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

Joel Robinson

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

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

Lowe Living unveils Middle Park apartment development

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

DVB Projects to launch second Broadbeach apartment tower as demolition commences

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

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

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

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

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

Asic

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Following a five-week trial in the District Court of NSW, Mr Peter Alan Gregg of Pyrmont, NSW has been found guilty of criminal charges brought by ASIC. The jury gave its verdict today in the District Court in Sydney.
Mr Gregg was found guilty of two counts of contravening section 1307(1) of the Corporations Act 2001. The jury found that Mr Gregg, a former director and chief financial officer of Leighton Holdings Ltd (LHL), had engaged in conduct which resulted in the falsification of LHL's books.
Mr Waugh, of Maylands, Western Australia, the former managing director of Leighton Welspun Contractors Pvt Ltd, was found not guilty of one count of aiding and abetting the commission of an offence by Mr Gregg under s1307(1).
Gregg was remanded to appear before the District Court on 31 January 2019.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Earlier this year Gregg sold his Double Bay trophy home.
The four-bedroom, heritage-listed 1934 mansion is known locally as "Taj" secured around $7.75 million.
Gregg and wife Tobi Moroz purchased the house in 2015 from prominent legal couple Maurice Neil and Natasha Goulden for $6.2 million.
The landmark Spanish Revival property has been listed through Michael Finger and Peter Leipnik.
​The Wiston Garden Spanish Mission-style house was built on the cul-de-sac in 1934 at a cost of £2,700.
The heritage listed property was built in 1934 by poulterer Albert Glazebrook with rare Max Le Verrier light fittings.
 
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jrobinson-rf4aSBido9

Former Leighton executive Peter Gregg found guilty of falsification of company books

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Melbourne couple Mrs Shilpa Karandikar and Mr Shrikrishna Karandikar have pleaded guilty in the Moorabbin Magistrates Court following an ASIC investigation.
On 5 December 2018, Mr and Mrs Karandikar, of Clarinda, Victoria, separately pleaded guilty to offences against the National Consumer Credit Protection Act 2009 (National Credit Act) which include breaching an ASIC banning order.
Mrs Karandikar was convicted of engaging in credit activities contrary to a four-year ASIC banning order against her, and sentenced to a fine of $5,000 (out of a maximum fine of $17,000).
Mrs Karandikar admitted to having prepared home loan applications to the National Australia Bank for three customers between July 2014 and August 2015 through her husband’s former mortgage broking business, Siddhi Vinayak Finance Pty Ltd. The 2014 banning order was based on Mrs Karandikar having submitted false documents to secure a $243,000 home loan for a customer (<a href="https://asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-173mr-asic-bans-melbourne-mortgage-broker-for-submitting-false-documents/" target="_BLANK">14-173MR</a>).
In sentencing Mrs Karandikar, Magistrate Crisp indicated it was a serious matter as Mrs Karandikar was engaging in the exact activities she had been banned from doing.
Mr Karandikar was convicted of giving false documents to the National Australia Bank, stating that he had completed customer identification forms in the presence of the home loan applicants, when he had not. Mr Karandikar was sentenced to a fine of $5,000 (out of a maximum fine of $17,000)
Mr and Mrs Karandikar were permanently banned from engaging in credit activities in December 2017 (<a href="https://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-434mr-asic-permanently-bans-melbourne-couple-for-contravening-an-asic-banning-order-and-engaging-in-misleading-and-deceptive-conduct/" target="_BLANK">17-434MR</a>).
Background
The National Australia Bank identified the misconduct and reported it to ASIC.
The maximum fine and term of imprisonment for each charge is:
<ul>
<li>s 82 of the National Credit Act (100 penalty units and/or two years imprisonment;</li>
<li>s 160D of the National Credit Act (100 penalty units and/or two years imprisonment).</li>
</ul>
Prior to 1 July 2015, a penalty unit was $170. A bill to increase the penalty units for these types of offences, and others, is currently before Parliament.
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Victorian mortgage broker banned by ASIC for providing false home loan documents to NAB

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ASIC has issued a relief instrument that will allow fractional investment platform DomaCom to deliver an equity release product for the ageing retiree cohort who are asset rich and cash poor.
DomaCom CEO Arthur Naoumidis said the result was a major milestone for DomaCom.
“We have been working with ASIC for over six years to obtain the necessary regulatory framework for our Senior Equity Release (SER) product," Naoumidis said. 
“With the last big four bank recently withdrawing from the reverse mortgage market, we believe there is a need for an alternative source of funding that will enable retirees to sell fractions of their house whilst remaining in their home and enjoy a contented retirement in their later years.
"With the large baby boomer cohort entering retirement, the need for equity release funding over the next 5-10 years should be very significant and our SER product will help the 3 trillion-dollar superannuation sector to provide the capital needed.”
The SER product will be structured as a financial product to be provided by financial advisers who complete an accreditation course for this product.
“The financial advisers will, for the first time, have a financial product available that will enable them to assist their retired clients in funding their lifestyle using their most significant asset– their home.
"Also, financial advisers will now have an additional tool to assist them with intergenerational family wealth planning to manage the upcoming transfer of wealth between generations.” 
DomaCom will now focus on the work needed to deliver the SER product to the market and is targeting the first half of 2019.
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ASIC grant DomaCom's Senior Equity Release after six year pursuit

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Former financial adviser and accountant, Satvir Singh Birk, of Reedy Creek, was today sentenced in to two and a half years imprisonment, following an ASIC investigation.
On 25 May 2018, Mr Birk, 42, pleaded guilty to five counts of dishonestly using his position as director of The Carter Group with the intention of gaining an advantage, for himself or others, in the amount of approximately $800,000.<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2016-releases/16-216mr-gold-coast-former-financial-advisor-and-accountant-charged-with-multiple-counts-of-fraud-involving-approximately-800-000/" target="_BLANK"> </a>
The charges relate to conduct between September 2010 and October 2011, while Mr Birk was an authorised representative of Professional Investment Services Pty Ltd (PIS) and a director of the Carter Group (now in external administration) which was a corporate authorised representative of PIS.
ASIC alleged that Mr Birk dishonestly used his position as a director in that he:
· caused cheques to be drawn on a client’s superannuation account without authorisation;
· deceived some clients as to the use of funds withdrawn from their superannuation funds;
· deceived another client as to the price at which units in an unlisted registered managed investment scheme had been sold for and used a portion of the proceeds for the benefit of Mr Birk’s father; and
· misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme.
‘Mr Birk’s actions were dishonest and betrayed the trust of his clients. Today’s decision shows this type of behaviour will be met with serious consequences,’ said ASIC Commissioner Danielle Press.
Mr Birk has been convicted and imprisoned for two and a half years, to be released after serving four months upon entering into a recognisance order of $10,000 upon the condition that he be of good behaviour for a period of two and a half years.  
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
In July 2017, ASIC permanently banned Mr Birk from providing financial services. (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2017-releases/17-245mr-asic-permanently-bans-gold-coast-financial-adviser/" title="17-245MR ASIC permanently bans Gold Coast financial adviser">MR17-245</a>).
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j.ballantyne1990-6AQqhLzZaK

Former Gold Coast financial adviser sentenced to two and a half years in jail

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ASIC will cancel the Australian financial services (AFS) licence of Austplan Pty Ltd (Austplan) effective from 25 November 2018 by agreement with the licensee. 
ASIC was concerned about Austplan’s ability to do all things necessary to ensure the advice provided by its representatives was compliant.
Its surveillance found deficiencies in the financial services provided by a number of Austplan representatives, including their failure to act in the best interest of their clients in relation to establishing self-managed superannuation funds (SMSF). 
Austplan also received client referrals from GM Homes (Australia) Pty Ltd, a building and mortgage business, which is not licensed to provide financial advice or any other financial service.  
As part of the cancellation Austplan is required to comply with conditions such as maintaining its current Professional Indemnity insurance policy until the cancellation takes effect (25 November 2018) and its membership of Australian Financial Complaints Authority (AFCA) until all consumer complaints have been resolved.
Austplan will also have to submit the required financial statements with ASIC and retain all materials relating to personal advice provided by its representatives.
ASIC is continuing to make enquiries in relation to the advice provided.
ASIC’s Deputy Chair Peter Kell said AFS licensees have an obligation to ensure that their representatives are adequately trained and competent to provide financial services that are in their clients’ best interest. 
"ASIC will take action where we see licensees not properly supervising their representatives," he said.
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ASIC to terminate Austplan’s AFS licence

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The Australian Securities and Investments Commission (ASIC) has noted the decision by Premier Investments Limited (Premier) to write down the value of its casual wear brand name assets by $30 million in its financial report for the year ended 28 July 2018.
ASIC had raised concerns on the value of these assets in Premier’s financial report for the year ended 29 July 2017.
They had questioned the "reasonableness and supportability of royalty rate assumptions and sales growth forecasts used in testing the assets for impairment".
ASIC stated: "Premier has referred to the increasingly competitive retail landscape and structural changes impacting the apparel industry in Australia and New Zealand."
The impairment of non-financial assets remains a "focus area of ASIC’s financial reporting surveillance program".
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Premier Investments write down brand name assets

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Mrs Shilpa Karandikar and Mr Shrikrishna Karandikar of Clarinda, Victoria have separately appeared in the Moorabbin Magistrates Court on 3 October 2018 having been charged with offences against the National Consumer Credit Protection Act 2009 (National Credit Act) following an ASIC investigation. The matters were adjourned for mention on 5 December 2018.
Mrs Karandikar was charged with three counts of engaging in credit activities contrary to a four-year ASIC banning order against her. It is alleged that Mrs Karandikar had prepared and submitted home loan applications for three customers in contravention of the banning order made on 10 July 2014. That order was made on the basis that Mrs Karandikar had submitted false documents to secure a $243,000 home loan for a customer.
Mr Karandikar was charged with three counts of giving false documents to the National Australia Bank, certifying that he had completed customer identification forms in the presence of the home loan applicants, when it is alleged he had not met them. The home loan applications were submitted to the National Australia Bank through Mr Karandikar's former mortgage broking business, Siddhi Vinayak Finance Pty Ltd.
ASIC permanently banned Mr and Mrs Karandikar in December 2017 from engaging in credit activities. The basis for the permanent bannings included the continuation of credit activities and misleading and deceptive conduct.
The Commonwealth Director of Public Prosecutions is prosecuting these matters.
Background
The National Australia Bank identified the misconduct and reported it to ASIC.
Engaging in conduct that is contrary to a banning order, contrary to section 82 of the National Credit Act, carries a maximum criminal penalty of 100 penalty units and/or two years imprisonment.
Giving information or a document to another person, while engaging in a credit activity that is false in a material particular, or materially misleading, contrary to section 160D of the National Credit Act, carries a maximum criminal penalty of 100 penalty units and/or two years imprisonment.
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Couple charged with breaking ASIC banning order and providing false documents 

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An ongoing ASIC investigation has resulted in the permanent banning of former National Australia Bank (NAB) branch manager Mathew Alwan from engaging in credit activities and providing financial services.
The ban is the result of an extensive ASIC investigation in respect of NAB employees in greater western Sydney who were accepting false documents in support of loan applications and falsely attributing loans as having been referred by NAB introducers in order to obtain commissions. This conduct was the subject of the first case study before the Financial Services Royal Commission.
Mr Alwan’s banning follows the permanent banning of former NAB employees Danny Merheb and Samar Merjan (also known as Samar Awad) from engaging in credit activities and providing financial services, and the <a href="https://propertyobserver.com.au/finding/residential-investment/property-management/2-uncategorised/87011-reckless-loan-fraud-prompts-asic-ban-on-former-nab-branch-manager" target="_blank">seven year banning</a> of former NAB branch manager Rabih Awad.
From 2012 to 2015, Mr Alwan assigned 101 home loans as being referred to NAB by an introducer, causing a total of $186,725 to be paid to the introducer by way of commission.  ASIC found in 25 of these loan applications, Mr Alwan had knowingly given NAB false or misleading information and documentation.   
The introducer in question is Mr Alwan’s relative, a fact he did not disclose to NAB and actively concealed from the bank when questioned.
ASIC found that Mr Alwan’s conduct was dishonest, deliberate and repeated.
ASIC also found Mr Alwan personally lent money to a NAB staff member who reported to him and to a NAB customer while loan applications by each of them were pending approval, creating an unacceptable conflict of interest.
Mr Alwan has the right to lodge an application for review of ASIC’s decisions with the Administrative Appeals Tribunal.
ASIC’s ongoing investigation is considering whether a brief for criminal charges should be referred to the CDPP.
<h2>Background</h2>
On 16 November 2017, NAB announced a remediation program for home loan customers whose loans may not have been established in accordance with NAB’s policies.
NAB has identified that around 2,300 home loans since 2013 may have been submitted with inaccurate customer information and/or documentation, or incorrect information in relation to NAB’s Introducer Program.
 
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ASIC permanently ban another former NAB branch manager for accepting false loan documents

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Metricon Homes Pty Ltd (Metricon) has paid $50,400 in penalties after ASIC issued four infringement notices for misleading advertising aimed at first home buyers.
Metricon’s '2K on your way' campaign for its 'HomeSolution' house and land packages (HomeSolution) contained misleading representations about eligibility to qualify. 
The HomeSolution advertisements created the impression that consumers who qualified for the first home owner grant could obtain a Metricon HomeSolution house and land package with a $2,000 deposit.  However, consumers were still required to fund the balance of the prescribed 5% deposit (approximately $30,000 on a typical $600,000 package, but could be as much as $41,000 on a $825,000 package).  This additional amount was financed through an unsecured personal loan, typically through one of Metricon’s associated finance brokers.   
Any disclaimer in the HomeSolution advertisements was not prominent enough to effectively qualify the dominant message of the advertising.  Consumers were also required to navigate through links on Metricon’s website to the HomeSolution landing page where eligibility conditions were listed in small font at the bottom of that page.
In response to ASIC’s investigation, Metricon has withdrawn the concerning advertising and ceased promoting its '2K on your way' offer.
ASIC reminds all financial services firms to regularly review their advertising compliance arrangements. ASIC proactively monitors all forms of advertising, including advertising on-line, and will take action in appropriate circumstances.
Last month Metricon was named HIA's top residential builder for a third consecutive year.
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Metricon Homes pays $50,400 in penalties for misleading first home buyers

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ASIC has applied to the Federal Court of Australia for the appointment of provisional liquidators to Aviation 3030 Pty Ltd (Aviation) related to that company’s operation of a property investment scheme involving 98 hectares of land at Point Cook, Victoria.
ASIC’s application has been listed for hearing in the Federal Court of Australia in Melbourne on 27 September 2018.
ASIC is seeking:
<ul>
<li>the appointment of George Georges and John Lindholm of Ferrier Hodgson as provisional liquidators of Aviation; and</li>
<li>orders requiring the provisional liquidators to provide a report to the court which sets out, among other things, the identity of Aviation investors (which includes shareholders and unitholders), the financial position of Aviation, and an opinion as to the validity of the issue of 63% of shares in Aviation to a director and former director.</li>
</ul>
The grounds of ASIC’s application include that:
<ul>
<li>there is a justifiable lack of confidence in Aviation’s management;</li>
<li>Aviation issued shares without a prospectus when one was required; and</li>
<li>the Aviation scheme is an unregistered managed investment scheme which was required to be registered with ASIC.</li>
</ul>
Once the provisional liquidators’ report has been provided to the Court, ASIC will consider whether it should seek orders from the Court for the winding up of Aviation and the managed investment scheme it operates through five separate trusts (the Aviation scheme). ASIC will also consider whether to seek orders to wind up all of the trustee companies involved in the Aviation scheme, each of which are controlled by Aviation directors, as follows:
1.      Aviation3030 Investment Pty Ltd
2.      Aviation3030 Holdings Pty Ltd
3.      Aviation 3030 Heng Ly Pty Ltd
4.      Point Cook Aviation3030 Pty Ltd
5.      Aviation 3030 HL Pty Ltd.
Aviation purchased property at Point Cook for $7.8 million in 2011 with a view to rezoning the property to increase the value of 756 Aviation Road. To facilitate the purchase and rezoning of the property, Aviation raised around $10.59 million from approximately 73 shareholders and unitholders. On 13 September 2012 the Aviation property was rezoned from Green Wedge Zone to Farming and appears to have significantly increased in value.
On 6 July 2018 Aviation entered into a contract for the sale of the land at Point Cook. This contract was formally terminated on 17 August 2018 and ASIC is not aware of there being any current sale contract.
ASIC has previously, in 2016, issued court proceedings against Aviation to limit the ability of Aviation to deal with the proceeds of the sale of the Aviation property, pending further disclosures being made to investors about a share issue in 2016 to companies owned by a director and former director, and an opportunity to obtain independent advice concerning their investments.
By agreement with ASIC, Aviation provided corrective disclosure to investors in September 2016 about the 2016 share issue to companies owned by a director and former director. The freezing order was vacated when it became apparent that the sale would not then proceed.
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