Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

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Property laden self-managed super funds face the prospect of higher tax bills following super changes announced by Superannuation Minister Bill Shorten last week.

Mr Shorten announced that super income streams over $100,000 will be taxed at a concessional rate of 15% from July 1, 2014.
For people with more than $2 million in super assets (such as investment property) supporting income streams, the reform will affect assets earning a rate of return of 5%.
The most recent ATO figures for 2011 show that 28% of SMSFs now have account balances of at least $1 million.
"From  July 1, 2014, future earnings (such as dividends and interest) on assets supporting income streams will be tax free up to $100,000 a year. Earnings above $100,000 will be taxed at the same concessional rate of 15% that applies to earnings in the accumulation phase," said Federal Treasurer Wayne Swan in a joint statement with Mr Shorten last Friday.
Treasury announced that special arrangements will apply for capital gains on assets purchased before 1 July 2014:
<ul>
<li>For assets that were purchased before 5 April 2013, the reform will only apply to capital gains that accrue after 1 July 2024;</li>
<li>For assets that are purchased from 5 April 2013 to 30 June 2014, individuals will have the choice of applying the reform to the entire capital gain, or only that part that accrues after 1 July 2014; and;</li>
<li>For assets that are purchased from 1 July 2014, the reform will apply to the entire capital gains.</li>
</ul>
"These generous transitional arrangements will ensure that people who have already purchased superannuation assets will have ten years to decide whether they want to restructure their superannuation holdings, before their capital gains start to be affected," reads <a href="https://ministers.treasury.gov.au/wmsDisplayDocs.aspx?doc=pressreleases/2013/040.htm&amp;pageID=003&amp;min=wms&amp;Year=2013&amp;DocType=0" target="_blank">the statement.</a>
The reform will not affect the tax treatment of withdrawals.
"Withdrawals will continue to remain tax-free for those aged 60 and over, and face the existing tax rates for those aged under 60."
The government also announced that for people aged over 60, concessional caps will be increased from $25,000 to $35,000 from July 1. This concession will be extended to those aged 50 and over from July 1 next year.
Prior to the announcement, the capital gains proposals were slammed by small business leaders.
"As small business owners, our lives are based around our assets," Council of Small Business of Australia chief executive Peter Strong said. "It's almost an attack on small business."
The supposed plan would see capital gains tax charged when properties move into the pension phase of an account, meaning SMSF owners would be charged more money as they near the point where they are able to draw funds.
"When you have an asset like a property and it's an integral part of your business, it seems unfair to change the rules and then dictate when you can retire."
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po-LsXgBTHBmX

SMSFs face higher future tax bills after super changes

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Mortgage insurance company Genworth has made loan approvals for self-managed superannuation funds harder to obtain.
Highlighting a reduced risk appetite, the loan policy change is the first sign of the industry's response towards headlines that suggested there has been a rush of SMSFs borrowing to buy residential investment property.
The latest data out today from Australian Prudential Regulation Authority shows there are now 516,000 SMSFs across Australia holding $531 billion in assets, up from 485,000 the same time last year holding $439 billion in assets.
Figures from the Australian Tax Office have shown that the amount of residential property held by SMSFs has jumped from $13 billion to $17.5 billion over the past three years, but the level of gearing has been low.
According to the ATO, self-managed super schemes had $2.4 billion of outstanding loans against property and shares as of June 30, representing less than 0.5% of assets in the do-it-yourself sector. None the less, Bridget Sakr, Genworth's chief commercial officer, recently advised lenders that from December any SMSF must hold minimum net tangible assets of $150,000 or more prior to entering a loan. There was no prior policy on minimum assets. The fund must also have a minimum liquid asset balance of 10% of the total debts of the SMSF (including the loan amount) after the loan transaction is complete.
Genworth defined minimum liquid asset as interest divided by dividend earning assets. Furthermore the insurer said that off-the-plan purchases and new properties that have been completed for less than 12 months were no longer acceptable as security.
The official Genworth notification, published yesterday by <a target="_blank" href="https://www.bankingday.com/">Banking Day</a>, noted "being a prudent Lenders Mortgage Insurance provider, we are always assessing the market and emerging trends to ensure our policy is aligned to market conditions. As a result we have made the following changes to our underwriting policy in relation to Lenders Mortgage Insurance for self-managed super funds."
It comes against the backdrop of the Reserve Bank of Australia's September observation that "a range of banks have been growing their residential property lending to self-managed superannuation funds rather strongly. "
The RBA went onto suggest "these sorts of expansions into less familiar markets or products require sufficient due diligence before they are undertaken."
<div>
Just a hint from the Australian macro-prudential regulators that they wanted a cooling in lending enthusiasm, unlike the blunt curbs introduced recently by the Reserve Bank of New Zealand for its higher risk borrowers.
SMSFs have been able to borrow to invest in property since 2007.
The APRA September 2013 Quarterly Superannuation Performance publication showed the total estimated assets, which include the assets of self-managed superannuation funds and the balance of life office statutory funds, rose to $1.75 trillion at 30 September 2013. SMSFs make up $531 billion. 
 
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
</div>
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jchancellor-FAypfDUnLy

SMSF lender insurance risk appetite wanes with tightened industry imposed credit curbs

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Getting a diversified mix of liquid assets beyond shares into one's self-managed super funds seems wise. And rather than the traditional apartment or cottage, over the weekend dozens of SMSF trustees grabbed the opportunity to add a small 12.5 square metre, low-maintenance property with long term tenant in their portfolio.
There were 602 spaces available at the Park &amp; Fly car park close to the airport at Mascot. More than 2000 expressions of interest had been received in the lead up to the weekend's exchanges.
All 154 freehold strata car spaces listed at $57,500 each, on a yield of 6.5% were exchanged, with 75 pocketed straight into SMSFs.
Another 147 of the 450 double tandem spaces of 24.5 square metres, priced at $104,500, were also sold over the weekend, of which 79 were for smsfs.
According to Erle Cramer of Cramer Property one investor from Sydney bought six for various family members. Purchasers came from as far afield as Hong Kong and London.
"Investors have realised that this investment opportunity represents an excellent chance to diversify investment portfolios, whether for self-managed super funds (SMSF) or cash that is currently sitting in the bank looking for a better return," Erle Cramer suggested. 
Type of car space: Single
Number of single car space lots: 154
Unit Entitlement: 10
Income $
Gross annual rent $4,596
Less:
Annual outgoings
Coucil rates $480
Strata levy $378
Water rates $0
Total annual outgoings $858
Net annual rent $3,738
Sales price $57,500
Net yield 6.5%
Each week over 2,000 vehicles are parked at 1008 Botany Road Mascot where P &amp; F shuttles drop off and collect between 900 and 1,100 people each day with an estimated 600 customer vehicle movements daily. 
The nine level property with frontage to Baxter Road, General Holmes Drive and Botany Road operates from 5 am until 11 pm, 365 days a year. 
The sales prospective said the business had improved occupancy with 2014 financial year occupancy projected at 92% for the 1,060 multi-deck car park. 
<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/stories/2013/11/25/Erle_Cramer_7.jpg" alt="Erle_Cramer_7" width="470" height="328">
Each car space has its own separate commercial lease for an initial term of five years, with consecutive 3 x 5 year option periods totalling 20 years. An initial 6.5% per annum net return is offered in addition to 3% rent increases each year, except on the exercise of the option, when the increase will be 4%.
Cramer Property is marketing the project in conjunction with Hayson Sales for the vendor syndicate that included Sydney entrepreneurs John Singleton, Mark Carnegie and Robert Whyte.
Type of car space: Double tandem
Number of double tandem car space lots: 450
Unit entitlement: 20
Income $
Gross annual rent $8,029
Less:
Annual outgoings
Coucil rates $480
Strata levy $756
Water rates $0
Total annual outgoings $1,236
Net annual rent $6,793
Sales price $104,500
Net yield 6.5%
<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/stories/2013/11/25/car-parks-nov-25-one.jpg" alt="car-parks-nov-25-one" width="470" height="313">
The 6.5% net yield appealed to investors prepared to accept prescribed rent rises.
Whilst not attracting the NSW state government's metropolitian annual parking space levy, currently $2,210 for spaces in the Sydney CBD after their doubling in 2009, the possibility of the levy which is also applicable at $780 a year at North Sydney, Parramatta, St Leonards, Chatswood and Bondi Junction, would have been in the minds of some investors despite not being applicable within Botany Council.
The issue of cap park competition affecting possible price growth was raised in the sales material which noted it was potentially affected by Sydney Airport’s slated reorganisation which could lead to the opening of more car parking spaces with additional capacity around 2018.
There are just the two companies currently providing long term multi-deck secure parking for travellers within the airport precinct, Sydney Airport Corporation Limited (on leasehold land) and P&amp;F. SACL offers parking at the domestic and international terminals and also an on tarmac, Blue Emu service.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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SMSFs park Mascot airport car spaces into funds as diversified nest egg option

<html><body>
The asset allocation to residential property within SMSFs rose from 5.6% in 2012 to 9.9% last year, according to the annual survey by SMSF Professionals’ Association of Australia (SPAA) and Russell Investments.
It was the year that saw super fund members finally recover their GFC losses, with the median balanced super option return 16.3% for the year.
Interestingly almost three quarters (67.5%) of financial advisers reported that residential property investment decisions are being directed by clients.
Amid nascent concerns that SMSF advisers are unable to demonstrate high levels of overall advisory and management competence, the research shows that greatest demand for the establishment of new SMSFs was coming from people aged between 41 to 50. The next-greatest level of demand was among those aged between 31 to 40.
Another SMSF allocation trend was the average allocation to Australian equities fell from 37.1% in 2012 to 36.1% last year.
Cash and term deposit holdings fell from 33.9% of portfolios in 2012 to 31% last year.
About 28.6% of survey respondents said they held cash to reduce risk, while 42.9% said they continued to hold a high level of cash because they were waiting for a “better investment option”.
The report suggsts many advisers are unable to demonstrate high levels of competence and professionalism required to deliver a value-added service.
Even the writing of the do-it-yourself superannuation fund's trust deed can trip things up for trustees.
The deed that permits the fund to operate precisely governs what you can and cannot do in a DIY super fund.
Bryce Figot, a director of DBA Lawyers, recently noted in the Australian Financial Review that trustees need to be aware rules that allow a fund to engage in strategies like borrowing to invest must be specifically permitted by the trust deed.
Many trustees incorrectly assume that the Superannuation Industry Supervision (SIS) legislation automatically allows DIY funds to borrow to invest. 
Banks have rejected applications for loans to buy property because they aren't happy with the wording of the trust deed.
Banks have even been known to ask for specific wording that states a fund can operate a bank account as distinct from wording that incorporates a bank account in a general way.
Perhaps this complex requisite mastery is why the Russell report found the proportion of superannuants looking to establish an SMSF in the next five years has dropped to 12.3% from 17.3%.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
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Shift by SMSFs to property hastens, along with advisory competence concerns

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Four Melbourne businesses running seminars on investing in real estate through self-managed super funds are being investigated by ASIC over the potentially misleading nature of flyers, advertisements and online ads promoting these seminars.
The four businesses operating in the 'sand belt' region of the city - a law firm, a mortgage broker, a real estate agency and a firm of chartered accountants – are named in a leaked letter sent by ASIC commissioner Peter Kell to Liberal MP Peter Fletcher.
The letter was obtained by the Australian Financial Review.
Their last known seminar was held in late 2011.
It follows a review of property sales by the special SMSF taskforce established last year by ASIC chairman Greg Tanzer to examine “high-risk SMSF issues” with its first major project, being “looking at the quality of advice provided to investors”.
ASIC has yet to form an opinion as to whether the material being promoted by these four companies was unlawful.
It comes as part of an ASIC drive to improve the quality of advice provided to SMSF trustees as the sector continues to expand as does the appeal of property as an income-generating asset to hold in these funds.
A spokesperson for ASIC would not comment on the companies named in the letter, but told Property Observer it was “cracking down on the sector, including advertising”. He said ASIC had released guidance for how investing in property through SMSFs should be advertised and expected promoters to adhere to these guidelines.
“We don’t want SMSF investors to become the targets of unscrupulous spruikers," he said.
The guidance on advertising is contained in <a href="https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg234-published-15-November-2012.pdf/%24file/rg234-published-15-November-2012.pdf" target="_blank">Regulatory Guide 234</a> - Advertising financial products and services (including credit): Good practice guidance.
“Advertisements for financial products and credit products should give a balanced message about the returns, features, benefits and risks associated with the product. Benefits should not be given undue prominence compared with risks,” reads the guide.
ASIC established its special SMSF taskforce in September last year.
In a speech made earlier this month ASIC commissioner Peter Kell said it had been established due to several concerning developments including “an increase in geared investment strategies and increasingly aggressive advertising for SMSFs”.
ASIC does not regulate direct property investment, except where the investment is made through an SMSF.
“In the last year we have seen a rise in SMSF advertising. Unfortunately, we’ve seen more blatant examples of misleading or deceptive advertisements. Particular problem areas we have seen include misleading or deceptive statements about SMSF fees, returns and risks,” said Kell in his speech.
Following this speech, Kell later warned that ASIC “did not want to see SMSFs become the vehicle of choice for property spruikers.
“Where we see examples of unlicensed SMSF advice, or misleading marketing, we will be taking regulatory action," he said.
In its report on the sector released earlier this month, ASIC said it had seen “blatant examples of misleading or deceptive advertising and have taken regulatory action to stop these advertisements”.
“Particular problem areas we have seen include misleading or deceptive statements about SMSF fees; SMSF returns; and SMSF risks.
Misleading advertising of property investment through self-managed super funds can result in ASIC seeking civil penalties of up to $340,000 for an individual or $1.7 million for a body corporate, investors being compensated and orders seeking correct disclosure.
ASIC’s particular areas of focus over the next 12 months are:
<ul>
<li>enforcement—looking at unlicensed financial advice, misleading or deceptive advertising in relation to SMSFs, and continuing to actively pursue enforcement matters in the SMSF sector; </li>
<li>policy implementation—working with accountants following the Government’s announcement to remove the accountants’ exemption, consulting on SMSF issues (e.g. SMSF disclosure requirements and the costs of establishing an SMSF) and registering SMSF auditors; and </li>
<li>education and disclosure—continuing our financial literacy work, updating our MoneySmart website to provide Australian consumers with useful and reliable information about all types of superannuation, including SMSFs, and examining investor attitudes to SMSFs. </li>
</ul>
In March, the Australian Taxation Office revealed it expects more than 1,000 applications a week to be lodged for SMSFs in May and June this year.
<ul></ul>
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lschlesinger-FZcF9M3vE6

Melbourne sandbelt SMSF property spruikers face ASIC probe over seminar advertising

<html><body>
The possibility of a taking an un-interrupted walk at lunch time in the Melbourne CBD is rare these days.
If you manage to avoid the charity muggers with their cheesy grins and clipboards, you’re more than likely to run into someone trying to hand you a flyer for a free seminar promising to make you rich through SMSF property investment.
The latest gang spruiking their free property investment seminar is Ray White SouthBank.
A short walk down Flinders Lane  and back along Collins Street and I passed at least half a dozen people dressed in Ray White branded outfits handing out fliers suggesting that I learn about property investment while enjoying a free lunch at the Rendezvous Grand Hotel on May 2.
The flyer promises a “beginner’s guide to profitable property investing” include a free “crash course” in “how to pay off a mortgage in a fraction of the time, or structure your investment by using your super fund”.
In previous months it was the Park Trent Property Group spruiking their property investment seminars with similar flyers handed out on just about every street corner.
Another round of free Park Trent webinars is taking place this week across the country promising a 90 minute conference including among other things “how to “borrow within your self managed super fund for property investment”.
This type of promotion comes as growing numbers of people look to set up a self-managed super fund to be able to invest in property – the ATO expects up to 1,000 applications a week this month and next - but with many not knowing how to do so or the risks involved.
This week, the Australian Financial Review’s superannuation writer Sally Patten highlighted some of the findings of the Centre for Retirement Research (CRR) at Boston College’s report on the $5 trillion retirement savings industry, including the issue of low levels of financial literacy when it comes to super.
“Workers will need some level of financial literacy to understand and manage their retirement accounts and the level currently appears to be quite low,” says the report which can be downloaded for free on the <a href="https://crr.bc.edu/" target="_blank">CRR website.</a>
No doubt such seminars will look to cash in on this lack of knowledge, but equally, a strong desire to get onto the property market and make the returns so often highlighted in property investment magazines – though not always alongside the tragic stories of investments gone wrong.
The Ray White Southbank flyer certainly plays on this fear on missing out.
It’s first four sentences read:
“Have you ever…
THOUGHT about property investing…but where to start?
WONDERED how others have managed to get so far ahead?
WISHED you could begin accumulating property for your own financial future?
It comes as ASIC looks to clamp down on the misleading advertisement of property investment, particurlarly promotions via flyers and online ads that do not include information about the risks involved in investing or the fees or costs associated with setting up an SMSF.
Yesterday Property Observer wrote of an <a target="_blank" href="/news">ASIC special taskforce investigation </a>into the advertising of seminars in Melbourne’s sand belt suburbs prepared by a real estate agency in partnership with an accounting firm, mortgage broker and law firm.
ASIC’s chief concern is that advertising of property investment through self-managed super funds should provide a "balanced message about the returns, features, benefits and risks associated with the product" and that it protects the vulnerable from unscrupulous spruikers.
Neither the Ray White Southbank flyer, nor the Park Trent seminar I attended last year spoke of the risk of property investment.
The Ray White Southbank seminar is due to take place at the Rendezvous Grand Hotel on Flinders Street on May 2.
Coincidentally, this is the same hotel where I attended the free Park Trent seminar last year with around 50 other people, with complimentary lunch provided.
The Park Trent seminar focused on the low-risk nature of investing in property, beginning with a slide with the heading “safe as houses” and the familiar story that if you’re not investing in property now you may not have enough income to sustain you in retirement.
No mention was made of the risk of investing in property or fees involved.
Attendees were asked to tick a box on a form if they wished to receive further information and possible one on one meetings with Park Trent advisors.
The closest Park Trent came to disclosing the risks of property investment was this comment made at the end of the presentation.
“You won’t see me on A Current Affair," said the seminar presenter.
"We don’t appeal to the greedy and gullible.”
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SMSF property spruikers competing with charity muggers on Melbourne street corners

<html><body>
Self-managed super funds (SMSFs) experienced the largest growth in the number of tax returns lodged over 2010-11 by entity type rising to 391,163, according to the latest release of ATO figures.

This was an increase of 4.8% from 373,195 SMSF tax returns lodged 2009-10.
The figures show that the highest allocation remains to shares (32%) and cash and term deposits (28.7%) with 3.5% invested in residential property, 11.4% in non-residential property, 4.2% invested in listed property trusts and 8.8% invested in unlisted property trusts.
In total 14.9 million tax returns were lodged, an increase of 2.1% from 2009-10.
Individual returns represented 84.7% of all tax returns lodged.
 
Self–managed super funds, 2010–11 and 2011–12 financial years
 
<table width="349" cellpadding="7" cellspacing="0" border="1" dir="ltr"><tbody>
<tr>
<td width="33%" valign="top" height="7">
Self–managed super funds
</td>
<td width="33%" valign="top" height="7">
2010–111
</td>
<td width="33%" valign="top" height="7">
2011–12
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Funds (no.)
</td>
<td width="33%" valign="top" height="7">
442,987
</td>
<td width="33%" valign="top" height="7">
478,263
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Members2 (no.)
</td>
<td width="33%" valign="top" height="7">
846,227
</td>
<td width="33%" valign="top" height="7">
913,550
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Assets2 ($m)
</td>
<td width="33%" valign="top" height="7">
423,232
</td>
<td width="33%" valign="top" height="7">
438,995
</td>
</tr>
</tbody></table>
 

Asset allocation across self–managed super funds, 2009–10 and 2010–11 income years
 
<table width="349" cellpadding="7" cellspacing="0" border="1" dir="ltr"><tbody>
<tr>
<td width="33%" rowspan="2" valign="top" height="17">
Asset type
</td>
<td colspan="2" width="33%" valign="top" height="17">
2009–102
</td>
<td width="33%" valign="top" height="17">
2010–11
</td>
</tr>
<tr>
<td width="17%" valign="top" height="7">
%
</td>
<td colspan="2" width="50%" valign="top" height="7">
%
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Listed Shares
</td>
<td colspan="2" width="33%" valign="top" height="7">
31.4
</td>
<td width="33%" valign="top" height="7">
32.0
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Cash and term deposits
</td>
<td colspan="2" width="33%" valign="top" height="7">
27.1
</td>
<td width="33%" valign="top" height="7">
28.7
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Non-residential real property
</td>
<td colspan="2" width="33%" valign="top" height="7">
11.5
</td>
<td width="33%" valign="top" height="7">
11.4
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Unlisted trusts
</td>
<td colspan="2" width="33%" valign="top" height="7">
9.6
</td>
<td width="33%" valign="top" height="7">
8.8
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Other Managed Investments
</td>
<td colspan="2" width="33%" valign="top" height="7">
5.0
</td>
<td width="33%" valign="top" height="7">
4.7
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Listed trusts
</td>
<td colspan="2" width="33%" valign="top" height="7">
4.9
</td>
<td width="33%" valign="top" height="7">
4.2
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Residential real property
</td>
<td colspan="2" width="33%" valign="top" height="7">
3.7
</td>
<td width="33%" valign="top" height="7">
3.5
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Unlisted Shares
</td>
<td colspan="2" width="33%" valign="top" height="7">
1.2
</td>
<td width="33%" valign="top" height="7">
1.1
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Overseas assets3
</td>
<td colspan="2" width="33%" valign="top" height="7">
0.9
</td>
<td width="33%" valign="top" height="7">
0.9
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Other assets4
</td>
<td colspan="2" width="33%" valign="top" height="7">
4.8
</td>
<td width="33%" valign="top" height="7">
4.8
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Total5
</td>
<td colspan="2" width="33%" valign="top" height="7">
100.0
</td>
<td width="33%" valign="top" height="7">
100.0
</td>
</tr>
</tbody></table>
</body></html>

SMSF tax return numbers rise 4.8% in 2010-11 to 391,000: ATO figures

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The self-managed superannuation industry has welcomed the government's decision to abandon amendments that would have introduced new regulations on off-market transfers between related parties.
The decision to abandon the amendment comes as the government passed its superannuation reforms – including the passage of the long-awaited loss-carry back scheme for small businesses, first announced last year.
Small business and tax industry officials have been worried the government won't be able to pass many of its scheduled reforms by the time Parliament ends its current session, which is the last before the September election.
Andrea Slattery, chief executive of the Self-Managed Superannuation Fund Professionals Association of Australia, said the organisation was "very pleased" by the move to abandon the regulation of off-market transfers.
"We've always had the feeling this was something that if people understood what it was, then there wouldn't be such an interest in actually introducing the legislation," she says.
"We're very pleased this piece of legislation has been removed," she says, although adds the government should still examine what would be best practice in this area.
Dan Butler, principal at DBA Lawyers says the removal of the amendment is a positive given <a href="https://www.smartcompany.com.au/superannuation/050719-relief-for-diy-super-funds-off-market-transfers-ban-delayed-by-a-year-2">there were still unknowns</a> about how the transactions would work.
"It's probably been pulled for matters of expediency, the government wants to put other matters forward too and they just haven't been able to work out an amendment that could work here."
"There were a lot of unknown issues in this. For example, with regard to real estate transfers, did you need two independent valuers, or just one? That was still unknown."
The original amendment would have banned off-market transfers between self-managed super funds and related parties.
However, analysts quickly raised problems with the amendment. The new law would mean transactions would have to be conducted on-market, such as through the Australian Securities Exchange, but the law currently restricts those types of arrangements.
Butler says dropping the amendment provides much more certainty to the industry.
"We were sitting in the dark as to how these things would work," he says, but also comments the government needs to "get its act into gear", citing a history of proposing tax changes without fully explaining them.
In the past month tax experts have warned the government still has over 100 proposed changes which haven't been legislated yet. With only a handful of sitting days left until the election, it is unlikely anything except the most important amendments will be passed.
"The government has been very poor for legislative agenda," he says. "It's quite remarkable."
Meanwhile, the government has also finally passed the loss carry-back regime, which was announced last year but until now has not been legislated.
The scheme allows businesses to claim losses of up to $1 million against tax they had already paid during the previous two years. Two new amendments have also removed the possibility a business could claim the loss carry-back during the same year it comes into existence.
The loss carry-back scheme is part of a package of tax amendments which has now been sent to the Senate for approval.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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pmcstafford-pr9eMARWoN

SMSF industry welcomes abandoning of proposed off-market transfer amendment smsf superannuation

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Real estate company and mortgage broker Ray White has announced plans to cash in on the growing popularity of self-managed superannuation funds by adding financial advice to its list of services.
<a href="https://www.afr.com/p/business/property/ray_white_heads_into_financial_advice_gyFgF90R5dLaGdkefADjjK">Fairfax</a><a href="https://www.afr.com/p/business/property/ray_white_heads_into_financial_advice_gyFgF90R5dLaGdkefADjjK"> </a><a href="https://www.afr.com/p/business/property/ray_white_heads_into_financial_advice_gyFgF90R5dLaGdkefADjjK">reports</a> the new company will be called Wealth Market and will act as a subsidiary of mortgage products and insurance company Loan Market, which is a partner company of Ray White owned by the White family.
Loan Market already has offices in each capital city, employing around 1,000 brokers who write around about $1 billion worth of mortgages each month.
“We’ve got clean hands after 110 years – there aren’t a lot in property who haven’t had a scandal,” Ray White Group chairman Brian White said.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Ray White expands into SMSF financial advice market

<html><body>
An enforceable undertaking from Queensland-based LCL Capital Pty Ltd has been accepted by ASIC, after deficiencies were discovered in the methods of monitoring and supervising their authorised financial adviser representatives.
Timothy Bryce, who previously worked for Sherwin Financial Planners Pty Ltd, provided advice to clients through LCL Capital and brought the company under ASIC investigation.
Sherwin Financial Planners have been found as linked to now-failed property lender Wickham Securities, that was put into liquidation in early 2013. They owed $27 million to investors. This has seen angry investors in meetings with renowned Erin Brockovich and Shine Lawyers as they gear up for a class action. Other companies under the Sherwin Group included DIY Superannuation Services, Astor Funds, Reacroft Pty Ltd, Blue Diamond Investments and SP Property Pty Ltd. Wickham chief executive <a href="/expert-insights/finance/asic-freezes-assets-of-former-wickham-securities-chief-executive">Garth Robertson saw his assets frozen in 2013</a>.
LCL Capital was incorporated on 1 July 2010, and granted an AFS Licence on 5 October 2010. They have 10 authorised representatives under the licence. On 4 June 2013, ASIC conducted an investigation into Bryce's conduct, initially in relation to whether he as an individual acted against the Corporations Act. This was then widened to look at the whole company. ASIC found instances where he failed to demonstrate a reasonable basis for the advice he provided, failed to provide replacement advice to clients and failed to adequately disclose commissions payable to clients or to provide updated disclosure and additional advice documentation.
ASIC alleged failure on behalf of LCL Capital to ensure financial services were provided efficiently, honestly and fairly, to ensure authorised representatives were adequately trained and competent to provide financial services, to take reasonable steps to ensure the representative complies with the law and to demonstrate adequate resources were available to provide financial services and carry out supervisory arrangements.
LCL Capital will now submit to a regime of supervision, review and audit or the authorised representatives for a minimum of 15 months.
ASIC Deputy Chairman Peter Kell said that licensees must have adequate systems in place to ensure they’re across the actions of their representatives.
LCL Capital offers services surrounding stocks, derivatives, foreign exchange, execution and platform services, planning, super, insurance and mortgages.
Tim Bryce’s LinkedIn account notes that he is an LCL Capital director, “SPAA SMSF Specialist adviser across Queensland and the Northern Territory. Providing tailored financial and estate plans for our retail and wholesale clients alike. OnePath Adviser Life Risk Board member and AFA Rising Star 2013 finalist.”
It notes his employment at LCL Capital has been for almost two years.
</body></html>

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