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Fractional property investment platform BrickX have announced that NAB Ventures, National Australia Bank’s corporate venture capital arm, has invested in the startup.
The deal is part of a $9 million Series A funding round.
BrickX allows Australians to invest in residential property by buying 'Bricks' in a BrickX property.
The platform means people can invest in residential property for a few hundred dollars.
NAB Ventures – which supports businesses and entrepreneurs in their quest to build leading technology companies – saw the investment potential in democratising property ownership in the Australian market.
The value of BRICKX in providing Aussies with a financial stepping stone to achieve the Australia Dream of home ownership was another driver for investment. 
BrickX CEO Anthony Millet said BrickX is expanding rapidly.
“Housing affordability continues to be a priority for Australia’s banks, so the alignment between BRICKX and NAB Ventures has a strong and unified purpose.
“The prohibitive costs and high deposits needed to gain access to the property market, has left many out in the cold. However, BRICKX has opened up the residential property asset class as an alternative investment to any of the traditional investment options. 
“Considering the recent volatility in the cryptocurrency and stock markets, Australians are recognising the longer-term stability of property prices.” 
Todd Forest, Managing Director of NAB Ventures, said he was excited to invest in BRICKX and help support a new way of approaching property ownership. 
“The aspiration for property ownership has long been the Australian dream, however buying a property often has challenges for many consumers – such as the rise in house prices in some areas and trying to save for a deposit. 
“BRICKX is disrupting this journey, in how it provides consumers with access to the property market and engages with them in creating a pathway to property ownership.
“NAB Ventures chose BRICKX as the leading opportunity, based on its unique business model, exceptional user experience and the opportunity to leverage the platform to innovate and help more Australians with their home ownership goals.” 
Founded in 2014, BRICKX launched to retail investors in September 2016 and has grown to offer 14 properties across Sydney, Melbourne and Adelaide along with more than 9,000 members.
They have properties in Sydney's Mosman, Manly, Potts Point, Darlinghurst and Bondi Beach, as well as a terrace home in Melbourne's Brunswick and a stone fronted villa in South Adelaide.
The NAB Ventures investment in the 'Series A' funding round for BRICKX follows on from Westpac’s Reinventure investment in late 2017.
Since the Reinventure investment, the number of BRICKX members has grown by nearly 25%. 

 
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j.ballantyne1990-6AQqhLzZaK

NAB banks on property tech disruptor BRICKX to rebuild hope in the Australian Dream

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The Reed Brisbane development group is giving buyers five years to settle if they buy any of the 20 remaining apartments in the 228-unit Belise project in Brisbane's Bowen Hills.
His deferred settlement marketing campaign was recognition of the difficult financing environment for investors, director Richard Ash said.
Buyers need to pay a deposit – of $60,000 or more – before they can take possession of a unit.
They will also pay monthly lease fees for five years, when the developer would hand over the title.
It will also sell the remaining units at prices ranging from about $400,000 up to $1 million unconditionally for cash at a lower price than those buying on a deferred basis.
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Reed has paid back its debts on the project, which completed last year, but has changed its offer.
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"The world has changed," he told Fairfax Media.
"There is no doubt the availability of debt for home owner-occupiers and investors has changed.
"Purchasers will find it easier to refinance or get finance in five years' time."
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Unit prices were likely to rise during the next five years, Mr Ash said.
"We think there may be some downside left but probably not a lot," he said.
"We're very comfortable that in the next three to five years there is upside in those prices."
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The deferred sales weren't a sign of distress on the part of the developer, fellow Reed director Ric Peterson said.
Property Observer wrote in 2014 that with 80% of the apartments sold, Belise would soon see a tower crane on the site.
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The $120 million<a href="https://www.belise.com.au/" target="_blank"> Belise project</a> had completion expectations for March 2016.
In 2016 the remaining in the development had prices start from $477,000. 
They had been advertised as "cash flow positive investments" from "year one". This would be for the after-tax outcome for a one-bedroom plus study with a 90% lend for assumed household income buyer of $80,000 to $180,000, at a $471,000 purchase price.
Breaking this down for a one-bedroom plus study shows that to get a substantial after tax cash flow, you would be renting it out furnished ($15,000 packages are available from the developer) or the positive cash flow is $1.63 per week after tax in year one. Adding the furniture package alters the numbers by slightly increasing the rent and providing more depreciation deductions. Interestingly, repairs and maintenance are kept equal for both equations. They make 5% annual capital growth rate assumptions. Body corporate is expected at $3,650 for year one and property management is estimated at 8% plus GST. A furnished apartment is projected as bringing in an after-tax positive cash flow of $84.20, according to their equations.
It was a slow start for the project, having launched in October 2010, but in November 2013 was seeing traction.
The median unit price in Bowen Hills peaked at $498,000 several years ago, according to RP Data.
 
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Five year delayed settlements offered at Brisbane's Belise development

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GUEST OBSERVATION
Share-bike littering is a problem almost everywhere they’re introduced. In countries as diverse as China, Singapore and Ireland the bikes can be seen abandoned in the worst places. There are three elements to understanding the problems of share-bike dumping and vandalism:
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<li>
behaviour, or how we make the choices about how to act</li>
<li>
context, or the environment we’re in at the time the action happens, of which national culture is an important part</li>
<li>
cognition or how our brains process information.</li>
</ul>
I have previously discussed the first two elements of behaviour and context.
This article focuses on the third element, cognition.
Biases enable quick decision-making
An important theory in how we process information is called dual processing theory . In summary it says that we have two ways of processing information. One is fast, easy and automatic, which Nobel laureate Daniel Kahneman describes as System 1. The other way is slow, effortful and deliberate, referred to as System 2.
Underlying this theory is the assumption that we try to minimise the cognitive effort we put into decision-making. We allow System 1 to do most of the heavy lifting, and refer the complicated stuff to System 2 only when needed.
That’s all well and good, except that under this theory much of our behaviour is an unconsidered reflex. While that should work well for most situations, sometimes it can lead to unintended consequences. Such as when we use share bikes. To be clear, what we’re looking at here is the behaviour of the share bike user who leaves the bike at risk, rather than the vandalism or littering that follows.
System 1 operates on mental shortcuts, or simple decision rules known as heuristics. While these generally work well, heuristics aren’t a good fit for every situation. When they fail the resulting behaviour is a bias.
So what biases are at work here?
When we look at share-bike littering, five biases are likely to be at play.
<ol>
<li>Omission bias is particularly relevant, as it’s how share bikes become available to vandals. This bias roughly says that we judge an action that leads to harm as worse than lack of action that leads to harm. We don’t see inaction, such as failing to park a bike in a safe and appropriate spot, as particularly wrong, even though it still leads to damage. So, a user is likely to justify leaving the share bike somewhere dodgy on the basis that they didn’t do anything wrong. What they won’t admit to unfortunately is they exposed the bike to the risk of vandalism. If more share bikes were left in safer places, the incidence of share-bike littering would be likely to fall. If a share bike has been left somewhere risky and exposed to vandalism, a second bias could kick in.</li>
<li>Self-serving bias says that individuals are much more likely to attribute positive outcomes to their own behaviour, and negative outcomes to someone else’s. So, if a share bike ends up in a river, it can be justified entirely as someone else’s poor behaviour, rather than the result of being left exposed by the user.</li>
<li>Attribution error bias may play a part if the share-bike user happens to be a little reflective. He or she could attribute their risky behaviour to the force of circumstance, which in their minds gave them little choice other than to abandon the bike to its fate. Unfortunately, bike scheme operators don’t help in these situations by not making it clear enough where it is risky or safe to park bikes. The operators try to encourage users to do the right thing with a series of incentives and penalties. Unfortunately, two further biases blunt those measures.</li>
<li>Optimism bias is the first of these. It’s the all-too-familiar idea that, for example, “bad things won’t happen to me”. For a user who is aware of potential penalties, the temptation to think they’ll get away with it could be enough to tip them into abandoning the bike.</li>
<li>Discounting bias also makes potential rewards or penalties less effective. This is the notion that future penalties or rewards are not as powerful as present ones. For the share-bike user, maybe wending their way home after a good night out, the appeal of ditching the bike now and getting to bed, versus a possible penalty some time in the future, could be an easy decision to make.</li>
</ol>
So, how do we counter these biases?
Knowing that some or all of those biases are operating, what are we to do about the problems with share bikes? The answer lies in accepting these biases rather than ignoring them.
Operators could refine their business models and engineer better behaviour. For a start, they could make it much clearer to users where it’s safe or unsafe to park the bikes.
As operators track where users are, they could also notify them through their app that a penalty is highly likely if they behave in certain ways. This could deal with two biases: optimism bias – by reminding the user they’re certain to be penalised if they don’t do as they should – and the discounting bias, i.e. the penalty will happen now, not at some time in the future.
<img src="https://counter.theconversation.com/content/92421/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">The question remains, what will push share bike operators to change their business models? Will market forces such as bike damage and the cost of recovery be enough to get them to change? Or is political leadership needed? For instance, in parts of Malaysia, share bikes have been seized when obstructing sidewalks.
Conor Wynn, PhD Candidate at BehaviourWorks, Monash Sustainable Development Institute, Monash University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/five-biases-create-problems-with-share-bikes-heres-what-we-can-do-to-counter-them-92421" target="_blank">original article</a>.
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Five biases create problems with share bikes – here's what we can do to counter them: Conor Wynn

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Damning new research has discovered how prevalent ice and methamphetamine residue is in Queensland rental homes.
In the past seven months, Meth Screen has conducted more than 400 tests, with 35% of Queensland properties testing positive for the illicit drug.
The frightening results found 36% of properties on the Gold Coast contain ice and methamphetamine residue.
In contrast 26% of properties in Brisbane recorded a positive reading.
Some six of the 14 properties (43%) tested on the Sunshine Coast discovered disturbing levels of ice and methamphetamine residue.
One Redland’s rental property recently tested positive for ice, with the methamphetamine readings three times above the Australian guideline levels.
“We’re hopeful landlord insurance will pay for the house to be decontaminated, but at the moment the house is unrentable and we’re losing thousands of dollars in potential rent,” the landlord said.
“Fortunately, we had the property tested for ice when our previous tenants broke their lease.
“I’d hate to think of the repercussions if I had leased the property to a family with young children, without getting the property tested. I’d be putting their health and welfare at risk.”
Crystal methamphetamine is costing Australia an estimated $4.4 billion a year, with Smoke Alarm Solutions launching its partnership with Meth Screen, so property owners and managers can undertake screening for ice and methamphetamine residue.
The partnership will see Smoke Alarm Solutions screen properties for residual meth contaminants, absorbed by floorings, walls, ducting and any furnishings or fixtures and determine if a previous tenant or occupant used or manufactured ice.
Smoke Alarm Solutions CEO Cameron Davis said landlords and real estate agents who value their tenants will adopt meth screening.
There are many short-term health effects associated with exposure to meth residue, including headaches, nausea, burning skin, dizziness, breathing difficulty, sleeplessness and behavioural issues.
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Many Queensland rental properties test positive for meth/ice 

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GUEST OBSERVER
Malcolm Turnbull is now connected to the National Broadband Network (NBN) at his Point Piper home on a 100 megabits per second (Mbps) plan, it was revealed in Senate Estimates yesterday. But only because his department intervened to avoid delays affecting other customers.
And while the Prime Minister might be happy with his NBN connection, that’s not the case for the 2.5 million customers waiting on a connection through their pay TV or cable service who have been left in limbo.
Lauded in the 2009 Commonwealth Budget as the single largest nation building infrastructure project in Australian history, the NBN is at risk of becoming an expensive white elephant in our cities. Years of political interference, poor technology decisions and a monopoly business attitude have damaged the brand.
Rather than meeting its objective of connecting 90% of homes and workplaces with broadband speeds of up to 100 Mbps, the NBN is looking more like a giant sponge. It soaks up public infrastructure dollars and returns high prices, long delays, unacceptably slow data speeds and service standards that are now the subject of an ACCC investigation.
As a result, a growing number of competitors are bypassing the NBN by undercutting prices and beating performance standards.
Adelaide bypasses the NBN
The latest challenge to the NBN came after South Australian Premier Jay Weatherill denounced the “very poor NBN outcome” and last week announced A$35 million in funding for an Adelaide fibre network alternative if he is reelected in March 2018.
The plan was warmly welcomed by Mighty Kingdom, an app and games developer who told the ABC, “I don’t have what I need to get me to the rest of the world.”
This follows news announced last year that Adelaide City Council is working with TPG to deliver an NBN-alternative broadband service to local businesses. The service promises fibre internet up to 100 times faster than the NBN, at lower prices, and with no installation costs for city businesses or organisations.
Lord Mayor Martin Haese said: "This technology will be a game changer for the city of Adelaide. It will be a boom for local businesses and other organisations, but will also attract business from interstate and across the globe."
NBN alternatives for Melbourne homes and businesses
Meanwhile two aggressive startups in the Melbourne market are hoping to take a serious bite from NBN’s lunch.
Lightening Broadband is connecting homes and businesses using microwave links capable of delivering both 100 Mbps download and upload speeds. That’s better than the comparable NBN Tier 100, which offers 90 Mbps download and 30 Mbps upload speeds.
The company is constructing microwave transmitters on tall buildings, connected to the telco’s core network using microwave links. Customers within a two-kilometre radius share a microwave transmitter, requiring a dish on their roof.
Another telco start-up, DGtek is offering its customers a full fibre alternative service.
Upon its launch in 2016, DGtek’s founder David Klizhov said: “Ideally the NBN would have worked if it was fibre to the home, but it’s taken quite a lot of time and we thought that we could have a go at the Australian market using technology that’s been implemented already overseas.”
DGtek uses Gigabit Passive Optical Networks (GPON) and runs it directly into tightly packed homes with the dense population of inner Melbourne. As a sweetener, DGtek offers free internet service to government organisations – such as schools and hospitals – in areas they service.
The threat from 5G and other new technologies
New entrant competition is not the only threat to NBN Co. Optus and Telstra are both launching 5G services in 2019. This represents a quantum leap in wireless technology that could win away millions of current and potential NBN customers.
While Vodafone CEO Inaki Berroeta has said that 5G is unlikely to replace the NBN in Australian homes, Optus Managing Director of Networks Dennis Wong recently told BIT Magazine:
"Everyone has heard of concepts like self-driving cars, smart homes, AI and virtual reality, however their full potential will require a fast and reliable network to deliver. Seeing 5G data speeds through our trial that are up to 15 times faster than current technologies allows us to show the potential of this transformative technology to support a new eco-system of connected devices in the home, the office, the paddock and in the wider community."
5G is not the only technological game changer facing the NBN. iiNet in Canberra has launched its Very-high-bit-rate Digital Subscriber Line (VDSL2) as its own superfast network.
According to iiNet, it is made up of fibre and copper and provides a faster connection than ADSL and most NBN plans. The network is independent from Telstra and differs to NBN in that iiNet’s VDSL2 network uses its own copper lines.
Levelling the field for smaller players
The huge capital requirements of rolling out telecoms infrastructure has always acted to deter more competition in the Australian market. But following a regulatory decision of the ACCC in 2017, smaller entrants can now enjoy cost-based access to some of the largest networks – including Telstra, TPG and Opticom – allowing them to better compete both with the big telcos, and with the NBN.
By providing access to superfast broadband access service (SBAS) and the local bitstream access service (LBAS), new entrants will be able to sell NBN-like fixed line superfast broadband wholesale.
So where to for the NBN?
Yesterday the government released a working paper forecasting that demand for bandwidth will double for households with high internet usage over the next decade. The report also suggests that the NBN is equipped to meet those needs.
<img src="https://counter.theconversation.com/content/92275/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">However, cost, technology and customer service problems continue to threaten the commercial success of the NBN. Without a radical rethink, it is doomed to fail its initial mission.
Allan Asher, Visitor, Regulatory Institutions Network (RegNet) &amp; Chair of Foundation for Effective Markets and Governance, Australian National University.
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/nbn-faces-irrelevance-in-cities-as-competitors-build-faster-cheaper-alternatives-92275" target="_blank">original article</a>.
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NBN faces irrelevance in cities as competitors build faster, cheaper alternatives: Allan Asher

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The prime Pitt Street Mall retailing site, which is the longtime Soul Pattinson Chemist premises is in the process of being sold to Kingvest for a reputed $100 million. 
JLL’s Simon Rooney and Rob Sewell are negotiating the deal on behalf of Washington H Soul Pattinson and Company Limited (WHSP).
The property was offered with the opportunity for vacant possession in mid-2016. 
"This is the end of a chapter in the company's history," said chairman Rob Millner.
"We will be sad to see the pharmacy closing its doors after 145 years, however, we are immensely proud of what has been achieved."
Victor Comino's Kingvest already owns<a href="http://www.afr.com/real-estate/sydney-businessman-buys-historic-former-darrell-lea-site-20150330-1mbdnx"> prime CBD </a>premises including the former Darrell Lea building and the Louis Vuitton store. 
The acquisition site has been the location of Soul Pattinson Chemist for some 145 years and it’s the first time it has come to market since 1873.
JLL’s Simon Rooney said Sydney's pre-eminent retail strip was Pitt Street Mall. 
“The infrastructure upgrades in the Sydney CBD and residential development will underpin the long term demand for retail space." 
160 Pitt Street is one of just 10 properties with Pitt Street Mall frontage. 
“As a result of the high retailer demand for presence along Pitt Street, it now commands some of the highest rents in the world, with recent evidence showing rates of $12,000 per square metre to $15,000 per square metre per annum.
“High profile international retailers have been drawn to Pitt Street Mall in recent years, including H&amp;M, Zara Home, Sephora, Uniqlo and Microsoft.”
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Soul Pattinson set to sell to Kingvest on Pitt Street Mall

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Set at Edmonton, Cairns, a three bedroom house has been sold by mortgagees for $330,000.
It was sold by Therese Plath from Ray White.
It last sold at $350,000 in 2014.
<a href="https://www.realestate.com.au/sold/property-house-qld-edmonton-127134422" target="_blank">The 17 Maren Street </a>house comes with three bedrooms and large open plan tiled living, dining and lounge areas.
Other features in this home include security screens throughout, garden shed, external covered laundry and double carport.
It is only five minutes away from shopping and schools, and 15 minutes away to Cairns City.
According to CoreLogic, the suburb's median house price sits on $350,000.
 
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Edmonton, Cairns three bedroom home sold by mortgagee

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EXPERT OBSERVATION
Australians have spent the last month eyeing their share portfolios as the volatility of Wall Street crept into the ASX.
Over many decades, equities have been a proven performer for Australians. But just as a single day can have you planning a kitchen renovation, inherent risks can mean losses just as easily transpire; it’s part and parcel of the modern, global economy. As an example, in early February, about $70 billion was wiped from the All Ordinaries – the top 500 companies listed on the Australian Securities Exchange - in the space of three days.
Ask anyone what their goal out of an investment is and the response is unanimous: make as much money as possible.
Amongst the suite of investment classes – which continue to diversify through the profile of options like cryptocurrencies – real estate continues to be a cornerstone. As opposed to other options, it’s less exposed to daily or weekly fluctuations.
As an investment class, real estate has a tremendous profile, simply because the overwhelming percentage of people have had some form of relationship with property: most people have either been sellers, buyers or tenants at some point their lives. It’s this exposure that allows people to be more comfortable with the process and research involved, especially with the amount of information at our fingertips.
So how does real estate stack up?
There’s no such thing as a foolproof get-rich scheme. Any investment – irrespective of class – should be treated as a long-term proposition. So, while equities markets have taken a battering in the last few weeks, it’s more appropriate to view them in a long-term perspective.
Twenty years ago, the All Ords Index was 2894. In mid-February, the Index was around 6147, representing an average gain over time of 112%. Companies on the All Ords are, by their nature, solid, long-term performers that avoid fluctuations. While most investors will include some members of the All Ords in their wealth management strategies, they’ll supplement it with ‘higher risk’ performers which can accelerate returns.
But let’s examine residential real estate over the same period. In December 1997, the median house price across Australia was $139,000 (you can find some car spaces in the city fringes of Sydney and Melbourne being purchased for similar prices, today).
At the end of last year, the median national house price was $535,000, representing an increase of 285% over two decades – well above the performance of equities.
Look at the big picture
But results need to be viewed at face value with numerous variables involved in both. For instance, borrowing for shares is usually something only highly experienced investors engage in, while most real estate investors will borrow for their investment(s). So, commonly, share market gains can be seen in their entirety for most investors, while capital gains in property are offset by mortgage debts.
Also, real estate investors look for a combination of capital gains and yield in their investments. And if a property can be positively geared, the investor is placed in a great position.
But, it’s the safety of real estate that allows it to really stand out from other investment classes. As the below graph shows, the national median house price has only ventured into negative territory three times in the past 20 years. In contrast, equities have made negative 12-month gains on nine occasions.
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So, as an investment class, history has shown that real estate offers steady growth and less fluctuations in value. 
Mathew Tiller is head of research at LJ Hooker.
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Property v shares, the age-old debate: LJ Hooker's Mathew Tiller

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The Cromwell Property Group today reported half-year (HY18) statutory profits, before the write down of intangibles, of $155.5 million up 1.5% on the prior comparable period (HY17 $153.2 million).
Net Tangible Assets (NTA) was up, gearing was down, and its Weighted Average Lease Expiry (WALE) has been extended with leasing activity described as being strong.
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In December 2017, Cromwell completed the $170 million strategic placement to SingHaiyi Group Ltd and Haiyi Holdings Pte. Ltd.
 A $30 million securities purchase plan, which gave retail securityholders the opportunity to acquire securities on similar terms closed earlier this month, oversubscribed at $35 million. 
“Our ability to grow our funds management business is directly linked to our ability to connect capital to opportunity. We now have many more established capital sources, a blue-chip roster of private equity and capital partners in Europe, and significantly more depth and relationships in Asia," said Cromwell CEO Paul Weightman.
Having increased short term gearing, Cromwell was now operating with gearing towards the lower end of our target range, he said.
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Total assets under management (AUM) increased by 11%, or $1.1 billion, to a total of $11.2 billion in the six months to 31 December 2017.
Cromwell’s business segments reported the following earnings: 
<ul style="list-style-type: square;">
<li>
Property Investment segment earnings were $58.2 million, a 6.9% decrease on the prior comparable period, mainly due to asset sales and the vacancy at Tuggeranong Office Park; 
</li>
<li>
Asset services earnings increased on the back of higher project management fees; 
</li>
<li>
Retail Funds Management earnings were $2.1 million, down $3.9 million from the prior corresponding period which saw $4.1 million in fees from the Cromwell Riverpark Trust extension; and 
</li>
<li>Wholesale Funds Management earnings increased 14% on the back of the successful listing of CEREIT</li>
<li>A total of 11 property assets were externally revalued at 31 December 2017, representing approximately 48% of the property portfolio by value. Valuations for investment properties increased by $32.8 million during the half-year net of property improvements, leasing incentives and lease costs.</li>
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The weighted average capitalisation rate (WACR) was 6.34% across the portfolio, compared to 6.56% as at 30 June 2017. 
Tenant quality remains strong with Government and Government related entities contributing nearly two fifths (39.6%) and the top 5 tenants three fifths (59.7%) of gross income. 
The portfolio weighted average lease expiry (WALE) is 7.2 years. 
“The WALE has increased from 6.35 years in HY17, in part due to the commencement of the new lease with DSS at Soward Way,” said Mr Weightman. 
“The headline vacancy rate of 12.1% reflects the move by DSS out of their old building. Portfolio vacancy excluding the active assets is 2.6%,” he added. 
Cromwell’s lease expiry profile is favourable with less than 20% of leases expiring in the next three years. A third of these expiries are in the Sydney office market which is showing increased demand and rental growth over that period.” 
“There are only three expiries which represent more than 1% of income in this period,” said Mr Weightman. 
“Two of these are in assets which we are proposing to redevelop and reposition and we are in active negotiations with the tenant in the third asset,” he concluded. 
Cromwell had strong leasing activity in the half, executing 67 transactions on over 43,300 sqm of space. 58 of these were new leases on over 15,600 sqm of space including: 
<ul>
<li>
Northpoint had 25 new leases signed in the retail precinct and seven office leases; 
</li>
<li>
Bechtel signed a new lease at HQ North in Brisbane for 1,300 sqm; 
</li>
<li>
Nine leases were signed over spaces in which speculative fit-outs were underwritten at 200 Mary street. Pro-forma occupancy is now 85%; and 
</li>
</ul>
Leases of 3,900 sqm have been signed at 207 Kent Street. The most recent transactions have achieved rentals over $1,000 per sqm gross.
There were nine renewals for 27,700 sqm with nearly 90% of this being in two deals:
<ul style="list-style-type: disc;">
<li>Therapeutic Goods Administration (TGA Complex) for five years over 18,500 sqm; and </li>
</ul>
<ul style="list-style-type: disc;">
<li>Australian National Audit Office (ANAO) at 19 National Circuit, ACT have signed a Heads of Agreement for 12 years over 5,600 sqm</li>
</ul>
Shareholders were told Cromwell continues to recycle capital from assets that have reached the end of their optimal investment term.
Health &amp; Forestry House, twin interconnected towers in Brisbane, were sold for $69 million in the half.
Post balance date Huntingfield Avenue, TAS was sold for $4.5 million completing in January 2018 and Musk Avenue, Kelvin Grove is currently under contract.
“Northpoint will reach practical completion on 19 March on budget and time,” said Mr. Weightman. 
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“25 new retail leases have been signed and fit-outs have commenced in most tenancies. Woolworths have finished stocking shelves, the rooftop bar provider has submitted a DA and the Vibe Hotel, a 4.5 Star, 187 room hotel with conference facilities and swimming pool is due to open after Easter.” 
“Having completed the development of the podium and new hotel, we will now turn our attention to leasing opportunities in the commercial office tower, where significant interest is being shown in areas with speculative fit-outs in the 100 to 500 sqm range,” he added. 
Construction of the new property at Soward Way, ACT was completed in September, creating a new fully leased commercial office building at Tuggeranong Office Park. 
The total cost of construction was $170 million, funded from cash reserves and a $159.5 million loan facility. The building is now valued at $260 million, leased for 15 years to the Commonwealth of Australia and will add to income growth in the core portfolio in FY19. 
“I mentioned previously that the old buildings at Tuggeranong Office Park, ACT are now vacant following DSS’ move to their new premises,” said Mr. Weightman.
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“We have been progressing plans to transform the old buildings into between 330 to 350 retirement or assisted living units plus communal areas.” 
“Careful analysis has been conducted into the supply and demand of retirement and independent living units in the Tuggeranong area.” 
“We know there is a marked undersupply, with strong demand and minimal competition in the local market.” 
“The ACT government has also earmarked Tuggeranong as one of their three aged care hot spots,” he confirmed.
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Cromwell Group post half yearly profits of over $155 million

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In 2017, Australian unlisted property funds performed three times stronger than Australian equities, averaging total returns of 23.4% for the calendar year.
In its quarterly report, Zenith Investment Partners, MSCI and the Property Funds Association said that unlisted property funds delivered a total return of 23.4% for the year to 31 December 2017 compared to the 7.7% return from Australian equities. 
Maarten Broek, Executive Director at MSCI, said that unlisted property funds also outperformed most other asset classes on a risk-adjusted basis. 
<img src="https://www.urban.com.au/images/2018/2/26/unlisted.png" alt="">
“Property as an asset class is delivering strong returns driven by investor demand and supported by rental growth, particularly in the Sydney and Melbourne office markets.  
“Although yields have compressed over the last few years, Australian property returns still have a high income return component, relative to both other global property markets and other asset classes.
Mark Lumby, Head of Commercial Property at Australian Unity, said Australian Unity’s unlisted property funds continue to deliver investors stable income returns, consistent with the report’s findings.
“The performance of our funds is driven not only by market conditions but also, through the application of our experience and active asset management, which includes redeveloping existing assets to generate a higher income and capital growth profile for our investors."
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Unlisted property funds Australia's best performing asset class in 2017

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.

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.

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.

"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."

[smartcode_project:default project_id=7354 project_image_fid=374893]

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.

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;

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.

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.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"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."

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.

"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."

[smartcode_project:default project_id=7354 project_image_fid=374892]

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.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

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.

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.

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.

<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.

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.

[smartcode_project:default project_id=145590 project_image_fid=359521]

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.

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.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<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.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"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.

"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.

"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."

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[smartcode_project:default project_id=145590 project_image_fid=359523]

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.

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.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"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."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

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.

For apartment residents, that can present a challenge.

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.

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.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

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.

Australia Post's Parcel Lockers provide one solution.

<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>

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.

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.

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.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

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.

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

<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.

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.

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.

<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" />

"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.

"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."

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.

<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" />

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.

The architects say landscape is intended to be integral to the building rather than an applied element.

"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."

"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."

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.

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.

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

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.

But in many cases, that's not actually what those sustainability ratings guarantee.

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.

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.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

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.

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.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

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.

"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.

"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.

"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."

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.

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.

"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.

"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.

"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."

For apartment buyers, the shift is also changing the questions worth asking.

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?

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.

Staff reporter

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