<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.

<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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Bradley Thomas Sherwin, principal of Sherwin Financial Planners, appeared in Brisbane Magistrates Court yesterday morning to answer 33 counts of dishonestly causing detriment totalling nearly $10 million.
Sherwin was also charged with one count of dishonestly breaching his duties as a director of Wickham Securities Limited between November 2009 and October 2010
The Australian Securities &amp; Investment Commission (ASIC) has been investigating Sherwin since 2012.
Wickham Securities collapsed owing more than $27 million to 300 debenture holders. Self-funded retirees had invested millions in the mortgage lender through $1 unsecured deposit notes promising returns of 9.25% prior to its collapse.
It was placed into administration in December 2012 and then in liquidation in February 2013.
Sherwin Financial Planners was placed into administration in January 2013 and liquidation in February 2013.
The companies collapsed owing more than $30 million to clients of Sherwin Financial Planners.
Sherwin denied any wrongdoing and will return to court on July 23.
In 2013 ASIC obtained court orders to freeze the assets of the founder Bradley Sherwin and his wife Deborah.
<a href="https://www.realestate.com.au/property-house-qld-wooloowin-117325003" target="_blank">Their former home in Wooloowin</a> in Brisbane fetched $1.51 million mid last year. Deborah paid $915,000 in 2008 and renovated into a classic 1930's colonial home overlooking Kalinga Park.
Subsequent property sales have included the mortgagee sale of a Merrimac home at $1.11 million. It had been bought by the couple in 2006 at $2.15 million.
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jchancellor-FAypfDUnLy

Wickham Securities' Bradley Sherwin fronts Brisbane Court

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Greg Medcraft, chairman of the Australian Securities and Investments Commission, has issued a warning about the danger of heated property markets.
"I am quite worried about the Sydney and Melbourne property markets," Mr Medcraft told The Australian Financial Review.
"In housing, the long-term average income to average price ratio is four to five times but at the moment it is at historic highs.
"History shows that people don't know when they are in a bubble until it's over."
The ASIC chairman warned there was always danger when rates got so low.
"That's when people start borrowing when they can't afford it.
"What generally happens is rates starts to rise which affects your ability to pay, and rate rises can actually bust a bubble, so you end up with a double whammy," Mr Medcraft said.
Mr Medcraft was troubled by this month's ANZ financial literacy study which showed those who rated diversification over a five-year investment as "very important" or "quite important" fell to its lowest level since the surveys began in 2002.
"The super funds which buy residential houses as the only assets in their fund – obviously that's diversification thrown out the window," Mr Medcraft said.
The ANZ study also found the number who could recognise an investment as "too good to be true" fell to 50%.
"This invigorates our efforts, frankly. It's shocking, it's really shocking," Mr Medcraft said.
"We know what happens in low interest rate environments people are searching for yield. They start buying more complex products they don't understand," he said.
ASIC is preparing for a major crackdown on property spruiking to SMSFs.
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History shows people don't know it is a housing bubble until it's over: ASIC's Greg Medcraft

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The Australian Securities and Investments Commission (ASIC) has banned the founder of the Charterhill Group of Companies, George Nowak, from providing financial services until 3 July 2017 on the basis that he is an undischarged bankrupt.
ASIC's investigation, which is ongoing, found that Nowak applied for personal bankruptcy in July 2014.
Section 920A(1)(bb) of the Corporations Act provides that ASIC may make a banning order against a person if the person becomes insolvent under administration.
Nowak is banned from providing financial services for the period of his bankruptcy. He is also automatically banned, under the Corporations Act, from acting as company director and being involved in the management of companies for this period.
Nowak has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC is continuing to investigate the conduct of Nowak and the activities of the Charterhill Group, which operated as a 'one stop shop', providing advice to clients on the establishment of SMFS, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation.
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George Nowak banned by ASIC after Charterhill collapse

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The former director of collapsed debenture issuer Provident Capital, Michael O’Sullivan, has been banned from managing corporations for five years and from providing financial services for seven years by the Australian Securities and Investments Commission.
The ban follows an ASIC investigation that found O’Sullivan breached his duties as a director and failed to comply with financial services laws.
O’Sullivan was the managing director of Provident Capital from 1998 to January 2014. 
"I intend to appeal the decision, obviously I will need to take advice," he told The Australian.
Provident Capital went into receivership in July 2012 and into liquidation a few months later, owing around $130 million to more than 3,000 debenture holders.
When Provident collapsed, it had 138 loans outstanding totalling $176 million.
ASIC said at the time, many of the assets that secured these loans had no recoverable value, including one that was held against a deferred tax asset. Its equity capital ratio had fallen to 2.7%.
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Michael O'Sullivan to appeal ASIC ban after Provident Capital collapse

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ASIC's Park Trent trial is set to be heard over the course of four days commencing 7 April 2015.
ASIC commenced its proceedings in the Supreme Court of New South Wales seeking orders to prevent the property investment promoter from carrying on an unlicensed financial services business.
Park Trent’s business promotes the use of self-managed superannuation funds (SMSFs) to purchase investment property.
ASIC alleges in the contested matter that that Park Trent was unlawfully carrying on a financial services business without an Australian financial services (AFS) licence.
ASIC understands that Park Trent has advised at least 500 members of the public to establish and switch funds into an SMSF which are then used to purchase investment properties that are owned or promoted by Park Trent companies.
It has not gone all to plan for ASIC in the court. 
At the directions hearing on 15 December 2014, ASIC's application sought, amongst other things, orders restraining Park Trent from carrying on a financial services business until the hearing of ASIC's application for final relief.
But ASIC's interlocutory application was not determined with orders made expediting the trial of the proceedings.
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Park Trent trial set for April NSW Supreme Court hearing

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A woman charged over alleged involvement in one of Australia’s largest home loan frauds faced court in Melbourne last week on charges linked to an <a href="https://www.smartcompany.com.au/legal/45172-arrests-follows-after-12-lenders-caught-in-alleged-100-million-myra-home-loan-fraud" target="_blank">alleged $110 million home loan fraud</a>.
Manija Zayee was charged after a lengthy investigation by the Australian Securities and Investments Commission into the activities of her mortgage broker partner Najam Shah and colleague Aizaz Hassan.
The fraud allegedly involved using fake documents to apply for at least 350 loans with numerous lenders, including the Commonwealth Bank, Westpac, ANZ, National Australia Bank and others.
ASIC alleges they submitted bank statements, pay slips, citizenship certificates and statutory declarations on behalf of clients from the now-defunct suburban Footscray company Myra Financial Services, where they worked, for loan applications between 2008 and 2011.
The company was registered in Zayee’s name.
Zayee has been charged with obtaining a financial advantage by deception by submitting false documents to secure a $136,000 loan from the Bank of Queensland.
Siobhan Hayden, chief executive of the Mortgage &amp; Finance Association of Australia (MFAA), said the MFAA only became aware of the fraud when Shah and Hassan were arrested.
Shah was a mortgage broker and previously registered with the MFAA but Hassan only acted as an introducer. 
“It appears that the fraud has been perpetrated around validating deposits and employment credentials,” Hayden says. 
“I’m keen like a lot of people to understand how it has been done, they have obviously used quite a sophisticated system. I would have to assume here the consumers were well aware of what is being structured for them so they could secure the loan.”
Hayden says from her discussion with the lenders involved she understands not one loan is in fault with only a few in slight arrears.
“$110 million has not been lost, it has been fraudulently acquired but the banks are still processing it,” she says.
Hayden says the MFAA did not have to cancel Shah’s registration as it had already expired two months prior to the exposure of the alleged fraud. 
“You can’t mitigate when someone chooses to be fraudulent,” she says.
Hayden says people should still have confidence in the integrity of mortgage brokers.
“Nearly 52% of loans introduced to lenders today are by brokers, so consumer confidence in brokers is still high,” she says.
“If any consumer ever feels uncomfortable about services provided they should contact the MFAA to raise a concern.”
ASIC has come under fire for its investigation of the alleged fraud after it was revealed Hassan was capable of writing loans until his accreditation was stopped on January 6, 2015. 
Hassan appeared before a bail justice on January 2, 2015. 
A spokesperson for ASIC defended the regulators role noting that the investigation into Myra Financial Services had been conducted over several years.
"It has necessarily been a long, complex and at times extremely sensitive operation,” the spokesperson said. 
"There are some important parts of the investigation which we are not able to divulge.”
The spokesperson said ASIC does not as a rule flag an impending arrest to an employer or to other related parties.
"To do so would increase the risk of the person of interest being tipped off, even if this was inadvertent,” the spokesperson said. 
"It would potentially place the employer in a compromised position. For example, the employer may wish to suddenly treat the employee differently – perhaps even sack them.”
A committal hearing for Zayee has been set for 17 April, the same date Shah and Hassan will next appear in court.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Mortgage broker faces court over alleged Myra Financial Services $110 million fraud

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The Australian Securities and Investments Commission (ASIC) says it is determined to continue its crackdown on loan fraud to ensure consumers can have trust and confidence in the lending industry.
ASIC was responding to <a href="/news/asic-called-to-explain-alleged-110-million-myra-home-loans-broker-fraud-supervision-delays">m</a><a href="https://propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/39184-asic-called-to-explain-alleged-110-myra-home-loan-broker-fraud-supervision-delays" target="_blank">edia articles today</a> that reported on ASIC’s investigation of an alleged $110 million loan fraud which resulted in conspiracy charges against two men late last week. 
"Those articles, which are critical of ASIC’s work, are inaccurate and speculative," ASIC stated. 
"ASIC is strongly committed to transparency in our enforcement and regulatory work, as demonstrated through the publication of regular enforcement reports.
"However, there are very good reasons why we can only provide limited details on criminal investigations and matters before the court.
"It is important for the public to understand the reasons."
Property Observer notes ASIC's response did not address the issue of the four day gap when it appeared it failed to move against the mortgage broking licence accreditation of one of the alleged fraud participants after the bail appearance.
The Melbourne man arrested after an alleged $110 million mortgage fraud, Aizaz Hassan, was capable of writing loans until his accreditation was stopped on Tuesday this week, 6 January 2015.
But Hassan had appeared before a bail justice on 2 January 2015, bailed on conditions including that he report to police twice a week, surrender valid passports or any other valid travel documents and not apply for any other, not attend any points of international departure and not leave Australia.
<a href="https://www.theaustralian.com.au/business/financial-services/mortgage-fraud-accused-kept-on-broking/story-fn91wd6x-1227177753148" target="_blank">The Australian</a> reported several other concerns including ASIC not flagging the investigation with his current employer.
ASIC advised its investigation into the allegedly fraudulent loans arranged by Myra Financial Services had been conducted by ASIC over several years.
"It has necessarily been a long, complex and at times extremely sensitive operation.
"There are some important parts of the investigation which we are not able to divulge.
"While we understand the frustration that this may cause the media, there are very good reasons why ASIC, and other law enforcement bodies, have significant restrictions on what we can disclose in such matters.
"In some matters such disclosure could jeopardise the entire case.
"In others it could put people at risk. During an investigation the premature public release of information could result in evidence being destroyed by an accused.
"And there are important legal restrictions on the information we can make public.
"We are expressly required to maintain the confidentiality of information we obtain in connection with the exercise of our functions (s 127 ASIC Act)."
ASIC advised another issue that all law enforcement agencies face was deciding the scope of the case.
"Najam Shah and Aizaz Hassan have each been charged with conspiracy to defraud.
"Decisions regarding the nature and scope of the charge have been made following extensive investigation and forensic analysis.
"ASIC, like other law enforcement bodies, does not as a rule flag an impending arrest to an employer (or, for that matter, to other related parties).
"To do so would increase the risk of the person of interest being tipped off, even if this was inadvertent.
"It would potentially place the employer in a compromised position.
"For example, the employer may wish to suddenly treat the employee differently – perhaps even sack them.
"How could this occur without affecting the confidentiality of the investigation?
"How many people in the employing organisation should be told?
"The decision to seek orders from a court to restrict a person’s travel movements is not taken lightly, and court orders are not obtained routinely.
"Importantly, it is not ASIC that decides if an individual is to be prevented from travelling. That decision that can only be made by a judge once an application has been successfully made to a court, which includes giving the affected person the right to respond.
"In short, ASIC has followed common and carefully developed principles in its investigation and legal actions in the Myra case."
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ASIC defends its $110 million Myra Home Loans alleged fraud investigation timetable

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Labor senator Sam Dastyari has demanded the Australian Securities and Investment Commission (ASIC) attend before the Senate economics committee next month to explain its apparent supervisory lag in the Myra Home Loans matter.
A mortgage broker continued to work in the industry long after his alleged fraudulent loans between 2008 and 2011 were detected, and then after the arrest and court proceedings earlier this month. “This is outrageous. It’s once again a demonstration of ASIC failing to act when all the evidence is before them,” Sam Dastyari told The Australian. Dastyari claimed that the issue was not the regulator’s lack of power, but that it was not using the powers it already had. “For those of us who have ­increasingly lost faith in ASIC’s ability to be the tough cop on the beat, situations like this reinforce the view, as Greg Medcraft said, that ­Australia is becoming a paradise for white collar criminals. There is this constant failure to act.”
The Melbourne man arrested after an alleged $110 million mortgage fraud, Aizaz Hassan, was capable of writing loans until his accreditation was stopped on Tuesday this week, 6 January 2015.
Hassan had appeared before a bail justice on 2 January 2015, bailed on conditions including that he report to police twice a week, surrender valid passports or any other valid travel documents and not apply for any other, not attend any points of international departure and not leave Australia.
He will reappear at the Melbourne Magistrates’ Court on 17 April 2015.
Hassan held his credit licence through several lenders since 2011, currently with Australian Finance Group, one of the country's largest mortgage brokerage networks.
Hassan and another Melbourne man, Najam Shah, have been arrested and charged following an ASIC investigation into the alleged use of false documents in support of loan applications valued at about $110 million.
Shah and Hassan have been charged with one count each of common law conspiracy to defraud, according to an ASIC release.
The charges relate to the men’s roles at a Footscray company, Myra Home Loan Pty Ltd trading as Myra Financial Services (no longer trading).
It is alleged that between April 2008 and December 2011, Shah and Hassan conspired to defraud 12 lenders, banks and other financial institutions, by creating and using false documents to support loan applications submitted on behalf of Myra clients.
<a href="https://propertyobserver.com.au/financing/loans-and-mortgages/39109-arrests-follows-after-12-lenders-caught-in-alleged-100-million-myra-home-loan-fraud" target="_blank" style="line-height: 1.3em;">At least 350 loans valued at $110 million were submitted and approved</a> on behalf of Myra clients.
The alleged conspiracy involves submission of false documents for more than 300 loan applications to numerous banks and financial institutions, including the Commonwealth Bank of Australia, Westpac Banking Corporation, St George Bank, Bankwest, Adelaide Bank, ANZ, Bank of Queensland, Choice Home Loans, Citibank, National Australia Bank, Pepper Homeloans and Suncorp Bank.
 
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ASIC called to explain alleged $110 million Myra Home Loans broker fraud supervision delays 

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Guest observation
The wheels of justice grind exceedingly slow and nowhere slower than in the Sydney headquarters of the Australian Securities and Investments Commission (ASIC). A recent <a href="https://www.smh.com.au/business/anz-traders-sidelined-during-asic-inves">report</a> appears to show that ASIC is still, just under two years after the events, following leads on possible manipulation of the Australian interest rate benchmark, the Bank Bill Swap Rate (BBSW).
We know the BBSW was manipulated as evidenced by an <a href="https://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-014mr-asic-accepts-enforceable-undertaking-from-bnp-paribas/">enforceable undertaking</a> by the French bank BNP-Paribas almost one year ago. What we don’t know yet is whether there was any evidence of involvement by Australian banks and, if so, to what extent? But it would not come as a complete surprise if <a href="https://theconversation.com/dont-believe-the-hype-our-own-libor-scandal-could-be-in-the-wings-12652">local banks had been involved</a>.
However, the question of whether Australian banks were involved or not in manipulation is irrelevant. There was indeed manipulation and it went unreported to ASIC until overseas regulators began to investigate manipulation of the widely used <a href="https://theconversation.com/watching-the-dominos-fall-in-the-libor-crisis-11358">LIBOR</a>benchmark. There are two scenarios. First, local bankers (as the major players in the BBSW market) knew there was manipulation and did nothing, benefiting from the outcomes. Alternatively, they did not know of the manipulation, in which case they come across as provincial dopes. Either way the Masters of Martin Place do not come out of the scandal very well.
After strenuously denying for years that the BBSW could possibly be manipulated, the Australian Financial Markets Association (AFMA) changed the BBSW <a href="https://www.afma.com.au/standards/market-conventions/Bank%20Bill%20Swap%20%28BBSW%29%20Benchmark%20Rate%20Conventions.pdf">calculation methodology</a> in July 2013 to one which collected live rates from the market, rather than expert opinion, to calculate the benchmark. Supposedly this would be <a href="https://theconversation.com/is-there-egg-on-the-rbas-face-13136">less prone</a> to manipulation. How wrong they were.
Just last November, in what was obviously a coordinated effort, regulators in three countries <a href="https://www.bloomberg.com/news/2014-11-12/banks-to-pay-3-3-billion-in-fx-manipulation-probe">announced fines</a> of more than US$4.3 billion on six banks found to have manipulated the most widely used benchmark in the global Foreign Exchange (FX) market. As with LIBOR, manipulation of the London “WMR 4 o’clock FIX” was long running, widespread and profitable. But unlike LIBOR, the “FIX” was calculated from live market rates, and supposedly manipulation-proof. But human ingenuity and greed finds ways around such trivial obstacles.
The regulators found that traders from the world’s largest banks colluded, through conversations in internet chat rooms, to “nudge” the FX market in a particular direction to benefit their own positions rather than their customers. Traders found that it was sufficient to manipulate the market for only about 60 seconds “around the FIX” to generate illicit profits.
In its <a href="https://www.bis.org/publ/rpfx13.htm">latest triennial survey</a> of activity in the FX market, the Bank for International Settlements (BIS) found that the Australian dollar was one of the top five most traded currencies accounting for some 8.6% of overall volume. Although the initial fines concentrated on manipulation of the major currencies (the US dollar, the Euro and the British Pound) it stretches credibility to believe that traders did not also manipulate the Aussie benchmark rate. In fact, because of the time at which the benchmark was calculated (4pm GMT), the local markets would have been closed and hence, because there was less competition, the benchmark would have been easier to fudge.
Why is such manipulation important? Australian superannuation funds that have an international component, such as US shares, are regularly revalued against the market, often on a daily basis. Any manipulation will then directly affect the value of the funds, sometimes up and sometimes down, but most often to the benefit of the banks rather than pensioners.
Under Chairman Greg Medcraft, ASIC has announced <a href="https://www.ft.com/intl/cms/s/0/51e79260-af26-11e3-bea5-00144feab7de#axzz3NusDo4TK">an investigation</a> into possible manipulation of FX benchmarks, which is due to complete sometime early this year. And in a recent chat with journalists, Medcraft declared that Australia was a “<a href="https://www.afr.com/videos/national/medcraft-australia-paradise-for-white-collar-criminals-4yadc5ctryjjokkc4gd3biiv2dka_a0q">paradise for white collar criminals"</a> a comment he <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-10-23/asic-backtracks-on-corporate-crime-paradise-comments/5835194">then backed away from</a> after being contacted by the finance minister Mathias Cormann.
At this stage it would be customary to call for an in-depth inquiry into the banking industry and its ethics, but in the wake of the toothless tiger that was the <a href="https://fsi.gov.au/publications/final-report/">Murray Inquiry</a> which had only one reference to LIBOR (in relation to Withholding Tax), such a suggestion would fall on deaf ears. Medcraft has repeatedly made a strong push for additional funding for ASIC and heeding him, the Murray Report has recommended that an “industry funding model” be introduced - that is, “abuser pays”.
If the ASIC inquiry finds evidence of misconduct (and arguably even if it doesn’t in this particular case), the government should promptly allocate all of the funding that the corporate regulator needs. And, more controversially, ASIC, because it is too thinly spread, should be broken up to allow it to concentrate on preventing misconduct in the Australian financial system, if indeed it is such a paradise for white collar criminals.
Less controversially, AFMA is a trade association, governed by its members, the largest banks in Australia and the world. There is an obvious conflict of interest in also being the administrator of the BBSW benchmark. As in the UK, that responsibility should be delegated to <a href="https://www.theice.com/iba">an independent body</a>.
It is also a conflict of interest for any industry body to set the code of conduct for its members’ employees. Though AFMA’s <a href="https://www.afma.com.au/afmawr/_assets/main/lib90010/afma%20code%20of%20ethics%20code%20of%20conduct.pdf">code of conduct</a> specifically forbids market manipulation, the Board contains senior representatives of banks that have been fined for both FX and LIBOR manipulation. Furthermore, the AFMA code has not been updated since the revelations of wide-spread market manipulation; it is bland and ineffectual. ASIC should ensure that proper conduct including financial benchmarks is part of each firm’s corporate code of conduct and is strictly enforced by them.
Pat McConnell is Honorary Fellow, Macquarie University Applied Finance Centre, at Macquarie University.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/years-on-asic-still-grappling-with-swap-rate-fixing-scandal-35851">original article</a>.
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Years on, ASIC still grappling with swap rate fixing scandal

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Mortgage House, a non-bank lender, has been told to stop using an ASIC trademark to sell its product MoneySmart.
MoneySmart is a registered trademark of ASIC and is the name given to ASIC’s consumer and retail investor website.
ASIC suggested that using this brand could have misled borrowers to assume that ASIC had endorsed or approved the product.
<a href="https://www.mortgagehouse.com.au/%20" target="_blank">Mortgage House</a> admitted they had not checked if the name MoneySmart was trademarked. It has now been renamed and corrective advertising on their website has taken place.
An undertaking has been provided to ASIC.
The website’s advertising for the five year fixed home loan now notes that it “was not at any time endorsed or approved by ASIC”. It’s now called the ‘Advantage’ five year fixed rate home loan.
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