<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

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The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

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.

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

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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Stockland chief executive Mark Steinert has revealed that the diversified property group is well placed to deliver earning growth at the top end of its guidance.
Speaking to investors at its third quarter briefing, he said residential deposits for the year to date at 31 March 2014 were the strongest it had recorded for that period in four years.
As such, Stockland was well placed to achieve 6% EPS growth in FY14, at the top of its guidance range.
But in revealing the earnings upgrade, Steinert said the company stood firm on its proposed $2.5 billion takeover of Australand. 
“Today’s update clearly demonstrates that we are achieving strong organic growth and our business is well positioned to take advantage of improving economic conditions," said Steinert. 
Any transaction, he said, must be sustainably accretive to both earnings per security and enterprise value.
Earlier this month, Stockland launched a bid to buy the remaining shares it didn't own in Australand.
The offer was an all-scrip offer of 1.111 Stockland securities for each Australand security. Based on Stockland’s closing price of $3.78 on 22 April 2014, Australand said it implied an offer price of $4.20 per Australand stapled security.
But the Australand board rejected the bid as "incomplete" and not compelling. 
Justifying its proposal, Steinert said: “We believe the offer we presented to the Australand Board is highly compelling, representing a significant 21% premium to net tangible assets at the current Stockland security price."
“The combined group would have the largest active residential business and future pipeline in Australia, with leading capabilities across land subdivision and medium density development. It would also have the second largest Logistics and Business Parks portfolio with high quality assets and future reinvestment opportunities."
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kjiminez-eaYKfU7qd2

Stockland well placed to deliver earning growth

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AMP Capital has been given the green light to construct in Booragoon what will be Western Australia's largest shopping centre.
AMP confirmed today that it had received planning approval from the Western Australian Planning Commission’s for its proposed $750 million redevelopment for Garden City Booragoon, a structure that will allow the centre to grow to 120,000 square metres in size.
AMP Capital head of shopping centres, Bryan Hynes, said the vote to approve the plan was another step forward for AMP Capital’s proposition to redevelop an integrated Garden City Booragoon.
“Our proposed development will further enrich the retail offer of Perth’s iconic shopping centre to include enhanced retail, leisure and lifestyle precincts as well as residential development to create an iconic activity centre for Perth,” he said.
Garden City is managed by AMP Capital and owned by AMP Capital managed funds.
The proposed redevelopment is valued at up to $750 million and will include a new full line David Jones, a new full line supermarket and fresh food precinct, allowance for an additional discount department store and an outdoor dining precinct linked to the cinema.
The redevelopment is expected to create 5,000 construction associated jobs and 5,000 new retail jobs.
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Green light for AMP Capital's Booragoon, WA shopping centre $750 million redevelopment

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Melbourne's key western and northern suburban industrial markets have been identified as the cheapest on a rental basis in Australia. 
Data collected by Savills Australia showed that in the period to December 2013, there was a wide gap in net effective rents between the key industrial markets nationally, with rents in Melbourne at least 31% and up to 35% lower than those in Adelaide, Brisbane, Perth and Sydney.    
Savills national head of research Tony Crabb said the lower rentals were a key factor in decisions taken by both national and international corporations to locate their distribution centres in Melbourne.
He said three or four key factors mainly dominated the thinking of corporates when taking those important decisions - access to ports and airports, access to freeways, access to local markets and rentals. 
"Should all of the access criteria be equal then Melbourne rentals offer a significant cost advantage", said Crabb. "When you’re talking an average 30,000 square metre plus national distribution centre then rental savings alone can be in the order of $1 million per annum." 
Such is the interest, Savills estimates that it has received an average 250,000 to 350,000 square metres of enquiry from national and international companies seeking major distribution facilities over the past 12 months. 
Savills head of industrial Victoria, Greg Jensz said "the rent doesn’t always prove decisive but it definitely puts Melbourne in a very strong position before other factors are considered".
He said that road transport infrastructure and plans to further enhance that infrastructure also played a pivotal role in the Melbourne market’s national pre-eminence. Congested roads meant longer delivery times, greater fuel costs, and delays in delivery to clients, he added.
He also makes a point of saying that "40% of Australia’s container shipping travels through the Port of Melbourne and that is because the bulk of Australia’s national distribution centres are located here. That is no accident," Jensz said.
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Cheapest industrial rents in Australia in Melbourne's west and north

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Ulster Developments has sold its industrial building in Sydney's Minto for $1.505 million.  
A private investor purchased the 16 Airds Road building at auction, on an initial yield of 9.57%. 
The 1,350 square metre building is underpinned with a newly secured five year lease to manufacturing and supplier company, ECH.
Terry Hassan and Alex Jaafar of Knight Frank negotiated the deal.
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Ulster Developments sells Minto, Sydney industrial building

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A local business operator has outlaid $1.04 million for the freehold component of an industrial property at Caloundra West on the Sunshine Coast.
The home to lighting company Raydz Pty Ltd, at 4 Development Court, is owned by Gary Saeger.
The property is on a site of about 2,056 square metres and includes a 1,000 square metre open span warehouse.
“This land parcel was developed by owner Gary Seager in two stages", said co-selling agent Len Greedy of Ray White Commercial Caloundra. 
"The front building was built in 1992 followed several years later by the rear building as his business expanded". Colleague Alan Gray was the joint agent. 
The combined area of the two interlocking buildings is 1000 square metres and they sit on a large hardstand area.
Gray said the new owner plans to lease the warehouse along with undertaking improvements on the property.
“Gary Seager has negotiated the sale of the business component of Raydz to a former employee,” he added.
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Sunshine Coast industrial freehold component sold

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In a coup for Telstra Super and Aspen group, the South Australian government has signed a five year lease at its premium grade office building in the Adelaide CBD.  
The state government agreed to lease 277 square metres of space at 26 Franklin Street, at a gross rent of $520 per sqaure metre. 
CBRE’s Michael Pfitzner negotiated the lease  on behalf of lessor Aspen/Telstra Super.
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South Australian government to lease Telstra Super and Aspen group building

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Global IT company Arbor Networks has secured an office suite at 151 Castlereagh Street in the Sydney CBD.
The company has agreed to lease 428 square metres in the Valad owned building for a three year term, on an initial rent of $585 per square metre gross.
CBRE’s Tim Courtnall and Tim Molchanoff negotiated the lease.
“Arbor Networks was attracted to its location in the evolving midtown precinct, as well as the contemporary design of 151 Castlereagh Street,” Mr Courtnall said.
“The ability to complete a new fit out incorporating the balcony in the suite was also a major drawcard.” Arbor Networks had recently acquired a local business and said to be looking to grow exponentially over the next three years.
In a separate lease, in the same building,  Silverstone Investments has leased a 222 sqaure metres suite on the sixth floor. The rent was struck at $625 per square metre gross on a five-year term.
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Arbor Networks secure Sydney office lease

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One of Footscray's most well known buildings - The 501 Reception Centre, in Melbourne is being offered for sale.
The property has been owned and operated by the Acquaro Family and trading since 1980.
The offering includes three titles with a land area of 6,271 square metres and a building area of about 3,000 square metres. It also includes five function rooms catering up to 1,160 people and has over 60 car parks.
The 495-507 Barkly Street centre is being offered with a planning permit for a five-level retail and residential development. 
The expressions of interest campaign closes on 27 May through Fitzroys agent James Gregson.
Gregson said the property’s flexibility in terms of both development and owner occupier/investor perspective was outstanding, and being in a such a growth area so close to the CBD presented excellent value and potential.
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Footscray's 501 Reception Centre offered for sale

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The Brisbane office market is facing a perfect storm.
A sobering report by forecaster BIS Shrapnel is predicting the sunshine state to be hit with an oversupply of stock for the next decade, along with a vacancy rate set to reach 18% plus in 2016.
The city's looming oversupply woes was just one of the topics examined in the Brisbane office market report. It looked at the strength of leasing and investor demand, all of which pointed to a challenging few years for the market.
Not mincing it's words, BIS Shrapnel said: "there’s a perception that further oversupply in the Brisbane CBD office market may be averted by withdrawing secondary buildings for conversion to residential or short term accommodation uses".
"While there are perhaps a handful of suitable candidates, it will be a case of too little too late."
The report warned that because of that oversupply pressure, rents and property values will take a hit. 
<img src="/images/2014/04/29/chart-of-the-week-april-29.-breakout.jpg" alt="">
Author of the report, Christian Schilling, said there were three towers currently under way in the CBD that would add another 186,000 square metres of new space before the end of 2016, equal to 9% of current stock. 
In contrast, withdrawals for conversion or re- development expected over the same time horizon, he noted,  sum to just 72,000 square metres, or 120,000 square metres to the end of 2017.
"On balance, that is still one tower too many", he said. "And this is on top of weak demand and a vacancy rate of 14.2% at January this year".
Among some of the buildings slated as withdrawals in the report were 80 Albert Street,plus a number of buildings to be vacated by the state government over the next three and a half years, which include Health House, 80 George Street, the Executive Building, the Executive Annex, Neville Bonner Building and Forestry House. The Primary Industries Building was also flagged as a potential withdrawal for redevelopment, along with some odd small buildings for conversion to residential or short term accommodation. 
Against this backdrop, BIS Shrapnel is also forecasting demand to be weak in the near, with the CBD expected to suffer "a triple hit in the form of the Government’s release of surplus space, tenants leaving for the fringe, and falling mining investment".
The forecaster estimates that since 2012, cuts to the public service and it's accommodation have resulted in 120,000 square metres of surplus space in the CBD, plus a further 20 square metres in the fringe, all of which the government intends to release as lease expire.
It is forecasting another 70,000 square metres of space to be released in the CBD over the next 3 years.
Compounding the situation, it notes is the space vacated by BOQ, Ventyx, Flight Centre and Robert Bird Group, all of which are leaving the CBD for the fringe, resulting in more than 40,000 square metres of vacated space.
Also constraining demand, it added, was the downturn in mining investment.
“I don’t want to talk the market down, but it’s simple maths”, said Schilling. “Unless mining investment takes off again, which is highly unlikely to happen over the next three years, vacancy rates will blow out to over 18% in 2016.”
As such, he believes, the Brisbane office market would represent a very challenging environment for building owners, developers and investors.
"Anyone contemplating investing in Brisbane in the short term should think carefully about the potential consequences, as the market weakness is likely to persist for the rest of this decade”, Mr Schilling warned. 
Photo courtesy of <a class="owner-name truncate" href="https://www.flickr.com/photos/burningimage/" target="_blank" title="Go to Nam Nguyen's photostream" data-track="attributionNameClick" data-rapid_p="21">Nam Nguyen</a>/Flickr.
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Oversupply and vacancy rate creating a perfect storm for Brisbane office market

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GUEST OBSERVER
We are all painfully aware that asbestos is nasty, really nasty. According to the Australian Mesothelioma Registry there were 612 cases of <a href="https://www.cancervic.org.au/about-cancer/cancer_types/mesothelioma" target="_blank">mesothelioma</a> diagnosed in 2011.
By 31 August 2012, 310 of those diagnosed in 2011 had died – more than half.
Yet as this amazingly versatile, but lethal, building material is being progressively cleansed from our building stock, it seems that complacency is beginning to set in.
This is likely to be one of key the reasons for the introduction of the asbestos related elements of The Work Health and Safety Regulations 2011.
Now for the legal bit - these regulations implement the model Work Health and Safety Regulations (the model regulations) in the Commonwealth jurisdiction and form part of a system of nationally harmonised occupational health and safety (OHS) laws.
Since 1 January 2013, it has been a legal requirement that every workplace constructed on or before 31 December 2003 has an asbestos register held at the subject site. Anyone involved in the ownership, management or occupation of a building is liable under the regulations.
To emphasise the obligations, there are penalties of up to $18,000 for non-compliance with each or all of the following obligations under clause 425 of the regulations:
<ol>
<li>A person with management or control of a workplace must ensure that a register (an asbestos register) is prepared and kept at the workplace. </li>
<li>The person must ensure that the asbestos register is maintained to ensure the information in the register is up to date. </li>
<li>The asbestos register must:</li>
</ol>
(a) record any asbestos or asbestos containing material (“ACM”) identified at the workplace under regulation 422, or likely to be present at the workplace from time to time including:
(i) the date on which the asbestos or ACM was identified; and
(ii) the location, type and condition of the asbestos or ACM; or (b) state that no asbestos or ACM is identified at the workplace if the person knows that no asbestos or ACM is identified, or is likely to be present from time to time, at the workplace.
Given that the regulations have been in force for over 15 months now, it is really surprising to find that there are many managers of commercial and industrial property who are unaware of the requirement for an asbestos register, and even more concerning that there are owners who, once advised of the requirement, will not authorise the expenditure to have such a register compiled.
It’s not expensive, it’s not complicated, and the penalties are high. It’s time to put asbestos back on the agenda.
John Preece is <a href="https://www.knightfrank.com.au/" target="_blank">Knight Frank</a>’s national director - project management and building consultancy.
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