Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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Melbourne’s World Trade Centre, Tower 4, is almost fully occupied following three new lease deals brokered by Savills Australia.
It has followed a $10 million refurbishment and re-launch.
Clement Lee's Asset1 Group secured leases worth about $650,000 per year in the complex on Melbourne's North Wharf.
Timber plantation company HVP has taken a 733 square metres whole floor.
The English-language training provider SACE has taken 1,000 square metres.
Firelight Technologies has taken 230 square metres.
The deals, negotiated by Savills director Phil Cullity, were struck at net rents of between $320 to $340 a square metre net on five to seven year terms.
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Melbourne World Trade Centre leases take building close to full occupancy

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The historic Sorrento guesthouse Whitehall, near the back beach on the Mornington Peninsula, has been listed for sale.
The 1904 wide-verandaed mansion with iron-lacework has been offered by agent Lloyd Robinson from RT Edgar.
<a href="https://www.realestateview.com.au/Real-Estate/237-ocean-beach-road-sorrento/Property-Details-buy-residential-8630238" target="_blank">The limestone Whitehall</a> was built as one of the grand guesthouses of its day in Edwardian grandeur.
The Herald Sun report buyers are being told it will most likely fetch under $5 million.
The Carlton Football Club held three pre-season camps at the guesthouse, until 2011 when the club headed to a high-altitude academy in Doha.
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Whitehall, the 31 bedroom Sorrento guesthouse, listed

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Hotelier Justin Hemmes has added an inner west suburban waterhole, The Queen Victoria Hotel at Enmore to Merivale Group's burgeoning hotel property portfolio.
It cost $11 million for the 167-169 Enmore Road purchase - Merivale's fourth acquisition in the past 18 months.
The Queens sold off market through JLL Hotels and Hospitality director John Musca. The Browne family had bought for $1.15 million in 1989. Its last sale followed a boost in revenue where to June 1986, four pokie machines earned $26,800, rising with five machines to $105,054 the following year.
It currently has 20 machines.
Last month the group around $50 million for the Newport Arms Hotel on Sydney's northern beaches. 
"It is undoubtedly our most exciting year yet," Justin Hemmes suggested as he advised the 1,000 square metre hotel will be renovated and repositioned as a food-oriented venue with a Hong Kong street food inspired restaurant opening in June.
 
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Justin Hemmes buys Queen Victoria Hotel at Enmore

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The sale of 30 St Mary Axe, otherwise known as The Gherkin, was arguably the most iconic building sold in London, and perhaps the world, during 2014.
Selling agents Savills said it was unique because it was an extremely well-known building internationally, it was 100% leased, 100% income producing, and a triple-net lease which means that all of the costs were covered by the tenants.
"So you could say, as an investment, it was 100%," Savills' Stepehn Down said.
It was, however, quite a complicated asset sale. 
"We had to tailor our campaign carefully so that we could be sure we had reached all the stakeholders out there. 95% of our audience could be reached with a normal campaign but it was the remaining five% that required us to really prove our outstanding global reach," Down said.
"We wanted it to be a swift transaction; we wanted the investors to come in and make their bid on an educated basis so that there were no questions, no conditionality or limited conditionality to their bids.
"We received just over 10 bids. 
"The Gherkin had been valued a year or so previously at about £580 million and we thought that we could get closer to £650 million.
"Eventually The Gherkin was sold for £700 million, exceeding almost everyone’s expectation."
On November 10, 2014, contracts were exchanged on The Gherkin.
<a href="https://www.savills.co.uk/blog/article/185219/commercial-property/how-savills-sold-the-gherkin.aspx" target="_blank">A video produced by Savills </a>explaining the process is viewable on their website.
Photo: Creative Commons
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How Savills International sold The Gherkin

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GUEST OBSERVATION
In the 1970s, the renowned University of California architectural professor and author of A Pattern Language, Christopher Alexander lamented that ‘normal’ urban behaviour at the time had become almost schizophrenic, characterised by extreme withdrawal from stress and an unrealistic belief in self-sufficiency.
Over 30 years on, we are surrounded by planning and processes that are often so over-engineered that as humans we are increasingly all but removed from the experience. So pervasive is the effect of this trend, TEDx Melbourne founder Jon Yeo, notes that the selfie is a response by individuals to try to find place and to create a sense of identity.
Yet the rise of Monocle magazine, recently valued at $137.5 million, and Brainpickings, a blog that provides in-depth analysis of seemingly unrelated books and has over 7 million unique readers a month, would suggest a backlash against the trend to dumb things down. Research is showing aspects of the evolution of our urban lives and the design of our work spaces present a significant challenge to our well-being and performance.
<a href="https://www.ted.com/talks/julian_treasure_why_architects_need_to_use_their_ears?language=en#t-392730" target="_blank">Julian Treasure</a> suggests that we are designing environments that are making us crazy. Higher levels of density in urban environments have been shown to result in decreased generosity, increased anxiety and incidences of mental illness (<a href="https://adamalterauthor.com/book/" target="_blank">Alter, 2013</a>). Working and living in noisy environments may in fact be significantly reducing life expectancy. A <a href="https://multi-science.metapress.com/content/y7u5264178784312/" target="_blank">study</a> in Germany found the average noise levels in schools was 65 decibels, not only interfering with learning but causing increases in teacher heart rates that reached the threshold level for a heart attack.
Lefebvre wrote that space is a clue to the lives we lead, who we want to be and what we might be. Some exciting new research by <a href="https://www.theatlantic.com/health/archive/2014/11/the-brain-on-architecture/382090/">Julio Bermudez</a> has uncovered neuroscience insights that city planners, architects and workspace designers can intentionally build into design. Bermudez’s research has identified a scientific link between aspects of architecture and design, the correlation between beauty and experience and outcomes such as well being, mindfulness and discovery.
The Henry Ford West Bloomfield Hospital in Detroit has recently undertaken a <a href="https://workplaceinsight.net/wp-content/uploads/2014/06/Work+Place3.pdf" target="_blank">project</a> to rethink the nature of both patient care, employee experience and it’s role in the community. During the research, the extent of childhood obesity in the community where the hospital was located became evident. Today the environment in the hospital is so inviting and the food so good and affordable, that it’s restaurant is a destination. The facility also has a greenhouse and test kitchens used by local children and schools to learn about growing vegetables and preparing different types of food. As a result of this, the hospital has shifted the paradigm from ‘place to go when you are sick’ to ‘hospital as a community resource for staying well’. In addition, they have innovated in a way that has meant they are not only surviving but thriving, as well as playing a much larger role in the community.
A <a href="https://www.ted.com/talks/alejandro_aravena_my_architectural_philosophy_bring_the_com">project</a> in Chile where the intended residents were brought into the design process, is an encouraging example of a great solution to a problem where limited funds for social housing projects had previously only resulted in undesirable long-term outcomes. Such projects demonstrate ways we might move forward to create work spaces and urban environments that reverse the figure-ground. Such changes will result in important shifts in the way we design places. As Ilse Crawford Head of the Man and Wellbeing Institute notes, design that starts with human experience, prioritise well being and enhance our humanity.
Libby Sander is a PhD Candidate at Griffith University.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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Putting the humans back into workplace design: Libby Sander

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GUEST OBSERVATION
Achieving tax reform is often a long process as the government of the day looks for consensus before presenting proposals to the Parliament. The process that the current government is following seems to be even longer and more tortuous than most.
It doesn’t help matters when the Treasurer appears to have dismissed a number of suggestions put forward by Treasury just two weeks after the release of the discussion paper.
In his <a href="https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;db=CHAMBER;id=chamber%2Fhansardr%2F135b167f-578d-4414-a5b0-b2a35bc1cc32%2F0238;query=Id%3A%22chamber%2Fhansardr%2F135b167f-578d-4414-a5b0-b2a35bc1cc32%2F0000%22" target="_blank">2013-14 Budget Reply</a> speech incoming prime minister Tony Abbott promised to “consult with the community to produce a comprehensive white paper on tax reform. We’ll finish the job that the Henry review started and this (Labor) government squibbed.”
One would have thought that the <a href="https://taxreview.treasury.gov.au/Content/Content.aspx?doc=html/home.htm" target="_blank">2010 Henry Tax Review</a> - which sought to look forward to the next 40 years - was a comprehensive review of the tax system.
Instead, in the current process Treasury officials have gone back to basics. The long-promised white paper is still to come - the <a href="https://bettertax.gov.au/publications/discussion-paper/" target="_blank">Re:think</a> discussion paper released on 30 March is yet another consultation paper, which sets out a range of questions, but no concrete proposals.
However comments made by Hockey in an interview in the Australian Financial Review this week appears to pre-empt some of the more controversial suggestions in this discussion paper, with AFR columnist Laura Tingle writing that the treasurer “poured cold water” on any significant alteration of dividend imputation, the indexing of income tax thresholds to tackle bracket creep and on changes to the capital gains regime.
Google and ‘Netflix’ taxes
The emerging <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Corporate_Tax_Avoidance/Public_Hearings">evidence</a> from last week’s Senate Hearings in the Inquiry into Corporate Tax Avoidance shows the need for reform of international taxation. Although the Re:think discussion paper does raise the problem, there are no suggestions or specific questions in relation to the issues around international tax avoidance - in fact the thrust of the paper is to seek ways to encourage foreign investment.
Re:think asks the question: "Q 34. How can tax avoidance practices such as transfer pricing be addressed without imposing an excessive regulatory burden and discouraging investment?"
The treasurer has proposed a “Google tax”, modelled on the <a href="/news">UK’s diverted profits tax</a>, which was intended to counteract “contrived arrangements that exploit the permanent establishment rules”. However there are serious <a href="https://theconversation.com/experts-caution-australia-on-unilateral-google-tax-39794">concerns</a> as to whether a unilateral approach to the problem will be effective.
The discussion paper raises questions about the GST exemption for imported goods, particularly those ordered on-line. The so-called “Netflix tax” singles out multimedia downloads and is designed to address the situation where video streaming services based in Australia are required to collect GST on videos downloaded here, whereas services based overseas are not required to pay GST as the value is below the import threshold of $1,000. In the virtual world, this is a clear anomaly. The principle behind this move is worthy; but people are already working out how to circumvent the new tax.
Generally, however, broader GST reform will not be proposed unless there is consensus across political parties and the states.
There also seems to be <a href="https://www.skynews.com.au/news/top-stories/2015/03/31/shorten-open-to-top-end-super-changes" target="_blank">consensus</a> that the taxation of superannuation does need to be reformed. Even the <a href="https://www.smsfassociation.com/library/submissions/budget-submission-2015.aspx?categoryid=1375#.VSxokfBUrF">superannuation industry</a> <a href="https://www.superannuation.asn.au/media-release-1-april-2015">acknowledges</a> that the concessions are skewed to high income earners, and following the repeal of the <a href="https://theconversation.com/abbott-is-not-playing-fair-removing-super-contribution-will-hurt-working-poor-14604" target="_blank">Low Income Superannuation Contribution</a> (effective from 2017) low income earners effectively pay a higher rate of tax on superannuation than on their take-home pay.
Capital gains tax
But there are other issues raised in the discussion paper, particularly in relation to the taxation of investment income, that the treasurer has discounted before stakeholders have even drafted their submissions. "Q 19. To what extent is the rationale for the CGT discount, and the size of the discount, still appropriate?"
The 50% Capital Gains tax discount evolved from the indexation of capital gains that applied when CGT was first introduced.
It is hard to argue that a 50% discount can be justified in the current economic climate, with annual inflation running at less than 3%. Yet this week the Treasurer commented that changing the discount could restrict the flow of capital into start-ups. Although start-up companies are an important area of economic growth, it is only one investment sector.
Dividend imputation
The Discussion paper also asked: "20. To what extent does the dividend imputation system impact savings decisions?"
Dividend imputation, like superannuation and negative gearing, has popular support among the “mum and dad” investors in Australia. But there has been a global move away from dividend imputation systems, leaving Australia and NZ as the two remaining regimes.
The Henry Review <a href="https://taxreview.treasury.gov.au/content/FinalReport.aspx?doc=html/publications/Papers/Final_Report_Part_2/chapter_b2-4.htm" target="_blank">recommended</a> that: "Dividend imputation should be retained in the short to medium term, but for the longer term, consideration should be given to alternatives as part of a further consideration of company income tax arrangements."
It has increased investment in Australian companies, whether individually or through superannuation, but it is increasingly anachronistic in the modern economy. However the Treasurer wants submissions to address “how it can be improved” rather than “get rid of it”.
"21. Do the CGT and negative gearing influence savings and investment decisions, and if so,how?"
Again, the paper highlights the interaction between <a href="https://theconversation.com/explainer-why-negative-gearing-is-bad-policy-21882" target="_blank">negative gearing</a> and capital gains tax and suggests a quarantining mechanism to reduce the immediate tax benefit from negative gearing. However, although the Treasurer seemed <a href="https://www.abc.net.au/am/content/2015/s4207069.htm" target="_blank">open to discussions</a> when the paper was released two weeks ago, he told the AFR this week: "We’ve got to be very careful about constantly adjusting the policy. There is a temptation to constantly adjust policy for the volatility of the times. Now, we are in a world where that is incredibly liquid, where yields are incredibly low. That is creating perverse incentives."
But there are ways to construct reform that would not have an adverse impact on other investments.
Bracket creep
Although the <a href="https://www.treasury.gov.au/PublicationsAndMedia/Publications/2015/2015-Intergenerational-Report" target="_blank">intergenerational report</a> and the discussion paper highlighted that the main source of revenue growth would come from bracket creep, Hockey has flagged that he does not agree with indexation of thresholds. There is some evidence to support this, as the previous experience of indexation of tax thresholds in the early 1980s contributed to inflation as wage demands increased.
However it is also clear that the government does not intend to see an increase in the personal tax rate; and has already said that the <a href="https://www.ato.gov.au/general/new-legislation/in-detail/direct-taxes/income-tax-for-individuals/temporary-budget-repair-levy/">Budget Repair Levy</a> imposed last year on incomes over $180,000 will not be extended beyond the legislated three years. Therefore the formula of the last 30 years, allowing the Government to adjust thresholds periodically, seems set to continue.
So where is the money coming from to reduce the deficit in the current budget? The suggested Bank Deposit Tax is <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2015-04-02/big-banks-warn-federal-government-against-tax-deposits/6366562">opposed </a> by the banks, who will engage in a campaign like that of the miners in relation to the Minerals Rent Resources Tax. Most of the suggestions from Treasury have been excluded by the Treasurer. The Senate has shown that it will not support further reductions in benefits and services that impact on the least well off. Most government agencies will tell you that they have been squeezed dry.
It is time for an action plan in which all of the options are on the table.
Helen Hodgson is associate professor, Curtin Law School. Curtin Business School at Curtin University.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. 
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hhodgson-WTYf8w7F7q

The Tax white paper - only good for fish and chips now? Helen Hodgson

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Sule Arnautovic, managing director of Jirsch Sutherland and one of the administrators responsible for <a href="https://www.smartcompany.com.au/finance/45146-reheated-pie-face-emerges-from-voluntary-administration">keeping Pie Face alive</a>, has admitted there was a point during the voluntary administration of the pie chain when there was “no really obvious parachute” to save the company.
In an inside account of a voluntary administration that is rare in corporate life, Arnautovic has given his account of the episode in Pie Face’s chequered history in the <a href="https://www.jirschsutherland.com.au/wp-content/uploads/2015/03/Pie-Face.pdf" target="_blank">March edition of the Australian Insolvency Journal</a>.
“There were certainly some tough conversations on the way through the voluntary administration between [fellow administrator] Rod Sutherland and I about what sort of tolerance we would take risk to because there were big numbers accumulating that we were personally on the hook for,” said Arnautovic.
Arnautovic is referring to the deal the administrators netted with Pie Face secured creditor TCA Global, which “advanced a couple of million US dollars to get the thing out of a pickle and they have now advanced another $US2 million to keep it trading”.
The deal with TCA Global was a key part to the deed of company arrangement presented by Arnautovic and Sutherland and accepted by creditors at the end of December 2014.
Under the deal, Pie Face creditors accepted no more than 19 cents in the dollar for total creditor claims, excluding inter-company claims, worth $50 million.
But editorialising on the outcome of the administration, the Australian Insolvency Journal said it’s “perhaps fair enough” that Pie Face shareholders <a href="https://www.smartcompany.com.au/leadership/management/45701-pie-face-founder-wayne-homschek-turfed-from-board-as-new-management-team-seek-to-turn-things-around" target="_blank">chose to oust co-founder and “chief visionary” Wayne Homschek from the company’s board</a> as the chain was “radically diminished” by the time it emerged from administration.
The article also reveals Homschek was served “director penalty notices” by both the Australian Tax Office and the Office of State Revenue, which were both Pie Face creditors.
“That’s quite a burden for someone lumbered, fairly or otherwise, with primary responsibility for Pie Face’s spectacular implosion in the latter half of last year,” the publication said.
<h2>“A sale was not a live option”</h2>
Consistent with his <a href="https://www.smartcompany.com.au/finance/45165-pie-face-administrators-we-received-no-bona-fide-offer-to-buy-the-company" target="_blank">defence of the administration process to SmartCompany in January</a>, Arnautovic said in the article it became “very obvious very quickly” the administrators would not be able to sell the whole company.
“People might buy some equipment, or take over some leases. But there wasn’t going to be a global solution that worked for creditors generally, and in particular the secured creditors of the group being TCA Global and convertible noteholders owed some $7.5 million.”
But Arnautovic says the administrators had started their appointment “underfunded” – with Pie Face directors managing to pull together just $400,000 to go towards the $1 million in starting funds needed to keep the business trading – and for the first few weeks of the appointment “we weren’t sure on a day to day proposition whether we were going to be shutting the thing down or not”.
“Ordinarily we would’ve loved to have advertised the business and gone to the market a lot sooner than we did,” Arnautovic said.
With reluctance to buy into a proposed restructure or refinance on the part of secured creditor Macquarie Bank, the conversation quickly turned to an alternative financer, TCA Global, which was need to refinance Macquarie first and then take on risk for the business.
“It took until the 18th of December to get any comforting flow of funds,” said Arnautovic, recalling the tense conversations.
“Macquarie and their lawyers were very cautious. They didn’t want to touch the cash at bank in holdings even though they had their foot on it because they were concerned about priority employee entitlements in the group.”
TCA Global eventually paid out Macquarie around $4.6 million, which helped Arnautovic and his team keep the business trading, although in a slimmer format. Overall <a href="https://www.smartcompany.com.au/growth/franchising/44816-pie-face-company-stores-in-melbourne-close-ahead-of-meeting-with-franchisees-next-week" target="_blank">20 company-owned Pie Face stores were closed</a> during the administration and around 150 employees lost their jobs.
The refinance from TCA was “dovetailed” into the proposed DOCA and as a result TCA now has representatives on the Pie Face board.
<h2>But the battle is not over yet</h2>
Despite surviving voluntary administration, and plans for revamping its menu, Arnautovic said Pie Face still has work to do if it is going to last the distance.
“The problem with funding Pie Face is there are no significant tangible assets to secure your money against,” he said.
“There’s no real estate, equipment and fitouts are not worth much in a shut-down, and most of the directors didn’t want to provide personal guarantees.”
“I was very surprised the TCA deal happened … but it got done with a hell of lot of effort by all involved. The real challenging aspect of it was the trading risk and exposure that we put ourselves under by believing we could save it.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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ekeating-PWvazjYE25

An insider’s account of the “spectacular implosion” of Pie Face

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There are three things missing from Australia’s current economic debate – honesty, bravery and conviction.
We know that the Australian tax system is badly broken however the politicians won’t do a thing to fix it simply because they are only too well aware that any such moves would jeopardise their political wellbeing.
Social media runs amok around every time the Reserve Bank of Australia (RBA) meets to discuss the cash rate, whilst we all know that monetary policy is failing miserably. We even have competitions to see which economists have the highest success rate by predicting the cash rate outcome.
The reality is that since the global financial crisis (GFC) we can be certain of two things – cash rates are all headed to zero (or close to) and debt and deficits keep climbing. It’s interesting to note that this year marks the fifth anniversary of the Henry Tax Review although each year it re-emerges under a different name – intergenerational report and last month’s tax discussion paper. All sadly are nothing more than public relations exercises that highlight weak governments with an inability to act.
Iron ore prices are collapsing as to the price of oil and the Aussie dollar has fallen about 20% over the last 18 months. Like most governments around the world they are now devoid of an economic conviction and simply don’t know how to start a national debate.
Here’s an idea – stump up $50 million and see which Australian businesses can come up with the best economic reforms, and that would mean stripping all current governments – local, state and federal. Of course we keep getting that old chestnut of raising the GST although the problem Australia has is so much work is done in the cash economy that the GST fails the test miserably. You wouldn’t need to increase the GST if all the loopholes were closed.
We should be looking at the economic models were the principle place of residence is taxed on profits made when sold. It should also be a tax deduction for all expenses too – that way the cash economy is significantly minimised and GST receipts increase significantly. Then the state governments can start shutting down many of their tax rorts like payroll tax, land tax and stamp duties.
There are two other very important points that need raising which highlights another problem Australia has – <a href="https://insidestory.org.au/how-to-bridge-the-infrastructure-gap" target="_blank" title="How to bridge the infrastructure gap">How to bridge the infrastructure gap</a>. “The faster our population grows, the worse our governments are performing in choosing and building the infrastructure we need to cope with that growth.”
“Three statistics issued in recent days reveal the scale of the problem.
<ul>
<li>"On 26 March, the Bureau of Statistics issued the latest population figures. They revealed that Australia has grown by more than three million people in just eight years to last September. We are gaining almost 400,000 people every year. Every two and half years or so we add another million people. 
</li>
<li>"On 31 March, the Bureau released its regional population estimates for the year to last June. They showed that almost half of that rapid population growth is going into just two cities: Melbourne and Sydney. Add Brisbane and Perth, and almost three – quarters of it is going into four cities. 
</li>
<li>"On 1 April, the Bureau released its estimates on engineering construction in 2014. You might wish it was an April Fool’s Day joke, but sadly, that’s not so. It reported that work carried out in the December quarter plunged last year for the second year in a row, falling 12.5% below the 2012 peak. 
</li>
<li>"In every mainland state, infrastructure investment is now in free-fall. In most of them – New South Wales, Victoria, Queensland and South Australia – the work carried out in the December quarter was down between a quarter and a third from its recent peak.”</li>
</ul>
Now it gets even more interesting.
<ul>
<li>“But hang on, you say: isn’t that because the mining investment boom peaked in 2012? That’s true, it is winding down. And our governments have told us that that they’re increasing infrastructure investment to fill the gap, and to help sustain economic activity as the mining boom subsides. 
</li>
<li>“But what they’re doing is the exact opposite. Since 2012, the Bureau’s figures show public sector investment in infrastructure has collapsed even faster than private sector investment. In 2014 alone, it shrank 15%. Since 2012, it has shrunk 20%.”</li>
</ul>
I would think that most would agree that Australia urgently needs a public debate given our elected governments are having a shocker.
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robertsimeon-hRNTwJyXkQ

Why our elected governments are having a shocker: Robert Simeon

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Senator Sam Dastyari has said that he is too busy to finalise the final report of the Senate inquiry into affordable housing - again.
The release of the Economics References Committee's Inquiry into Affordable Housing report has been delayed until early May.
The committee inquiry kicked off in December 2013 with the report due by June 2014.
The Senate subsequently extended the reporting date on three occasions: first to November 2014, then to the first sitting day in March 2015 and finally by today, 14 April 2015.
Yesterday Dastyari let the Senate president know he was running late with his report.
He was recently dubbed a "stuntman" by assistant treasurer, Josh Frydenberg.
"I call him the Evil Knievel of Australian politics," Frydenberg said suggesting the recent senate hearings into international corporate tax were stunt-ridden.
With submissions from the Commonwealth, state and territory governments, organisations, academics and other people known to be interested in housing, the affordability committee received 230 submissions mostly in early 2014.
"The committee is preparing a comprehensive report to address the terms of reference," Dastyari advised yesterday.
"In order to allow committee members sufficient time to consider the draft report, the committee has …... the intention of tabling its final report before 8 May 2015."
Get your homework in please Senator!
PS Property Observer gleans the final draft - some 600 pages - is being finalised by the somewhat stretched secretariat of the committee.
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Affordable housing senate inquiry report delayed for fourth time

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The C.inc hotel group, headed by Christopher Cheung, is close to securing a $27 million sale of the Kings Cross icon, The Bourbon Hotel.
It is being bought by the apartment developer and hotel operator Iris Capital's Sam Arnaout.
The Bourbon was marketed last October with having capacity for around 80 apartments (artist's impression below) with bar facilities at street level.
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<div class="innerCont"><a href="https://www.realcommercial.com.au/photogallery_new.ds;jsessionid=8BACA75B866AB8E413A411C2208B0A10?id=501351075&amp;theme=rca.buy" rel="photos" data-id="501351075"><img src="https://i1.au.reastatic.net/456x342-resize/df6906ae430714632f38eb3b97d89585b7b6116e2eb1c2d174f074ae855b67e8/main.jpg" alt="The Bourbon Hotel and former Sydney Swans Club, 22-28 Darlinghurst Road, Potts Point, NSW 2011" title="The Bourbon Hotel and former Sydney Swans Club, 22-28 Darlinghurst Road, Potts Point, NSW 2011" data-index="0" data-resizable="true"> </a></div>
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The Bourbon and the adjoining former Sydney Swans Club in Kings Cross had been listed after Cheung told the SMH the lockout laws in the inner city had influenced his decision to sell and focus on his other assets, including the Coogee Bay Hotel and Cruise Bar, Circular Quay.
No asking price was disclosed but more than $30 million was initially tipped for the November tender through JLL hotels national director John Musca and James Aroney.
They optimistically suggested the buyer would be "part of the area's Covent Garden/Soho transformation."
Cheung bought the Potts Point properties that sit on 6,300 square metres from the former ING Real Estate Entertainment Fund in 2010, after a hailstorm caused the roof of the Swans club to collapse. 
Cheung spent about $10 million upgrading the landmark Bourbon hotel, which boasts 30 gaming machines and hotel licence with a separate $4 million realisation value.
The site was being marketed as potentially accommodating apartments, with retail and or a wine bar at street level.
The Bourbon arose from the ashes of the famed Bourbon and Beefsteak in The Cross.
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