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

Joel Robinson

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

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

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

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

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

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

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

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

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

Asic

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ASIC notes the decisions by Mustera Property Group Limited (Mustera) to reflect the following changes through its financial report for the half-year ended 31 December 2018:
<ul>
<li>reclassify its non-controlling interest in the Mustera Property Fund (the Fund) from equity to a liability, reducing reported net assets by $7.1 million as at 30 June 2018; and</li>
<li>make additional disclosure on transactions with a related party during the year ended 30 June 2018.</li>
</ul>
ASIC had raised concerns on the treatment of the non-controlling interest in the Fund as equity rather than a liability in Mustera’s financial report for the year ended 30 June 2018, as well as the relationship and transactions with a related party during the year. 
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jonathanchancellor-7SQnKwU6yx

Mustera Property Group restates net assets and discloses related party transactions

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ASIC is assisting the Financial Conduct Authority of the United Kingdom (FCA) in seeking to identify investors who may be eligible for restitution in the failed Reforestation Projects carbon credits scheme intended for land in Sierra Leone, Brazil and Australia.
Following action in the High Court in relation to a series of unregistered collective investment schemes, the Financial Conduct Authority of the United Kingdom (FCA) is seeking to identify investors who may be eligible for restitution.
It is not known how many Australian lost money in the scheme.
ASIC is assisting the FCA to share this information, which may be of interest to Australians who had invested in either:
<ul>
<li>African Land (also known as Agri Capital) which offered investments in rice farm harvests in Sierra Leone and was run by African Land Limited; or</li>
<li>Reforestation Projects (also known as Capital Carbon Credits) which offered investments in carbon credits intended to be generated from land in Sierra Leone, Brazil and Australia and was run by Reforestation Projects Limited.</li>
</ul>
<a href="https://www.fca.org.uk/news/fca-wins-appeal-case-against-capital-alternatives">This link contains information about the matter</a>, including steps that can be taken to notify the FCA of details in relation to investments made. The FCA requires these details by 31 March 2019.
The High Court decided in February 2014 that the schemes were collective investment schemes which could not be lawfully operated by the defendants.
Some of the defendants appealed this decision.
In March 2015 the Court of Appeal rejected the appeal.
On 28 July 2015, the Supreme Court refused to give the defendants permission to make a further appeal.
Following these rulings, the Court gave directions for a further trial to consider misleading statements, the extent of the defendants’ liability and the orders the Court should make. 
This trial took place over 22 days in July and October 2017 and the judgement was handed down on 26 March 2018.
The High Court initially ordered the defendants to pay £16.9 million in restitution.
Following further applications by the FCA to take into account further losses from the African Land scheme, the Court has increased the amount to £18.7 million.
The defendants applied for permission to appeal the High Court’s decision. In a hearing on 24 April 2018, the trial judge refused the defendants’ applications for permission to appeal.
Some of the defendants then applied to the Court of Appeal for permission to appeal, and these were all refused in October 2018.
On 1 March, The High Court of Justice sentenced Robert John McKendrick to six months imprisonment for contempt of court.
McKendrick had diverted funds and failed to disclose information about his assets in breach of freezing injunctions obtained by the Financial Conduct Authority (FCA).
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
"In this case, Mr McKendrick misled investors and then, in contempt of court, failed to comply with court orders requiring him to properly account for the losses. The FCA will ensure that defendants who mislead investors are held to account to the fullest extent possible."
The FCA launched legal action in July 2013 in respect of four unauthorised collective investment schemes promoted mainly by Capital Alternatives.
McKendrick was the main Director and sole shareholder of African Land. The scheme was unlawfully promoted and operated without authorisation from the FCA.
The Court found that McKendrick made misleading statements to investors and was knowingly concerned in misleading statements made by others.
McKendrick was also knowingly concerned in the Capital Carbon Credits scheme in Sierra Leone, which was also operated and promoted unlawfully.
The losses across the schemes in which McKendrick was involved exceed £15 million.
In March 2018, the Court gave Judgment in the FCA’s claim and ordered McKendrick to pay the losses to the FCA so they can be paid back to investors.
McKendrick has since been declared bankrupt.
When the FCA took action in 2013, it obtained a freezing order against McKendrick. Upon Judgment in March 2018, the Court made a further freezing order requiring McKendrick to disclose all his assets and preventing him from disposing of them.
In breach of the freezing orders, McKendrick appointed his wife to manage his portfolio of buy-to-let properties at a commission rate significantly higher than he had paid to his previous letting agents. He then diverted the rental income from these properties to his wife. He did not disclose these arrangements.
As a result, the FCA brought an application to Court with the primary aim of discovering what had happened to the money so it could recover it for investors. In response, McKendrick admitted his breaches of the freezing orders and finally provided an account of where the money went. The FCA will ensure that as much of it as possible is recovered for investors.
In sentencing McKendrick, Justice Marcus Smith noted that McKendrick had admitted, and apologised for the breaches but they were many, varied and deliberate, and intended to thwart orders of the court. Monies were paid away and used by McKendrick for his own benefit.
The Court indicated that McKendrick would have received a 12 month sentence but for his admissions and his genuine attempt to remedy his failures to provide full and accurate information.
The defendants in the proceedings were:
<ul>
<li>Capital Alternatives Limited</li>
<li>Capital Secretarial Limited</li>
<li>Capital Organisation Limited</li>
<li>Capital Administration Services Limited</li>
<li>MH Trustees Limited</li>
<li>Marcia Hargous</li>
<li>Renwick Haddow</li>
<li>Richard Henstock (case settled)</li>
<li>African Land Limited (in liquidation)</li>
<li>Robert McKendrick</li>
<li>Alan Meadowcroft</li>
<li>Regency Capital Limited</li>
<li>Reforestation Projects Limited</li>
<li>Mark Ayres/Eyres</li>
<li>Mark Gibbs</li>
<li>the estate of David Waygood (case settled)</li>
</ul>
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j.ballantyne1990-6AQqhLzZaK

ASIC seeking restitution for Aussie investors caught in Reforestation Projects carbon credits scheme

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ASIC has successfully sought orders from the Federal Court to wind up the highly solvent Melbourne-based company Aviation 3030 Pty Ltd on the basis that there is a justifiable lack of confidence in the management of Aviation by its directors.
Aviation’s primary asset is property located at 756 Aviation Rd, Point Cook, which it purchased for $7.8 million in 2011 with a view to rezoning the property to increase its value.
In ordering that Aviation be wound up, Justice O’Callaghan stated the case that ASIC makes to wind up Aviation is an overwhelming one.
"Directors have issued to themselves and to their associates large numbers of shares at a gross undervalue; they have fabricated correspondence and invoices; they have provided false instructions to the company’s external solicitors; they duped and misled investors; they entered into related party loans; and they made unauthorised and exorbitant expenditures.
"The audacity of the March 2016 share issue alone could well be enough to warrant a winding up order, but it is not necessary to decide the case on that sole basis because of the many and varied ways that the directors have demonstrated that they are unfit to sit on the board of Aviation."
ASIC’s winding up application was opposed at trial by Aviation and its two majority shareholders (which were companies associated with the directors of Aviation) to which 63% of Aviation’s share capital was issued in March 2016.
ASIC’s application was supported, however, by a group of 12 minority investors who were granted leave to intervene in the proceeding.
The Federal Court also ordered the winding up of an unregistered managed investment scheme operated by Aviation through five separate trusts, as well as their trustee companies, which were also used to raise funds for the Aviation scheme.
John Lindholm and George Georges of Ferrier Hodgson were appointed as joint and several liquidators of Aviation, the Aviation scheme and associated entities.
The orders have been stayed for seven days to allow the defendants to consider an appeal.
ASIC Commissioner John Price said the orders made by the Court will allow an orderly and lawful winding up of the companies and the investment scheme they have operated and will place the future process of distribution of funds to investors into independent hands.
To facilitate the purchase and rezoning of the property, Aviation raised around $10.59 million from approximately 73 shareholders and unit holders.
Many investors in the trusts paid significantly less than $500,000 for their units, and were therefore retail clients rather than sophisticated investors.
In 2011 Aviation had entered into an agreement with auDirect Property Group Pty Ltd to provide project management services in relation to the Aviation land, for an annual fee of $120,000, plus reimbursement of costs. 
On 13 September 2012, the Aviation property was rezoned from Green Wedge Zone to Farming and significantly increased in value.
In March 2016, Aviation issued 63% of its share capital to companies associated with the directors of Aviation.
On 25 October 2018, the property at Point Cook was sold to Shanghai-based developer, Dahua for $135 million through Colliers International and Biggin &amp; Scott Land. The purchaser paid Aviation a deposit of $27 million. The balance of $108 million is payable in April 2023.
Following an investigation, ASIC commenced proceedings in September 2018 to wind up Aviation, the trustee companies and the Aviation scheme.
The defendants resisted the making of the winding up orders primarily on several grounds, including the investors were only ever promised 1/240th an interest for every million shares.
ASIC first wrote to Aviation in December 2015 in relation to concerns about Aviation’s fundraising activities, and it commenced its formal investigation back in May 2016.
ASIC recommenced taking active steps in its investigation in August 2017 which included section 19 examinations, in addition to those which ASIC had previously conducted in 2016, including with Hakly Lao, Khay Taing, Huy Taing, Marintha Lao, Terry Grundy, Michael Bishop and Jenny You.
The investor group included the Deva Family Trust; JS Fotia Superfund; Harbourlink Wealth, as trustee for the Zou family; Sergio Valentino and Darryl Williams; Sang Aung; the Yuantong Family Trust; Heng Aung; Yoke Ngoh Wong and Jessie and Colin Luxton.
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Federal Court winds up $135 million Point Cook Aviation Road land banking company

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Former financial adviser, Gabriel Nakhl, has been sentenced to 10 years imprisonment for engaging in dishonest conduct
He was convicted on eight charges (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-178mr-former-financial-adviser-convicted-for-dishonest-conduct/" target="_blank">18-178MR</a>), brought by ASIC, of engaging in dishonest conduct with investor funds, after being found guilty in the District Court of New South Wales.
According to ASIC, the conduct affected 12 investors while Mr Nakhl was a representative of Australian Financial Services Limited (in liquidation) and as sole director of SydFA Pty Ltd (deregistered).
The court found Mr Nakhl advised clients to set up self-managed superannuation funds and to invest their superannuation and other funds in products such as shares, managed funds and high interest rate bank accounts.
Rather than investing the 12 investors’ funds in these products, Mr Nakhl used these funds 'as he pleased' and for his own purposes.
Mr Nakhl then lied to the investors, telling them that he had invested their funds in accordance with his advice and that their investments were performing well.
Mr Nakhl also tried to cover up his wrongdoing by having these 12 investors sign documents that supposedly authorised Mr Nakhl to use the funds in the way he did.
These 12 investors allowed Mr Nakhl to invest approximately $6.7 million on their behalf. Mr Nakhl lost approximately $5.1 million of these invested funds.
'Mr Nakhl deliberately misled his clients and used their savings as he pleased. Clients should be able to trust their financial advisers. In this case, Mr Nakhl dishonestly and deliberately breached his clients’ trust. ASIC welcomes the sentencing decision handed down today,' said ASIC Commissioner Sean Hughes.
ASIC obtained orders against Mr Nakhl in February 2013, freezing his assets (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2013-releases/13-023mr-asic-obtains-court-orders-against-sydney-financial-adviser/" target="_blank">13-023MR</a>). In April 2013, the amounts frozen in interim orders against Mr Nakhl were approximately $7.7 million.
In November 2013, Mr Nakhl was permanently prevented from providing financial services. He is also not allowed to manage a company until 2028 (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2013-releases/13-313mr-sydney-adviser-removed-from-financial-services/" target="_blank">13-313MR</a>).  
 
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Former financial adviser Gabriel Nakhl sentenced to 10 years in jail: ASIC

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ASIC has accepted a court enforceable undertaking (EU) from Gold Coast-based accountant, Jenan Thorne of Saber Superannuation Pty Ltd after it found she had failed to act in the best interests of her clients and had prioritised her own interests above their interests.
The undertaking prevents Mrs Thorne (also known as Cenan Thorne or Cenan Dikmen) from providing financial services for a period of three years effective from 13 February 2019.
ASIC decided to review Mrs Thorne's advice when it discovered, during its investigation into Park Trent Properties Group Pty Ltd, that she was receiving referrals in relation to establishing self-managed superannuation funds (SMSFs) from Park Trent.
ASIC reviewed advice provided by Mrs Thorne when she was a representative of SMSF Advice Pty Ltd, a wholly owned subsidiary of AMP Limited, and concluded that she had advised some of her clients to establish SMSFs without taking their circumstances into account.
ASIC found that Mrs Thorne hadn't properly considered her clients' existing superannuation arrangements or explored why they were interested in investing in direct residential property through an SMSF.
When recommending SMSFs to some of her clients, she had inappropriately scoped advice by excluding insurance and retirement planning.
ASIC also found that Mrs Thorne did not adequately stress-test SMSF strategies and had recommended SMSFs to some of her clients despite inadequate evidence to suggest that the strategies would provide increased retirement benefits.
Furthermore, Mrs Thorne had recommended that her accountancy practice, Saber Accountants Pty Ltd, prepare the annual accounts and tax returns for the SMSF clients.  This led ASIC to determine that Mrs Thorne recommended the services of a related party to create extra revenue for herself.
As part of the EU, Mrs Thorne has agreed to inform all her former personal advice clients about the EU and provide contact details of her former licensee, SMSF Advice Pty Ltd. Former clients of Mrs Thorne who have enquiries or complaints regarding her advice or conduct should contact SMSF Advice Pty Ltd.
ASIC expects financial advisers to comply with their best interests duty and pay particular attention to how they scope their advice to clients.
Prior to recommending SMSFs, advisers should critically probe why a client wants to set up an SMSF and what they hope to achieve. Advisers should also give adequate consideration to risk management and succession planning before setting up an SMSF for a client.
ASIC Commissioner Danielle Press said financial advisers have a legal obligation to provide advice that is in the best interests of their clients, not prioritise their own interests or simply implement client instructions. 
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ASIC's Park Trent Properties investigation sees Gold Coast accountant step aside for three years

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Following an ASIC investigation, the Supreme Court of Queensland has made orders restraining Advanced Wealth Financial Services Pty Ltd (Advanced Wealth) and Richard Gardner from carrying on a financial services business.
Mr Gardner and Advanced Wealth had advised clients to set up self-managed superannuation funds (SMSFs) to facilitate the purchase of investment properties in relation to which Mr Gardner received substantial commissions. 
On 14 December 2018, ASIC commenced proceedings in the Supreme Court of Queensland against Advanced Wealth and Mr Gardner.
On 12 February 2019, the court ordered that Mr Gardner and Advanced Wealth pay ASIC’s costs of the application, fixed at $10,000.
The court also made the following declarations:
<ul>
<li>Between 29 April 2016 and 9 November 2018, both Advanced Wealth and Mr Gardner contravened section 911A of the Corporations Act 2001 (Corporations Act) by providing financial advice to clients to set up SMSFs to facilitate the purchase of investment properties in Australia without holding an AFSL;</li>
<li>Mr Gardner, as the sole director and responsible decision-maker for Advanced Wealth, was knowingly concerned in Advanced Wealth’s contravention of section 911A of the Corporations Act between 29 April 2016 and 9 November 2018.</li>
</ul>
Mr Gardner and Advanced Wealth are not currently licensed nor authorised to provide financial services unless they hold, or are authorised by the holder of, an Australian financial services licence (AFSL).
 
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Court restrains Advanced Wealth and Richard Gardner from carrying on an unlicensed financial services business

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ASIC has issued a consultation paper to update its guidance on responsible lending.
The (<a href="https://asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-309-update-to-rg-209-credit-licensing-responsible-lending-conduct/" title="CP 309 Update to RG 209: Credit licensing: Responsible lending conduct">CP 309</a>) ASIC guidance has been in place since 2010 when the responsible lending laws were first introduced. Although the laws have not changed since 2010, ASIC considers it timely to review and update the guidance in light of its regulatory and enforcement work since 2011, changes in technology, and the recent Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Our review of RG 209 will consider whether the guidance remains effective and identify changes and additions to the guidance that may help holders of an Australian credit licence to understand ASIC’s expectations for complying with the responsible lending obligations.
ASIC welcomes submissions on the update of our guidance on responsible lending from any interested party. In the consultation paper we have asked a series of questions about specific matters. We are also keen to hear from stakeholders about any other issues considered important that are not dealt with in the consultation paper.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/Subscriber%20strip%20ad.jpg" alt=""></a>
ASIC is also considering whether to provide an opportunity for key stakeholders to speak to the Commission at public hearings in addition to making written submissions.
Further information about the consultation and its progress will be available on the ASIC website.
“The responsible lending obligations are an integral part of the regulatory framework for all consumer loans” said ASIC Commissioner Sean Hughes. “ASIC wants to ensure its guidance provides industry with certainty, including as a result of emerging technology and initiatives such as open banking and comprehensive credit reporting. We encourage everybody to participate in this extensive consultation process”.
The consultation is open for a period of three months, with comments due by Monday 20 May 2019.
<h2>Background</h2>
Regulatory Guide 209 Credit licensing: Responsible lending conduct (RG 209) contains ASIC’s guidance on responsible lending for consumer credit. RG 209 was issued in 2010 and last revised in November 2014.
Since then there have been many matters that now mean it is timely for ASIC to update its guidance.
<ul>
<li>ASIC regulatory and enforcement actions, including court decisions,</li>
<li>ASIC thematic reviews on various parts of the industry such as interest-only loans,</li>
<li>the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry,</li>
<li>Recent and upcoming initiatives such as comprehensive credit reporting and open banking, and </li>
<li>Changes in technology.</li>
</ul>
ASIC has also received anecdotal feedback that licensees may be applying the responsible lending obligations where the law does not require them to be applied (e.g. in small business lending). 
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ASIC consults on updating its responsible lending guidance

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The Federal Court of Australia made interim orders restraining Askk Investment Group Pty Ltd (Askk) from dealing with funds in their bank accounts in relation to a suspected land banking scheme. 
The December 20 orders see Askk also restrained from selling or otherwise dealing in the property which is the subject of the land banking scheme.
Askk has an interest in land located in Lot 2, 615 Hume Highway Beveridge, Victoria.
Askk is Broadmeadows based.
ASIC suspects that since October 2017, Askk has raised in excess of $10 million dollars from more than 270 investors in relation the land, and since this time, investors have been making ongoing payments in respect of their investment.
The money is in two Westpac accounts.
ASIC is concerned that Askk:
<ul>
<li>may be operating an unregistered managed investment scheme (MIS);</li>
<li>may be carrying on a financial services business in relation to the promotion and operation of an unregistered MIS without holding an Australian Financial Service Licence; and</li>
<li>may have engaged in conduct that is misleading or deceptive during the promotion of the scheme to investors.</li>
</ul>
ASIC’s investigation is ongoing. The freezing orders remain in place until the next hearing date on 8 February 2019.
The orders allows Askk withdrawing up to $50,000 for the purposes of paying the defendant’s legal expenses in relation to this matter.
The land was initially marketed as a large acreage "ready to be owned by astute developers, builders and land bankers including group of investors looking to cash in capital."
It was described as a "unique land parcel zoned under urban growth with its boundary located in the famous Beveridge north suburbia."
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$10 million frozen in suspected Askk Investment Group land banking scheme

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ASIC has commenced civil penalty proceedings in the Federal Court against Port Phillip Publishing Pty Ltd (PPP), an online financial publisher and Australian financial services licence (AFSL) holder, and its director and CEO, Kris Sayce.
The proceeding concerns an article promoting an investment strategy which, according to PPP, consumers could adopt to “piggyback”, or mimic the performance of, the Australian Government’s Future Fund. 
<a href="https://newslettercollector.com/newsletter/wednesday-how-you-could-pocket-an-extra-540-to-6-667-every-month/" target="_blank">The 2017 article</a> which said that the investment strategy would generate monthly income of $540 to $6,667 was not written by Sayce, but Matthew Hibbard.
Sayce promotes himself as "never one to pull punches, especially when it comes to Australia’s hapless bureaucracy and special interest groups."
Once dubbed the ‘Jeremy Clarkson of Australian finance’, Sayce began as a London finance broker specialising in small-cap stock analysis on London’s Alternative Investment Market — which covered everything from Kazakhstani gold miners to toy train companies. 
Sayce is a fully accredited advisor in shares, options, warrants and foreign-exchange investments, who spent several years at a leading Australian wealth-management company before he began working at Port Phillip Publishing, where he is the publisher and CEO of the Albert Park-based company. 
The article, which included client testimonials purportedly supporting the strategy, was targeted at retirees.
It was published on two of PPP’s websites and emailed to some 120,000 subscribers. It's open rate has not been revealed.
Readers were able to access the promoted investment strategy by purchasing a detailed guide from PPP for $49.
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<div class="column">
The document entitled “Your Quick Start Guide to ‘Piggybacking’ the Future Fund” was sent to 833 of PPP’s subscribers during the relevant period between September 2017 and January 2018.
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ASIC alleges that the article and the guide were misleading and deceptive because consumers could not mimic the performance of the Future Fund by adopting the promoted investment strategy.
ASIC allege PPP did not disclose that the touted returns could only be achieved by investing approximately $154,286 and $1.9 million.
ASIC allege the article did not represent the opinions of Matthew Hibbard, the PPP retirement investment expert.
"Instead, it was substantially copied by one of PPP’s copywriters from an article published by an American related entity of PPP in the United States entitled, Americans Now Legally Piggybacking Canadian Social Security ... And Collecting Extra Monthly Checks from $400 to $4,700.”
ASIC further allege Hibbard had not conducted, as outlined, "research in the order of 900 hours in relation to the investment strategy; and had not connected with over 5,400 people who had generated income by adopting the investment strategy."
ASIC also allege that the three testimonials contained in the article were false.
The testimonials were advised as "folks like":
<ul>
<li>77 year-old M H a retired farmer living in South Australia, he stumbled across this weird - but lucrative - income strategy a few years back. Since then he’s open to monthly income amounts like $575 and $1,362...</li>
</ul>
<ul>
<li>Retiree Leon M switched on this secret strategy inside his self-managed super fund...and now collects a monthly income stream of around $540...</li>
</ul>
<ul>
<li>Or Jolly, who – on average – collects $6,667 each month using this loophole.</li>
</ul>
ASIC alleges that PPP and Sayce breached various consumer protection provisions of the ASIC Act and Corporations Act, that PPP breached its AFSL obligations, and that Sayce breached his duties as a director of PPP. 
In addition to declarations and financial penalties, ASIC seeks corrective advertising orders, injunctions and disqualification orders against the Frankston South-based Sayce. 
The first hearing of the matter is listed for 22 February 2019.
It is regulatory guide 234 Advertising Financial Products and Services (including credit): Good Practice Guidance (RG234) that provides guidance to help promoters comply with their legal obligations not to make false or misleading statements or engage in misleading and deceptive conduct, ASIC advised.
Port Phillip Publishing claims with its 20 subscription services and five free daily emails that its readers get a "comprehensive insight into the ideas that the mainstream media frequently neglects – or is too lazy to research."
PPP's most recent addition to the stable was Harry Dent Daily, which offers the thoughts of <a href="/expert-insights/investing/harry-dent-says-he-was-early-with-his-dire-sydney-price-collapse-forecast">the controversial doomsday property analyst</a>.
Port Phillip Publishing was established in 2005 as the Australian outpost of US publisher, Agora Inc, which was founded by best-selling author and entrepreneur Bill Bonner.
Many of its subscription newsletters are paid: 
• Australian Small Cap Investigator – A$99 annually • Secret Crypto Network – A$99 annually • Exponential Stock Investor – A$99 annually • Phillip J Anderson Cycles, Trends and Forecasts – A$99 annually • The Gowdie Letter – A$99 annually • Global Investor – A$99 annually • Harry Dent Boom &amp; Bust letter – A$99 annually • Wealth Eruption – A$99 annually • Money Morning Trader – A$49 monthly • Crisis &amp; Opportunity – A$149 annually • Gowdie Family Wealth – A$449 annually • Revolutionary Tech Investor – A$1,499 annually • Quant Trader – A$3,499 annually • Gold &amp; Commodities Stock Trader – A$2,499 annually • Microcap Trader – A$4,999 annually • Crash Market Investor – A$2,999 annually • Crypto Tech Investor – A$2,499 annually • Extreme Crypto Trader – A$2,999 annually • Billion Dollar Breakout Trader – A$2,999 annually • Microcap Global Trader – A$2,999 annually • Phil Anderson’s Time Trader – A$2,999 annually • Options Trader – A$3,499 annually
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ASIC seek to take financial services licence off Kris Sayce, the Port Phillip Publishing boss

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The big fines and directorship bans on Octaviar executives over the dishonest use of investors’ funds have been upheld by an appeals court.
The Queensland Court of Appeal has published reasons for judgment dismissing the appeals of Craig Robert White and Guy Hutchings, who were officers of MFS Investment Management Limited (MFSIM), the former responsible entity of the Premium Income Fund (PIF). 
An appeal by Marilyn Anne Watts, a former funds manager of PIF, was also dismissed. 
White, Hutchings and Watts were ordered to pay ASIC’s costs of their appeals.
In a separate appeal brought by Michael Christodoulou King, the court partially allowed the appeal finding that King had not contravened the Corporations Act as an ‘officer’ of MFSIM at the relevant time. The court found that his contraventions were limited to his being knowingly concerned in MFSIM’s contravention by the misapplication of $130 million of PIF’s money.
The court has given further directions to King and ASIC in relation to the finalisation of his appeal.
The proceedings relate to breaches committed in connection with the misappropriation of $147.5 million of funds that had been held by the PIF on behalf of unitholders.  The misappropriated funds were used to pay debts owed by other entities in the MFS Group (also known as Octaviar) and false documents were created, some backdated and used to purportedly justify the use of the funds. The MFS Group collapsed in 2008 owing approximately $2.5 billion.
In May 2016, the court found that King, White, Anderson, Hutchings and Watts had collectively committed 217 contraventions of the Corporations Act (16-158MR).  The court found that King, White, Anderson and Hutchings had breached their duties as officers of MFSIM to act honestly and in the best interests of members of PIF.  Watts was found to have been involved in MFSIM’s breach of its duty to act honestly and in the best interests of members of the fund.
In May 2017, after more than 70 days of hearings, excluding interlocutory hearings and appeals, Justice Douglas made orders, imposing substantial disqualifications from managing corporations, pecuniary penalties and other relief in relation to the officers and the funds manager.
In June 2017, King, White, Anderson, Hutchings and Watts each appealed from the decision of the court at first instance
Anderson filed a notice of discontinuance of his appeal in September 2017, agreeing that his appeal be discontinued and that he pay ASIC’s costs of his appeal.
The remaining appeals were heard over 11 days in June 2018.
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