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

Industry News

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The high cost of online Google advertising has been highlighted by auditors Grant Thornton amid the latest financial report on the ASX-listed, BuyMyplace (BMP).
The DIY selling platform has reported a $2.8 million loss in its recent half-year results, noting currently only three percent of listings are DIY in the Australian market, "an exceptionally low number compared to international markets."
It is still aiming for breakeven which is expected to be achieved at 350 listings per month, with an average order value currently sitting within $800 to $900.
BMP spent $870,000 on advertising and marketing, some 68 per cent up on the prior period, and more than half of its $1.5 million revenue.
In its independent auditors' review, Grant Thornton noted the company's latest net loss, up from $1.7 million in the prior period, indicated that "a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern".
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<div>BMP, founded in 2007, was listed on the ASX in 2016.</div>
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<div>Helping home sellers sell their homes without an estate agent for as little as $700, BMP has sold more than 5000 homes since 2009 worth $2.7 billion. It stood at 2800 home in early 2016 on its backdoor ASX listing.</div>
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<div>It claims 77 percent of the properties sell within 90 days.</div>
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<div>BMP, which has a market cap of $9.4 million, has had to rely on Google Ads and Google Keywords to promote its services to consumers.</div>
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The newly appointed BMP CEO Colin Keating told The Australian Financial Review it was "not unusual" for micro cap companies at BMP's stage of growth to have concerns pointed out by its auditors.
But he said BMP remained highly viable, and that since taking over as CEO in November last year, a significant review had seen BMP address the increased cost of Google advertising.
Keating took over from Paul Heath who led the company during its IPO in early 2016 which envisaged the possibility of 8000 annual property listings, $10 million annual revenue and $3 million EBITDA by 2019.
The recent shareholder update advised BMP’s focus on promoting the brand through marketing had "led to a leading position in the market, ultimately resulting in an increase of web traffic and number of listings."
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BMP enjoys $1 million working capital facility provided by KM Custodians which owns around 10 percent of the company's shares.
Currently the facility is drawn to $500,000.
It indicated net cash burn for the quarter of $880,000 was slightly higher than the previous quarter.
"The increased burn was directly associated with technology initiatives that have already delivered efficiencies in the operations platform.
"These efficiencies were reflected in a reduction of inbound tickets from existing DIY vendors thus providing a more effective customer experience in conjunction with establishing operating margin levers and scalability."
BMP recently undertook an extensive search of potential digital marketing agencies to replace the incumbent provider.
"This search highlighted several areas of opportunity in terms of optimizing the marketing spend and driving enhanced growth from a new digital marketing strategy," shareholders were advised.
The new digital marketing agency partner commenced with BMP earlier this month facing the challenge of the slow down in residential property listings across the Australian real estate sector, along with increased competition from other disruptors.
The former CEO Peter Butterss recently tendered his resignation as a director of the company with lawyer, Stephen Moulton joining the BMP board.
Property Observer understands BMP is currently in a number of discussions with potential merger partners and acquisition targets.
Discussions have taken place with five targets which could see to $16 million potential additional revenue in year one.
The shares are currently trading at 14 cents having hit a 2016 peak of 50 cents.
 
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jchancellor-FAypfDUnLy

Escalating online Google advertising cost hits BuyMyplace selling platform profit results

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CBRE has launched an Australian build-to-rent committee to service the emerging sector of the market. 
It will be led by CBRE’s director of development valuations and advisory, Jozef Dickinson whose committee will provide valuation and advisory work, research, development feasibility and site identification services. 
Joining Dickinson in CBRE’s Australian ruild-to-rent committee are Ken Smith, Simon Cowley, Ben Martin-Henry, Kate Heaney, Ashley Kerfoot, Josh Rutman and Simone Lutz. 
The committee will be supported by CBRE’s US-based multifamily expert Colleen Pentland Lally, executive managing director of investor services Mark Granter and national director of institutional valuations Stephen Thomas. 
Granter said the establishment of a dedicated committee highlighted the firm’s commitment to diversify into new growth areas. 
The launch of this committee follows a successful nine-day build-to-rent campaign undertaken by Pentland Lally across Australia last year. 
CBRE has a multifamily business in several major international markets – completing US$24 billion worth of transactions in the US, £$2.4 billion in the UK and €$1 billion in Germany, in 2017.
Last year in the US, multifamily assets accounted for 32% (US$150 billion) of total commercial property investment in the US – making it the most popular asset class. 
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j.ballantyne1990-6AQqhLzZaK

CBRE launch local build-to-rent committee

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Savills Australia is welcoming a new director to help lead the Victorian business’ capital transactions division. 
With 13 years’ experience in commercial property agency and valuations, James Girvan returns to Savills with $3 billion worth of commercial property transactions under his belt. 
Girvan has relocated from Sydney to Melbourne to fill the role.
Some of the notable transactions that Garvin has been involved in include 231 Elizabeth Street for circa $350 million, 20 Hunter Street for circa $200 million, and 55 Clarence Street for $170 million.
<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/2018/3/28/girvan.jpg" alt="">
He aims to set about “finding a home” for the capital that had not been able to break into the Sydney CBD market. 
“Many local and offshore groups that have missed out on core Sydney CBD opportunities are now turning their attention to core Melbourne stock,” he said. 
“As the development pipeline comes to fruition in the next two years, and with the current low vacancy and potential for rental growth, Melbourne will become a pivotal point of interest for investors.”
The move follows the appointment of Ben Parkinson as state director of Capital Transactions in October 2017, and the successful sales of 50 Franklin Street and 800 Collins Street late last year. 
Parkinson said several local institutions were looking to re-weight their portfolios, with the Melbourne market providing tenant diversity given the even distribution across tenant sectors.  
“There has been massive net absorption throughout the past few years and Docklands, among other precincts, is at capacity. 
“Although the recent change in the city’s planning laws limits the availability of new sites, the population growth is creating pent-up demand for office space, with prime rents expected to increase by about 7.0% in the short to medium term.” 
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Savills bring new director onboard to Melbourne capital transactions team

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Former Brisbane Lion Jamie Charman has joined the real estate ranks.
The former Premiership winning ruckman has been appointed as a sales agent in the Ray White Albion office in Brisbane's inner north-east.
Charman told the local paper he's always been passionate about real estate.
“I actually worked for Ray White Corporate part-time while I was still playing, so it feels so right to come back to this great brand — it’s a household name,” Charman said.
“I’ve always been passionate about residential property, and have bought and sold through Ray White many times.” 
Charman owns two houses in Brisbane with his wife, Calexico director Nicky Charman. Their most recent Hawthorne purchase was bought off-market through Ray White New Farm.
Charman had been involved in the AFL inner circle since retiring and was even hired for a brief period as a part-time kicking and catching coach for North Queensland Cowboys in the NRL.
He had been the commercial manager for the Lions for a number of years following his 2011 retirement. The last two years he's been working with a commercial property company in the inner city.
“During my professional and footballing career, I always bought and sold property and did my own small developments so property has always been a passion of mine and I'm looking forward to helping people in this exciting field full time,” Charman said. 
“For me, the move into real estate is not a huge leap but I am really excited by what the future holds.” 
“I know what the auction process feels like for both the vendor and the buyer. I have been on both sides, so I have a good understanding and empathy for anyone going through this process. 
“I know it’s a stressful time for many buyers and the property market can sometimes be difficult to navigate." 
Charman's career began in 2000 when he was picked as the number 29 draft pick for the Lions from the Sandgate Hawks. 
He made his Lions debut a year later against Fremantle and played in the Lions' 2003 grand final victory.
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Former AFL player Jamie Charman makes mark on new field

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MMJ Real Estate has announced the further growth of its national commercial network with McGees Sydney office merging with MMJ Sydney’s business.
MMJ currently comprises six offices in Sydney, Melbourne, Brisbane, Perth, Canberra and Wollongong.
MMJ Real Estate chief executive, Chris Johnson announced the merger.
Ian Dimond, who has managed McGees in Sydney for over 20 years, will join MMJ Sydney’s current directors Cameron Algie and Chris Johnson, in driving the continued development of MMJ throughout New South Wales.
The McGees' clients include many Australian and international corporations, as well as government bodies, private investors and the legal fraternity. 
Other senior operatives who will join MMJ Sydney as part of the merger include Tony St Leon and Callum Macgregor.
The MMJ network also residential offices located in Wollongong, Illawarra North, Illawarra South and Dapto.
Picture above L-R: Cameron Algie, Chris Johnson, Ian Dimond.
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MMJ Real Estate merges with Sydney office with McGees Sydney

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The listed real estate and financial services group, The Agency Group, formerly known as Ausnet, has agreed to buy another estate agency with some $3 million sought via a shareholder capital raising.
It announced the $950,000 extended tranche deal with another Perth-based company, ServTech Global, which is trading at 2 cents.
The Agency, trading at just under 2 cents, has the aim of having 600 sales representatives within three years.
It has indicated its intention to buy the <a href="https://www.sellleaseproperty.com.au" target="_blank">Sell Lease Property agency </a>which has 210 agents and an $8 million annual revenue, reflecting $38,000 per current agent.
It will pay up to $950,000 for the acquisition of three businesses from the Western Australia-based proptech disrupter ServTech which floated earlier this year with Perth investors Keith and Patricia Scudds the biggest shareholders.
Sell Lease Property has around half its agents in WA having recently expanded onto the east coast, where it has 45 agents in Queensland and 25 in Victoria. The company does not have suburban real estate offices.
The Agency says after the deal it will have 280 agents across Australia generating 120 sales every month worth $80 million.
<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/2017/12/15/slp.jpg" alt="">
Unlike other real estate franchise groups which take some of the agent's commission, Sell Lease Property (SLP) allowed its agents to keep all their commission in exchange for using ServTech's Angel Platform, an online system which handles all the back-office paperwork at a cost of $700 per transaction.
The ServTech company was founded by real estate entrepreneur Brett Quinn and was chaired by former Fortescue mining executive Nick Cernotta, who recently stepped down. Bert Mondello is the new chairman.
Last month ServTech announced a convertible loan facility with Ausnet after a detailed strategic review of its business including its operating costs and cash burn.
"The impact one of changing market conditions resulted in slower than expected revenue growth which resulted in an unacceptably high and unsustainable rate of cash burn," its ASX listed shareholders were told. Shareholders were told Ausnet had agreed to actively oversee an ongoing strategic review of the business plan and technology associated with Sell Lease Property, plus assist with growth strategies and national rollout, identify and implement strategic synergies with its associated companies, where appropriate as well as provide the Company with significant management and marketing expertise. 
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The Agency has also agreed to buy Value Finance and Complete Settlements, the mortgage broking with $1 million revenue and conveyancing businesses with $445,000 annual revenue within ServTech, but not its technical side.
The Agency will pay $25,000,000 (sic) per month to maintain the administration of the secured ServTech business.
The $950,000 deal involves an upfront $250,000 payment then $100,000 every month for seven months during 2018.
The Agency Group gave no indication of where the entire $3 million was intended.
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Ausnet changes name to The Agency Group and announces Wild West expansion intentions

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Ray White Double Bay director Elliot Placks has claimed John McGrath wouldn't see his then junior staffer so he left for Ray White.
Placks said McGrath believed he was too young as Placks sought to move into sales.
He had created a business plan for McGrath to look at.
“I was getting 10 appraisals each week and I was only 20. I was good at it,” Placks said.
“I knew my target area and my commission based on the leads and appraisals I had created over the last two years," Placks recently said in a self promotional press release.
"But (then McGrath CEO) John McGrath wouldn’t see me.
"I was too young - told to stay as an assistant for a few more years."
After McGrath's snub, Placks joined Ray White Double Bay in 2003 and was made a director in 2011.
“I knew in my heart that I was ready and if he didn’t see the vision, I told him I’m going out to see who else sees it.
“I just wanted to become a sales agent, so I marched down to Ray White Double Bay and spoke to (former director) Trevor Leach, Craig Pontey and Mike Finger.
“Within the first half hour Mike told me I had a job, and that he’s never done that with anyone before.”
In his first year of selling real estate in 2003, Placks was named the number three top selling agent for Ray White in NSW and since then he’s consistently been a top 10 sales performer within the group.
Placks began his real estate career at McGrath while also working a boutique restaurant at Rose Bay and in fact he was "working in real estate to save enough money to buy the restaurant”.
Faced with the decision between buying the restaurant, he shifted to real estate full-time.
“The great thing about the restaurant in Rose Bay was I talked to a lot of people about their property and I got a lot of leads,” he said.
“That’s the unique part of real estate, sometimes you can sit at a coffee shop and chat to people and get leads.”
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John McGrath's snub of a young Elliot Placks was a 'sliding doors' moment

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The former Melbourne sports broadcaster Rob Astbury, who became a highflying Gold Coast estate agent, has died aged 69.
He died unexpectedly, but peacefully, according to reports.
After an early career in Melbourne radio, Astbury made the move to television where during a 21-year media career, he won 10 VFL/AFL awards, and was twice nominated for the Logie Awards for the Best News Story of the year.
He hit the headlines in 2006 when a biography King and I: My Life with Graham Kennedy detailed Astbury’s relationship with the late king of television comedy. 
After retiring from television, he worked as a real estate agent between 1994 and 2000. For the next decade he ran a property development company in Thailand. He returned to the Gold Coast in 2010 to continue in <a href="https://www.propertyobserver.com.au/http://raywhitebroadbeach.com/agents/rob-astbury/44016" target="_blank">real estate at Ray White</a>.
The Ray White chairman Brian White said "Rob was one of our superb Elite members renowned for his creativity".
<div>"The White family is deeply saddened to learn of the death of Rob Astbury who has been one of our finest performers over the long time he was with the Ray White group.</div>
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<div>"For more than 20 years Rob showed a creativity and an imagination that brought such wonderful results to his client base.</div>
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<div>"Invariably an Elite member, Rob's unique ability to communicate with his database and to encourage and locate the right buyers for the different properties he'd been commissioned to sell, had become legendary," Brian White noted.</div>
His own profile indicated he joined Ray White (Broadbeach) in 1994 and in his first year received Ray White's Rookie Of The Year Award, "possibly the oldest Rookie of all time!"
His sales achievements included the sale of the beachside home of Brian White.
Astbury had <a href="https://twitter.com/mrpford?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank">a second book in the works</a>.
"So here are the last few paragraphs of Rob’s unpublished memoir," entertainment reporter Peter Ford tweeted.
"Yes it names names and settles scores but it’s a lot more than just that."
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Gold Coast Ray White estate agent Rob Astbury dies leaving unpublished second book

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The low-cost estate agents Purplebricks has reported its first full-year profits in the UK, with its expansion into Australia keeping the group in the red.
Full-year annual results show Purplebricks accelerated its revenue from property sales for the year to April 2017 - up 151% to £46.7 million ($78 million) of which £3.5 million ($5.9 million) came from its Australian business.
Purplebricks launched in Australia in September last year and to date it has sold about 800 homes and secured 1600 listings.
It listed in the UK in December 2015 worth £250 million ($423 million) and is now valued at more than £1 billion ($1.69 billion), the Australian Financial Review noted.
Full-year annual results show Purplebricks's Australian business generated a £6.1 million ($10 million) loss with revenues exceeded by a big marketing spend (£3.8 million or $6.42 million) and administration costs (£3.9 million or $6.6 million).
Co-founder Michael Bruce expressed satisfaction with the Australian business performance to date.
"With the UK business now in profit it is encouraging to see Australia following a similar growth trajectory," Bruce said.
Purplebricks forecast full-year revenues to reach £80 million ($135 million) in the UK over the next 12 months and to grow to £12 million ($20 million) in Australia. The company recently announced plans to expand into the US.
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Purplebricks reports $10 million losses in Australia

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Australia’s leading construction companies expect a recovery in engineering and non-residential building activity for the rest of the 2017 calendar year and in 2018, according to a survey from an industry body.
The upbeat forecast comes after three years of declining major project work, the latest Australian Industry Group/Australian Constructors Association Construction Outlook said. 
After dropping sharply by 8.0% in 2016 (current prices), the survey forecasts that the total value of turnover from major project work will rise by 4.3% in 2017 followed by a stronger lift of 6.4% in the 2018 calendar year. The recovery comes on the back of an upturn in non-mining infrastructure construction, with engineering construction rising 2.9% in value in 2017 and a further 6.8% expected in 2018, turning around 2016’s steep 16.5% downturn. 
An emerging phase of strong public sector spending on transport infrastructure will continue to boost conditions, despite the further winding down in mining-related construction.
Commercial construction, including offices, retail buildings and industrial premises, is also expected to gain momentum from flat conditions in 2016 to increase by 1.6% in 2017 and a further 5.6% in 2018. The outlook for multi-level apartment construction remains strong for 2017 (+22.9%) as work continues to fill up the backlog, although the pace of growth will moderate in 2018 (+6.8%) as the current apartment building cycle reaches its peak.
<a href="https://www.propertyobserver.com.au/images/2017/06/29/Turnover.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/29/Turnover.png" alt="">
Australian Industry Group chief executive Innes Willox said while “apartment building continues to feature prominently, it is clearly set to scale back in the period ahead”. But pointed to further expansion in infrastructure investment, particularly in road and rail works, and a lift in private sector commercial construction.
He said the overall pick-up in major project work confirmed construction had moved beyond the impact of the winding down of the boom in mining and energy-related projects. 
However, there could be an expected further decline in resources-related engineering construction, particularly in the oil and gas processing sector, which is set to follow 2016’s 39% decline with further steep drops in 2017 (-25.5%) and 2018 (-56.8%). 
However, the drag from other mining-related construction will slow in 2017 (-14.3%) before emerging from its downturn to record mild growth of 3.1% in 2018.
Australian Constructors Association (ACA) executive director, Lindsay Le Compte, said the spate of infrastructure project announcements on the eastern seaboard will demand a larger workforce and action was the need of the hour to provide skilled personnel. 
Key Points from the Ai Group / ACA Construction Outlook survey:
<ul>
<li>After falling by 1.2% in the year to February 2017, total employment in major construction is expected to return to growth with rising infrastructure work over the reminder of 2017 (+4.5%), before registering a further increase of 1.9% in the six months to June 2018.</li>
<li>Skilled labour shortages remain a concern, with a relatively high 39.1% of respondents reporting either ‘major’ or ‘moderate’ difficulty in recruiting skilled labour in the six months to March 2017, down only slightly from 40.0% in the previous six months. Sourcing of sub-contractors also remained a key concern, with 39.1% citing major or moderate difficulty (down from 44.4% in the previous six months).</li>
<li>The sourcing of building materials was less of a concern for the industry in the six months to March 2017, with 21.7% of respondents citing major or moderate difficulty, down from 38.9% six months earlier.</li>
<li>Labour costs are expected to become a greater source of pressure for the construction of infrastructure and building projects in 2017, with 39.0% of respondents expecting major or moderate increases in both direct labour rates and sub-contractor rates. Reports of increases in construction material costs have eased off to some extent, with 21.7% of businesses reporting major cost hikes (down from 32% six months earlier). </li>
</ul>
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