One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<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/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Harry Triguboff

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Sydney's apartment market has slowed, developer Harry Triguboff says.
The NSW decision to increase the stamp duty surcharge for foreign buyers to 8 per cent had put the housing market at risk, the Meriton founder said after a flurry of sales last month to foreign investors wanting to buy before a doubling in stamp duty charges.
"The market [has been] a bit slow since the beginning of July."
It was too early to say if the slowdown was a permanent change or not, he said.
"But we must understand there is a limit to how many tricks we can do," Mr Triguboff told The Australian Financial Review.
"We don't want investors, we want to punish Chinese.
"In the end, it takes its toll. We must remember that," he said.
"In June, we probably exchanged twice as much as we normally would because all the Chinese were in a hurry to buy and to be able to save on stamp duty," he said.
"Now this agitation has stopped and they have to face the reality that everything has changed."
He said Chinese buyers are more comfortable now than they were at the start of the year, when the refusal by local banks to fund their apartment purchases and slowing apartment values caused many to panic, Mr Triguboff said.
"In the beginning [of the year] it was terrible," he said noting the purchasers were not prepared for the problems which were created.
"So many of them wanted to get out.
"But then we told them they would have to lose the 10 per cent deposit, so they changed their mind.
"And we gave them the money.
"So many of them were saved."
In May, Mr Triguboff said he was financing about $200 million-worth of the $1.4 billion in sales he expected to make this year.
Like many other developers, Mr Triguboff said demand was now shifting to local buyers.
"The Australians are coming in, slowly," he said.
"The problem with Australians is they are very slow. They ask their lawyer, they ask their financial adviser, they ask their family, they ask everybody.
"The Chinese don't ask anybody, they come off the plane, buy their unit and go."
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j.ballantyne1990-6AQqhLzZaK

Harry Triguboff says NSW property stamp duty rules are punishing the Chinese

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There are 60 billionaires on the 2017 Financial Review Rich List - the most ever there has been in the 34-year history of the list.
There were 53 last year.
Not unexpectedly, property remains the dominant sector on this year’s list, with 58 rich listers making most of their money in the property sector. (see list at bottom below)
Harry Triguboff comes in second overall with a boost in fortune to $11.4 billion.
The top property five included Frank Lowy, John Gandel, Hui Wang Mau and Lang Walker. 
<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/2017/05/26/Property.jpg" alt="">
The least known is Hong-Kong based Hui Wang Mau, who holds most of his wealth in the Hong Kong-listed Shimao Property Group which owns 175 Liverpool Street in Sydney.
He is included as he has Australian citizenship after studying for an MBA at the University of South Australia in the early 1990s. His fortune is $6 billion.
The much-awaited BRW Rich List is out on news stands on Friday, but the top of the top richest in Australia have been announced. 
Anthony Pratt, the packaging and recycling tycoon, tops the Financial Review Rich List with $12.60 billion in wealth, swapping places with apartment developer Harry Triguboff.
Anthony Pratt’s Visy cardboard box manufacturing and recycling business dominates Australia, but his rising wealth is mainly due to the huge growth of Pratt Industries in the United States.
He was last #1 on the list of Australia’s 200 wealthiest people in 2009, just months after his father Richard Pratt died. He has since more than doubled the size of the Visy and Pratt Industries businesses in Australia and the US.
Last year’s no. 1 and Australia’s top apartment builder Harry Triguboff is #2 on the list with wealth of $11.45 billion. In spite of losing the top spot, Triguboff’s wealth is a record figure.
Mining tycoon Gina Rinehart is #3 with a wealth of $10.41 billion, up from $6.06 billion last year as commodity prices rise and iron ore production improves.
Her estranged daughter Bianca Rinehart, who controls 23 per cent of Hancock Prospecting, is also among the billionaire ranks (#15, $2.74 billion).
The Rineharts are two of 22 women making appearances on the 2017 Rich List, with 10 of them hitting the billionaire mark. The Rineharts, whose combined wealth equals $13.15 billion, are the top two women on the list and the richest people in their respective states (Perth and Brisbane).
Westfield chairman Frank Lowy is #4 on the list with $8.26 billion in wealth, followed by Glencore boss Ivan Glasenberg at #5 with $6.85 billion.
Glasenberg’s wealth rose from $3.33 billion a year ago as the commodity trading giant’s share price surges following a tough few years.
The list’s highest ranked debutant is Tim Roberts, son of the late Multiplex founder John Roberts. Tim Roberts, aged 46, debuts at #62 with wealth of $986 million. He operates the Perth Jet Centre and hedge fund manager Warburton Group.
Actress Nicole Kidman is the highest entertainer of this year’s Rich List at 97, with wealth of $347 million.
Long-time rich lister and owner of Canberra airport, Terry Snow, is the newest billionaire.
Melbourne property developer, Larry Kestelman, is ranked the second highest debutant on the list.
<a href="https://www.propertyobserver.com.au/images/2017/05/25/OverallTop5.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/25/OverallTop5.png" alt="">
The combined wealth of the top 5 male Rich Listers more than doubles the combined wealth of the top 5 female Rich Listers, totalling $46 billion compared with $18.37 billion.
Many on the list that have made money in other industries have poured their proceeds into property development or management businesses.
Property is followed by investment (21), resources (18), retail (18) and financial services (16), with agriculture, manufacturing, technology, media, healthcare, entertainment, travel, transport, telecommunications and education also featuring in the list.
Property is followed by investment (21), resources (18), retail (18) and financial services (16), with agriculture, manufacturing, technology, media, healthcare, entertainment, travel, transport, telecommunications and education also featuring in the list.
Other highlights:
<ul>
<li>This year is the first in the 34-year history of the Rich List that three names are above the $10 billion mark.</li>
<li>Total wealth of the Rich List is up to $233.1 billion, from $197.3 billion last year.</li>
<li>The average wealth per person on the Rich List rises to a record $1.16 billion, up from $987 million last year.</li>
<li>There are 22 women on the 2017 Financial Review Rich List.</li>
<li>The combined wealth of the top 5 men on the list is more than double that of the top 5 women.</li>
<li>There are 8 female billionaires.</li>
<li>There are 10 new names on the list this year.</li>
<li>Departures from the Rich List include the late James Fairfax and Michael Crouch.</li>
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jonathanchancellor-7SQnKwU6yx

Property tycoons dominate Financial Review Rich List with record-breaking Australian wealth

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Harry Triguboff, Australia’s biggest apartment developer, is financing about $200 million mostly Chinese buyers of his apartments as China imposes tougher currency controls to get money out of the country.
Triguboff, the owner of developer Meriton Group, said his company didn’t lend until two years before, but with Australian banks tightening lending to Chinese investors and China making it harder to take out money, financing became an option.
"Now, [I'm lending] maybe $200 million. It might go up to $400 [million]. But then they will start paying back. This is the worst time. What's happening is I don't have old customers, so nobody's paying me back. So I'm building it up. In another year, they'll start paying me back,” Triguboff told the Australian Financial Review in an interview.
Despite saying he was "unfortunately" lending to his customers, it is something Triguboff, who topped the BRW Rich List for the first time last year with an estimated fortune worth $10.62 billion, can afford. Meriton's balance sheet is strong enough to extend finance to its customers. 
“I don’t want to be a banker, but I have to be one if our banks won’t lend,” he said a while back.
Apartment prices are also weakening, he said.
"Now, if anything, it's going down a bit," Triguboff said. "It went up in the beginning of the year. Now it's gone down."
He expects to make $1.4 billion worth of apartment sales this year.
Apartment values in Sydney fell 1.2 percent in April while in Melbourne, they were down 0.9 percent, CoreLogic figures show. Meriton develops in NSW and Queensland but not in Victoria. 
Just last year, Tribugoff was worried that Chinese investors leaving the market would trigger a 10 per cent fall in Sydney apartment prices, which might have even blown out to a 20 per cent fall. 
Triguboff had predicted more buyers to forfeit their deposits and fail to ­settle off-the-plan units due to funding constraints, both as China clamped down on taking money out of the country and Australian banks tightened lending to overseas investors.
"The Chinese government is making it hard for them. That is the biggest problem,” he told the AFR.
But recently, the Chinese have started coming back as they think the Chinese government would start to ease the control towards the end of the year, fuelling optimism among investors.
Recently, Meriton raised his off-the-plan development prices up 3.5 per cent without seeing demand fall. 
Overseas Chinese are now snapping up some 50 per cent of Meriton apartments sold off the plan. Australian-born Chinese are taking around 25 per cent and Australian investors/first homebuyers are taking about 25 per cent, according to a recent article in The Australian.
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Triguboff lending around $200 million to Chinese buyers to tide over their funding crisis

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Stalled apartment projects because of tougher lending conditions are pushing up prices of units again in Sydney, says Australia’s richest man Harry Triguboff.
“Less projects are going ahead,” Triguboff, founder of Australia’s largest apartment developer Meriton, told The Australian.
The issues around offshore and local buyers having difficulties settling apartments as Chinese authorities curbed capital outflows and Australian banks tightened lending criteria had not prevented a new wave of buyers — particularly from China — from signing contracts and ­settling their unit purchases, Triguboff said.
“The new buyers are finding other ways to fund the unit,” he said.
Meriton, which expects to build 3000 units this year, which grew its mortgage book last year for buyers of its apartments in the wake of tougher lending criteria by banks, said in the article in The Australian.
“This year, they are paying me back,” Triguboff said, noting buyers were able to get alternative funding.
Sydney’s apartment market would continue to flourish in 2017, he said despite threats of oversupply and chances of more regulatory intervention to squeeze investor lending.
Earlier this week, RBA assistant governor Michele Bullock said regulators were prepared to do more if the housing market poses risks to the economy.
“You can’t produce units with a magic wand,” Triguboff said, noting it could take years from gaining an approval for a project to apartment buyers moving in.
Unit rents had risen about 3-4 per cent over the past year, in a sign that demand remained strong, he said.
The monthly CoreLogic Hedonic Home Value Index reported a further rise in the value of capital city homes in February, led by Sydney where home values grew 2.6 percent over the month, with head researcher Tim Lawless saying “growth conditions have been rebounding since the middle of last year when, on two separate occasions, interest rates were cut, and investor demand commenced trending higher”.
Triguboff said as projects failed to find funding, new development would take a hit and rents would rise, worsening Sydney’s affordability.
“You can buy off the plan, but you can’t live in it for years, so rents will go up,” he said.
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Tougher lending rules pushing up apartment prices: Triguboff

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Apartment king Harry Triguboff has renewed plans for a high rise in Surfers Paradise.
The 90-level beachfront skyscraper will replace a 22-level 1960s building on The Esplanade.
The highest apartments in the yet-to-be-named tower will look down on the units in the Gold Coast’s current tallest building, the 78-floor Q1 super tower.
The project also exceed in terms of floors, the 89-level Spirit building planned by Hong Kong’s Forise group.
Triguboff’s Meriton group has agreed to buy the International Beach Resort, originally the Apollo, for $58 million.
It will start demolition next month.
Meriton has selected a design submitted by SJB for the 3833sq m site, which is expected to have around 270 serviced apartments and 300 residential apartments.
Triguboff said a development application would be lodged by the end of February.
The Meriton tower would be split vertically into three distinctive tiers, each defined by coloured glass panels.
Circular halo effects atop each tier would be lit at night, creating a beacon along the foreshore.
Meriton is buying the International Beach Resort from Singapore businesswoman Gertrude Guok, who bought it for $11.4 million in 1993.
“The Surfers site is the best in town — the sort of property I’ve always dreamed of having on the Gold Coast,” said Mr Triguboff.
“The city’s displaying verve and vibrancy like I haven’t seen for years and it’s given me the confidence to make a big investment.
“With a site like this one, the sky’s the limit and we will do the Gold Coast proud.”
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Harry Triguboff seeks beacon-inspired Gold Coast tower with record 90 floors

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Developer Harry Triguboff now has over 3,000 apartments in Sydney as part of his property investment portfolio.
The Meriton group founder and owner has a total of 3066 apartments, estimated to be worth in excess of $3 billion.
Some 4500 serviced apartments are owned by Meriton.
Victor Toscano, Meriton’s head of residential leasing, said that the vacancy rate for the 6000‐plus apartment’s rent roll was only 0.06 per cent.
“This year we hit an all‐time record, signing up 134 tenants in one week and battled to keep up with demand, which is great for both Mr Triguboff and for our investor clients," he said,
“People want to be within easy reach of the CBD and they are after lifestyle – they want things like pools and gyms and they want shops, restaurants and cafes.
"The Triguboff‐owned apartments produced income of $79.57 million in the 2015‐16 year.
“A lot have been added to Mr Triguboff’s portfolio since June 30 so the income figure’s expected to top $100 million in the latest financial year.
“He’s extremely comfortable when it comes to keeping apartments because his company’s built the blocks and knows everything about them.
“He’s always insisted, be it for his own apartments or for those that are sold, that each building has a dedicated on‐site manager.”
"The holdings were spread across 11 Meriton projects and were in the suburbs of Chatswood, Lane Cove (pictured above), Chiswick, Rhodes, North Sydney, Waterloo, Zetland and Mascot.
“The first big block that was retained was at Bondi Junction, where the 305 apartments have since been converted to serviced apartments.”
Property Observer has a profile on the Tempe apartment block that got Harry Triguboff started in 1963 here.
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Harry Triguboff Sydney apartment portfolio surpasses 3,000

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Billionaire developer Harry Triguboff has confirmed the Meriton Group mortgage book has grown by around $60 million in five months, to beyond $120 million, but he told the AB+F website the run was finished.
“As it happens, at the moment, I’m not approving any. Today nobody wants my money," he said.
Triguboff said talk of bubbles was "very irresponsible".
"This is an empty continent we need people. Australia is a big place. Here in Sydney we have a boom. A great boom,” he said, before adding: “I’m sure that in Melbourne or Brisbane there will be problems, I’m sure there will be - but what can you do?"
The billionaire said he was a reluctant banker and was only fulfilling a need. 
“I only do it when the banks suddenly stop. Because the world doesn’t suddenly stop. So I have to keep moving, we have to have a smooth run," he said. "If they (traditional lenders) refuse to give money for whatever reason, I will always step in." 
The last time lenders wings were clipped, Triguboff, lent $600 million to underpin apartment sales, when his net worth was far less.
“I never compete (with the banks),” he said. “They have clauses there, which they use on the Chinese now. They can get out and not give the money for some reason. It's nonsense. 
According to Triguboff the banks are allowing the regulators to cut their nose to spite the entire industry.
“They gave the developers money because they know the Chinese will buy - they give the money to the builder, the developer - but then when it comes to the purchaser they say ‘I cant give it to you' for some reason," he said. 
“They read what the foreign press says about these bubbles, then our authorities - APRA and ASIC - run to the banks. So the banks get frightened. So they decide they have to be careful … which is very good, they are careful. But I think our banks are really, very, very cautious.”
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jchancellor-FAypfDUnLy

Harry Triguboff says his lending has come to a halt

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Meriton's Harry Triguboff has commenced proceedings against the NSW government's transformation arm UrbanGrowth.
It involves grievances around UrbanGrowth excluding Meriton from the tender of two residential super lots in Sydney's north shore.
Mr Triguboff previously sued UrbanGrowth in 2015 for excluding Meriton from the tender of the 1.5-hectare properties at "Lachlan's Line", the northern end of the North Ryde Station Priority Precinct for residential development.
Now Triguboff is going to the courts to gain access to tender information and documents under the Government Information (Public Access) Act after UrbanGrowth allegedly refused access under the Act.
The Lachlan’s Line project was announced by the NSW Government in 2013 as part of the NSW Government’s North Ryde Station Precinct. The new contemporary urban village will provide approximately 2,700 homes for around 5,000 residents.
"UrbanGrowth is responsible to get the best deal for the people of NSW," Harry Triguboff said.
"I would've thought they would welcome the opportunity to show everyone what a good job they are doing," Mr Triguboff said.
The site in question, known as Lachlan’s Line in Macquarie Park, was sold by UrbanGrowth to the Chinese developer, Greenland Investment (Australia) Pty Limited.
The current proceedings come after UrbanGrowth refused to provide any documents in answer to a formal application by Meriton under the Act. 
Meriton's General Counsel, Joseph Callaghan, said the current application was not an attempt to revive the earlier Supreme Court proceedings but about "ensuring a fair and transparent tender process".
The successful bidder of the two lots, Chinese developer Greenland, has applied to join the proceedings to allegedly block Meriton's request for access.
Greenland won the tender offering $190 million. It has since commenced presales at the $800 million 800-apartment project on the combined site known as "nbh". Meriton noted no settlement funds had yet been paid by the developer for the land.
This year two further high density superlots were offered for sale as one package via an expressions of interest campaign through Colliers International.
UrbanGrowth NSW's  second stage land release at Lachlan’s Line included an affordable housing offering which must be purchased by a community housing provider, or a private developer in a joint venture or similar.
Bates Smart had prepared the concept design for around 172 apartments and the third site of 96 affordable housing apartments.
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Triguboff seeks Greenland Lachlan's Line tender documents in Urbangrowth courtcase

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Meriton, Australia’s largest apartment developer, is selling its strata-title management business.
It looks after more than 6000 apartments in Sydney and the Gold Coast.
Harry Triguboff, the Meriton founder, said that the move was a response to wholesale reforms to the strata-title laws in NSW, which come into effect on December 1.
“One of those reforms effectively shuts Meriton, and other developers, out of having any role in the strata-management of their properties until the buildings are 10 years old,” he said.
“We are veterans in this business and haven’t taken the decision to exit it lightly.
“We’ve always run our own ship at our own developments and things have gone swimmingly and with great success.
Meriton is selling an entity which trades as Meriton Strata Management Pty Ltd and looks after 6194 lots spread over 33 schemes. Two of those are on the Gold Coast and are included in the selloff.
Meriton’s Ryan Walmsley said the gross annual income from base management fees and insurance commissions exceeded $1.1 million.
“There is potential upside from other expenses and fees that apply within each management contract.”
Mr Walmsley said two-thirds of the strata-management schemes in Meriton’s portfolio were under contract until 2018 or longer.
“The strata-scheme properties involved are in a metropolitan location and have been with us for many years.
 “Our portfolio will offer a great addition for any operator on the expansion trail.
“They will be buying well-maintained schemes that are big and viable – they have an average of 188 lots.”
Mr Walmsley said it had been evident for some time that strata-management companies were jostling for position and aggressively were targeting acquisitions.
“That’s happening against a backdrop of Australia turning into a nation of apartment dwellers.
“Nearly one third of NSW residents already live in apartments and one estimate is that the figure could climb to 50 per cent by 2040.”
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Strata reforms trigger Meriton exit from strata management

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An article by the Fairfax Media Domain executive editor on Australia's richest man, the property developer Harry Triguboff has been taken down from the Sydney Morning Herald Domain website.
But not before several thousand shares after its brief Saturday posting.
The article about a hospital attendance was uploaded <a href="https://www.smh.com.au/execute_search?text=triguboff&amp;ss=smh.com.au%2Fexecute_search.html" target="_blank">at around 7am Saturday morning</a>.  
Only a cached version is accessible.
The now unpublished Domain article, which came with two seemingly surreptitious waiting room photos of the billioniare, was headlined:
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<h1>Australia’s richest person, Harry Triguboff is in public hospital waiting room</h1>
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<div><img src="https://static.domain.com.au/domainblog/uploads/2016/05/27211336/2_gp63to.jpg" alt="Australia's richest person, Harry Triguboff, at St Vincents on Friday morning." width="750" height="421"></div>
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<div>The removed article noted just days after being named the nation’s richest person that the property developer Harry Triguboff was "mixing with the hoi polloi at St Vincents (sic) Emergency. </div>
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<div>"Emerging from his Mercedes, with the aid of an aluminium stick, Triguboff, 83, who has built more apartments in Australia than anyone else, walked slowly through the doors."</div>
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<img src="https://static.domain.com.au/domainblog/uploads/2016/05/27211336/3_gp6a30.jpg" alt="Harry Triguboff has no plans to retire and will celebrate his top dog status on the Rich List with his many employees next week." width="353" height="465" style="font-size: 12.16px; line-height: 1.3em;">
“I’m just returning this boot, and I need to have some X-rays,” the article said he told the triage nurse in the Friday morning attendance.
He’d tripped over his little black four-month-old poodle, Susie, a week ago, and broken his toe.
“She was just playing,” he advised.
The SMH article author, Stephen Nicholls noted, "in the X-ray waiting room, I congratulated him on making it to the top of BRW’s list."
Triguboff topped the Fairfax Media's 2016 BRW Rich 200 list for the first time with $10.62 billion in wealth.
“Yes thank you, I’ve never been number one,” he said, again grinning broadly, the article noted.
“I’ve been number three a couple of times.”
What now for him, <a href="https://webcache.googleusercontent.com/search?q=cache:DakGh3FCYtcJ:www.domain.com.au/news/australias-richest-person-harry-triguboff-is-in-public-hospital-waiting-room-20160527-gp6238/+&amp;cd=4&amp;hl=en&amp;ct=clnk&amp;gl=au" target="_blank">Nicholls said he asked?</a>
"Any plans to retire? “Retire – what would I do?” he said, adding he’s “now got so much money, I don’t know what to do with it all”.
The Australian's Margin Call business gossip column had written of Harry's busted foot mid-last week illustrated with a <a href="https://nicholsoncartoons.com.au/2016-05-26-harry-triguboff-broke-his-foot-is-the-week-before-announcement-of-australias-richest-person-cartoon" target="_blank">Nicholson cartoon</a>.
*Jonathan Chancellor was the SMH property editor from 1986 to 2011, and has been a News Corp Australia property columnist since 2015.
 
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Harry Triguboff

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