million in 2016.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="469195" data-gtm-vis-first-on-screen-7770372_137="469195" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">But the authorities held on to more than $40 million in assets including his prestige vehicle collection of several Rolls-Royces, a Lamborghini and an Aston Martin along with two yachts, which were seized during the Australian Federal Police raid (pictured above and below).</p>
<p data-gtm-vis-recent-on-screen-7770372_137="469195" data-gtm-vis-first-on-screen-7770372_137="469195" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Issakidis was arrested at his waterfront mansion and charged with conspiracy to deal in the proceeds of crime and conspiracy to dishonestly cause a loss to the Australian Taxation Office.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="469195" data-gtm-vis-first-on-screen-7770372_137="469195" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The Federal Police allege Issakidis committed tax fraud through his medical company Neumedix and funnelled company funds through offshore accounts.</p>
<p>He initially faced Southport Magistrates Court, where he was refused bail and extradited to Sydney. He’d then been granted bail on the condition he live at his Paradise Point home.</p>
<p>The Australian Federal Police and Australian Tax Office said the arrest was after a seven-month investigation under Project Wickenby, the federal government's pursuit of wealthy alleged tax evaders.</p>
<p>The website of NeuMedix said Michael Issakidis was the commercial connoisseur for NeuMedix.</p>
<p>“A consummate statesman and pragmatist, Michael's legal background coupled with many years of property development provides a tempered prudence when assessing opportunities.”</p>
<p>After their move from Sydney, his wife, the Gold Coast socialite Donrika, once starred in a memorable 60 Minutes segment on the A-List on the Gold Coast in the 1990s. With a downwards sweep of her hand, she indicated she was dressed in "Chanel, Chanel, Chanel."</p>
<p><span>Issakidis and his wife were unconscious in their car after he failed to turn up to court to be sentenced last October. They were discovered after 22 hours by his brother, Con.</span></p>
<p><span>Crown prosecutor Michel McHugh SC noted in court, referring to a psychiatric report, that Issakidis said he was not depressed and that when the couple attempted suicide "we were just two people who wanted to be together".</span></p>
<p>It's expected he'll apply to be transferred to a Queensland prison on welfare grounds.</p>
<p>The businessman's barrister, Mike Smith, noted that Dickson had been found to be "the predominant player and motivating force behind the conspiracy.</p>
<div class="cq-article-content-paras section">
<p>Dickson was in 2015 sentenced to 11 years' jail, which was later increased to 14 years on appeal. His sentence was the longest ever handed down for tax fraud and money-laundering.</p>
<p>The pair created a web of false identities to aid their deception and siphoned money through the UK, Hong Kong and the UAE via fake domestic and international companies. They deliberately absorbed $450 million of otherwise assessable income through falsely created losses in order to evade $135 million. They profited to the tune of $63 million, spending the money on lavish lifestyles.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="838329" data-gtm-vis-first-on-screen-7770372_137="838329" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The complexity of the offshore companies involved and the fact they were based in secrecy jurisdictions such as the Cayman Islands made the investigation difficult, but sources described the AFP officers involved as "relentless" in the pursuit of both Dickson and Issakidis.</p>
<p>At the centre of the scam was Neumedix Health Australasia Pty Ltd. Issakidis and Dickson caused Neumedix to fake losses on the acquisition of medical technologies. They then used those losses to avoid tax on income generated on the ownership of units in a number of trusts.</p>
</div>
<div class="cq-article-content-media section">"These trusts generated very large taxable profits from their participation in certain financing transactions that were arranged between the offender, ANZ and some of its clients," according to court documents obtained by the Australian Financial Review.</div>
<p> </p>
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Gold Coast property developer Michael Issakidis jailed for tax evasion

<html><body>
<div>
<p>Liquidators are warning property buyers caught in the collapse of Deposit Power that there is no update yet on their deposit bond guarantees.</p>
<p>"It appears that, at this point in time, the interim liquidators cannot advise the timeframe in which claims will be paid or the dollar value that will be paid," stakeholders were told by the interim administrator.</p>
<div>Deposit Power, which provided interim finance to property buyers, went into liquidation on February 23.</div>
<div> </div>
<div>Deposit Power offered deposit guarantee bond products, assisting Australian borrowers and investors to buy residential and commercial properties without the need to provide a cash deposit.</div>
<p>The Administrators have urge all stakeholders, including property purchasers who have purchased deposit guarantee bonds to seek independent legal advice as to their rights generally. </p>
<p>It means deals potentially coming undone if vendors are unwilling to wait for buyers to find alternative finance, according to mortgage brokers.</p>
<p>Existing deposit guarantee bonds cannot be amended because Deposit Power's parent, CBL Insurance, is in interim liquidation after the parent company into interim liquidation.</p>
<p>Gavin Moss, is the interim administrator of Deposit Power, which closed after the collapse of New Zealand's CBL Insurance.</p>
</div>
<div>
<div id="article-inline-ad">Bids for Deposit Power were being made on this month.</div>
<div> </div>
<div>An estimated 4000 local residential, commercial and property investors - down from the initial 10,000 in the initial Australian Financial Review report - have an estimated $200 million of deposits unresolved now for more than a month after the bond issuer and guarantor was placed in interim liquidation.</div>
<div> </div>
<div>Deposit Power had links with most of the major property broker networks and major banks through their broker networks.</div>
</div>
<div>
<p data-gtm-vis-recent-on-screen-7770372_137="212755777" data-gtm-vis-first-on-screen-7770372_137="212755778" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Deposit Power was on the product panel of most of the leading mortgage brokerages and aggregators, including Mortgage Choice.</p>
</div>
<p> </p>
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Deposit Power collapse imperils smooth property settlements

<p>Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.</p>

<p>For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.</p>

<p>Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.</p>

<p>"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=374893]</p>

<p>Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.</p>

<p>The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;</p>

<p>Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.</p>

<p>Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=269527]</p>

<p>Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.</p>

<p>"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."</p>

<p>The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.</p>

<p>"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."</p>

<p>[smartcode_project:default project_id=7354 project_image_fid=374892]</p>

<p>Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.</p>

<p>Construction is underway with completion expected in mid-2027.</p>

<p>[smartcode_project_cta:default project_id=7354]</p>


Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

<p>Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.</p>

<p>The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.</p>

<p>The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.</p>

<p><a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.</p>

<p>The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359521]</p>

<p>The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359527]</p>

<p><a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.</p>

<p>"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.</p>

<p>"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.</p>

<p>"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.</p>

<p>"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=145590 project_image_fid=359523]</p>

<p>The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.</p>

<p>Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.</p>

<p>EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.</p>

<p>WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.</p>

<p>"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.</p>

<p>"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."</p>

<p>Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>[smartcode_project_cta:default project_id=145590]</p>


Vitale breaks Byron Bay records with EADE sales flurry 

<p>When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.</p>

<p>But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.</p>

<p>As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.</p>

<p>For apartment residents, that can present a challenge.</p>

<p>If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.</p>

<p>That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.</p>

<p>It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.</p>

<p>As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.</p>

<p>Australia Post's Parcel Lockers provide one solution.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe></p>

<p>Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.</p>

<p>The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.</p>

<p>For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.</p>

<p>For buyers, it's a reminder that the best apartment features aren't always the most obvious.</p>

<p>A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.</p>


The apartment feature many buyers don't think about, until their first missed delivery

<p><a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.</p>

<p>Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.</p>

<p>A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.</p>

<p><img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" /></p>

<p>"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.</p>

<p>"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."</p>

<p>The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.</p>

<p><img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" /></p>

<p>Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.</p>

<p>The architects say landscape is intended to be integral to the building rather than an applied element.</p>

<p>"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."</p>

<p>"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."</p>

<p>Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.</p>

<p>HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.</p>


HG Developments doubles down in Newstead with second Maud Street apartment development

<p>Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.</p>

<p>But in many cases, that's not actually what those sustainability ratings guarantee.</p>

<p>Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.</p>

<p>In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.</p>

<p>That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.</p>

<p>The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.</p>

<p>Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.</p>

<p>Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.</p>

<p>Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.</p>

<p>"We've always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren't there," Hameister says.</p>

<p>"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.</p>

<p>"The focus is on reducing emissions, which is laudable, but there hasn't been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities."</p>

<p>Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.</p>

<p>Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.</p>

<p>"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.</p>

<p>"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.</p>

<p>"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."</p>

<p>For apartment buyers, the shift is also changing the questions worth asking.</p>

<p>Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?</p>

<p>As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.</p>


Staff reporter

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