<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

Asic

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ASIC has applied to the Federal Court of Australia for the appointment of a provisional liquidator to six companies within the Macro Group, all of which have Desiree Veronica Macpherson as a director.
These are:
<ol>
<li>Macro Realty Developments Pty Ltd;</li>
<li>Macro Realty Developments AFSL Pty Ltd;</li>
<li>Macro All State Investments and Securities Ltd;</li>
<li>Pilbara Property Developments Pty Ltd;</li>
<li>Macro Realty Pty Ltd, and</li>
<li>511 GTN Pty Ltd (under external administration since 14 April 2016).</li>
</ol>
In particular, ASIC:
<ul>
<li>alleges that the companies have been involved in multiple contraventions of corporations legislation and are not complying with their obligations under that legislation; and</li>
<li>is concerned that the companies are not being properly managed and are suspected to be insolvent.</li>
</ul>
ASIC seeks from the Court:
<ul>
<li>the appointment of Mr Hayden White and Mr Matthew Woods of KPMG as provisional liquidators of the companies; and</li>
<li>orders requiring the provisional liquidator to provide a detailed report to the Court that sets out, among other things, the financial position of each of the companies so the Court can consider at a later date whether it ought to make orders to wind up the companies.</li>
</ul>
ASIC’s application has been listed for hearing in the Federal Court of Australia at Perth on 14 March 2017 at 10:15am.
ASIC had previously obtained a range of interim orders in the Perth Federal Court on 21 July 2016 restraining Ms Macpherson and the Macro Group companies (except 511 GTN Pty Ltd) from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business. ASIC also obtained various travel restraint and asset preservation orders at this time (refer: <a href="https://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-258mr-asic-obtains-court-travel-restraint-and-asset-preservation-orders-against-west-australian-property-developer-and-macro-realty-group-of-companies/" target="_blank">16-258MR</a>).
The provisional liquidator appointment is sought as part of ASIC's ongoing investigation into a number of land developments in the Pilbara region of Western Australia, particularly one known as 'The Newman Estate' that was subject to ASIC action and Federal Court permanent restraint orders in May 2016 (refer: <a href="https://asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-092mr-asic-obtains-permanent-injunction-against-macro-realty-development-and-other-orders-against-companies-associated-with-jamie-mcintyre/" target="_blank">16-092MR</a>).
ASIC's investigation is ongoing.
Perth’s Federal Court earlier made interim orders against Desiree Veronica Macpherson that require her to surrender all passports.
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jonathanchancellor-7SQnKwU6yx

ASIC applies to appoint provisional liquidator to Macro Group companies 

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ASIC has cancelled the Australian Financial Services (AFS) licence of Sovereign MF Ltd (in liquidation) ACN 104 964 555 (Sovereign).
Sovereign is the responsible entity for The Sovereign Tarneit Land Fund and The Sovereign Aged Care Property Fund (the Schemes).
Sovereign was placed into liquidation on 24 May 2013 following a creditors' resolution on the basis that Sovereign was insolvent.
The liquidators are currently engaged in the final stages of winding up the Schemes.
The wind up has involved completing the residential development of the Westbourne Fields Estate in outer Melbourne and the realisation of all lots within the development.　
The cancellation is subject to a specification under section 915H of the Corporations Act that the AFS licence continues in effect as though the cancellation had not happened for a period of 24 months to allow the liquidators to provide financial services that are reasonably necessary or incidental to the winding up of the Schemes.
A period of 24 months is necessary to allow the liquidators to pay a number of bonds and retentions to statutory bodies which do not expire for another 18 months.
The AFS licence was cancelled on 8 February 2017.
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j.ballantyne1990-6AQqhLzZaK

ASIC cancels the AFS licence of Sovereign Tarneit Land Fund

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The securities regulator has banned a financial adviser from Orange, NSW for providing false information about a client to an insurer and also misleading others on superannuation products.
Darren Tindall has been banned by the Australian Securities and Investments Commission from providing financial services for five years after an investigation found he failed to comply with financial services laws.　
Tindall was an authorised representative of Roan Financial Group Pty Ltd between 9 May 2013 and 19 May 2014, and was based in Orange, NSW.
During the investigation, the ASIC found that he had:　
<ul>
<li>engaged in misleading and deceptive conduct on a client's behalf by failing to disclose their pre-existing medical conditions on an insurance application submitted to an insurer;　</li>
<li>engaged in dishonest conduct by not disclosing the medical conditions in transferring that insurance obtained to a new insurer; and 　</li>
<li>recklessly made misleading comparisons about superannuation products to four clients, which induced those clients to switch their superannuation.</li>
<li>　</li>
</ul>
ASIC deputy chair Peter Kell said, “ASIC will take action against financial advisers who have been dishonest or who mislead their clients, in order to increase public confidence in the financial services industry.”
Tindall’s appeal the Administrative Appeals Tribunal for a stay on the ban was refused recently while a date for the hearing of review of ASIC's decision is yet to be set.
 
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ASIC bans financial adviser for five years

<html><body>
ASIC has lodged an application requesting the Supreme Court of NSW inquire into the conduct of Sydney liquidators Andrew Hugh Jenner Wily and David Anthony Hurst concerning the performance of their duties as joint liquidators of 12 companies to which they had been appointed.
Prior to their liquidation, the companies provided either administrative, carwash and/or café staff exclusively to Crystal Carwash Café Pty Limited (Crystal Carwash). Mr Wily had previously conducted the liquidation of 7 other companies that had also provided carwash and/or café staff exclusively to Crystal Carwash.
ASIC's concerns include:
<ul>
<li>a lack of independence and a failure to disclose potential conflicts;</li>
<li>the failure to report to ASIC suspected shadow directors and offences underlying suspected illegal phoenix activity; and</li>
<li>a failure to undertake basic investigations into the companies' affairs.</li>
</ul>
At the time of their appointment, Mr Wily and Mr Hurst were partners of Armstrong Wily. Mr Wily remains a partner of Armstrong Wily. Mr Hurst is now a director of the firm HoskingHurst Pty Ltd.
ASIC seeks orders that Mr Wily and Mr Hurst be prohibited from practising as registered liquidators for such period as the Court sees fit.
The matter has been listed for directions on 9 February 2017. 
Background
Under the Corporations Act 2001, ASIC may apply to the Court to undertake an inquiry where it appears that a liquidator has not faithfully performed his or her duties.
ASIC seeks orders from the Court concerning Mr Wily's and Mr Hurst's role as joint liquidators of the following companies wound up by way of creditors' voluntary liquidation:
<ul>
<li>Stone Cliff Pty Ltd ACN 098 024 714 (Deregistered)</li>
<li>Sjain Pty Ltd ACN 127 505 720 (Deregistered)</li>
<li>Htbong Pty Ltd ACN 127 505 873 (Deregistered)</li>
<li>Mboa Pty Ltd ACN 128 067 489 (Deregistered)</li>
<li>Vbrkic Pty Ltd ACN 127 507 564 (Deregistered)</li>
<li>Kgifford Pty Ltd ACN 127 506 129 (Deregistered)</li>
<li>Msrour Pty Ltd ACN 127 505 579 (Deregistered)</li>
<li>Schauhan Pty Ltd ACN 127 508 034 (Deregistered)</li>
<li>Rgoel Pty Ltd ACN 127 508 221 (Deregistered)</li>
<li>Mhaigh Pty Ltd ACN 127 508 365 (Deregistered)</li>
<li>Pkhouri Pty Ltd ACN 127 505 908 (Deregistered)</li>
<li>Psingh Pty Ltd ACN 127 507 813 (Deregistered)</li>
</ul>
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ASIC probe into Crystal Carwash Cafe linked businesses

<html><body>
The Federal Court has found that Peter Charles Drake, Francene Maree Mulder and Eghard van der Hoven did not breach their duties as directors of LM Investment Management Ltd (LMIM).
ASIC had alleged that Drake used his position to gain an advantage for himself and that each of the former directors of LMIM breached their director’s duties by failing to act with the proper degree of care and diligence regarding transactions involving the LM Managed Performance Fund (MPF), an unregistered managed investment scheme with about 4,500 investors.
The MPF loaned funds to Maddison Estate Pty Ltd, to complete a property development on the Gold Coast known as Maddison Estate. ASIC's case focused on a decision of the directors to extend the loan in 2012.
ASIC is reviewing the court's decision and deciding whether it wishes to appeal.
LMIM was the responsible entity for seven registered managed investment schemes as well as the trustee for MPF. More than $400 million was invested in MPF. In total, LMIM was responsible for managing at least $800 million on behalf of approximately 12,000 investors in Australia and overseas.
ASIC's claim against Simon Ticker and Lisa Darcy was dismissed by consent on 12 September 2016.
ASIC has taken other action and has been involved in other court proceedings arising out of the collapse of LMIM.
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jchancellor-FAypfDUnLy

ASIC loses Federal Court case against LM's Peter Drake on Maddison Estate

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ASIC has issued an information sheet for accountants who provide services in relation to self-managed superannuation funds (SMSFs).
Information Sheet 216 AFS licensing requirements for accountants who provide SMSF services (<a href="https://asic.gov.au/for-finance-professionals/afs-licensees/applying-for-and-managing-an-afs-licence/limited-financial-services/afs-licensing-requirements-for-accountants-who-provide-smsf-services/" target="_blank">INFO 216</a>) covers how the Australian Financial Services (AFS) licensing regime applies to SMSF services provided by accountants. It sets out the various SMSF services an accountant might provide and whether a licensing exemption applies to them or whether an accountant must be covered by an AFS licence for those services.
Peter Kell. ASIC deputy chairman said ASICs primary role in relation to SMSFs is to regulate the gatekeepers – the accountants, financial advisers and SMSF auditors. 
"We think that accountants and financial advisers have a critically important role to ensure that only those investors for whom an SMSF is suitable go into the SMSF sector and, in doing so are fully informed," he said.
The exemption which allowed recognised accountants to give financial advice about acquiring or disposing of an interest in an SMSF was repealed on 1 July 2016 and accountants need to be clear about which services must be covered by a licence and which remain exempt. INFO 216 will assist accountants in understanding which services do and not require them to be covered by an AFS licence.
ASIC has also modified Corporations Regulation 7.1.29(4)(c)(ii) to ensure that accountants can continue to provide taxation advice on financial products not covered by their licence in <a href="https://www.asic.gov.au/regulatory-resources/find-a-document/class-orders/2016-legislative-instruments/" target="_blank">ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151</a>. 
The Instrument modifies reg 7.1.29(4)(c)(ii) so that a limited AFS licensee can rely on the exemption to provide tax advice to a retail client on a financial product which is not covered by an authorisation in their licence. 
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Property 101: ASIC update for SMSF accountants

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ASIC has cancelled the Australian credit licence of S &amp; S Enterprises Pty Ltd, trading as appliance rental business Rent To Own Appliances, after ASIC found it had entered into credit contracts where it charged consumers an annual interest rate higher than the 48 per cent maximum allowable under the National Credit Act.
ASIC found that Rent To Own Appliances charged consumers an effective rate of interest as high as 208 per cent.
In response to ASIC's concerns, Rent To Own Appliances has agreed to stop collecting payments on all current contracts and to allow consumers under these 'rent to buy' contracts to keep the goods being purchased under the contracts.
ASIC Deputy Chair Peter Kell said, 'Credit licensees must understand their obligations under the law and take compliance with those obligations seriously. This includes understanding the limits in the law about maximum interest rates which they can charge consumers.
“As this case demonstrates, ASIC will remove those licensees from the industry which fail to meet their obligations under the law”.
Rent To Own Appliances has agreed to maintain its membership with an external dispute resolution scheme, the Credit &amp; Investments Ombudsman (CIO), for a period of at least 12 months after its' credit licence is cancelled.
Consumers who entered into a contract with Rent To Own Appliances and have any questions should contact Rent To Own Appliances on (03) 5964 6512 or 0433 585 130 to discuss the matter. Any consumer who is not happy with Rent To Own Appliances' response should contact CIO on 1800 138 422.
Rent To Own Appliances' credit licence (credit licence number 392764) was cancelled with effect from 26 October 2016.
A 'rent to buy' contract is an arrangement where you agree to purchase an item (for example, a fridge or television) by 'renting' that item for a set period of time. You make regular payments, for example, every month, over the agreed period (say 3 years). Under the terms of the agreement, you are not actually hiring the goods but you are making a commitment to buy them. At the end of the rental period, you own the goods.
Rent to buy contracts are treated under the law as credit contracts and have a maximum allowable annual interest rate of 48 per cent. For more information, refer to the Rent to buy factsheet on ASIC's MoneySmart website.
Rent To Own Appliances entered into credit contracts with consumers for furniture and household appliances. It operated a website (www.renttoownappliances.com.au) and traded from Lilydale in Victoria.
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ASIC cancels credit licence of Rent To Own Appliances

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ASIC has released a consultation paper proposing to remake three class orders relating to time sharing schemes, which are due to expire (‘sunset’) as at 1 April 2017 or 1 October 2017.
They are seeking feedback from the time-sharing industry, consumers, consumer advocates and other interested parties on our proposals, including whether any additional protections are required to assist consumers.
As marketing of time-sharing schemes is an area which can involve pressure selling tactics, they have requested feedback on whether amendments are required to current requirements to improve consumer protections, including in relation to cooling-off, disclosure and sales practices. For example, they are seeking feedback on:
whether the current cooling-off arrangements are working effectively or whether alternative arrangements would be more appropriate;
proposed amendments to the template cooling-off statement to simplify the language and highlight key information for consumers, such as the contact details of the provider and that if an applicant does not exercise their cooling-off rights they may be required to continue to pay levies for an extended period (e.g. until they die) even if they do not use the time-share;
the introduction of more tailored disclosure requirements for fees and costs associated with the purchase of interests in a time-sharing scheme; and
whether any additional restrictions or obligations are required in relation to unsolicited meetings or telephone calls.
They are also proposing amendments to their guidance in Regulatory Guide 160 Time-sharing schemes (RG 160) to outline their expectations for compliance by operators and promoters of time-sharing schemes based on their regulatory experience in areas such as:
the content of Product Disclosure Statements;
the provision of financial product advice; and
conduct during meetings and seminars attended by consumers.
The instruments that they are proposing to remake with amendments are:
[CO 00/2460] Time-sharing schemes—property valuations;
[CO 02/315] Time-sharing schemes—use of loose-leaf price list; and
[CO 03/104] Relief facilitating the acquisition and sale of forfeited interests in registered time-sharing schemes
In summary, they are also proposing to:
remake as a single new instrument [CO 00/2460], [CO 02/315] and [CO 03/104];
incorporate into the new instrument—transitional relief for existing operators relying on [CO 02/237] Time-sharing schemes—operation of rental pool, the template cooling-off statement under Pro Forma 208 and the AFS licence conditions under Pro Forma 209 with amendments, and modifications to the enhanced fee disclosure requirements; and
make amendments to [CO 13/760] Financial requirements for responsible entities and operators of investor directed portfolio services, withdraw ASIC Pro Formas 205, 206 and 207 for new operators, and update our guidance in RG 160.
The consultation paper and draft ASIC instrument, which reflects the amendments proposed in the consultation paper, are attached below.
The last public consultation by ASIC on policy for time-sharing schemes occurred in 2006 and we see this as an opportunity to consult on whether the policy settings remain appropriate or any changes are required.
The draft ASIC instrument, which reflects the amendments proposed in the consultation paper, is available on their website under <a href="https://asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-272-remaking-asic-class-orders-on-time-sharing-schemes/" target="_blank">CP 272</a>.
Submissions on CP 272 are due 12 January 2017.
Click <a href="https://asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-272-remaking-asic-class-orders-on-time-sharing-schemes/" target="_blank">here</a> to download CP 272 and attachments
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Property 101: Remaking ASIC class orders on time sharing schemes

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The Full Court of the Supreme Court of NSW has dismissed an appeal by Park Trent Properties Group Pty Ltd (Park Trent) from the judgment of his Honour Acting Justice Sackville handed down in October 2015.
In a unanimous decision delivered by His Honour Justice Leeming on 3 November, the Court found that no error had been made by the trial judge in refusing an application by Park Trent to amend its defence on the sixth day of the nine-day trial.
Further, even if the amendment had been allowed, the regulation upon which Park Trent sought to rely would not have applied to the advice of Park Trent, which was the subject of the proceedings.
Park Trent will be required to pay ASIC's costs of the appeal.
ASIC Commissioner Greg Tanzer said, "ASIC welcomes the dismissal of the appeal. ASIC's action against Park Trent has highlighted there are serious consequences for property spruikers who break the law by providing unlicensed financial product advice. "
ASIC launched legal proceedings in November 2014 against Park Trent, who by the time of the trial in June 2015 had advised over 860 members of the public to establish and switch funds into an SMSF.
Final orders were handed down in November 2015 and an appeal was launched on 26 February 2016.
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Appeal by Park Trent dismissed by NSW Supreme Court 

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ASIC has permanently banned former NSW financial adviser Ashley Grant Howard from providing financial services after an investigation found he had: 　
<ul>
<li>engaged in dishonest conduct;　</li>
<li>held out that trading he was conducting was authorised;　</li>
<li>provided financial services when not licensed or authorised to do so; and 　</li>
<li>engaged in conduct that was likely to mislead.　</li>
</ul>
ASIC found that Mr Howard had failed to comply with the Corporations Act in that he:　
<ul>
<li>used more than $1.8 million of client funds for his own benefit or the benefit of others (which included paying for cosmetic surgery for his partner, purchasing a house and settling debts to Jordan Belfort, the so-called 'Wolf of Wall Street'); and　</li>
<li>provided false information and documents to clients and third parties.　</li>
</ul>
The Newcastle district house cost $380,000 and was sold at $350,000 in 2013.
ASIC also found that Mr Howard had failed to:　
<ul>
<li>assist his trustee in bankruptcy by not lodging a statement of affairs;　</li>
<li>assist the liquidator of Meridien Capital Ltd, a company of which he was a director, by not providing a report as to the company's affairs, not providing information as reasonably required and directed by the liquidator and did not produce the books and records of the company;　</li>
<li>comply with Notices served by ASIC to produce documents and attend an examination.　</li>
</ul>
Mr Howard's dishonest unauthorised use of the $1.8 million from clients led to ASIC finding that he was not of good fame and character.　
ASIC Commissioner John Price said, 'ASIC will take action to remove persons from the financial services industry to protect the public. Mr Howard's conduct was particularly bad in that, on occasions, he preyed on elderly and vulnerable people.'　
Mr Howard has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.　
Background　
In 2014 ASIC commenced an investigation into the circumstances surrounding the misappropriation of funds from the initial public offering for Elsmore Resources Limited [ASX code: ELR] ('Elsmore'). Elsmore listed on the ASX on 20 December 2013 at a time when Mr Howard was a director.　
During the course of this investigation ASIC became concerned about the conduct of various individuals, including Mr Howard's, and which has led to his permanent banning from providing financial services. 　
Mr Shaun Morgan, a New Zealand national, also came to ASIC's attention during the investigation and led ASIC to issue a public warning notice about Mr Morgan and his companies (15-016MR). Subsequently last year ASIC permanently banned Mr Morgan from providing financial services (15-140MR) and he was removed as a director from various Australian companies in light of his criminal conviction in the United States (15-275MR).　
Elsmore itself has pursued legal action to recover the allegedly misappropriated funds from Mr Howard and his associates, Periwinkle Investments Pty Ltd, HF Global Corporate Financial and Harry Fung. Mr Howard is currently a bankrupt, which has impacted on the ability of the company to enforce a settlement agreement entered into with Mr Howard requiring him to repay the misappropriated funds. Most recently the Supreme Court of New South Wales ordered Mr Fung to pay approximately $680,000 to the company.　
Elsmore Resources Limited was delisted by the ASX on 15 August 2016.　
ASIC's investigations into Mr Howard and other associated individuals continue.
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