Longstanding Gold Coast and Canberra developer <a href="https://www.apartments.com.au/developers/morris-property-group">Morris Property Group</a> is continuing to roll on with its Glitter Strip apartment pipeline, seeking to return to Mermaid Beach with a new 68-apartment development.

Morris, founded by Barry Morris in 1978 and one of the Gold Coast’s most prolific apartment developers over the past two decades, has filed plans for a 12-storey mixed-use building at <a href="https://www.apartments.com.au/new-apartments/36-seabeach-avenue-mermaid-beach-qld-4218">34-36 Seabeach Avenue</a>, on the prized eastern side of the Gold Coast Highway.

The 1,227 sqm site occupies a prominent corner position at Seabeach Avenue and the Gold Coast Highway, opposite the Mermaid Plaza retail and office precinct and around 140 metres walking distance from the future Mermaid Beach South light rail station.

<a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a> has designed the project, which will comprise 68 apartments across a mix of 48 two-bedroom and 20 three-bedroom residences.

The building will rise 12 storeys, reaching a maximum height of 36 metres, with the apartments accounting for a total of 156 bedrooms. The development application also seeks approval for short-term accommodation across the 68 apartments, while two office tenancies are proposed at ground level.

The plans show 108 car spaces across the development, with parking accommodated at ground level and within a three-level basement accessed from Seabeach Avenue.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="c2175c99-12fd-4a3c-9be1-89bbf258a90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.41%E2%80%AFPM_0.png?VersionId=iNLzWcE6gaAE76rafhEXfHve.4g4Se0p" />

Resident amenity will be concentrated on level two, where Fraser &amp; Partners has designed a recreation deck with a swimming pool, 90 sqm pool terrace, outdoor barbecue area and gym.

The broader communal offering will also incorporate landscaped spaces, with the planning documents noting the amenity has been designed to provide areas for recreation, social interaction and outdoor living.

The proposal would continue the transformation of the Gold Coast Highway corridor through Mermaid Beach ahead of the arrival of the light rail.

The site is zoned Neighbourhood Centre and sits within the Mermaid Beach/Broadbeach Light Rail Corridor neighbourhood plan. While the prescribed building height is 24 metres, the site is identified within an Urban Neighbourhood context providing for a 50 per cent height uplift to 36 metres.

Planning documents describe the stretch of the Gold Coast Highway between Broadbeach and Nobby Beach as increasingly characterised by medium and high-rise development, with the proposed Morris tower joining projects including Ventura, The Alfred, Oceans and Otto.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="911f193f-e381-4a55-be08-58be87fcf978" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.48%E2%80%AFPM.png?VersionId=oxVvLJaY.SOXEdXrIcogfyEXDfvCmmpM" />

The development would mark Morris Property Group's latest investment in Mermaid Beach, where it has already delivered two apartment projects.

Otto, at 1 Bondi Avenue on the western side of the Gold Coast Highway, comprises 70 apartments across nine storeys. The project was completed in 2019 and includes a residents' gym, recreation deck and swimming pool.

Morris also developed Oceans at 46 Ocean Street, a nine-storey, 70-apartment build-to-rent development completed in 2019. Oceans was the group's first build-to-rent project and incorporates commercial space at ground level.

The two existing Morris projects sit further north along the same Gold Coast Highway corridor as the proposed Seabeach Avenue development. Fraser &amp; Partners' planning analysis specifically identifies both Otto and Oceans among the established built-form precedents surrounding the site.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="14925119-7b71-4812-8149-340317512c7c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%203.00.15%E2%80%AFPM.png?VersionId=aEJqYuw_nTCjcin17BSD0piB1EFotTlj" />

Mermaid Beach represents only part of Morris' considerable Gold Coast footprint.

The family-owned developer has been particularly active in neighbouring Broadbeach, delivering projects including Sierra Grand, Eclipse, Synergy, Qube, Koko, Opus and Malo, while its current pipeline includes Maison and the two-tower Crest development.

Further south, Morris has also developed a string of projects in Burleigh Heads, including Element, Boardwalk and Sandbar, while Essentia expanded its footprint north into Surfers Paradise.

The Seabeach Avenue application has been lodged by PMM Broadbeach Pty Ltd and seeks a development permit for a Material Change of Use for multiple dwellings, short-term accommodation and office uses. Zone Planning Group prepared the planning application, with Fraser &amp; Partners commissioned as architect.

The project comes as the developer continues to expand its Gold Coast pipeline while retaining a significant presence in Canberra. Morris now has more than $2.5 billion of development in its national pipeline and has delivered more than 7,000 homes during its near five-decade history

Joel Robinson

First look: Morris Property Group returns to Mermaid Beach with new Seabeach Avenue apartment development

<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developers/fortis&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw3hvFB2uWTRfEyEcpTSnnK9" href="https://www.apartments.com.au/developers/fortis" target="_blank">Fortis</a>&nbsp;is continuing its stronghold on Sydn​ey’s eastern suburbs apartment market, launching&nbsp;in September&nbsp;its latest boutique&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developments/double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw0GI5S9-wNeiLUnM-d1uYkw" href="https://www.apartments.com.au/developments/double-bay-nsw-2028" target="_blank">Double Bay</a>&nbsp;development,&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw2YNouJQcFjiTTgVHbgDLA-" href="https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028" target="_blank">55 William</a>.

55 William presents&nbsp;just eight north-facing&nbsp;two-bedroom, three-bedroom and full-floor&nbsp;residences to the market, priced from $4.5 million.

The upcoming launch comes just weeks after Fortis secured approval for the $80 million development, its third eastern suburbs approval in two months. Construction is already underway, with completion targeted for 2028.

[smartcode_project:default project_id=152579 project_image_fid=376250]

55 William adds to a growing concentration of Fortis projects in and around Double Bay, a market the developer has become increasingly active in over recent years.

Fortis previously completed the nine-residence Marmont on New South Head Road, while it is currently developing a mixed-use residential and retail project at 12 Cross Street. Its wider Double Bay footprint also extends into commercial and retail development.

The developer's broader Sydney residential pipeline is particularly concentrated across the eastern suburbs, with projects spanning Doub​le Bay, Ro​se Bay, Wo​ollahra, Dar​ling Point, Poi​nt Piper and Eli​zabeth Bay.

[smartcode_project:default project_id=152579 project_image_fid=376253]

At 55 William, Fortis has again turned to MHN Design Union, the architecture practice behind several of its eastern suburbs projects, while London-based 1508 London has been appointed to handle the interiors and Wyer &amp; Co the landscaping.

The six-level building will comprise a combination of two and three-bedroom apartments, including a garden residence, full-floor apartments, a sub-penthouse and penthouse. Each residence will have secure basement parking and private outdoor space.

A rooftop terrace for all residents, along with select apartments, enjoys views across Double Bay Harbour and toward the Sydney skyline.

Ceiling heights will reach up to three metres&nbsp;in select residences, while the kitchens will feature natural stone and integrated Gaggenau appliances.

&nbsp;

&nbsp;

The boutique nature of the project reflects the type of stock Fortis has increasingly targeted across Sydney's eastern suburbs, where larger apartments and smaller buildings are being pitched primarily toward local owner-occupiers and downsizers.

Fortis Group General Manager Ed Eve said the developer continues to see demand from buyers wanting to remain in the eastern suburbs but move into newer, lower-maintenance housing.

“We're seeing continued demand from local owner-occupiers and downsizers looking for high-quality homes that allow them to remain in the eastern suburbs, close to the lifestyle and community they know,” Eve said.

55 William is also one of the early projects to respond directly to the NSW Government's Low and Mid-Rise Housing reforms. Fortis had previously secured approval for just two townhouses on the 599 sqm site before revising the scheme to eight apartments following the planning changes.

Situated one street back from Double Bay's water's edge, the project enjoys an enviable harbourside setting within walking distance of Double Bay Village and the ferry wharf.

[smartcode_project:default project_id=152579 project_image_fid=376252]

Fortis has increasingly made the eastern suburbs a major focus of its Sydney pipeline. Beyond Double Bay, it recently completed the 14-residence Piper in Point Piper and has projects underway or planned across Rose Bay, Woollahra and Darling Point.

The developer recently secured approval for Verano in Rose Bay, a six-level development comprising 21 two, three and four-bedroom apartments, also designed by MHNDU.

55 William&nbsp;is soon to be release to the market with VIP appointments commencing early September,&nbsp;with residences priced from $4.5 million.

[smartcode_project_cta:default project_id=152579]

Fortis continues eastern suburbs push with 55 William launch

UAE-based developer Arada has unveiled plans for a $2 billion twin-tower apartment development in Broadbeach, marking its first move into Queensland as it continues its rapid expansion across Australia.

Arada will develop 952 apartments across two towers on a prominent site opposite the Gold Coast Convention and Exhibition Centre, with the project targeted for completion ahead of the Brisbane 2032 Olympic and Paralympic Games.

The project represents Arada's largest commitment to the Australian market since arriving in the country in 2024 and significantly expands a local pipeline that has now grown to eight projects and more than 5,000 homes.

It will also be the first major Queensland project delivered by Roberts Co since the tier-one contractor was acquired by Arada Group in 2025.

Plus Studio has designed the Broadbeach development, which will comprise one, two and three-bedroom apartments across two towers connected by a landscaped podium.

A significant resident amenity offering will include lagoon and lap pools, a gym, sauna and steam room, alongside a mist room, infrared room and salt scrub facilities. Communal terraces, private dining areas, a library, residents' lounge and work-from-home spaces are also planned. Around 1,200 sqm of retail and hospitality space will occupy the ground floor.

The site puts Arada in one of the Gold Coast's most active apartment markets, directly opposite the convention centre and within walking distance of Pacific Fair, The Star Gold Coast and Broadbeach's dining and retail precinct.

It also has immediate access to the Gold Coast light rail network and sits just a few blocks from the beach.

Arada Group Chief Executive Ahmed Alkhoshaibi said Broadbeach represented an opportunity for the developer to expand beyond its initial NSW pipeline.

“Broadbeach is a world-class address that gives us the canvas to create a community of exceptional design and lifestyle quality that genuinely enriches the daily lives of the people who call it home,” Alkhoshaibi said.

“This is our first development outside New South Wales, and it reflects our growing ambition to grow in key urban markets around the country.”

Alkhoshaibi said bringing Roberts Co into the project would give Arada greater control over the development and construction process.

“Delivering this project through Roberts Co, our own tier-one construction business, means we can bring the quality, pace and accountability that our buyers expect.”

The move into Broadbeach comes as Arada accelerates its Australian expansion following its entry into the market two years ago. The developer has assembled a pipeline of eight projects comprising more than 5,000 homes, while the acquisition of Roberts Co last year gave the group its own Australian construction capability.

Globally, Arada has a development portfolio valued at $50 billion comprising more than 55,000 homes across the UAE, United Kingdom and Australia.

The Gold Coast is emerging as the next major market for the developer, with strong population growth and infrastructure spending ahead of the 2032 Games continuing to underpin significant apartment development across the coastal strip.

Arada plots $2 billion Broadbeach towers in major Queensland move

Sydney’s downsizer market is changing, with a growing cohort of buyers prioritising the right home over simply finding a smaller one.

Coronation Property Head of Sales Cam Porter says the traditional idea of downsizing does not necessarily reflect what many buyers are now looking for, particularly those moving from established family homes across Sydney.

Instead, he says they are increasingly becoming “right-sizers”, seeking lower-maintenance homes without sacrificing the space, amenity or quality they have become accustomed to.

“We are increasingly seeing buyers who are not motivated by the idea of simply moving into a smaller property,” Porter says.

“They are right-sizers. They want a home that is easier to manage and better connected, but they still expect generosity, quality and a floorplan that supports the way they live.”

It is a subtle but important distinction in a market where apartment developers are increasingly targeting established owner-occupiers.

[smartcode_project:default project_id=135149 project_image_fid=377495]

For many of these buyers, moving from a house to an apartment is not driven by a desire to dramatically reduce their living space. Instead, the appeal is in removing some of the maintenance associated with a larger home while retaining generous living areas, storage and enough flexibility to accommodate family and friends.

Coronation’s sales team is seeing buyers place particular importance on natural light, practical storage and additional rooms that can be used as guest bedrooms, home offices or secondary living spaces.

Kitchens and dining areas are also playing an increasingly important role, particularly for buyers who regularly entertain or have children and grandchildren visit.

[smartcode_project:default project_id=135149 project_image_fid=377494]

“These buyers still want their home to feel generous,” Porter says.

“They may want less maintenance, but they are not looking for less life.”

The challenge for the broader housing market is providing enough of the right stock to encourage that move.

While much of the discussion around Sydney’s housing shortage has centred on the number of homes being delivered, Porter says the diversity of those homes is equally important.

Older homeowners can remain in large family houses for longer when they cannot find an appropriate alternative in the neighbourhoods where they have built their lives.

“The decision is rarely as simple as wanting fewer bedrooms,” Porter says.

“People are weighing up their connection to a neighbourhood, the space they need for family, the quality of the home and whether it will continue to work for them over the long term.”

It also has implications beyond the downsizer market. Providing suitable apartments for smaller households can free up established houses for families who need the additional bedrooms and land, creating greater movement through the housing market.

<h2>Lillian targets the next stage of apartment buyer</h2>

It is a buyer Coronation is targeting at <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, its new collection of apartments, terraces and penthouses at Erskineville Village.

Designed by Silvester Fuller, Lillian has been shaped around larger living spaces, natural light and flexible floorplans, alongside landscaped areas, wellness amenity and communal spaces for residents.

The development will form part of Coronation’s broader Erskineville Village precinct, which will combine new homes with green space, retail, hospitality and new pedestrian connections.

[smartcode_project:default project_id=135149 project_image_fid=377688]

McPherson Park will sit at the centre of the precinct, creating a significant new green space alongside the project’s retail and hospitality offering.

For Porter, the opportunity is to give buyers another housing option without forcing them to leave the part of Sydney they already know.

“People should be able to change the type of home they live in without having to change their entire life,” he says.

“For many buyers, Lillian offers the opportunity to remain connected to the Inner West and the city, while gaining access to a more convenient, walkable and considered way of living.”

[smartcode_project:default project_id=135149 project_image_fid=377687]

Coronation will explore the changing <a href="https://lillianresidences.com.au/news/lillian-x-space-x-downsizers-event-27-august/">right-sizer market at an event on August 27</a>, bringing together experts across property, design and lifestyle.

Held in partnership with SPACE, Poliform and Downsizer.com.au, the event will include a property market outlook from economist Michael Blythe alongside discussion around the considerations facing buyers planning their next move.

Attendees will also be able to learn more about the residences and amenity planned at Lillian Erskineville.

[smartcode_project_cta:default project_id=135149]

From downsizing to right-sizing: What Sydney buyers want from their next home

Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Capital Funding

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The Australian Prudential Regulation Authority (APRA) announced temporary changes to its expectations regarding bank capital ratios, to ensure banks are well positioned to continue to provide credit to the economy in the current challenging environment.
Over the past decade, the Australian banking system has built up substantial capital buffers. The highest quality form of capital, Common Equity Tier 1 (CET1) capital, reached $235 billion at the end of 2019. As a result, banks are typically maintaining capital levels well above minimum regulatory requirements.
In 2017, APRA set benchmark capital targets for banks to enable them to be regarded internationally as unquestionably strong (which was a recommendation of the 2014 Financial System Inquiry). These benchmarks are well above current minimum regulatory requirements. For the four major banks, for example, this benchmark equated to having a CET1 ratio of at least 10.5 per cent of risk-weighted assets. A lower benchmark applies for smaller banks. In comparison, the actual CET1 ratio of the banking system by the end of 2019 had reached 11.3 per cent. 
APRA is advising all banks today that, given the prevailing circumstances, it envisages they may need to utilise some of their current large buffers to facilitate ongoing lending to the economy. This is especially the case for banks wishing to take advantage of new facilities announced today by the Reserve Bank of Australia to promote the continued flow of credit. Provided banks are able to demonstrate they can continue to meet their various minimum capital requirements, APRA would not be concerned if they were not meeting the additional benchmarks announced in 2017 during the period of disruption caused by COVID-19.
APRA Chair Wayne Byres said, “APRA has been pursuing a program to build up the financial strength of the system for many years, when banks had the capacity to do so. As a result, the Australian banking system is well-capitalised by both historical and international standards.
“APRA’s objective in building up this capital strength has been to ensure it is available to be drawn upon if needed in times such as this. Today’s announcement reflects the underlying strength of the system: even if the banking system utilises some of its current large buffers, it will still be operating comfortably above minimum regulatory requirements,” Mr Byres said. 
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j.ballantyne1990-6AQqhLzZaK

Temporary changes to expected bank capital ratios: APRA

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Hmlet, the Singapore headquartered co-living operator, has raised $55 million in a Series B round of funding.
It will allow the company to accelerate expansion across the Asia-Pacific.
The round was led by Burda Principal Investments, with participation from existing investor Sequoia India and new investors Mitsubishi Estate Co, Reinventure Group, and angel investors. 
It follows the company closing a Series A round of $9 million Series A in November 2018, and AU$2 million seed round in 2017.
The fresh capital from Series B will allow Hmlet to expand its presence across the company’s existing markets of Singapore, Hong Kong and Sydney, Australia. 
Plans for launch in Melbourne, Brisbane and Tokyo, Japan are also in the pipeline.
Since launching in Australia in February 2019, Hmlet has opened four co-living spaces in Sydney, with immediate plans to launch four new properties in Sydney and new locations in Melbourne and Brisbane shortly.
Founded in 2016, Hmlet's goal is to provide affordable and flexible housing solutions for a mobile workforce.
Today, Hmlet manages over 1,500 rooms and is looking to build a network that spans across 10 cities in 5 countries within the next two years. 
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Co-Living operator Hmlet secures AU$55 million funding for APAC expansion

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Australia’s largest credit union, CUA, announced that it has raised $700 million in wholesale funding from its latest securitisation.
The follows just six weeks after a successful Medium Term Note issuance for the member owned organisation.
CUA Deputy Treasurer Tim Moore said that they had committed to going to the investor market with these kind of Residential Mortgage Backed Security (RMBS) deals at least once per year. CUA’s last RMBS deal in June 2017 raised $900 million in funding.
Mr Moore said the Series 2018-1 Harvey Trust RMBS had attracted a good mixture of domestic and offshore investor interest, particularly from the UK and Australian Capital Cities.
“CUA has demonstrated strong financial performance over the past year, including strong home loan growth through both mortgage brokers and organic channels, and the performance of our home loan portfolio has a solid track record," he said.
Mr Moore concluded, “the funding raised from this RMBS deal will help support the strong lending growth we have seen over the past 6 months, and which has continued into the residential property market’s peak spring season."
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CUA raises $700 million in latest round of wholesale funding

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The Western Australia-based The Agency have finally secured the funds to secure Top Level Real Estate, run by the east coast McGrath rebel agents.
It is via a complicated $8.4 million share placement, along with $5 million of Top Level debt to be converted into shares at $0.01 per share.
The extensive documentation advised total debts of Top Level currently sit at $26,993,812, and immediately following the deal will be $18,760,100.
It's less than the simple outright $10 million capital raising being sought to fund the purchase, which they <a href="/news/the-agency-secures-two-month-extension-to-find-funds-for-the-mcgrath-rebels-acquisition">continually delayed</a>.
John Kolenda emerges as the key player, with his share holding rising from his initial 5.4 percent on the initial 684 million shares on issue.
After the latest deal the non-executive director John Kolenda will have a 19.9 percent stake, subject to shareholder approval. On Monday The Agency announced the <a href="/news/capital-raising-by-the-agency-for-mcgrath-rebels-imminent-announcement">acquisition was imminent</a>, with a trading halt put in place for the listed company.
The Agency have all up secured $13.4 million in new equity.
Shares were last trading at $0.11, and rose to $0.12 in early trading today.
There will be 103,808,962 shares on issue, along with 6,558,092 options.
Matt Lahood, who set up Top Level with fellow former McGrath agents, is set to be executive director and on The Agency board.
He said he sees many benefits linking the two businesses.
"The past 15 months has been a period of exceptional growth for both businesses, and we look forward to continuing on this upward trajectory with The Agency to become Australia's leading disruptive, high-growth real estate agency," Lahood said.
"The whole industry is watching and talking about us, because of what we have achieved, and I expect that interest to only intensify as the combined, well-funded, entity continues its growth momentum."
The document ts affirm the 75%-25% commission split for its agents.
"I am delighted to be supporting a business such as The Agency and I'm excited about its potential as a significant disruptive force in Australian real estate," Kolenda said.
Post fundraising and completion of Top Level acquisition, The Agency market capitalisation, at $0.30 per share, will be $30 million.
The Agency will comprise a national real estate business with two prominent brands (The Agency and Sell Lease Property).
They will have 300 sales representatives across Perth, Sydney, Melbourne and the Gold Coast, +4,000 properties under management and a mortgage book of over $1.1 billion.
The Agency's managing director Paul Niardone said the firm funding commitments was an important move for the company.
"This placement is a major step forward for The Agency, strengthening our balance sheet while providing us with the funds to progress the Top Level acquisition and expand The Agency and Sell Lease Property businesses nationally," Niardone said.
"It also provides funds for further acquisition opportunities in Western Australia and Sydney, where we have attracted a number of enquiries from Real Estate businesses wishing to merge into The Agency."
"The acquisition of Top Level will result in the addition of a highly experienced east coast real estate sales and project marketing team, significant property management portfolio and extensive sales pipeline.
"It is a game-changer for The Agency and will further cement our position as the fastest growing disruptive real estate group in the country.
"Top Level, which has been trading as 'The Agency' on the east coast of Australia since launching in March last year, has established, with our support, a significant business in a short period of time, surpassing our recruitment and sales targets.
"Combined, its founders - Matt Lahood, Ben Collier, Steven Chen, Shad Hassen and John Kolenda - bring over 100 years of real estate and finance experience to the business."
"Post the Top Level acquisition, the Company will have a strong footprint in the Perth and Sydney residential property markets, with offices in Melbourne and on the Gold Coast and plans to expand into Canberra, South Australia and further expand its Western Australian options."
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jrobinson-rf4aSBido9

The Agency secure McGrath rebels Top Level with $8.4 million share placement

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<img src="/images/2015/10/07/Holdencapital_banner.jpg" alt="" width="413" height="87">
SPONSORED POST
The seven different types of property developers
1. The back of the ute developer – This type of developer is typically a former or current tradesman who has a lot of mates who will help out with the build job. Pricing and feasibilities are very flexible and tough to pin down, which makes financiers nervous; bankers much prefer firm construction quotes from a recognised firm. As we all know, the biggest cost risk associated with a development is construction, so it’s important to get this right. 
The market generally allows for a 5% contingency in construction costs, but sometimes banks insist on a higher % if they are concerned about the builder, any specialisation involved, the quote or issues raised by the QS report. Banks are always cautious about the potential for costs overruns, and we often hear the question “how is the Developer going to fund any cost overruns?” The back of the ute developer often has issues in these areas but there are solutions if you know how to package the deal and where to look.
2. The extended family developer – Sometimes we see developers who comprise an extended family with varying levels of experience. Often the kids have inherited their parent’s property(s), which are located in a development hotspot, and the family agree that they will band together and try to develop the project themselves, rather than sell the site to a developer. Potentially this can be a recipe for disaster with emotions and other motivation outweighing pragmatism. 
Whenever the extended family group gets together, the lack of a cohesive goal and the competing motivations make achieving a quick resolution difficult and generally speaking, these types of developments lacking a clear and concise plan, combined with an inability to make quick decisions translate into disasters. The extended family developer is hard going for all the obvious reasons and their project rarely achieves its full potential without a preparedness to compromise and work with the right advisers.   3. The Phoenix developer – We are currently seeing a prolific return of phoenix developers who were very successful developers pre-GFC, entered into somewhat rapid declines during the GFC due to unfortunate dealings with their creditors but are now rising again Phoenix-like. Typically this type of developer is very experienced, but unfortunately misjudged both the state of the market and their level of exposure to it during the GFC. Now they are back out there trying to do deals again, but with limited equity. These guys know what they are doing, and are full of confidence and unlikely to make the same mistakes, for now. They are more conservative with their own limited capital and are looking for equity partners to leverage their position and are moving forward using their experience and contacts to good advantage. They will most likely be successful in the coming years.   4. The $1,000 option fee developer – These guys are always out there pounding the pavement trying to tie up development sites for a very small option fee over an extended period. If they manage to convince the vendor to agree to this strategy, they then have to work out how to develop the site with limited or no equity or take a fee for selling it on to someone who can deliver on it. A challenge indeed! 
We know of a number of high net worth investors who will assist these would be Developers by providing the required equity shortfall, but they need to be prepared to give away a good chunk of the profit, to reflect their real level of risk/reward.     5. The second generation developer – “Dad was a developer, so I’m a developer”. Hopefully dad was a successful developer and taught them well. If so, their chances of success are pretty good. Property development is a pretty tough business and a sound knowledge of the industry is a key advantage, but just because you’re a second-generation developer doesn’t guarantee success. It can make it somewhat easier, especially on the equity side of things! The smart second generation developer learns from their father’s mistakes, and expands on their successes.   6. The “know it all” developer – The know it all cant be told. They are an eternal optimist and believe that all property developments will work, regardless of the market, location or type of development if they are doing it. They also don’t need to do the proper research or employ specialist consultants who could assist with the development, especially in its formative stages. This type of developer don’t need help on any level and believe that property development is easy (for them at least), and a way of providing a top up to their superannuation fund/lifestyle. It’s important to understand that property development is a skill, and just because you have been successful in other areas of business, doesn’t necessarily translate to becoming a successful property developer. This type of Developer can also be likened to “The Debut Developer” or “The Genius” and the “Dreamer Developer”.   7. The cautious developer – The cautious developer is the one who identifies risk up front and finds ways to mitigate these as much as possible. This type of developer believes that the success of each development is based on the success of their risk management plan. They also realise that they don’t know everything, and won’t hesitate to utilise the skills of others, where there is a gap in their knowledge and skills base. In reality, they are the “Smart Developer” and we love working with them because we know they will be doing deals for a long time to come.
In summary, our experience has indicated that the most successful property developments are those who:
<ul>
<li>Have a robust risk management plan;</li>
<li>Have employed the relevant experts to undertake specialist reports where necessary;</li>
<li>Have put a sound marketing plan in place;</li>
<li>Have properly researched the market, price point and location of their product; </li>
<li>Are experienced and knowledgeable in what they are doing;</li>
<li>Have engaged a reputable builder with sound financials and a strong track record.</li>
</ul>
 
This article was written by Dan Holden of HoldenCAPITAL, who are a bespoke construction finance firm, they arrange construction finance and invest in projects through their equity fund, Queen Street INVEST. 
To discuss your project finance requirement please call (07) 3171 4200 or <a href="https://www.holdencapital.com.au" target="_blank">click here</a>.
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