<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

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

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

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Ellen Walker

Off-the-plan property explained: What is stamp duty?

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The ASX-listed US Masters Residential Property Fund, which invests directly in residential real estate in Hudson County, New Jersey and Brooklyn, will undertake “significant clean-up” operations following damage suffered to its portfolio from Hurricane Sandy.

The worst affected properties were those in low-lying areas of Jersey City, Bayonne and Hoboken, where the fund spent US$1.3 million on a four-bedroom terrace house in September.
The <a target="_blank" href="https://www.propertyobserver.com.au/international/wide-ranging-residential-yields-in-dixon-advisorys-us-housing-fund-as-shares-debut-on-asx/2012072455700">Dixon Advisory-managed fund</a> has acquired 249 rental properties at a cost of $67 million since launching on the small cap National Stock Exchange in June last year.
The fund transferred to the ASX main board in July this year.
In an update following the devastation of the hurricane, <a target="_blank" href="https://www.propertyobserver.com.au/overseas/aussie-property-investors-being-duped-in-us-but-dixon-not-among-them-alan-dixon/2011121452839">managing director Alan Dixon </a>along with head of construction Dan Bailey undertook an inspection of some of the fund’s properties, with other members of the management team also undertaking inspections.
Dixon says there was only minor "wind-based damage" to properties in Weehawken, Union City, West New York, North Bergen and the Heights district of Jersey City, which are all “well above sea level and were not affected by storm surge flooding”.
“These areas contain all the multi-family properties held by the fund as well as a significant number of the fund’s one- to four-family homes,” he says.
Dixon says the lower lying areas of Hudson County were more heavily affected.
“The remainder of Jersey City and Bayonne have had many houses affected by flooding of basements, but this has only on rare occasions affected the living space in any of the properties.
“Many of the properties remain without power, so it is too early to be certain of the extent of damage to mechanical items such as boilers and hot water heaters.”
Dixon says that inspections of a large number of properties in the Downtown section of Jersey City revealed no material damage to the properties, “just loss of some cosmetic walling and flooring materials”.
“The area worst affected was the township of Hoboken. The fund has closed only two properties in this town, and both have experienced some flood damage.
“One property is a future construction site and as such there was not much potential for damage. It is expected that there will be more significant damage to the other property. The fund’s management team has not been able to visit this property yet due to floodwaters.
 
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In its most recent property purchasing update in September, the fund purchased a four-bedroom apartment for $1.3 million, less than half a mile to the nearest ferry stop. It was by far the most expensive property purchased over the month.
 
“There will be significant clean-up work required across the fund’s portfolio,” says Dixon.
“As many tenants of the fund are still without power or mobile phone coverage, it is too early to precisely estimate the final clean-up bill.
“However, given the limited nature of the damage and the insurances carried by the fund, the responsible entity currently estimates that there will be no material effect on the net tangible assets of the fund and that the effect on the profitability of the fund will be relatively limited given the scale of the tropical storm.”
Dixon says management will keep the market informed over coming days as more information comes to hand.
Since launching, the fund has primarily invested in multi-family sub-divided homes in Hudson County, New Jersey directly across the Hudson River from Manhattan.
The fund has since expanded to Kings County New York, more commonly known as Brooklyn.
It has also expanded beyond sub-divided homes to invest in small and medium-sized apartment blocks of between five to 100 units.
In May the fund entered into a joint venture with Urban American LLC to acquire, renovate, manage and lease 13 apartment blocks in Hudson County comprising 398 apartments in total.
In August it entered into another similar joint venture arrangement with Excelsior Equities to acquire and manage two apartment blocks comprising 122 units.
The US Masters Residential Property Fund reported a loss of $2.1 million for the six months to June 30, attributing this to the fund being in a start-up phase.
The directors of the fund say it has the capacity to invest in and manage around 1,000 properties.
It paid Australian shareholders a distribution of five cents per ordinary share for the six month period to June 30.
The fund was last trading at $1.55 per unit at a premium to its net tangible asset value of $1.43 per unit (as of September 30).
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Dixon Advisory to undertake ‘significant clean-up' of New Jersey properties damaged by Hurricane Sandy

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The construction arm of St Hilliers has exited voluntary administration and has been returned to the control of founding company director Tim Casey following creditors voting in favour of a deed of company arrangement (DOCA).
The DOCA will take effect in the next few weeks and was an alternative option to placing the company in liquidation.
St Hilliers Construction was placed in voluntary administration in May – among a number of high-profile builders and construction groups that have run into financial trouble in the last 12 months including Reed Construction and Kell &amp; Rigby.
Trent Hancock and Michael Hird of Moore Stephens Sydney Corporate Recovery Group have been managing the business since their appointment as voluntary administrators in mid-May.
St Hilliers ran into trouble over its involvement in the $350 million expansion of the Ararat Prison in central Victoria.
An associated company, St Hilliers Ararat Pty Ltd, was placed into liquidation in May.
Under the deed of company arrangement a fund of up to $8.1 million will be created and used to pay all former employee their salaries and entitlements in full.
Whatever remains will be used pay to ordinary unsecured creditors, and it is estimated that between $1 million and $4.5 million will remain from the fund for this purpose.
Contractors are expected to make claims of between $10 and $20 million, while St Hilliers is also expected to face legal claims of $30 million relating to already completed projects, according to the Australian Financial Review.
Commenting on the decision, St Hilliers Group executive chairman Tim Casey said he was pleased with decision which would “keep people in work, it will keep projects going and it will put the Company in a position to rebuild”.
The construction arm of St Hilliers employed about 300 people when it collapsed with the St Hilliers group generated annual turnover of around $700 million.
Had the creditors voted to liquidate the construction business, insurance bond providers would have a $45 million exposure.
St Hilliers has continued to trade since being placed in administration with many of its projects operational again protecting insurance providers from making payments to the builder for non-performance by contractors.
St Hilliers projects have resumed in the ACT, Queensland, Victoria and NSW.
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Creditors vote to return St Hilliers Construction to control of director Tim Casey

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Hopewood House, the historic matrimonial Southern Highlands mansion owned by Fairfax Media director Michael Anderson and his wife, Susie, has been sold –  and it's presumably not likely to continue operating as a joyous wedding reception locality for hire.
It's been sold reputedly for about $5.25 million, according to local Southern Highlands chatter, although initial reports had put the sale through Ballard Property at around $6 million. 
{yoogallery src=[images/stories/2012/09/octblacktown]}
The acclaimed artist Tim Storrier and his wife, Janet, who last month listed their Bathurst rural estate (pictured above), bought <a target="_blank" href="/news">Hopewood House</a>, which was initially listed with $9 million price hopes two year ago.
It was built in 1884 by Ben Osborne and his wife, Lucy, in the grand Dutch colonial style.
Now it is set on about five hectares of gardens on Bowral's outskirts, and the Andersons restored the house and its gardens after paying $4.25 million in 2007.
The Storriers' Bathurst property,  Blackdown, is listed for sale with $4 million plus hopes through Bill Bridges at Ballard Property and James Thompson, of The Professionals Bathurst.
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Fairfax Media director Michael Anderson sells Hopewood House in Southern Highlands

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<img src="/images/stories/2012/10/lendleaselogo.jpg">
David Rolls is head of urban regeneration and commercial in Lend Lease’s development business in Australia. He tells Property Observer about his involvement in major urban regeneration projects including Melbourne's Docklands and Jacksons Landing and Barangaroo South in Sydney.
<img style="margin: 5px; float: left;" src="/images/stories/2012/10/davidrolls2.png">
How long have you been in the industry?
I have been in the industry for over 25 years. I have worked across the project management, construction, and property development industries. With my initial background in construction engineering and a career at Lend Lease, I have been lucky enough to have experience across most sectors including residential, commercial, retail, for both private and public clients, in both Australia and Europe. I have also had a four-year period outside of Lend Lease gaining a valuable external perspective which involved packaging projects without the balance sheet strength of that enjoyed at Lend Lease.
What’s happening in the area you specialise in?
I am head of urban regeneration and commercial. This is an exciting time in our business, as we have projects such as Jacksons Landing in Sydney that have been in development for 16 years reaching completion, and then across the Harbour we have Barangaroo South just starting. Our Victoria Harbour project in Melbourne’s Docklands is also at an exciting stage, and there is a lot happening in the innovation space, including our delivery of the world’s tallest residential timber building, <a target="_blank" href="/news">Forté</a>. In all major cities in Australia we now have major urban regeneration projects underway. A major focus for me is the importance of never under-estimating how much effort is needed to deliver unique places and communities in their respective local context.
Describe the most interesting property development or transaction you have been involved in?
Definitely Darling Quarter. It was a collaborative effort between Lend Lease and the Sydney Harbour Foreshore Authority (SHFA). A $500 million mixed-use project that includes a low rise campus-style commercial development (Commonwealth Bank Place) with an illuminated façade and a family and leisure precinct with retail and dining options, a new 4,000-square-metre public illuminated playground, a children’s theatre, community green and carpark. Darling Quarter reconnects the south end of Darling Harbour to the city, and Lend Lease has delivered an interactive work and play area for the local community, city workers and tourists. The precinct has greatly improved public activation by bringing together commercial, retail and leisure all within the one area. A new pedestrian link, referred to as the Civic Connector, creates a gateway to Darling Harbour that connects to Town Hall station, Chinatown and the Darling Harbour waterfront. This project has achieved so many firsts across social, economic and financial sustainability that all stakeholders just could not be happier with the result.
What are the ingredients to being successful in your job?
I have a passion for leading teams and having all team members focus on improving the project as it progresses in every aspect rather than accepting the easy option. For example, at Darling Quarter the stakeholders worked together to enable the delivery of the illuminated playground that has become a destination for the people of Sydney.
What aspects of your role do you enjoy the most?
I really enjoy playing with complex urban challenges and seeing the transformation they can make.
Where would you invest a spare $750,000?
I would invest in Brisbane. The growth projections matched with the population growth forecasts would make it seem like a good long-term prospect.
Which football team do you support?
The Manly Sea Eagles, on the northern beaches of Sydney.
What’s your favourite app or techno gadget?
Having only just mastered the iPad, I would have to say my favourite techno piece is the Garmin app where I can view my cycling training history and race against pre-set times on certain local hills.
How do you use social media?
Personally I stay in touch with friends and family via Facebook and professionally use in LinkedIn. We have used Twitter for conferences and training but I am yet to master this one. Via my children and colleagues I am starting to understand the basics of FourSquare, Pinterest and Instagram.
Find David on <a href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/david-rolls/11/17/725" target="_blank">LinkedIn</a>. 
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In profile: Lend Lease head of urban regeneration David Rolls

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"Housing credit growth at fresh 35-year low. People are not borrowing and those with loans are paying off debt," noted <a href="https://twitter.com/TheKouk">Stephen Koukoulas,</a> who has been senior economic advisor to the Australian Prime Minister, global head of economic strategy and research at TD Securities in London, chief economist at Citibank in Australia, and worked as a senior Treasury official and been the Australian Financial Review’s economics analyst. He is now a Business Spectator columnist.
<a href="https://twitter.com/search?q=thekouk&amp;src=typd" target="_blank"><img src="/images/stories/2012/10/thekouktweet.jpg"></a>
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Housing credit growth at fresh 35-year low, says 'The Kouk': Tweet of the day

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The organisers of mega-music festival Splendour in the Grass have listed their historic Byron Bay home for sale.
Jessica Ducrou and Dain Thomas are looking for $3.5 million for their 109-year-old farmhouse.
The couple recently renovated the property, named Killarney, with their home styling due to feature in the December issue of Vogue Living.
<img src="/images/stories/2012/10/splendour1.jpg">
The couple bought the five-bedroom Queenslander in 2010 for $2.65 million. Prior to this it traded for $1,595,000 in 2005.
The two-level <a target="_blank" href="/news">Byron Bay</a> property features a large veranda, five bathrooms a formal lounge room with an open fireplace. The open-plan kitchen and dining area overlooks the entertaining deck, gardens and swimming pool.
The saltwater pool sits next to a large cabana with a barbecue.
Marketing for <a target="_blank" href="https://maps.google.com.au/maps?q=21+Cooper+Street+byron+bay&amp;hl=en&amp;sll=-25.335448,135.745076&amp;sspn=42.130286,56.513672&amp;hnear=21+Cooper+St,+Byron+Bay+New+South+Wales+2481&amp;t=m&amp;z=16">21 Cooper Street</a> suggests it’s a few minutes’ walk from Tallows Beach and 10 minutes from Byron Bay centre.
The property has expired development approval for a guest cottage at the back of the garden and current approval to operate as a bed and breakfast.
The property is being marketed by Unique Estates agent Nicolette van Wijngaarden.
The expressions of interest campaign closes on November 30.
Ducrou founded Splendour in the Grass in 2001 after co-founding Homebake in 1996.
The festival has drawn headline acts such as Coldplay, Smashing Pumpkins, Wolfmother, Kanye West, Pulp, Sonic Youth and Moby.
The couple have battled the local council after the council failed to approve the Byron Bay festival and they had to move it to Woodford, Queensland.
They will be moving the festival back to Byron Bay after securing trial approval to operate the festival at a site in North Byron Parklands.
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Splendour in the Grass organisers list Byron Bay home

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Australia’s most well-known property bear, the University of Western Sydney's Professor Steve Keen, is set to quit academic life in Australia and is mulling a move to London as his economic models and analysis gain a wider global following.
Speaking to Property Observer from Mexico City, Keen expressed frustration at a decision by his alma mater to cut economics entirely from its curriculum.
“So we'll soon have a university with no economics courses at all, which I think would be a very dubious first in Australia – and maybe the world,” he says.
Keen has been at the University of Western Sydney for 20 years, where he is professor of economics and finance. He is most famous for his unscripted 2007 prediction on the ABC that Australian house prices could fall 40% – a prediction he remains adamant will still happen, but over the next 10 to 15 years.
Keen has also been blogging about his frustration at securing funding for his economic research, which is based around how high private sector debt levels can fuel housing crashes and financial collapses.
His research has given him an international audience and invitations to speak all over the world including the opportunity to address Britain's Keynes Society at Eton, as well as appear on the BBC's Question Time to discuss the impact of debt on economies.
“Given how much I'm in demand in the public sphere in Europe, my best bet would be to move to London. I'm appearing BBC Question Time, so there's plenty of room to let it be known that I'm happy to shift over there," he says.
Keen recently blogged:
 “Australia and the University of Western Sydney (UWS) have been very good to me for the last 20 years. I have been able to develop a unique monetary dynamic approach to economics 'under the radar' out here, with the support of four consecutive Heads of School who have favoured a pluralist approach to economics.
“But it may be time for a change…” he says before going on to write about a likely funding freeze in place at the Australian Research Council (ARC).
The ARC has provided funding to the UWS research unit (including to Steve Keen's department) and other universities, but last week ARC chief Aidan Byrne told a Senate hearing he didn't know whether or when hundreds of millions of dollars of grants with preliminary approval would be announced and paid following efforts by the government to achieve a budget surplus, as reported by the <a target="_blank" href="https://www.smh.com.au/national/funding-freeze-halts-research-20121017-27ri3#ixzz2ApVMphzv">Sydney Morning Herald</a>.


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Keen says he will probably take voluntary redundancy and then expand what he is doing for income in the private sector.
He earns income for the columns he writes for Business Spectator combined with “minor ad revenue” from his<a href="https://www.debtdeflation.com/blogs/" target="_blank"> Debtwatch website </a>as well as from paid subscribers to his recently launched <a href="https://debunkingeconomics.com/" target="_blank">DebunkingEconomics.com</a> website, which he says is now past breaking even “and improving at a reasonable clip”.
“That plus super could give me a reasonable income, and losing my academic post – though for a ridiculous reason – would at least make my workload more manageable.”
His most recent Australian appearance was as a panellist at a Citi Australian Investment conference in Sydney last week, where he gave a surprisingly bullish short-term forecast for the property market.
Keen said he expected a “suckers' rally” in the housing market over the next year due to lower interest rates in a speech reported by the Australian Financial Review.
However, due to high mortgage debt levels, Keen said he expected the rally would fizzle out with the housing market not responding to interest rate cuts because consumers already carried too much debt.
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Steve Keen contemplates quitting Australian academia for possible private sector role in London

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A range of well-documented external factors have put the construction industry in Australia under enormous pressure: falling building approvals; lower private sector investment; high competition driving down margins; the end of the Australian government’s stimulus package; even the La Niña weather patterns in 2010-11 – all have conspired against recovery in the construction sector after the GFC.
Construction companies have been able to absorb the hits until now, calling on reserves squirreled away on more profitable projects.  In better times, losses on some projects have been able to be offset by gains on others.  For many firms, however, the buffer has been exhausted and every piece of bad news now falls straight to the bottom line.
With traditional sources of work drying up, the light that attracts attention continues to be the mining and resources sector, with a perceived insatiable demand for development at much higher margins.  However, servicing this sector is not without its own risks and often requires significant forward investment and development of relationships to get into a competing position. In Australia, increasing demand for large mining and infrastructure projects has resulted in companies placing single or joint bids for very large design and construction contracts.
Here are some insights from our recent engagements in the sector:
Five signs of distress
Many issues rise to the surface in times of distress.  Listed below are some recent themes we’ve encountered:
 1. Slow collection of variations and claims
Management’s ability to progressively negotiate and collect variations and claims as they arise is a fair indication of their general project management skills and focus on cash management.
In situations where variations are left unapproved or allowed to accrue until the end of a project, our experience is that amounts become difficult to collect.  The builder often has limited leverage at this point as the job is complete and legal recovery avenues are often unattractive, particularly with the lure of more work from that customer.
2. Under bidding and rubbery accounting
Bidding for a job on a low margin in the hope that additional profits will be made from subsequent variation work is dangerous practice during a market downturn.  Not only does it make it harder for management to know the true position of the business, but it can also put pressure on project managers to consider window dressing the profit, either by drawing profits into earlier periods, or by bringing revenues from variations to account well before they satisfy the required accounting definitions.  Accuracy of the bidding process is key. If the bidding and estimating process is flawed or inaccurate, projects may be accepted that will result in a loss being made even without any problems (which are almost inevitable) with the execution of the project itself.
If revenue is being recognised on variations that have not been submitted, acknowledged, accepted as valid with a clear indication of payment, then it is unlikely to satisfy the accounting standards and any associated profit should technically be written back.  This appears widely misunderstood.
3. Poor, or non-existent, cashflow forecasting
Many businesses in this sector, including ASX-listed companies, claim that the nature of construction projects makes cashflow forecasting too difficult and therefore of no use.  The attitude is often that “the project is profitable so we just need to finish the job and cash will flow”.  However, projects can be very working capital intensive and if the cash isn’t there to pay subcontractors, progress slows making collections difficult – the start of a negative cash spiral.
The absence of cashflow forecasting by project means that management is unable to effectively forecast the cash requirements of the business.  A simple phasing of expected profit is often insufficient, particularly if based on expected progress on the job rather than cashflows, which are usually materially different.
Management of advance payments is key to ensure that positive cashflow projects are not funding projects that are a cash drain, to the extent that this eventually negatively impacts the stronger performing projects.
Failure of profit to translate into cash implies a working capital issue: either delays in debtor receipts or tightening of creditor terms.  Any negative press can quickly exacerbate this position.  It also can be an indicator that the builder is inflating project profit by booking unapproved variations or contractual claims, or that the client is unhappy with the work.
4. Declining work in hand
Work in hand is a metric commonly quoted by construction companies to demonstrate future revenue secured by the volume of work ahead, and therefore the viability of the business going forward.  However, there is no defined method of calculating this number and it is therefore open to a very broad interpretation depending on the desired outcome.  Do you only include new and existing contracted work?  What about a signed letter of intent?  Verbal agreements?  How should annuity revenues be reflected?  The results can greatly change the picture presented externally.
A better test is whether new work won in a month exceeds monthly billings.  In the current challenging environment the answer will often be “no”, which may indicate that market share is falling, business development is lacking, or the business is trying to enter a new market (e.g. mining).  A falling order book can add pressure to reduce margins to secure new work leading to the dangers mentioned above.
5. Large project risk
Large infrastructure and mining projects may impose a level of risk disproportionate to the size of the company’s balance sheet, particularly if the project takes on design and construction risk at a fixed or guaranteed maximum price, or has potentially large liquidated damages exposure.  Hence, any problems on a single project can have a large impact on the company’s results.  Riskier still are large projects in new regions, industries or type of construction.  Businesses are used to contracts being off budget by 10% to 20% (or more) because across a portfolio it often evens out; but as projects get bigger and more complex, that variation can swamp the company entirely.
This risk can be mitigated by entering into a lower risk contract such as cost plus, or schedule of rates, or via alternative structures that do not expose the group.  Alternatively, adequate corporate governance and visibility at board level commensurate to the risk involved is key.
 
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Case studies
A selection of our recent assignments in the construction industry are noted below:
Hastie Group Limited
Hastie is a large ASX-listed construction services company that failed to recover after the GFC as margin erosion, losses from international operations (principally in the Middle East and Ireland) and poor accounting practices all combined to trigger large profit downgrades and an immediate requirement to restructure its banking facilities.
On behalf of the banking syndicate, we undertook detailed independent business reviews across the business, including some detailed on site reviews of project cashflows in the Middle East, to support a restructure of the group’s facilities.  Our investigations uncovered significant flaws in project accounting practices and historical profitability.
Further profit downgrades and a lack of new work won, combined with allegations of fraud, resulted in the group entering voluntary administration on May 27, 2012, and McGrathNicol appointed receivers and managers of selected group entities.
Reed Constructions Australia
Reed is one of Australia’s best known private construction companies. We undertook an independent business review for the secured lender of the Reed Group, which indicated that the company was overly reliant on the collection of large, unapproved variations and an expansion into an unproven mining services sector.  A lack of cashflow forecasting left the group unable to respond to a cash shortage when receipts failed to materialise.
Our recommendations in relation to the group’s working capital and cash forecasting assisted management in working within its existing limits, however subsequent failed negotiations with external parties resulted in the main construction entity being placed in voluntary administration on June 15, 2012.
Project Block
An ASX-listed company with significant overseas interests directly engaged McGrathNicol in 2010 and 2012 to investigate ongoing cash funding requirements from these international locations, which were a significant drain to the Australian business.
Following time spent with local management in the international offices we were able to identify a fundamental flaw in the cashflow forecasting process and provide an independent view of each project and likely future receipts.  Australian management has been able to make changes in strategy to manage these risks appropriately going forward.
Project Balmain
As advisers to a banking syndicate of two 50MW multi fuel co-generation power and steam plants under construction, we were able to facilitate a restructure of the project’s debt package and, following the insolvency of the lead contractor due to material cost overruns, assist in negotiating terms with a new sub-contractor and putting in place a funding structure to complete the project.
<a target="_self" href="mailto:jpreston@mcgrathnicol.com">Jason Preston</a> and <a target="_self" href="mailto:jireland@mcgrathnicol.com">Jason Ireland </a>are both partners at boutique advisory firm <a target="_blank" href="https://www.mcgrathnicol.com/Pages/index.aspx">McGrath Nicol</a>.
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jpreston-PDNjRRJGbm

Many factors, including the weather, conspiring against construction recovery

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Invermien,  the iconic Hunter Valley thoroughbred horse stud, has been sold by the late horse breeder Geoff White and his widow, Beryl. The Scone property comes with an 1831 homestead on 313 hectares.
<img src="/images/stories/2012/10/scone.jpg">
Title Tattle gathers it's been bought by the MacIntyre family, who were sellers recently of Tinagroo Station, a cattle grazing property. Duncan and Jilly Macintyre along with their two children, Hector and Florence, have reputedly sold Tingagroo to a fund manager.
The districts' first settlers included ship's surgeon Dr William Bell Carlyle, who took up a 2,000-acre grant in 1822 in the Kingdom Ponds area. His nephew Francis Little also moved into the area and called his property Invermien. In 1881 <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/ndp/del/article/819504">the Maitland Mercury </a> dubbed it one of the grandest pastoral estates in NSW.  
Work began on the handsome single-storey homestead in the late 1820s with the historic twin gabled homestead now a showcase of the early colonial period, with high pressed metal ceilings, quality cedar joinery, marble fireplaces and an underground cellar. Made of sandstock brick in a timber frame, it comes with hipped, corrugated iron roof, French windows, and a six-panel main door. In 1895 the gables at the front were added, the stone-flagged veranda was extended and the rear wings lengthened to form a courtyard with the dairy and the kitchen. The Whites set up their operation around 1994, having previously run their horses at the Castlereagh property Robrick Lodge.
The 313-hectare Invermein – mentioned in the G Nesta Griffiths book Some Northern Homes of NSW (Sydney: The Shepherd Press, 1954) – was offered by the Whites for sale in April along with another historic property, Bhima, with 160 hectares.
Bhima remains listed through Michael Burke and Jamie Inglis at MacCallum Inglis Scone in conjunction with Gavin Beard at Landmark Harcourt Scone.
The two adjoining Scone properties had a combined $12 million asking price.Bhima alone, given it's impressive thoroughbred setup, is listed with $6 million expectations.
Geoff White died at the age of 81 on July 8 this year.
The couple won the Golden Slipper 30 years ago with Marscay, one of the first horses they raced, and in 2000 finished second in the Melbourne Cup with Yippyio, which won 14 races including the Queensland Derby, Guineas, Brisbane Cup and Moonee Valley Cup. Other group 1 winners carrying the white, purple star and hooped sleeves were Jetball, Euclase, Filante and Reenact. The White Thoroughbred empire had its beginnings at the 20-hectare Robrick Lodge near Richmond, on the outskirts of Sydney, before the family purchased the 160-hectare Bhima and neighbouring 313-hectare Invermein in 1994, rejuvenating and merging the two properties. The Whites also made a significant contribution to racing at Scone and was instrumental in helping establish the Hunter Valley Equine Research Centre. He served as a director of the Bloodhorse Breeders’ Association of NSW and also on the Royal Agricultural Association on Sydney.
Born at the small western NSW town of Hillston, Geoff White became one of Australia’s leading civil engineers and White Industries constructed numerous buildings, including the National Art Gallery, High Court of Australia and the National Mint in Canberra. 
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Yippyio! Invermien, the grandest of NSW pastoral estates, at Scone sold

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<img src="/images/stories/2012/10/kflogo.jpg">
Eugene Evgenikos is Knight Frank’s national director of industrial property.  He tells Property Observer he is seeing a lot more interest from offshore investors. He would invest a spare $750,000 in the south Sydney industrial market.
How long have you been in the industry?
<img style="margin: 5px; float: left;" src="/images/stories/2012/10/eugene.png">
Twelve years.
What’s happening in the area you specialise in?
We are seeing increased levels offshore investor activity coupled with further concentration of ownership of industrial property with landowners.
Describe the most interesting property you have sold.
A 27,000-square-metre property that was the last holding of the<a target="_blank" href="https://properties.knightfrank.com.au/wp-content/plugins/Realty/display/elements/brochure.php?property_id=81995"> original ACI Glass Factory in Waterloo</a> (ACI merged with Corning Glass Works of USA to form Crown Corning Limited in 1972, now called Crown Commercial). It was always an exciting facility to inspect. Unfortunately the facility was demolished to make way for a bulky goods warehouse.
What are the ingredients to being successful in your job?
Passion, commitment, enjoyment, dedication.
What aspects of your role do you enjoy the most?
Firstly the people. Meeting successful and self-made individuals has been amazing. Many of these people have influenced me, and I would like to think I have been able to influence (reciprocate) or add to their success.   There is no rule book or manual in property, but you do need the ability and scope to think laterally and creatively.
Where would you invest a spare $750,000?
In the south Sydney industrial market. This is one of the most "bulletproof markets", but like any market, you need to understand what the drivers are.
Which football team do you support?
Sydney FC, Parramatta Eels, Waratahs, Sydney Swans.
What’s your favourite app or techno gadget?
I am a devoted Blackberry user going against the convention of using iPhones. I am lost without it.
How do you use social media?
More so to keep in contact with overseas friends and relatives, but I’m starting to use social media professionally.
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