<p>The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.</p>

<p>Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.</p>

<p>The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.</p>

<p>The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.</p>

<p>Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.</p>

<p>The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.</p>

<p>The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.</p>

<p>Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.</p>

<p>Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.</p>

<p data-end="345" data-start="110">The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.</p>

<p data-end="689" data-start="347">Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.</p>

<p data-end="689" data-start="347">Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.</p>


Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

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


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

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


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

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


Bottega House secures landmark riverfront site in St Lucia 

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<p data-end="157" data-start="0">The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.</p>

<p data-end="459" data-start="159"><a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.</p>

<p data-end="459" data-start="159">[smartcode_project:default project_id=112661 project_image_fid=359603]</p>

<p data-end="651" data-start="461"><a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.</p>

<p data-end="950" data-start="653">Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.</p>

<p data-end="1081" data-start="952">“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.</p>

<p data-end="1081" data-start="952">[smartcode_project:default project_id=112661 project_image_fid=355935]</p>

<p data-end="1307" data-start="1083">Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.</p>

<p data-end="1522" data-start="1309">The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.</p>

<p data-end="1522" data-start="1309">[smartcode_project:default project_id=112661 project_image_fid=361052]</p>

<p data-end="1714" data-start="1524">Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.</p>

<p data-end="1945" data-start="1716">The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.</p>

<p data-end="1945" data-start="1716">[smartcode_project:default project_id=112661 project_image_fid=359607]</p>

<p data-end="2220" data-is-last-node="" data-is-only-node="" data-start="1947">More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.</p>
</section>
</section>

<p>[smartcode_project_cta:default project_id=112661]</p>


SIERA kicks off construction at Northcliffe tower Exhale

Queensland

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<p>Land clearing has returned to Queensland in a big way. After we expressed concern that policy changes since 2012 would lead to a resurgence in clearing of native vegetation, this outcome was confirmed by government figures released late last year.</p>
<p>It is now clear that land clearing is accelerating in Queensland. The new data confirm that 296,000 hectares of bushland was cleared in 2013-14 – three times as much as in 2008-09 – mainly for conversion to pastures. These losses do not include the well-publicised clearing permitted by the government of nearly 900 square kilometres at two properties, Olive Vale and Strathmore, which commenced in 2015.</p>
<div class="enlarge_hint"><span style="line-height: 1.3em;">Alarmingly, the data show that clearing in catchments that drain onto the Great Barrier Reef increased dramatically, and constituted 35% of total clearing across Queensland in 2013-14. The loss of native vegetation cover in such regions is one of the major drivers of the deteriorating water quality in the reef’s lagoon, which threatens seagrass, coral reefs, and other marine ecosystems.</span></div>
<p>The increases in land clearing are across the board. They include losses of over 100,000 hectares of old-growth habitats, as well as the destruction of “high-value regrowth” – the advanced regeneration of endangered ecosystems.</p>
<p>These ecosystems have already been reduced to less than 10% of their original extent, and their recovery relies on allowing this regrowth to mature.</p>
<p>Alarmingly, our analysis of where the recent clearing has occurred reveals that even “of concern” and “endangered” remnant ecosystems are being lost at much higher rates now than before.</p>
<p>While this level of vegetation loss and damage continues apace, Australia’s environmental programs will fall well short of achieving their aims.</p>
<h2>Neutralising our environmental programs</h2>
<p>Land clearing affects all Australians, not just Queenslanders. Australia spends hundreds of millions of dollars each year trying to redress past environmental damage from land clearing. Tens of thousands of volunteers dedicate their time, money and land to the effort.</p>
<p>But despite undeniable local benefits of such programs, their contribution to national environmental goals is undone, sometimes many times over, by the damage being done in Queensland.</p>
<p>Take the federal government’s 20 million trees program. At a cost of A$50 million, it aims to replace 20 million trees by 2020 to redress some of the damage from past land clearing.</p>
<p>Yet just one year of increased land clearing in Queensland has already removed many more trees than will be painstakingly planted during the entire program.</p>
<p>The Australian government’s Emissions Reduction Fund (ERF) is paying billions of dollars to reduce carbon emissions from industry. But the carbon released from Queensland’s land clearing in 2012-2014 alone is estimated at 63 million tonnes, far more than was purchased under the first round of the ERF (at a cost to taxpayers of A$660 million).</p>
<p>Species cannot recover if their habitat is being destroyed faster than it is being restored. But under Caring for our Country and Biodiversity Fund grants, the extent of tree planting to restore habitat across Australia reported since 2013 is just over 42,000 hectares - an order of magnitude less than what was cleared in Queensland alone in just two years.</p>
<p>And it will be many decades before these new plantings will provide anything like the environmental benefits of mature native vegetation.</p>
<p>Land clearing between 2012 and 2014 in Queensland is estimated to have wiped out more than 40,000 hectares of koala habitat, as well as habitat for over 200 other threatened species. Clearing, along with drought (which is also made worse by clearing), is the major cause of an 50% decline in koalas of south-west and central Queensland since 1996.</p>
<p>The loss of remnant habitat, especially from forests along waterways, means more habitat fragmentation. This is a further threat to many species of wildlife, and it hampers our ability to adapt to a rapidly changing climate.</p>
<p>The federal government has committed hundreds of millions of dollars to improve reef water quality. Yet ongoing land clearing in reef-draining catchments will reverse many of the gains these programs aim to achieve. Last year, Queensland’s Auditor-General reported that stronger legislation would be essential to reducing harmful catchment runoff to the Great Barrier Reef.</p>
<h2>Prevention is better than cure</h2>
<p>We live in an era of tightening carbon budgets, declining land-production capacity and rapidly deteriorating biodiversity, including in iconic places such as Great Barrier Reef. The evidence is clear that we cannot continue to degrade our environment without severe consequences.</p>
<p>It is far more efficient to prevent environmental damage than to try to reverse it later.</p>
<p>For example, the cost of stabilising river-banks following deforestation can range from A$16,000 to A$5 million per kilometre. Natural ecosystems contribute enormously to the economy in ways that are often unrecognised.</p>
<p>We are running up a large environmental debt that will eventually have to be paid by all Australians, one way or another.</p>
<p>And some damage, like the loss of a species, is irreversible.</p>
<p>Previous native vegetation laws had successfully reduced land clearing, but were reversed in 2013 by the former Newman government.</p>
<p>The current Palaszczuk government in Queensland has repeated its election promise to re-strengthen native vegetation protections. The amendment bill is due to be introduced to parliament within weeks.</p>
<p>But the minority government relies on the votes of cross-benchers to pass its legislation–so for now, the future of some of Australia’s most precious environmental assets remains uncertain.</p>
<p><em><span class="fn author-name" style="line-height: 1.3em;">Martine Maron is a</span><span style="line-height: 1.3em;">ssociate professor of Environmental Management, The University of Queensland, </span><span style="line-height: 1.3em;">Bill Laurance is d</span><span style="line-height: 1.3em;">istinguished research professor and Australian Laureate, James Cook University, </span><span style="line-height: 1.3em;">Bob Pressey is p</span><span style="line-height: 1.3em;">rofessor and Program Leader, Conservation Planning, ARC Centre of Excellence for Coral Reef Studies, James Cook University, </span><span style="line-height: 1.3em;">Carla P. Catterall is p</span><span style="line-height: 1.3em;">rofessor in ecology and environment, Griffith University, </span><span class="fn author-name" style="line-height: 1.3em;">Clive McAlpine is s</span><span style="line-height: 1.3em;">enior research Fellow in Ecology, The University of Queensland, </span><span class="fn author-name" style="line-height: 1.3em;">Hugh Possingham is d</span><span style="line-height: 1.3em;">irector ARC Centre of Excellence for Environmental Decisions, The University of Queensland, </span><span style="line-height: 1.3em;">James Watson is a</span><span style="line-height: 1.3em;">ssociate professor, The University of Queensland, </span><span class="fn author-name" style="line-height: 1.3em;">Jonathan Rhodes is a</span><span style="line-height: 1.3em;">ssociate Professor, The University of Queensland, </span><span class="fn author-name" style="line-height: 1.3em;">Kerrie Wilson is a</span><span style="line-height: 1.3em;">ssociate professor and ARC Future Fellow, The University of Queensland, </span><span style="line-height: 1.3em;">Marc Hockings is p</span><span style="line-height: 1.3em;">rofessor of Environmental Management, The University of Queensland. All are authors for <a href="https://theconversation.com/au" target="_blank">The Conversation</a>.</span></em></p>
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jchancellor-FAypfDUnLy

Queensland land clearing is undermining Australia’s environmental progress

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<p><span style="line-height: 1.3em;">The current laws governing residential and commercial buildings in Queensland are overly onerous and out-of-step with lawmakers’ objectives, according to a leading litigation lawyer. </span></p>
<p>The Queensland government called for submissions regarding administrative and procedural issues arising from <em>The Body Corporate and Community Management Act 1997 </em>(Qld). </p>
<p>In his submission, Slater and Gordon Litigation Lawyer David Greene said the current regulations are placing a large burden on bodies corporate across the state. </p>
<p>“A growing number of Queenslanders live and work in buildings governed by this regulatory framework, which is failing to strike a balance between individual rights and democratic decision making,” Mr Greene said. </p>
<p>“For example, some decisions currently require unanimous agreement, including potentially sustainable infrastructure proposals such as solar panels, water saving devices and wind generators. </p>
<p>“Securing the agreement of every lot owner is onerous and counter-productive, especially when you consider that most sustainable infrastructure increases the value and longevity of the building, as well as reducing cost of living for residents.” </p>
<p>However, Mr Greene also stressed the importance of ensuring every lot owner has a voice in the process. </p>
<p>“In my opinion, there is no better safeguard to protect the minority interests of lot owners than their ability to challenge the reasonableness of a decision by the body corporate” Mr Greene said. </p>
<p>“The current legislation allows for such challenges, but parties should not have to put up with the uncertainty and expense of utilising those procedures every time they fail to obtain unanimous support for a proposal. </p>
<p>“Instead, the introduction of a special resolution for certain decisions (those presently requiring unanimous support) would provide an adequate layer of support and protection by balancing individual rights with the need for community consensus.” </p>
<p><strong>Recommendations to improve the effectiveness of Queensland’s body corporate laws </strong></p>
<p><strong>1. </strong>Remove the onerous requirement for <strong>unanimous support </strong>and replace with a requirement to obtain a special resolution for certain decisions. </p>
<p><strong>2. </strong>Improve the <strong>dispute resolution </strong>provisions (including lot boundary disputes) and building and maintenance issues by requiring the original owner to hand over the development approval, the certificate of classification, the fire safety plan, the building contract and any other contracts which the body corporate is a party to for the site at the first AGM. </p>
<p><strong>3.</strong> Protect schemes from external influence and proxy voting by maintaining <strong>secret ballots </strong>to appoint a body corporate manager. </p>
<p><strong>4. </strong>Prevent <strong>‘gaming’ of the system </strong>in small schemes that struggle to find sufficient numbers of lot owners willing to serve on a committee, by having the appointment of a body corporate manager as default, with an option to establish a committee as an alternative. </p>
<p><strong>5. </strong>Broaden the scope of the dispute resolution provisions, but ensure sufficient protections are built in to ensure <strong>concurrent litigation </strong>is not running in the Commissioner’s office and a Court. Concurrent litigation could become a legitimate strategy for a developer to undermine the ability of the body corporate to obtain a relatively inexpensive, easy and quick resolution to a dispute. </p>
<p><em>Slater and Gordon Litigation Lawyer David Greene’s full submission to the Property Law Review Issues Paper is available <a href="https://media.slatergordon.com.au/s3fs-public/submission.pdf" target="_blank">here</a>: </em></p>
<p> </p>
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Property 101: Queensland body corporate laws onerous and 'out of step'

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<div>Another interesting article was written by the doyen of economic commentary Ross Gittins this weekend, in which he points out that the economy will look better once mining investment stops falling. </div>
<div> </div>
<div>The reversion in resources capital investment has long been flagged as a major downside risk for the Australian economy, or even as some kind of economic Armageddon.</div>
<div> </div>
<div>Engineering construction activity had declined by about 10 percent in the year to September 2015 to a quarterly value of around $25.4 billion, which is now some 24 per cent down from the peak of $33.6 billion.<br><br>Yet as highlighted by Gittins, despite this ongoing contraction the economy managed to grind out GDP growth of 2.5 per cent, helped by net exports and an increase in dwelling construction. Indeed, the non-mining economy grew by about 3 per cent.<br><br>I took a more detailed look at the components of GDP growth (and the troublesome decline in the terms of trade) over the year to September 2015.<br><br><strong><span style="text-decoration: underline;">Mining investment won't fall forever</span></strong><br><br>The good news noted by Gittins is that resources investment cannot continue to decline forever, and sooner or later the nadir will be reached.</div>
<div> </div>
<div>The latest available figures showed that the decline was reasonably well advanced by September 2015, although activity still remained well above its "normal" level, particularly in Western Australia and the Northern Territory.</div>
<br><div class="separator"><a href="/images/2016/02/02/A1.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/02/02/A1.jpg" alt=""></div>
<br><div>As you can see in the chart above the good news for Queensland is that much of the decline had already taken place by September, with quarterly engineering construction activity declining by 42 per cent year-on-year to just $4.9 billion. </div>
<div> </div>
<div>This was a substantial 57 per cent below the September 2013 quarterly peak, when engineering construction activity hit a state record $11.5 billion. </div>
<div> </div>
<div>The September 2015 National Accounts showed state final demand (a measure of activity which excludes exports) in Queensland of -0.2 per cent marking a fifth consecutive quarterly decline for the Sunshine State, driven by an ongoing weakness in private gross fixed capital formation (declining non-dwelling construction) as large scale resources projects approached their completion.<br><br>This was a significant improvement on the -1.3 per cent decline in Queensland state final demand in the June 2015 quarter, and hearteningly the largest part of the decline in engineering construction activity is now in the rear view mirror.</div>
<div> </div>
<div>A great challenge for Western Australia (where quarterly engineering construction activity is still highly elevated at $10.3 billion) and the Northern Territory (miles above historic norms at $2 billion, due to the massive Inpex Ichthys LNG project), however, is that the great bulk of the decline in construction activity has yet to take place. </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Trade balance improving</span></strong></div>
<div> </div>
<div>It is worth noting that decline in resources construction is not in itself a bad thing: after all the whole point of constructing mining and resources projects is that they will eventually produce commodity exports (<em>reductio ad absurdum</em> if a decline in construction is a 'bad thing', we should never have partaken in a mining boom in the first instance).<br><br>A look at the latest International Trade figures shows that over the past three months Queensland has produced a positive trade balance of $1.2 billion per month, after churning out several negative prints in 2014. </div>
<br><a href="/images/2016/02/02/QLD2.jpg" target="_blank">Click to enlarge</a>
</div>
<div class="post-body entry-content">
<img src="/images/2016/02/02/QLD2.jpg" alt=""><br><div> </div>
<div>With the Gladstone natural gas venture now kicking into gear and the first shipments underway, GLNG exports will begin to make a welcome positive contribution in 2016, question marks over commodity price action notwithstanding.</div>
<br><strong><span style="text-decoration: underline;">The wrap</span></strong><br><div> </div>
<div>The figures show that the decline in mining investment still has a way to run, but eventually the downturn will be complete and the remainder of the economy will enjoy rising commodity exports.<br><br>The biggest unknown factor is what will happen to commodity prices over the years ahead.<br><br>Queensland's economy has been through a rough trot since 2013 as resources investment has nosedived, knocking it down to sixth spot in the state rankings.<br><br>However, things should begin to pick up in time, and although population growth from net overseas migration has slowed, Queensland will be one of only two states (the other being Victoria) to benefit from <a href="https://petewargent.blogspot.co.uk/2015/12/sydney-melbourne-dominate-population" target="_blank">net interstate migration</a>, particularly as more Sydneysiders opt to make the journey north. </div>
<div> </div>
<div>But if doom and gloom is your thing, fear not, for there will always be someone doing something stupid somewhere in the world, and in turn there will be something new to worry about: oil prices, China's property bubble, a Cyprus default, weapons in North Korea, the Ebola virus...</div>
<div> </div>
<div> </div>
<div><strong><span style="text-decoration: underline;">The week ahead!</span></strong></div>
<div> </div>
<div>An exciting week ahead! </div>
<div> </div>
<div>The Reserve Bank of Australia (RBA) will leave interest rates on hold at 2 per cent on Tuesday afternoon (recall that it wasn't so very long ago that a rate cut by February was 100 per cent priced in). </div>
<div> </div>
<div>With the unemployment rate having declined from 6.4 per cent to 5.8 per cent and employment having reportedly grown by +2.6 per cent in 2015, another interest rate cut does remain fully priced in, but not until the fourth quarter of 2016.</div>
<div> </div>
<div>At the end of the week the RBA will also release its Statement on Monetary Policy (SOMP), within which it is expected that economic growth forecasts for 2015 will be revised up from 2.25 per cent to 2.5 per cent. </div>
<div> </div>
<div>Inflation forecasts on the other hand are likely to remain unchanged after this week's release showed that inflation is well under control. </div>
<div> </div>
<div>Also this week we will get the latest Building Approvals figures for December, which may show a bit of a bounce from last month's sharp drop, but we might expect to see the downtrend remaining in place.<br><br>
</div>
<div><a href="/images/2016/02/02/A2.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div>
<div class="separator"><img src="/images/2016/02/02/A2.jpg" alt=""></div>
<div class="separator"> </div>
</div>
<div>Finally there will be the latest International Trade figures to look forward to - expect to see a another substantial deficit in December of perhaps more than $3 billion, with low iron ore prices the key driver - and recall there was a wild explosion in rural exports (legumes boom!) last month, which surely cannot be repeated in December.<br><br><div class="separator"><a href="/images/2016/02/02/A3.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/02/02/A3.jpg" alt=""></div>
</div>
<div> </div>
<div>The truth is still out there. Stay tuned, and have a great week! </div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em><span style="line-height: 1.3em;"> </span></p>
</div>
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Brighter days ahead for Queensland: Pete Wargent

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<p>GUEST OBSERVER</p>
<p>The Queensland real estate market continued its steady pace throughout 2015, with a new record median house price in Brisbane of $610,000 ending the year with a flourish.</p>
<p>The market has recorded a steady sustainable growth rate of about two percent over the past eight quarters and this has led the southeast corner into firmer territory following the post GFC slump of 2011/2012.</p>
<p>Compared with the southern states, Queensland’s market has been relatively stable and has resisted the volatility shown in those markets.</p>
<p>As Sydney and Melbourne’s markets have strengthened considerably over the year, investors have been attracted to Brisbane and the Gold Coast where affordability and ROI factors have remained steady.</p>
<p>The apartment market in Brisbane’s inner city has remained in healthy territory, despite concerns that an oversupply was imminent. Vacancy rates have remained steady with data revealing vacancies in the inner city were around 2.5 percent to 2.7 percent.</p>
<p>Outside of the southeast corner, the state’s regional centres struggled to gain meaningful ground, although small gains were seen in some towns.</p>
<p>Tourist cities performed strongly. The Gold and Sunshine coasts recorded buoyant market conditions with investor activity picking up in both regions.</p>
<p>Cairns and Fraser Coast also continue to show promising signs of firming market conditions, with average days on market and vendor discounting improving on a year ago for their respective unit markets which had struggled following the GFC.</p>
<p>Regional centres still continue to be impacted by the resources downturn, but many now look to have reached the bottom of the market.</p>
<p>Local agents in Gladstone, Mackay and Townsville say the softer market conditions has started to entice more local buyers, with market confidence slowly but surely improving.</p>
<p>First home buyers are taking advantage of the low interest rate environment and in regional centres are gaining confidence with increased housing affordability.</p>
<p>House sales activity in the strengthening markets of southeast Queensland continued to improve over the June quarter.</p>
<p>Back in the capital city, increased prestige sales and strong buyer demand in the $500,000-plus price contributed to the lifting median house price in Brisbane.</p>
<p>Brisbane surrounds also showed improving buyer demand, with Ipswich and Logan recording double digit growth in sales activity over the quarter and over the year to June.</p>
<p>Toowoomba’s house market appears to have taken the foot off the accelerator with sales volumes tapering off for a second consecutive quarter. Given the various projects in the pipeline, such as the going ahead of the second range crossing, local agents anticipate the region will continue to record consistent growth in its real estate market.</p>
<p><strong>The year ahead</strong></p>
<p>In the regional centres, sales activity is mixed, however the general feel on the ground is that the bottom of the market has been met.</p>
<p>I believe the sales activity is encouraging. With any market recovery there is always a concern that things will take a backward step from time to time, however, that is not the case in Queensland as this consistently steady improvement across the state shows.</p>
<p>Our regional centres, where the impact of the GFC and mining downturn continue to be felt years later, are defiantly consistent and this is fantastic news for our state. Queensland property is an encouraging story of economic resilience and even though some of our regional centres are struggling, we are seeing signs of a return to equilibrium.</p>
<p>The southeast corner remains the powerhouse of the state’s real estate market, with Brisbane LGA recording a new high median house price of $610,000.</p>
<p>The market in the southeast corner is performing well and this will eventually be felt throughout the rest of the state.</p>
<p> </p>
<p><em>Antonia Mercorella is the CEO of the Real Estate Institute of Queensland – the first woman in its almost 100-year history and the youngest person to take on the role. She can be contacted <a href="https://blog.realestateview.com.au/author/antonia-mercorella/" target="_blank">here</a>.</em></p>
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Bouyant Gold Coast seeing more investors

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<p><span>Frank Picone, the apartment management industry veteran, has listed his Mermaid Beach trophy home.</span></p>
<p><span>It’s a spacious <a href="https://www.realestate.com.au/property-house-qld-mermaid+beach-121651882" target="_blank"><span>three storey beachfront villa on Hedges Avenue</span></a>. It is the comeback listing of Michael Kollosche who has it on the books of his new agency at $15 million.</span></p>
<p><span>It last traded in 2009 for $13.25 million.</span></p>
<p><span>Title Tattle recalls in 2008 Picone set the year's top price for Queensland when his imposing <a href="/news"><span>Mermaid Beach</span></a> house fetched $17.5 million through Michael Kollosche when it sold it to the landfill operator Maxwell Twigg.</span></p>
<p><span>The latest listing is 159 Hedges Avenue commissioned in 2007 by an Australian billionaire hotelier Bruce Mathieson who relocated to purchased Albatross Avenue buying from former skateboarding champion Stephen Hill, with Kollosche as agent, for $18 million in 2009.</span></p>
<p><span>"159 Hedges Avenue is simply one of Australia's most impressive luxury homes, located on a rare elevated 564 sqm allotment with an impressive street presence," the marketing says.</span></p>
<p><span>All levels are linked by marble slab stairs and an internal electric lift.</span></p>
<p><span>There is some 114 squares (1,057 sqm) of luxurious living hidden behind one-way mirror-glass windows for privacy and security. </span></p>
<p><span>The Kollosche Prestige Agents website advises Michael Kollosche has sold over $1 billion in prestige property on the Gold Coast, most when he made a name for himself at Ray White. </span></p>
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Michael Kollosche lists Frank Picone's $15 million Mermaid Beach trophy home

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<p>Apartments in Brisbane, Sydney and Coffs Harbour are in the peak of the market, according to the Herron Todd White December 2015 property clock.</p>
<p>Townsville, Mt Gambier and Canberra apartments are now deemed at the bottom of the market.  </p>
<p>The valuation firm said the residential property market has weakened during 2015 and it is searching for direction.</p>
<p>"While we have previously maintained that the market remains in the early stages of recovery, albeit tenuously and with a pace of recovery that is incredibly slow, we now believe the market has reverted to the bottom of the cycle," they said.</p>
<p>Herron Todd White's December report suggested the volume of house sales has remained relatively steady throughout 2015, however the median house price has declined.</p>
<p>"Our impression is that buyers are only purchasing properties they regard as affordable based on their current economic circumstances, leading to a reduction in the median price of houses that are actually transacting," they added.</p>
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<div>
<div>
<div>
<p>They also said that the unit sale volumes fluctuated during the year with the median sale price for established units remaining relatively steady.</p>
<p>The report mentioned that vacant land sales have declined and median sale prices have softened slightly, reflecting a lack of buyer confidence in the market stemming from the subdued economy, as well as the wide price differential between new versus existing houses retarding the economics of new house construction.</p>
<p>The valuation firm suggested the rental market has continued to demonstrate an over supply.</p>
<p>"It was our belief that during the course of 2015, the rental market would progressively return to the balanced market range following the construction of National Rental Affordability Scheme (NRAS) properties coming to a close," they said.</p>
<p>"This however has not been the case, with the overall trending vacancy rate remaining above the balanced market range."</p>
<p>Herron Todd White at the start of 2015 they predicted that the year ahead would remain cautious with the overall level of activity very much dictated by the local economic factors of unemployment and business confidence.</p>
<p>They said that whilst business confidence showed some improvement throughout the year, unemployment and job security along with limited local stimulus have heavily weighed on the direction and confidence of the residential property market. </p>
</div>
</div>
</div>
</div>
<p>Below is a list of the cheapest Townsville units (postcode 4810) sold recently that Property Observer could find:</p>
<p><img src="/images/2015/12/16/700_towns.jpg" alt="" width="562" height="341"></p>
<p>1. A two-bedroom unit at <a href="https://www.realestate.com.au/property-unit-qld-west+end-120474529" target="_blank">4/105 Livingstone St West End Qld 4810</a> (above) sold for $182,000. The one level property last traded for $160,000 in 2013, an annual appreciation of 6.46 per cent.</p>
<p><img src="/images/2015/12/16/Screen%20Shot%202015-12-18%20at%208.59.11%20AM.png" alt="" width="676" height="409"></p>
<p>2. A three-bedroom unit at <a href="https://www.realestateview.com.au/real-estate/19-ryan-street-north-ward-qld/property-details-sold-residential-9458778" target="_blank">10/19 Ryan Street, North Ward, Qld 4810</a> (above) was sold recently for an undisclosed price, however the agents put a price guide of low to mid $200,000.</p>
<p><img src="/images/2015/12/16/Screen%20Shot%202015-12-18%20at%209.04.54%20AM.png" alt="" width="685" height="434"></p>
<p>3. A two-bedroom unit at <a href="https://www.realestateview.com.au/real-estate/6-24-henry-street-west-end-qld/property-details-sold-residential-9339432" target="_blank">10/6-24 Henry Street, West End, Qld 4810</a> (above) went backwards in price with the $280,000 sale in November. The spacious property sold for $335,000 in 2009, an annual depreciation of 2.62 per cent.</p>
<p>Below is a list of some of the units up for sale in Townsville:</p>
<p><img src="/images/2015/12/16/main.jpg" alt="" width="566" height="424"></p>
<p>1. A one-bedroom unit is up for sale at <a href="https://www.realestateview.com.au/portal/search?sort=price&amp;viewAlertId=&amp;frequency=&amp;smt=Buy&amp;ftl=&amp;loc=Townsville%7CQLD%7C4810&amp;iss=True&amp;pt=Unit&amp;Kw=" target="_blank">4/1 Burke Street, North Ward, Qld 4810</a> (above). The apartment that last traded in 2003 for $101,000 comes with mid $100,000's expectations.</p>
<p><img src="/images/2015/12/16/tend.jpg" alt="" width="525" height="334"> </p>
<p>2. Around the median price, a three-bedroom apartment on <a href="https://www.realestateview.com.au/real-estate/1-7-gregory-street-north-ward-qld/property-details-buy-residential-9317150" target="_blank">27/1-7 Gregory Street, North Ward</a> (above) is up for sale for $398,800. Another property which is heading backwards in the market having last traded for $455,000 in 2008, an annual depreciation of roughly 1.8 per cent.</p>
<p><img src="/images/2015/12/16/Screen%20Shot%202015-12-18%20at%209.18.41%20AM.png" alt="" width="532" height="336"></p>
<p>3. At the higher end, a three-bedroom apartment at <a href="https://www.realestateview.com.au/real-estate/72-the-strand-north-ward-qld/property-details-buy-residential-9644258" target="_blank">301/72, The Strand, North Ward</a> (above) is up for sale for $579,000. A slightly less depreciation than the previous property, but a depreciation none the less. The huge apartment in a complex with a swimming pool and gym last traded for $620,000 in 2003, a depreciation of around 0.75 per cent.</p>
<p>The median unit price for units in Townsville city was $420,000, according to the latest Corelogic RP Data For more information, <a href="https://www.htw.com.au/" target="_blank">click here</a>.</p>
<p> </p>
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Townsville apartments are at bottom of cycle: HTW property clock

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<p><span>Valuation firm Herron Todd White have reported that the small industrial sector in Cairns close to the CBD is showing stronger buyer demand. </span></p>
<p><span>The HTW month in review suggest that though we now perceive the industrial market to be entering a recovery phase, industrial property development remains slow.</span></p>
<p><span>"Improved industrial property sales also remain slow at levels well below the 2007 peak with prices steady.</span></p>
<p><span>"Commercial agents advise limited availability of good quality stand alone warehouse stock with slow to reasonable demand for this type of premises."</span></p>
<p><span>The report also noted that strata titled industrial warehouses are also limited in numbers for both sale and lease with similar limited demand.</span></p>
<p><span>It went on to add however that rents have recently begun to claw back some lost ground as the economy has slowly improved.</span></p>
<p><span>"The vacant industrial land sale market is especially quiet with limited sales activity.</span></p>
<p><span>"The median vacant industrial land price in Cairns peaked at $295 per square metre in 2009 but has been around $200 to $250 per square metre for sales over the past four years.</span></p>
<p><span>"Our overall assessment is that industrial land is adequately supplied for foreseeable levels of demand," said the review.</span></p>
<p><span>"There is limited quality investment stock available for purchase in the Cairns market.</span></p>
<p><span>"This will tend to support values for well leased properties over the short to medium term."</span></p>
<p><span>The report concluded by suggesting that the market has been gradually consolidating to the start of recovery stage and the immediate outlook is for further consolidation and improvement in the year ahead.</span></p>
<p><span>"A lack of new stock should see availability tighten as we move through the remainder of 2015.</span></p>
<p><span>"A recovery in the vacant industrial land market in Cairns will continue to depend on a more widespread recovery in the local economy which appears to be underway."</span></p>
<p><span> </span></p>
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Cairns industrial property sales slow since 2007: HTW

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<p><span>Since the downturn in the mining sector and an influx of investor house and land products, there has been very little investor activity in the Mackay residential market.</span></p>
<p><span>Property values of investor type products have fallen by up to 30%.</span></p>
<p><span>Prior to 2014, the residential market in Mackay was heated with both national and international out of town investors, according to the valuation firm Herron Todd White in their </span><span style="font-size: 12.16px; line-height: 1.3em;">November review.</span></p>
<p><span style="font-size: 12.16px; line-height: 1.3em;">They recalled the out of town investors tended to favour house and land packages, or near new dwellings or units.</span></p>
<p><span>They said that a particular residential estate known as Blacks Beach Cove, located in Mackay’s northern beaches, was among those marketed predominantly to out of town investors during the better times.</span></p>
<p><span>"A typical modern 4-bedroom, 2-bathroom dwelling with double garage accommodation was priced between $450,000 and $550,000 and would achieve between $500 and $600 rent per week.</span></p>
<p><span>"Vacancy rates in the Mackay region were below 1%."</span></p>
<p><span>The valuation firm noted the "same 4-bedroom, 2-bathroom dwellings within Blacks Beach Cove are currently selling between $280,000 and $350,000 and achieve between $270 and $320 per week. Vacancy rates within the Mackay region are now in excess of 9%."</span></p>
<p>CoreLogic RP Data put the <a href="/news">Blacks Beach median house price peak</a> at $507,500 in 2012.</p>
<p><span><span> </span></span></p>
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The 30% price slump in mining town Mackay's Blacks Beach Cove: HTW

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<p><span>A $210,000 sale in Jimboomba was the weekend's cheapest auction sale in Queensland.</span></p>
<p><span>Shane Devries of Harcourts Jimboomba was the selling agent of <a href="https://www.realestateview.com.au/Real-Estate/11-mary-street-jimboomba/Property-Details-buy-residential-9716142" target="_blank"><span>11 Mary Street</span></a> which was last traded for $180,000 in 2005. </span></p>
<p><span>The estate has had an increase of only 1.77 percent annually over the last 10 years.</span></p>
<p><span>Advertised as a renovators dream, the home needs extensive bathroom renovations. </span></p>
<p><span>It features three bedrooms, one bathroom and a combustion fireplace.</span></p>
<p><span>The house is located on a 1012 sqm block and includes a two bay lock-up shed.</span></p>
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$210,000 Jimboomba sale Queensland's cheapest

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<p>Queensland's price growth has been plotted over the past decade by BIS Shrapnel in the McGrath IPO prospectus.</p>
<p>There is also a forecast for 2016. </p>
<p> </p>
<p><a href="/images/2015/11/13/Screen%20Shot%202015-11-13%20at%202.12.16%20PM.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2015/11/13/Screen%20Shot%202015-11-13%20at%202.12.16%20PM.png" alt=""></p>
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