<html><body>
ASIC has a advised it was aware that valuations of illiquid assets have been challenging as a result of increased economic and financial uncertainties due to the COVID-19 pandemic.
In this context, it is more important than ever that valuations of managed fund assets are regular, robust and reasonable, ASIC advised.
ASIC is reminding responsible entities of their obligation to ensure that valuations of their managed fund assets are regular and reasonably current having regard to the nature of the assets. One of ASIC’s focus areas this year is reviewing valuation practices amongst investment managers (see ASIC Interim Corporate Plan 2020-21, p14).
Accurate valuation of fund assets, including illiquid assets, is needed for a responsible entity to determine:
<ul>
<li>the value of the units of a scheme for performance measurement</li>
<li>the unit price to allow for investors to enter into and exit from a scheme</li>
<li>the price for the selling and buying of specific assets, including stakes in a company</li>
<li>the value of assets in financial reports required by the Corporations Act 2001.</li>
</ul>
Ensuring fund assets are valued regularly and valuation processes are robust are part of responsible entities’ statutory duties to:
<ul>
<li>exercise a reasonable degree of care of care and diligence</li>
<li>ensure scheme property is valued at regular intervals appropriate to the nature of the property</li>
<li>act in the best interest of members of the fund</li>
<li>carry on their financial services business efficiently, honestly and fairly.</li>
</ul>
During COVID-19, responsible entities may face issues such as a lack of comparable transactional data, and uncertainties around cash flow forecasts, the shape and timing of any economic rebound, the selection of an appropriate discount rate in an environment of very low government bond yields, and the risk premiums that should be attached to the risk free rate.
As a result, responsible entities may need to carry out valuations more often to ensure reliable asset values and member unit prices. Where valuations are uncertain for a material proportion of a fund’s assets, the responsible entity needs to consider whether it is in a position to establish a reliable unit price. If not, the responsible entity may need to temporarily suspend entry and exit from the fund.
While the COVID-19 pandemic continues to disrupt financial markets, ASIC encourages responsible entities to ensure:
<ul>
<li>valuations are reasonably current and regular</li>
<li>valuations are performed using appropriate methods and assumptions for that asset class</li>
<li>assets are promptly written down should the cash flows of an asset be negatively impacted directly or indirectly by COVID-19 restrictions</li>
<li>estimates are developed on a sound and reasonable basis, and that they consider whether past performance and historical inputs are still reflective of future outcomes</li>
<li>valuation polices are regularly reviewed by the responsible entities’ management and board</li>
<li>valuations are carried out by unbiased valuers and valuers are periodically rotated by the responsible entity.</li>
</ul>
Responsible entities should also ensure that they provide their members and investors with timely, full and fair disclosure of asset values. They should inform their members about the processes they are implementing to support the valuations given the current circumstances and uncertainties.
Accurate and timely valuation of assets is central to the fair and efficient operation of managed funds. ASIC is actively monitoring the valuation practices of responsible entities during this period of market disruption. ASIC may take regulatory action against responsible entities that do not comply with their obligations to provide fair and reasonable valuations of fund assets.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Managed fund asset valuations must be reliable during COVID-19

<html><body>
ASIC recently published Regulatory Guide 271 Internal Dispute Resolution (RG 271). The guide updates requirements for financial firms in dealing with consumer and small business complaints under their Internal Dispute Resolution (IDR) procedures.
Among other things, RG 271 clarifies ASIC’s expectations of financial firms in their dealings with paid representatives – including debt-management firms.
<h2>Debt-management firms and their role in dispute resolution</h2>
Debt-management firms promise to assist consumers in financial hardship. They offer a range of services such as debt negotiation and ‘cleaning’ or ‘fixing’ credit reports.
As part of their service offering to indebted consumers, these entities often lodge complaints with financial firms directly at the IDR stage and/or to an external dispute resolution (EDR) scheme such as the Australian Financial Complaints Authority (AFCA).
Debt-management firms operate on a for-profit basis and charges consumers fees for their services, either upfront or on a ‘success’ basis. Fees can be very high, and the services can sometimes leave consumers already in financial difficulty worse off.
Importantly, it is free for consumers to complain directly to their financial firm or to AFCA.
Financial firms, AFCA and consumer groups continue to raise concerns with ASIC about the conduct of debt-management firms and the potential harms these entities may cause consumers, including that they may provide unsuitable services and engage in predatory conduct.
<h2>When is it appropriate to not engage?</h2>
Responding to concerns from financial firms, ASIC has included guidance in RG 271 to clarify when we would consider it to be appropriate for a financial firm not to engage with a paid representative. This includes circumstances where a financial firm reasonably believes that a paid representative is not acting in the best interests of the consumer.
ASIC’s guidance also makes it clear that if AFCA has excluded a paid representative from representing a consumer in relation to a complaint under the AFCA Rules, this would also be an acceptable reason for a financial firm to no longer engage with the paid representative, for the duration of the exclusion period.
If financial firms cease to engage with a paid representative by relying on the updated guidance in RG 271, financial firms:
<ol type="a">
<li>should clearly explain to a consumer why contact is being made directly and provide reasonable time to respond; and</li>
<li>can continue to communicate with a consumer directly, even if the consumer still expresses an intention to retain the paid representative.</li>
</ol>
<h2>Paid representatives: ASIC’s guidance for financial firms</h2>
ASIC is currently considering technical updates to Regulatory Guide 96 Debt collection guideline: for collectors and creditors (RG 96), and intends an amendment to the section on ‘when a debtor is represented’ to ensure consistency with RG 271.
In the interim, financial firms can engage with paid representatives in a manner that is consistent with RG 271 and the approach set out in this article.
ASIC expects this article will provide financial firms with more clarity about how they can engage with paid representatives including debt management firms. We also support financial firms developing their own initiatives that help to protect consumers.
<h2>Background</h2>
There is no uniform regulatory framework applying to the activities of debt management firms in Australia. Most debt management firms are not required to hold an Australian credit licence or an Australian financial services licence to provide debt management services.
<h2>AFCA bans MCR Partners</h2>
On 1 July 2020, AFCA announced its decision to ban paid representative MCR Partners from lodging complaints on behalf of consumers and small businesses. The decision means that MCR Partners including its directors, employees or agents are excluded from lodging complaints with AFCA for a period of 15 months until 30 September 2021. 
</body></html>

Handling complaints and paid representatives: ASIC provides financial firms with guidance

<html><body>
Former financial adviser Brett Andrew Gordon has today appeared before the Maroochydore Magistrates Court charged with 10 counts of fraud to the total value of $975,600, following an ASIC investigation.
Mr Gordon, of the Sunshine Coast, Queensland, was the director of Refocus Financial Group Pty Ltd (Refocus) and Diverse Capital Management Pty Ltd (Diverse).
ASIC alleges that, between 2015 and 2017, Mr Gordon dishonestly caused a detriment to the trustees of six self-managed superannuation funds (SMSFs) by withdrawing a total of $502,000 from the SMSF bank accounts without authorisation. The trustees of these SMSFs were Mr Gordon’s clients.  
ASIC further alleges that, between 2016 and 2018, Mr Gordon dishonestly paid $473,600 in personal debts and expenses, as well as Refocus business expenses, from funds belonging to Diverse. Those funds had been invested by SMSF clients for the purpose of participating in property development activities to generate a return. 
The matter has been adjourned to 25 September 2020 for further mention in the Maroochydore Magistrates Court.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
In July 2018, the Supreme Court of Queensland made orders by consent, on the application of ASIC, winding up Refocus and restraining Mr Gordon from carrying on a financial services business without holding an Australian Financial Services (AFS) licence or being an authorised representative of an AFS licensee.
</body></html>

ASIC takes financial adviser Brett Gordon to court over 10 alleged fraud charges

<html><body>
86 400, Australia’s first smartbank, has signed a strategic partnership with aggregator Australian Finance Group Ltd, to further expand its broker distribution network. With AFG on board, one in three mortgage brokers in Australia now have access to 86 400’s smarter approach to home loans.
Over the past 26 years, AFG has grown to become one of the largest aggregators in the market, with more than 3,000 brokers and a loan book exceeding $140 billion. The partnership will see AFG brokers gain access to 86 400’s fully featured Own home loan products from 10 August, which remains the first and only digital mortgage offering for brokers in the country. 
With the Own home loan launched in November 2019, 86 400 has quickly become a favourite of mortgage brokers nationwide who are taking advantage of the digital solution, competitive rates and fast turnaround times. The 86 400 solution enables digital verification of identity, digital collection of expense and income information and all 86 400 documents are signed electronically.
86 400 however, goes beyond just innovating across the application process for customers, it directly addresses some of the biggest pain points for brokers such as digital accreditation and innovating a more equitable claw back provision with a step-down process.  
While current approval times from larger lenders have continued to slow amidst the current global turbulence, 86 400’s Own home loan can give brokers a yes or no decision in just a few hours.
Robert Bell, CEO 86 400 said: “Brokers and customers want an application experience that’s easy to use and a process that gets them a decision quickly, giving both the broker and customer certainty and peace of mind, and that’s what we’re delivering through our digital solution. Partnering with AFG allows us to continue to help more Australians and more brokers realise the benefits of the 86 400 home loan.” 
AFG Head of Sales &amp; Distribution Chris Slater welcomed 86 400 to the panel: “We are pleased to announce the addition of 86 400 to the AFG panel as we continue to ensure the needs of our brokers and their customers are met.” 
“One of our core values over the last 26 years has been supporting our brokers to bring competition to the market and the team at 86 400 are very passionate about competing so they’ll fit in very well at AFG.  We will continue working closely with our brokers and funders like 86 400 to give them the best possible chance to compete for business.”
86 400 Own Home Loan fixed rates are at an all-time low of 2.24 per cent p.a. (2 year fixed comparison rate: 3.02 per cent p.a.) for owner occupied principal and interest. 
86 400 remains the only newly licensed bank in Australia with both home loan and everyday banking products in market. “We’ve said from day one that we’re not interested in building a niche bank. We have a long-term, sustainable business model, which balances both sides of the ledger, and are busy building and rolling out products and partnerships we know our customers want”, Bell said. 
</body></html>

86 400 supercharges its home loan distribution with AFG partnership

<html><body>
Mirvac Retail has announced an innovation to help its shopping centre customers navigate busy periods and time manage their physical trip to the shops via the centre website and a new tracking tool.
The traffic tracker application, now available on each of the portfolio’s 16 centres’ websites, has been partly in response the COVID-19 concerns about heavy crowd periods at centres, but also a continuation of the agile teams constant review and response to shopper needs and a focus on customer pain points. 
A simple page on the website under ‘Plan Your Trip’ shows tracking data across each opening hour of the day from the previous week, on a day by day basis, to analyse preferred times to attend the centre and improve the customer experience. The traffic data is presented in similar format to Facebook’s Popular Hours Google’s Popular Times tools. 
“In our Retail Reimagined focus we are always seeking ways to improve both the customer experience and also productivity in our centres for our retailers by helping people maximise their time and choices with quality available data,” said Nicole Imberger, director of experience at Mirvac.
“We hosted over 120 million visitations across our portfolio just in the last year. There is a lot of traffic data we can share and we believe people are seeking increased flexibility and information in so many aspects of their life in these days of more pressure and concern about being in crowded locations,” Ms. Imberger added 
Mirvac Retail has been actively focused on prioritising the health and safety of shoppers and retailers since the pandemic outbreak with many contactless initiatives implemented and hygiene and traffic management regimes put in place.
Compliance with all government guidelines has been a priority and as the restrictions ease and the community ventures back to centres for many and varied reasons, from shopping essentials to entertainment and community connection, it is all the more important for Mirvac to find ways to assist with the new normal of living in COVID times in our particularly urban locations.
Centres rolling out the weekly data include: Moonee Ponds Central in Victoria, Toombul, Orion Springfield Central and Kawana Shoppingworld in Queensland, and in New South Wales at Broadway Sydney, East Village, South Village, Greenwood Plaza, Harbourside, Tramsheds Sydney, Birkenhead Point Brand Outlet, Rhodes Waterside, Stanhope Gardens, Cherrybrook Village and MetCentre as well as Cooleman Court in the ACT.
In a further recent measure to improve customer safety Mirvac Retail locations that required contact to collect car park tickets have now installed contactless wave technology to activate ticket machines at Rhodes Waterside, Stanhope Gardens, Tramsheds and Broadway Sydney.
</body></html>

Mirvac Retail launches traffic tracker to support shoppers with new COVID conscious planning tools

<html><body>
The largest CBD freehold, mixed-used development site with holding income, is set to hit the market in the coming weeks.
Colliers International in conjunction with CBRE are selling this significant holding known as the South Yards precinct, on behalf of Honeycombes Property Group who are one of Queensland’s largest private developers. The 17.2ha site is on the edge of the Townsville CBD and will become an extension of the city once fully developed.
Adjacent to the new $300 million, 25,000 seat Queensland Country Bank Stadium, the purchaser will have the opportunity to masterplan the site and develop a mixed-use precinct, capitalising on the growth underway in North Queensland.
The South Yards precinct has a holding income of more than $870,000 per annum; a rarity for large-scale development sites.
“The South Yards site is intended to be the natural expansion of the Townsville CBD and represents a huge opportunity for a forward-thinking investor, developer or land banker,” said Samuel Biggins, Director, Investment Services at Colliers International. 
“Notable comparisons can be drawn to renowned urban renewal projects such as Brisbane’s James Street and Southbank precincts; Lend Lease’s Barangaroo project and Docklands in Melbourne.” 
Neville Smith, Associate Director, Townsville at Colliers International said “Townsville is the economic, administrative, educational and defensive hub of Northern Australia, with over $12 billion in infrastructure projects currently underway.  
“The city enjoys a diversified economy supported by several sectors including the Australian Defence Force; prominent higher education institutions such as James Cook University and State and Federal government bodies including the Australian Tax Office and Queensland Government Regional Headquarters.  
This major land holding is of the same size as Townville’s existing core CBD with an anticipated development standard already set with the grandeur of the new Stadium precinct opposite
</body></html>

Townsville’s most strategic land holding is on the market 

<html><body><div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
Mirvac official opens LIV Indigo at Sydney Olympic Park, the first residential community in NSW designed and built exclusively for renters.
LIV Indigo is an Australian adaptation of the build to rent model which has soared in popularity in the US and UK, and reduces the vulnerability of tenants in private rental.
Residents will be offered a minimum 12-month secure lease with rental increases capped, no bond requirement, on-site maintenance teams to deal with repairs instantly.
They will also be offered the freedom to paint the walls of their home, bang in a nail to hang a picture and keep a pet without having to negotiate strata by-laws.
The opening event was officiated by Mirvac CEO &amp; Managing Director, Susan Lloyd-Hurwitz and NSW Minister for Planning and Public Spaces Rob Stokes.
Ms Lloyd-Hurwitz said LIV bridged the gap between owning and renting, offering the flexibility of renting with a sense of security akin to ownership.
“We are living in an era where property ownership is not the overarching goal of all Australians,” said Ms Lloyd-Hurwitz. 
“And those who do aspire to home ownership will on average spend more time in the rental market before they can afford to buy their home.
“We studied the market overseas, spoke to Australians about their rental experience and from these insights crafted an entirely new housing choice that offers convenience, comfort and above all security.”
LIV Indigo, within Mirvac’s soon to be completed Pavilions residential development, offers residents a shared community and entertaining space with kitchen lounge and dining area, cinema room, co- working spaces, private and bookable meeting rooms, a gym, workout and fitness space, children’s play room and barbecue facilities.
<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/2020/8/24/200714_MIRVAC_LIV_GYM_14251%201.jpg" alt="">
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
To help build a sense of community, a manager and onsite team will welcome residents as well as arranging events and activities when the first residents move in from 1 September.
institutional landlords such as Mirvac would provide more stability and certainty for those who rent.
“We can’t just assume that the homeowner model is for everyone. As society changes and grows, our policies and approaches to living need to reflect that,” Mr Stokes said.
“Build to rent can attract direct investment in construction at a time when bank finance is hard to secure. It is a critical way to ensure housing is built during difficult financial times.
“Not only do we need different types of housing, such as detached, high-rise and missing-middle types, we need different tenures so that individuals and families can access secure housing that suits their circumstances.”
<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/2020/8/24/200714_MIRVAC_LIV_HALLWAY_12744.jpg" alt="">
In line with Mirvac’s sustainability goals, LIV Indigo has been designed to achieve 40 per cent less greenhouse gas emissions. 
Energy and water-saving measures include upgraded glazing to improve thermal performance, LED lighting throughout, energy-efficient appliances, solar power and water efficient taps, toilets, showers and washing machines.
Residents will also have access to electric vehicle charging stations and connection to Sydney Olympic Park’s recycled water network.
The Australian Government, through the CEFC, committed to invest $63 million in LIV Indigo via Mirvac’s Australian Build-to-Rent Club in 2018. 
“We are pleased to be working with Mirvac to show how commercially viable sustainable initiatives can lower energy costs for residents and building owners, as well as reducing greenhouse gas emissions in Australia’s housing market," the CEFC CEO, Ian Learmonth said. 
Ms Lloyd-Hurwitz said recently announced tax discounts proposed by the NSW Government would help Australia’s nascent build to rent sector expand as it has overseas.
“The key drivers for the growth of build to rent overseas – housing affordability, supply, urbanisation and demographics – are all present here in Australia,” said Ms Lloyd-Hurwitz.
“Home ownership rates have been declining for many years and affordability issues mean that more Australians are destined to be long-term or life-long renters.
</div>
</div>
</div>
<div class="page" title="Page 3">
<div class="layoutArea">
<div class="column">
“But we are also seeing a fundamental change in the attitudes of people who rent by choice because they are pursuing other investment strategies or have down-sized and want to release the equity from their home to enjoy their retirement.”
</div>
</div>
</div>
 
</div>
</div>
</div></body></html>

Mirvac officially opens its first purpose built build to rent property

<html><body>
National property fund manager Primewest has made its first investment in Australia’s globally successful agricultural sector with its Primewest Agricultural Trust No 1 purchasing Pinegatta in the NSW southern riverine region.
The newly established trust managed by Primewest paid $4.8 million for the 425 hectare property, which is leased to blue chip tenant Kagome – Australia’s largest fruit and vegetable processor with a market capitalisation in excess of $2 billion.
The Pinegatta property, near the town of Deniliquin, primarily produces carrots and potatoes, most recently servicing contracts to the Smith Snack Food Company (Pepsico). 
It consists of fertile, rolling loam soils with a state-of-the-art irrigation system that is connected to highly reliable water resources via deep bores and the Mulwala Canal - Australia’s largest irrigation canal which is less than a kilometre away.   
Primewest director David Schwartz said Pinegatta was a high quality, investment grade, agricultural asset leased to a blue chip tenant and was well positioned to benefit from the anticipated improvement in the Australian agricultural sector.
He said Primewest has taken a counter-cyclical approach to investing in the agricultural sector, with plans to acquire a range of properties in its new trust totalling up to $100 million.
“Kagome has invested around $700k on capital improvements to the property in the last 12 months and its also features $1 million worth of central irrigation pivots that span 259 hectares of land,” Mr Schwartz said.
“It provides a net passing income of $300k per annum and we expect investors will receive a total return on investment of 8 per cent pa (IRR).”
Mr Schwartz said the Triple-Net Lease provided a WALE (by income) of 6.4 years.
Main photo: Primewest directors John Bond, David Schwartz and Jim Litis / Gabriel Oliveria
</body></html>

New Primewest fund enters agricultural sector with plans to invest up to $100 million

<html><body>
The historic Southern Tablelands property Greenwich Park at Marulan has been sold for $8 million.
It has been bought by fund manager Ben Fife and his wife Rachel, of the property investment group Fife Capital.
The sale reflects a small loss for Shanghai-based property developer Peiqing Wu, having bought the 1200 hectare property in 2011 for $8.2 million.
Greenwich Park, with its 1.5 kilometres of frontage to the Wollondilly River, is thought to be the oldest operating farm on mainland Australia, which has retained its original size.
</body></html>

Ben Fife buys Greenwich Park on Southern Tablelands

<html><body><div class="page" title="Page 20">
<div class="section">
<div class="layoutArea">
<div class="column">
2019 saw an easing in market values following the effects of the royal commission into the banking sector, however the central west and western Gold Coast market is set to improve in 2020, according to a recent Herron Todd White (HTW) residential report. 
The March report notes a number of real estate agents in the local area have stated that confidence has returned since the result of the last federal election.
The central west and western Gold Coast region provides first-home buyers and investors with entry options in areas such as Highland Park, Nerang, Pacific Pines, Maudsland, Upper Coomera and Oxenford.
A Nerang three bedroom house was sold for $530,000 in February. 
Situated at <a href="https://www.realestate.com.au/sold/property-house-qld-nerang-132912762" target="_blank">17 Ealing Crescent</a> (pictured below), the home comprises open plan living, kitchen, 3 bedrooms and flat back yard.
Other features include air conditioning, landscaped gardens and council approved shed. 
<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/2020/3/2/nerang%20.jpg" alt="">
 
The entry-level market will remain strong due to the government first home grant of $15,000 and home loan interest rates continuing at record lows.
"Many home buyers are keen to enter the property market before prices go up further," the valuation firm said. 
</div>
<div class="column">
The report suggests local infrastructure projects and jobs growth will contribute to the improvement. 
"Also, cashed-up interstate buyers continue to see value or a better lifestyle in the Gold Coast market," the valuation firm added. 
Property types popular in the region include house and land packages, second hand detached dwellings and attached duplex and townhouse or villa units that either meet first home owner requirements or provide investors a rental return.
A niche market seen within the region is Tamborine Mountain, located on the western hinterland with a variety of tourism based cafés and restaurants, wine outlets and wedding reception establishments. 
"Over the past year or so, a number of owners have been tapping into the Airbnb market by extending their homes into dual living floor plans and leasing part or all of the home on a short term basis. Many owners who have done this advise of very good rental demand and return," the valuation firm said. 
A current listing is a Tamborine Mountain due level house priced at $1.275 million.
The five bedroom, three bathroom home is situated at <a href="https://www.realestate.com.au/property-house-qld-tamborine+mountain-132102638" target="_blank">3 Cliff Way </a>(pictured below).
It comes with home office, combined living and dining, outdoor kitchen and area for pool or spa.
<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/2020/3/2/tamborine%20mountain%201.jpg" alt="">
</div>
</div>
</div>
</div></body></html>

Central west and western Gold Coast region's property market set to improve in 2020: HTW residential 

<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Staff reporter

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News