A who's who of Australian surfing, business and entertainment has emerged on title records following the completion of Esprit Rainbow Bay, the latest boutique beachfront apartment development by former professional surfer Paul Gedoun's S&amp;S Projects.

The completed project has attracted an enviable collection of owners, many with long-standing ties to the southern Gold Coast and the surf culture that has helped define Rainbow Bay and neighbouring Kirra for generations.

Given Gedoun's own background in surfing, it perhaps comes as little surprise that some of Australia's most recognisable surfers have chosen to buy into the development overlooking one of the country's most celebrated stretches of coastline.

Pezet Matheson directors Jayde Pezet and Todd Matheson launched the project in late 2021, and have managed the sales campaign all the way through to its sell-out and recent completion.

<img alt="Esprit" data-entity-type="file" data-entity-uuid="08fc6261-b84e-4b09-8a44-66d3067fd0d1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-29%20at%208.51.05%E2%80%AFAM.png?VersionId=4AOcb6ETZwNUnMPdTtz1B3pZAIB_jgZ2" />

Former world champion Mick Fanning, who grew up in Coolangatta, secured an apartment in 2023. He paid&nbsp;$2.07 million. Last year he sold his Bilinga home for over $16 million.

Three-time world champion Joel Parkinson also purchased in the development, alongside big wave surfer Mark Mathews. Mathews bought the most expensive apartment in the building, spending just over $4 million.

Joining them is Rip Curl founder Doug Warbrick, whose company helped shape Australia's global surfing industry over the past five decades.

The appeal of Rainbow Bay has extended well beyond the surfing community.

International DJ Paul Fisher purchased an apartment through his investment vehicle, YLB Developments, an abbreviation of his trademark phrase "You Little Beauty".

The purchase comes as Fisher and his wife Chloe are developing their own luxury apartment project further north in Palm Beach. Their boutique beachfront development, Pescado, comprises just seven apartments on Jefferson Lane, which start from just shy of $6 million. The couple intend to retain the two-level penthouse as their Australian base between international touring commitments.

Melbourne Storm coach Craig Bellamy and his wife Wendy have also invested in Esprit, purchasing two apartments after spending decades holidaying on the southern Gold Coast. They also have a luxury apartment in Joe Adsett's Rockpool, less than 400m away from Esprit.

<h2>Boutique project draws owner-occupiers</h2>

Esprit launched in 2021 and sold strongly, with buyers drawn to its boutique scale, beachfront position and contemporary design.

The completed development comprises 94 apartments across 11 levels, offering expansive floorplans designed primarily for owner-occupiers rather than the investor market.

Crowning the building is Club Esprit, pitched as being the Gold Coast's first residential rooftop wellness centre. The roof features a&nbsp;25 metre magnesium lap pool, which is surrounded by wet daybeds and poolside cabanas,&nbsp;multiple barbecue areas,&nbsp;a yoga and relaxation play lawn, and a private dining room with a kitchen scullery, bar, lounges, and an outdoor terrace.

The wellness centre is&nbsp;fully equipped with a Technogym, ice bath, infra-red sauna, steam room, thermal room, and treatment room. The roof has views spanning&nbsp;Rainbow Bay, Snapper Rocks and the Pacific Ocean.

<h2>S&amp;S Projects continues to shape Rainbow Bay</h2>

S&amp;S Projects founder Paul Gedoun has become one of the key figures behind Rainbow Bay's evolution over the past several years.

After establishing S&amp;S Projects, Gedoun has focused on delivering lifestyle-driven apartment developments designed primarily for owner-occupiers seeking a permanent coastal home.

Esprit is Gedoun's third completed project in Rainbow Bay, following Flow and Awaken, both of which achieved record prices for the suburb.

He is now delivering <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, a 38-apartment development on Boundary Street that is currently selling, and has no plans to leave the precinct anytime soon. S&amp;S Projects has also lodged plans for its fifth Rainbow Bay development, an 88-apartment project on Boundary Street featuring a strong wellness focus.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">First look: S&amp;S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street</a>

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Joel Robinson

Who's who of buyers revealed as Esprit Rainbow Bay settles

Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.

The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.

The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.

Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.

“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass. 
 
“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”

He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.

Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.

The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;

New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;

Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.

"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;

NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;

Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

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Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Asx Update

<html><body>REA Group has announced its proposal to acquire the Mortgage Choice business.

REA announced a scheme implementation agreement to buy the ASX-listed Mortgage Choice for $244 million, or $1.95 a share, representing a 66 per cent premium to Mortgage Choice’s last close.

Their acquisition will accelerate REA’s financial services strategy to create a leading mortgage broking business in addition to its real estate listings website.

“The proposed acquisition of Mortgage Choice is an exciting development that will bring together our well established Smartline business and franchisee network with the complementary Mortgage Choice organisation and its significant broker footprint," REA Group CEO, Owen Wilson said.

The transaction is still subject to conditions being met, including Mortgage Choice shareholder and regulatory approvals.

It is expected to take approximately three months to complete.

Mortgage Choice has a $54 billion loanbook.

The network has more than 500 brokers across 380 franchises.

Its biggest shareholder is the Commonwealth Bank of Australia with an 18.5% stake.

Domain has its Loan Finder, a joint venture between Domain Holdings Australia Limited and Auscred Limited, the parent entity of mortgage platform Lendi.</body></html>

REA Group has announced its proposal to acquire the Mortgage Choice business

jchancellor

REA Group seeks to acquire the Mortgage Choice business

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The ASX-listed real estate agency McGrath have announced they have returned to net profitability, with new chief executive Eddie Law citing a relatively strong residential real estate market over the past four months.
"It appears consumers are re-assessing their home needs and aspirations in a post-COVID world," Law, who was speaking at his first AGM having taken the top job in August, said.
"Both transaction volumes and average selling prices across our network have exceed the prior year in each of the first four months of FY21."
McGrath's FY20 saw an underlying EBITDA of $3.7 million, a $10.1 million turnaround from FY19 which has seen them return to net profitability.
"We ended 30 June with a strong balance sheet with zero debt and a $17.3 million cash balance, an increase of $7 million from 30 June 2019," Law added.
McGrath are forecasting underlying EBITDA to be in a range of $6 million to $6.5 million for the first half of FY21.
Law however was cautious amid the optimism of the general improved outlook, saying there is still undercertainty in the first half of 2021.
"With the scheduled end of the JobKeeper and deferred mortgage programs still yet to be determined, along with other macro factors impacting consumer confidence, there is still material uncertainty as to whether the momentum evidenced in the first half of FY21 will be maintained in the second half results."
McGrath shares were up over eight per cent on the positive news to 46c a share.
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jrobinson-rf4aSBido9

McGrath return to net profitability, reinstate dividend

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Embattled property valuation group Landmark White made its long-awaited return to the ASX, with its shares trading at 9 cents.
Its return follows being hit with <a href="/news/landmark-white-limited-reports-property-valuations-data-breach">two cyber-attacks earlier this year</a> when confidential home loan information was <a href="/news/landmark-white-shares-fall-10-percent-after-dark-web-data-revelation">posted illegally on the web</a>.
Yesterday the group's share price was down around 50 per cent to $0.09 per share from its prior trade. They've been trading at $0.10 over the morning session.
LandMark White shares previously traded at 18¢, before the company requested a trading halt on July 6 following its second privacy security breach.
The company had recently undertaken a <a href="/news/landmark-white-seek-to-rebuild-value-for-shareholders">$5.4 million capital raising</a> last month at 8¢.
The shares were trading at 34 cents at the beginning of 2019 and at 44 cents a year ago.
Acting chief executive Tim Rabbitt, who will stay for the foreseeable future, admits it had been often harrowing over the past seven months.
Landmark White forecasts it will reduce its annual loss from $15.1 million to $1.5 million. They said the data breach will <a href="/news/landmark-white-data-breach-to-cost-over-7-million">cost the company up to $7 million</a>.
The group, which values home loan applications for banks and independent lenders, was initially hit with a data security breach in late January, which led it to be suspended from the panels of the four major banks and smaller lenders.
LandMark White returned to trade on the ASX in May, but was hit again with further confidential information posted on the web.
It is not believed that the NSW Police has charged anyone.
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j.ballantyne1990-6AQqhLzZaK

Landmark White shares fall to 9 cents on return to ASX

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The national ASX listed real estate agency The Agency is seeking a fresh injection of cash.
Shares in the debt-laden group went into a trading halt on Monday, pending an announcement about a capital raising.
It is expected on Wednesday.
The shares have lost two-thirds of its value since February when it was trading at 22 cents. Now they're at seven cents
Nine Entertainment reports "concerns about its financial viability."
The Australian Financial Review called it a "capital funding lifeline."
There was a capital raising last November.
The group continue to expand its operations however.
The Agency now operates in Perth, Sydney, Melbourne, the Gold Coast, Newcastle and Illawarra after sizeable expansions.
They <a href="/news/cameron-mckillop-merges-with-the-agency-in-the-southern-highlands">recently partnered</a> with Southern Highlands veteran agent Cameron McKillop and his team at McKillop Property. 
The Agency Group's June quarter update saw 674 exchanges, their highest on record.
In March this year The Agency reported it expects its core business units to be profitable within the next 12 months.
Shares <a href="/news/andrew-jensen-appointed-interim-chairman-of-the-agency">fell 15 percent in February</a> around the time Philip Re tendered his resignation as chairman. He was replaced with interim chairman Andrew Jensen, The Agency's former chief financial officer.
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The Agency seeks fresh injection of cash

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There has been another delay in The Agency's acquisition of the McGrath rebel's led Top Level Real Estate.
This one saw The Agency request a voluntary suspension from today, Tuesday until Thursday to coincide with the commencement of trading.
"The company makes the request pending an announcement by the company regarding the settlement of the acquisition of Top Level Real Estate Pty Ltd," the request stated.
A trading halt has been in place since last week.
Shares have been held at ¢14.
There is no indication as to the reason for the move from a trading halt to suspension.
 
 
 
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Yet another delay as The Agency seeks Top Level Real Estate

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The ASX has sought an update from The Agency after their shares fell to a record low after unusual share trading activity on the stock exchange.
In back to back days there have been two million plus shares traded each day. The average volume has recently been 500,000.
Shares fell to a record $0.007 low yesterday but bounced back this morning to $0.008. They were trading at $0.009 when they opened on Thursday morning.
Trading has continued to be unusually high, and The Agency's company secretary Stuart Usher responded that they had no information or reason for the spike in activity and there were no pending announcements that the ASX should be aware of.
"I confirm that I have delegated authority of the board to respond to ASX on disclosure matters and that the responses have been approved by the managing director," the response read.
The sharemarket awaits The Agency update on its success in financing its acquisition of the McGrath rebels outfit, Top Level. 
 
 
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The Agency shares hit record low as ASX seek update

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The option held by Paul Nairdone's publicly listed Perth based estate agency to acquire the east coast Top Level estate agency has been extended yet again.
The managing director of The Agency says it remains "totally committed" to acquiring Top Level, though its plans to secure the burgeoning Bondi Beach based outfit appear hopeful with shares dropping to a record low in today's trade.
The elusive option was taken in January last year, as it envisaged having an combined estate agent of 600 sales representatives nationally.
But it told shareholders this week the agreement to buy the east coast business had been extended by another four months.
Top Level Real Estate, which trades as The Agency under a licence agreement, is run by high commission, ex-McGrath rebels led by Matt Lahood.
The sharemarket was told Agency Group Australia had "entered into an extension to the amended and restated binding option agreement."
It noted a "deed of variation has been entered into by Ausnet Real Estate Services and Top Level’s majority shareholders under which all parties have agreed the option agreement be extended for the period of four months from 11th June 2018 until on or before 5pm AEST on 11th October 2018."
Under the terms of the deed, the completion of a raising of no less than $10 million (a condition precedent under the option agreement) has been extended until 5pm AEST on 11th August 2018 or at a later date agreed to by all parties.
Its recent hopeful plans for a $10 million equity raising at 2¢ a share failed to get anywhere after The Agency parted ways with its Perth underwriter, CPS Capital Group, in April.
No replacement underwriter has since been announced.
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<div class="cq-article-content-media section">"We're totally committed to getting this deal done," The Agency managing director Paul Niardone told The Australian Financial Review.</div>
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<div class="related-quotes section">"There's quite a bit we need to do. It's not just about the raising but about merging two organisations and how that will take place. We don't want to be pushed to a timeframe."</div>
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Shares in The Agency have fallen to 1¢ in morning trade.
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Its WA-based business generated total revenue of $13.5 million in the year to May with the east coast Top Level network bringing in $16.1 million. Its latest sharemarket advisory claims The Agency Group is "achieving its stated goal of being the fastest growing real estate brand nationally."
Their recent WA acquisition Sell Lease Property (SLP), acquired in March 2018, saw 115 properties settled and 324 listings for the two months to May 2018.
In May 2018, The Agency and Sell Lease Property combined ranked fifth in Western Australia for $ value and fourth in number of sale.
It has advised the company is closing in on claiming number one ranking in WA for number and value of sales when compared with the top groups in the state.
The Agency Group Australia, formerly Ausnet Financial ServicesLimited, has also announced it has acquired Inglewood Estate Agency, further expanding its reach in the Western Australian market.
The transaction adds 80 property managements to The Agency.
Inglewood Estate Agency principal Mark Jewell will join The Agency Group team, with over 30 years’ experience selling properties.
Established in 1960, Inglewood Real Estate is a longstanding family business. The purchase price of $436,180 will be paid in three payments over two year, the first instalment representing 80% of the total purchase consideration which was paid at settlement.
<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/2018/6/13/agency%201.jpg" alt="">
(Agency East Coast from April 1, 2017)
But it has recently borrowed $1.1 million in short-term funding (at annualised interest rate of 18 per cent) as working capital.
Niardone said the commercial loan, to be repaid in three months, would tide it over until the Top Level deal was sealed. 
The $1.1 million is being lent by a private lender, with Niardone declining to reveal the lender’s identity to The Australian.
The Agency real estate sales posted gross commission income of $7.55 million while SLP posted $1.5 million (March – May), totaling $9 million of commission income for YTD May 2018.
The Agency Property Management reported monthly income of $116,000 for May and added 96 new property managements.
Mortgage and Financial Solutions Australia posted a record month of $20 million in loan lodgments while the loan book grew 9.5% against a drop of 18% in the overall Western Australian lending market.
Commenting on the results, The Agency Managing Director Paul Niardone said these were "exceptional results" for its Western Australian operations, especially when considering the market is still down 1.8% in dwelling values to May 2018 and sales turnover, for the same period as last year, was down 5%.
"The numbers also demonstrate that the referral of clients into other business units is working.
"The results illustrate we have a proven model that is disrupting the traditional franchise model by giving power back to the real estate agent and providing a significant value proposition to agents.
"The traditional model has had its time and The Agency has proven this by showing that, combined with Sell Lease Property, we are knocking on the door of claiming number one ranking in WA for number and value of sales."
The group reported recently it had $1.1 million in cash at the end of the March quarter.
It forecast outflows of $4.9 million in the June quarter. Its March quarterly revenue was $4.2 million
The sharemarket values the company at $8 million.
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The Company is backed by Finsure Group, one of Australia's fastest growing retail finance brokerages writing over $1 billion in new mortgages every month across 850 brokers.
Ausnet Financial Services Limited, as The Agency Group was then known, advised the sharemarket in early 2017 that its east coast expansion involved as=n option agreement with Aura Principal Investments Pty Ltd (ACN 145 010 653), Top Level Holdings Pty Ltd (ACN 617 021 167) and Daring Investments Pty Ltd (ACN 059 818 807) to acquire 100% of the fully paid ordinary shares in the capital of Top Level Real Estate Pty Ltd.
Ausnet director John Kolenda holds an interest in Top Level via his 50% shareholding in (and directorship of) one of the vendors, Daring Investments Pty Ltd.
 
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jchancellor-FAypfDUnLy

The Agency again delays Top Level acquisition deal

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The chief executive of online real estate advertising company Domain has suddenly quit just two months after it listed separately on the share market. 
Domain was spun off from Fairfax Media and commenced trading on the ASX last November.
He has worked for Fairfax and Domain on and off for 26 years.
The company's chairman Nick Falloon is stepping in as executive chairman, as a search for a new CEO immediately commences.
Falloon said Catalano had informed the board over the Christmas break that the demands of his role and his absence from the lives of his family were more challenging than he had expected.
"It's not fair on the family," he said adding that he was grateful for the opportunities at Domain.
In a statement, the Melbourne-based father of eight who owns property in St Kilda West, Caulfield North and Byron Bay, advised family reasons for the exit. 
"When I re-joined Fairfax in November 2013, I made a commitment to my young family that I could be there for them and do the job," he said in a statement.
"It has become clear to me that doing the job of a listed company CEO the way it needs to be done means that I am not meeting that family commitment."
"It was also become apparent that I needed to relocate to Sydney and that was something I wouldn’t ask my family to do because schooling and family requirements would see young family members living in different cities.
"As it stands, I have been away from home for the bulk of each week and it’s not fair on the family.”
He noted the timing of the resignation, but said he was confident Domain’s team could keep the company on its current trajectory.
“I understand and regret that the timing of this decision is unusually short from Domain’s listing. But having been in the role for four years, I resign knowing that Domain has a great management team in place and I have every confidence in them and the business continuing on its current stunning trajectory.
In a statement to shocked staff, Fairfax chief executive Greg Hywood advised that it was "business as usual for Domain".
At 10:30am, Domain shares were 11 per cent lower at $2.93. The stock is now down 22 percent from its $3.80 listing price in November 2017.
Domain will report its first-half financial results on 19 February. 
In the announcement to the ASX today, the company said based on preliminary unaudited pro-forma results, it was expected to report digital revenue growth of 22% against the same period last year and revenue growth of 13%. 
As a top 20 Fairfax shareholder, Catalano owns 0.32 per cent of the company’s stock, according to Bloomberg. 
Fairfax Media kept a 60 per cent stake.
 
 
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Melbournite Antony Catalano's shock departure from Domain as family demands 

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Deteriorating trading results in the McGrath estate agency finances have emerged in an internal document obtained by The Australian Financial Review.
The Fairfax newspaper advised it had obtained a document, McGrath Group Report November 2017, that showed McGrath Limited had sunk to a $1.3 million loss as it suffered from falling commission income from residential sales, against the targeted $3.3 million net profit after tax between July and November 30.
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A leak also advised there had been infighting within the publicly listed company board, and even "threats by the board to resign en masse over the Christmas holiday."
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<div>There was a McGrath board meeting on Friday but no announcements made to the stockmarket. It comes just hours before John McGrath was taking back the reigns of the McGrath Group.</div>
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<div>"It is understood the majority of the board clashed with Mr McGrath over the wording of the next trading upgrade to the ASX," The Australian Financial Review reported.</div>
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The loss for the first five months of the financial year compared to a $2.7 million net profit in the six months to December 2016.
Since listing in December 2015 McGrath has delivered several profit warnings prompting McGrath shares to be trading at around 57¢, well below its IPO price of $2.10. It has previously traded as low as 52 cents and fell back to 52 cents this morning.
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The emerging financial position could ignite more privatisation expectation of the agency which has a $76 million market capitalisation ahead of trade this morning.
John McGrath, who holds 26 per cent of the company, is now in a better position to lodge any bid, following his resignation last week from the board of the REA Group after 18 years. He holds $10.8 million REA Group shares which could be more readily sold given he was no longer a director the realestate website publishing group.
The internal documents show McGrath missed its internal forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) by more than 80 per cent in the five months to November to generate $1.3 million instead of $7.8 million it had earlier expected. 
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The documents reportedly show the McGrath balance sheet has been hit by a large depreciation of its rent roll asset (or property management operations).
Operational expenses met budget expectations.
But there was a blowout in doubtful debts and legal fees due to an increase in legal action.
McGrath's earnings are substantially below forecasts by equities analyst Bell Potter, which estimated the group earnings of $16.6 million in 2018.
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<div>The board indicated in an update to the market last November that the agency might miss analyst targets.</div>
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"FY18 earnings could be 20 per cent to 25 per cent lower than the current analyst estimate, due to high restructuring charges and a partial year of cost savings," the company said.
When approached by the Financial Review, McGrath declined to comment over the weekend.
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"McGrath declined to comment other than to say the company is well aware of its continuous disclosure obligations which we take very seriously," a spokeswoman said.
The board, chaired by Cass O'Connor, has just five members including John McGrath. The other there directors are Elizabeth Crouch, Nigel Dews and Cath Rogers. Cameron Judson is the chief executive officer, Glynn Wright, the chief financial officer and Morgan Sloper, its head of corporate services/company secretary.
Several former Mcgrath executives have run a clandestine campaign of denigration against the group over the past year.
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Extraordinary McGrath Group leak suggests board in turmoil

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Westfield Corporation is set to be taken over by the European shopping centre giant, Unibail-Rodamco.
A global property giant with 104 malls in 27 markets around the world will emerge after a takeover deal worth $32.7 billion.
Estates Gazette noted Rothschild’s property team, led by Alex Midgen, advised Westfield as well as Intu and Deutsche Bank’s property team, led in Europe by Rishi Bhuchar &amp; Klaus Elmendorff advised Unibail as well Hammerson.
Unibail shares traded lower in overnight European trade.
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Frank Lowy, Westfield’s chairman, and his sons Steven and Peter, who are the current co-chief executives, will vote in favour of the deal, which values each Westfield security at an 18 per cent premium to the value of Westfield securities at the end of Monday’s trading session.
Peter Lowy calculated that since 1960 $1000 invested in Westfield would be worth $440 million.
The Lowy family said it intends to maintain an investment in the combined international group which is headquartered in Paris. As part of its takeover, shareholders will receive a combination of cash and shares in Unibal-Rodamco.
Frank Lowy said it was a day of mixed emotion but that he was certain it’s the right decision.... he foresaw a bright future.
Westfield chairman Sir Frank Lowy said the deal was “the culmination of the strategic journey Westfield has been on since its 2014 restructure”.
“We see this transaction as highly compelling for Westfield’s security holders and Unibail-Rodamco’s shareholders alike,” Sir Frank said.
He also suggested the family wanted to change their role to investors ... "we’ve [Frank &amp; sons] been doing it for a combined 145yrs.”
Shares in Westfield Corporation, the owner of shopping centres in the US and UK, were placed in a trading halt earlier today pending the announcement of a potentially “significant” corporate transaction.
Westfield shares had last traded on Monday at $8.55. 
Frank Lowy will retire as chairman of Westfield, but will chair an advisory board for the new merged company, while his sons Peter and Steven will retain leadership roles.
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<div id="unruly-publisher-marker__inArticle">Founded in Sydney in 1953 by Frank Lowy and John Saunders, Westfield currently has interests in 35 shopping centres in the US and the UK, while its Australian centres are managed by the separately listed Scentre Group which remains independent.</div>
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<div>Scentre rose 17¢, or 4.1 per cent, to $4.35 while other local property trusts including its rival Vicinity Centres picked up. Vicinity rose 2.5 per cent, or 7¢, to close at $2.87 on Tuesday.</div>
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<div>It started in humble Blacktown.</div>
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<div>Last month at a film crew's behest, Frank Lowy went back to Blacktown where the delicatessen was opened in 1955, followed by the first Westfield mall in 1959.
His biographer Jill Margo, writing in the AFR, noted when he was walking down the street two older women called out "Hey Frankie!".
"They recognised me!" he said. "They'd been customers in the deli 60 years ago and had such fond memories. We reflected on those memories and the fact that they still live with the pleasure of being acquainted with me was a great thrill. What more could I want."
Margo added that Frank was always adamant that there would be no Lowy dynasty.
He and his wife, Shirley, have 11 grandchildren and, so far, four great grandchildren.
<div>"While thrilled to work with his sons, David, Peter and Steven, he never believed in trying to coax any grandchildren into the business," Margo advised, adding the older ones now work in the investment arena, the theatre, the internet, medical clinics, not for profits, and small enterprises – all unrelated to malls.</div>
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And his sons collectively, had worked alongside their father for more than 90 years "and it's time," Margo concluded.
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It has been suggested the red Westfield brand will prevail, at least in English speaking world. </div>
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<div>Unibail-Rodamco's chief executive,Christophe Cuvillier a French retail veteran, spent three years in Sydney in the 1990s as head of L'Oreal's Australian luxury products division.</div>
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<div>The news comes just a week after property company, Hammerson, announced it had made a bid to take over rival firm, Intu.</div>
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