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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Frasers Property Australia (formerly Australand) has formally opened its eco-friendly industrial building at Yatala Central, located between Brisbane and the Gold Coast, with glass bottle-making giant Owens-Illinois (O-I)  being the first tenant to move in.
The facility has been rated 6 Star Green Star by the Green Building Council of Australia, making it Queensland’s first industrial building to be rated such, said a media release.
The 39 hectare Yatala Central estate is located on the corner of Pearson and Peachey Roads in Yatala. 
Sustainability features of the new building includeLED lighting throughout, solar PV system to generate renewable energy on site, 100% water recycling, less waste generation and fibre cement warehouse slabs among others.
O-I has leased a 6.75 hectare site comprising 30,000 sqm warehouse and 400 sqm office space over one level at Yatala Central. It will supply recyclable glass containers to Australian food and beverage companies. It also has the option to expand into the warehouse next to the site and add an additional 5,000 sq m.
O-I Australia general manager Jonathan Marshall said, “Opening this new six-star facility is a further commitment from our business to sustainable operations in Australia. We were pleased to partner with Frasers Property who facilitated the project to achieve top rating for the facility.”
O-I’s Yatala facility will help it service the Australian east coast and the company expects to move up to four million bottles through the facility daily. 
Troy Whalan, general manager New Business, Queensland for Frasers Property Australia, said, “Yatala Central provided the perfect platform to reduce our carbon footprint and launch the first 6 Star Green Star industrial facility in Queensland.
Yatala Central is connected by one of Queensland’s major arterials – the M1 motorway.
“Yatala is one of the fastest growing industrial precincts in Australia and has attracted several well-known brands including Carlton and United Breweries, ALDI, Woolworths, Caterpillar, Visy and VIP Pet Foods. The Yatala market is experiencing increased pre-lease enquiry. We expect to announce several new tenants within the next few months,” said Whalan.
Frasers Property has developed over 17 hectares in Yatala Central and is awaiting council approval for the remaining 22 hectares which will be released to the market mid 2017.
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Queensland’s first 6 Star Green Star industrial building opens for business in Yatala

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<div>The head of Victorian real estate’s peak body, the Real Estate Institute of Victoria, Enzo Raimondo is set to depart.</div>
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<div>He has served as the Real Estate Institute of Victoria’s chief executive for 16 years, after arriving in March 2016 from the Real Estate Institute of South Australia where he was the ceo.</div>
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<div>Representing over 2000 Real estate businesses in Victoria who employ over 14,000 people, over 80 per cent of all real estate agencies in Victoria are members of the REIV.</div>
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Mr Raimondo’s replacement has not been been announced.
"I've had 16 wonderful years," said Enzo who has two sons working in real estate.
REIV President Geoff White will step in as acting CEO from mid-May, working alongside Mr Raimondo.
After 16 years of service, REIV CEO Enzo Raimondo is departing the REIV to take up an undisclosed opportunity in the property industry.
Mr Raimondo is the REIV’s longest-serving CEO, commencing in the role in 2000. 
Mr White acknowledged Mr Raimondo’s significant contribution to the industry – both in Victoria and South Australia where he was previously CEO of the REISA – and said that it provided a solid foundation for the next stage in the REIV’s evolution.
“His efforts are to be commended and have greatly increased the profile of the sector and members’ interests,” he said.
Under Mr Raimondo’s leadership, the REIV has introduced compulsory CPD for members, and launched a range of digital products, including propertydata.com.au and realestateview.com.au.
He added that the REIV “recognises this as a wonderful opportunity to build upon what has been achieved to date, and to ensure continued advancement for the real estate industry’s peak body”.
 
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Enzo Raimondo stepping down from REIV

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DEXUS Property Group today announced the resignation of its chief operating officer, Craig Mitchell, who is leaving to become the chief executive officer of Grocon Pty Ltd.
Last month Craig Mitchell was suggested as a contender for the Charter Hall Group chief investment officer gig. 
Sources said Mitchell was keen to make his name away from his boss, the well-regarded Darren Steinberg. 
Carolyn Viney, one of the highest ranking women in the property industry, announced her decision to step down this June.
Mitchell was considered for GPT Group's chief executive officer role but missed out to Bob Johnston.
Mitchell is chief operating officer at DEXUS and an executive director of DEXUS Funds Management having more than 25 years of financial management and accounting experience, with more than two decades specialising in the property industry.
Prior to DEXUS, Mitchell held positions with Stockland Group and Westfield.
Darren Steinberg, DEXUS CEO thanked Craig for his significant contribution to the Group over more than eight years.
"He leaves DEXUS in a strong position and we wish him all the best in his new leadership role.” Craig joined the Group as Chief Financial Officer (CFO) in September 2007 and as a member of the Executive General Management team has overseen various functions including the management of the third party funds management platform and retail business.
"Craig was appointed to the Board as an Executive Director in February 2013.
Richard Sheppard, Chair of DEXUS said: “On behalf of the Board and the team at DEXUS we extend our thanks and gratitude to Craig and appreciate his dedication and overall contribution to the Group.” Craig‟s existing responsibilities in the short term will be assumed by members of the Executive General Management team.
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Craig Mitchell quits DEXUS for Grocon

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Hello Real Estate and Minrex Resources NL have agreed not to complete their proposed reverse takeover, scheduled for January 2016.
Hello Real Estate has instead indicated discussions with a number of private equity firms have "progressed" to raise the necessary capital elsewhere for funding the demand for its home owner controlled real estate sales system.
Hello Real Estate’s growth has in the last three months seen the number of Hello licensees in Australia increase from 12 to 35 prompting its claim as Australia’s fastest growing real estate disruptor through its sale by owner system.
<a href="https://www.hello.com.au/?page=home" target="_blank">Hello, a licensed real estate agency</a> that offers a low fixed fee service for clients to sell their own property, comes with dedicated hands-on mentoring.
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Hello Real Estate had been set for December 2015 stock market listing with the move by Minrex Resources NL to take over Hello for $6.75 million.
It was anticipated Minrex would change into HelloReal Estate Limited raising $5 million in capital to expand the Hello business.
Hello describes itself as a licensed real estate business "which offers its clients a fixed-fee service to sell their own property supported by a team of professional service providers, covering all aspects of selling, web listings, advertising, negotiation, conveyancing and settlement services as well as professional mentoring."
According to Hello, the system achieves significant savings, less time on market and "the best market price for the property".
Hello launched in 2012 in South Australia and then into NSW in mid-2013.
The intended listed company was to have a new board, headed by Bob Lapointe, the franchise entrepreneur who brought Kentucky Fried Chicken, Pizza Hut and Sizzler to Australia.
Now in his 70s, Bob Lapointe has chaired Hello since May 2014.
MinRex Resources NL (“MinRex”) is an exploration company, listed on the Australian Securities Exchange, with its principal focus being the exploration and development of gold, base metal and tin projects in Australia.
MinRex holds two principal projects, the Deflector Extended Gold Project at Gullewa in Western Australia and the Heemskirk Tin Project in Tasmania.
The intended Hello Real Estate <a href="/news/gold-mining-company-turns-to-hello-for-sale-by-owner-disruptee-business">stock market listing</a> via MinRex emerged mid last year, with MinRex now consulting with the ASX to resume quotation of its shares as soon as possible and will continue with its current exploration portfolio.
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Hello.com.au Real Estate calls off backdoor ASX listing

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Some two decades in the making, the real estate services company McGrath Ltd commenced trading today after floating at 12noon on the stock market.
Its initial trading price was $1.94, slightly below the public offering price at $2.10.
It was trading at $2 several minutes after the 12 noon float, then $2.02 some 15 minutes in. It got to $2.03, then closing the day at $1.83. 
McGrath Holding Co Ltd (MEA ASX) filed a prospectus to sell a 53.7 per cent stake, or 72.1 million shares, for $2.10 each, giving it an envisaged market capitalisation of $281.8 million.
There are some 1770 shareholders.
The digital pioneer Daniel Petre sits on the board as a non-executive director of the company lead by Sydney agent John McGrath.
McGrath appointed JP Morgan and Bell Potter as joint lead managers for the expected float.
Luminis Partners was advising McGrath.
Its annual residential sales turnover for FY15 was $12.3 billion from 11,760 sales with its newest offices opened in Bankstown, Frenchs Forest, Long Jetty, Revesby, Ryde, The Ponds (NSW), Annerley/Yeronga, Cairns, Noosa, Rockhampton and Wilston (QLD).
McGrath has expanded to 73 offices in the network.
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Real estate services company McGrath float hits ASX bourse at $1.94 and rising

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The former LJ Hooker CEO and industry icon, Grahame Cooke, passed away peacefully this morning in Hobart following his 18 month battle with cancer. 
Grahame commenced his career in real estate in October 1968 by walking into LJ Hooker Hobart and asking for a job.
They took him on as an assistant property manager, and he remained with LJ Hooker for more than 36 years.
Following his stint in property management, he became state manager in Tasmania and then moved north to take the role of state manager in Queensland, before moving to Sydney in 1990 where he was appointed executive general manager of franchising.
In 1994, Grahame was appointed LJ Hooker CEO and helmed an era of growth and geographic expansion until his retirement in late 2004.
Author Peter Lightfoot, in his book ‘Laugh and the World Laughs with You’, referred to Grahame as the “man who brought franchising to LJ Hooker - and to adulthood".
During his time Grahame saw huge changes including the advancement of technology and its impact on the real estate industry.
He rode out booms and recessions and guided the company through its challenges for it only to emerge strong and triumphant, the current CEO Grant Harrod said today.
"Grahame was an exceptionally passionate man and he always saw people as the greatest asset of our brand and would often say the LJ Hooker family would inspire him everyday." 
Grant Harrod listed some of Grahame's indelible achievements as:
<ul>
<li>Formed the national marketing fund so we could launch the incredibly successful ‘nobody does it better’ television campaign and launched community based marketing.</li>
<li>In 1994, despite strong opposition he commenced development of the LJ Hooker System (E2), and I know he’d be very proud of NextGen today. He was also the visionary behind the <a href="https://ljhooker.com/" target="_blank">ljhooker.com</a> website.</li>
<li>Under his leadership, in 1996 LJ Hooker acquired the Challenge Realty Group in New Zealand. They were re-branded to LJ Hooker in 1998.</li>
<li>In 1997 he launched LJ Hooker Commercial.</li>
<li>And, he created the Captains Club.</li>
</ul>
On October 2009 he was invited to join the LJ Hooker Limited board of directors retiring in May 2014. 
"I had the privilege of sitting with Grahame, affectionately known as 'Cookie', on the LJ Hooker Board for almost five years," LJ Hooker Chairman, L Janusz Hooker said today.
"When I asked him if he would like to join the Board to help revitalize LJ Hooker, after having retired as the group CEO five years prior, he didn't hesitate.  
"Yes, absolutely, was his answer.  
"Having earned his LJ Hooker stripes over a very long and successful career, he was a formidable force in the boardroom and was fearless in his mission to protect the brand and the extended LJ Hooker family.
"He sincerely loved the brand and everyone in it.  
"Grahame was blood and custard through and through and his legacy is the enduring strength of LJ Hooker and its family culture which we all enjoy today.  
"Grahame's passion and business acumen has been an inspiration to me and my family for generations. 
"On behalf of the LJ Hooker family, our thoughts are with his wife Lynne, his family and friends," he said.
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Vale LJ Hooker chief Grahame Cooke

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REA Group has announced its desire to fully acquire the iProperty Group in a deal that values iProperty at around $750 million.
The remaining 77% stake will cost about $575 million given REA has built up a stake of 22% in the south-east Asia online property portal.
"iProperty's board, management and staff have done a tremendous job of building iProperty from an emerging start-up, to occupying leadership positions in key markets," Real Estate Australia chief executive Tracey Fellows said today.
"This acquisition will bring iProperty and REA's existing portfolio of digital real estate advertising business and enable the business to take the next step in its evolution," Tracey Fellows said.
iProperty operates real estate websites in Singapore, Malaysia, Hong Kong, Macau, Indonesia, Thailand and the Philippines, though Tracey Fellows noted the transition from offline real estate advertising to online was at an earlier stage than in Australia "but is accelerating and represents an enormous monetisation opportunity."
"South East Asia is underpinned by highly attractive macroeconomic factors with strong growth prevalent across the region.
"The real estate market is expected to continue to grow driven by expanding populations and increasing GDP per capita, with the acceleration from offline to online advertising presenting an enormous opportunity for iProperty," she said.
Under the proposed transaction, iProperty shareholders will receive cash consideration of $4.00 per share.
As an alternative, iProperty shareholders will also be able to elect mixed consideration comprising of $1.20 in cash and 0.7 shares in a newly formed, unlisted public company, which will own an indirect interest in iProperty.
REA will fund the acquisition primarily from new debt facilities totaling $480 million, with the remainder from existing cash reserves.
REA’s leverage will be approximately 1.5x net debt / EBITDA on a pro forma FY15 basis but is expected to be lower by the time the transaction completes.
<a href="/images/2015/11/Screen%20Shot%202015-11-02%20at%2011.51.17%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/Screen%20Shot%202015-11-02%20at%2011.51.17%20AM.png" alt="">
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REA seeks full iProperty portal ownership with $4 per share bid

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McGrath Limited has reached agreement to acquire the largest franchise group within its network.
The acquisition will result in 10 McGrath franchise offices across Sydney’s mid to upper North Shore, North-West and Northern Beaches region, becoming McGrath company owned offices.
The 10 McGrath offices, under the leadership of Shane Smollen, was one of the largest real estate agency groups in Australia.
They have 65 sales agents, including 12 of the highest performing sales agents in McGrath’s current top 25 agents over the past 12 months.
They also have over 2,200 properties under management across these regions.
The acquisition will result in McGrath’s company owned division having one of the largest property management portfolios in Australia with over 7,200 properties.
McGrath chief John McGrath said this was a "strategic step" in the company’s growth plans.
“Our model is a hybrid of both company owned offices as well as franchises and we are equally passionate about both sides of our business.
"We are continuing to rapidly grow our franchise network organically into other high value high volume markets whilst never losing focus on McGrath’s most important stakeholders, being our team and our customers.
"Scale will be a key differentiator in this new world where innovation and continued significant investment in technology will be critical.”
The McGrath offices acquired are located in Crows Nest, Epping, Ryde, Lane Cove, Pymble, Hunters Hill, Castle Hill, Lindfield and the Northern Beaches.
McGrath Limited has been tipped as undertaking a public float.
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McGrath Ltd acquire Shane Smollen's 10 Sydney franchise offices

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International real estate agency Savills has agreed to acquire the Sydney-based real estate agency Cordeau Marshall, that specialises in Sydney’s North Shore and eastern suburbs prestige markets.
Cordeau Marshall, who currently operate under the franchise of Century 21, is a family operated business with over three decades in the real estate industry.
With offices in Double Bay, Gordon, Lindfield, St Ives, Turramurra and Roseville, they rate among the leading agencies on the Upper North Shore. 
The expansionary investment into suburban agency follows the opening of a Savills Residential office in Chinatown in February this year.
Paul McLean, the Savills Australia and New Zealand chief, said building the residential business had been part of their strategic growth plan for some time. Savills will also acquire the Cordeau Marshall rent roll of 700 plus properties.
"The addition of Cordeau Marshall will provide Savills with a significant footprint and a strong platform for further growth in the residential market, not only in Sydney, but nationally.
“We were attracted to this business for a number of reasons - the strength in one of Sydney’s premium residential areas, Cordeau Marshall’s leadership in innovation and engagement with the local community, but probably most importantly the cultural fit of its people with the Savills team.”
The agency has been associated with prestigious upper north shore listings including Inglewood, the 1898 Warrawee residence designed by Howard Joseland and Hugh Vernon, which was offered by the Waine family, co-founders of the Woolworths, Australia, retail chain after eight decades' ownership. 
Craig Marshall, founder of Cordeau Marshall has had a long relationship with the waves of Asian buyers. In 1991 he noted that 20 per cent of all sales on the upper North Shore were to Asian buyers, which had by January 1992 risen to 80 per cent within his agency. He told the Sydney Morning Herald in mid-2013 that of the first 102 properties sold through his network in 2013, some 46 went to Asian buyers.
Savills already has a highly successful residential projects division and luxury residential business in Sydney, having achieved some of the highest residential sales in 2014 with the sale of 112 Wolseley Road, Point Piper for circa $37 million, and a record price for a city apartment in Sydney with the sale of the Eliza Penthouse for $13 million. 
Head of Savills Residential, Ged Rockliff said no other large agency was able to provide such a full service to clients on both a commercial and residential platform.  
“We have the unique offering of a single ownership structure, unlike a franchise business model, ensuring zero conflict among the offices.
"The Savills - Cordeau Marshall business will offer clients a much broader package than currently exists, from managing properties to selling high end luxury, it can all be achieved under the one roof with the support of a global leader in real estate, coupled with local knowledge and community support.
"This allegiance will also provide greater depth and coverage of the Sydney market, particularly for the apartment projects to be marketed in this region with a massive database of owner occupiers, downsizers and an active clientele of investors.
 “We have more than 1,000 off-the-plan apartment sales in the pipeline and with this new acquisition it will enable Savills to provide a complete end to end service to clients, from purchase, through to settlement, and now ongoing property management services,” added Mr Rockliff.
Supplied photo: LtoR Ged Rockliff, Craig Marshall, Paul McLean
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Sydney's prestige Cordeau Marshall agency sold to Savills

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McGrath Real Estate Agents, who were issued with an assessment of $6 million by NSW Office of State Revenue, has settled the claim for payroll tax, interest and penalty tax.
The OSR alleged the McGrath group were liable for payroll tax on commission payments received by “independent” agents who were contracted to them from July 2007 to June 2012.
The Tobin Partners payroll industry advisory spoke earlier this month to McGraths CFO Paul Hauenschild who advised that their had been settlement terms were confidential.
Geoff Lucas, chief operating officer for McGrath Estate Agents subsequently confirmed to Property Observer that the dispute with the OSR was actually resolved in September 2014, shortly after the issue garnered public attention.
"We are happy with the outcome and that there will be no impact upon McGrath's operating model," he advised this week.
"As part of a confidential resolution, no further comments will be made."
<a href="https://www.tobinpartners.net.au/#!mcgrath-real-estate/c104e" target="_blank">Tobin Partners</a> noted it is common practice in the industry for better performing agents to enter into contract arrangements with agents who work under the company’s banner.
These arrangements often include the agent operating under a company set up but there are cases where the Courts will look behind the documentation to work out the true nature of the relationship. In this case the NSW OSR alleged that the agents came within the definition of “employees” under the Payroll Tax Act (NSW).
Under the Payroll Tax legislation which has been harmonised throughout all Australian States and Territories “wages” can include commission payments.
The McGrath Estate Agents group maintained its payroll dispute with the New South Wales Office of State Revenue had industry-wide repecussions.
<a href="/news/estate-agent-john-mcgrath-considers-asx-float">Property Observer revealed </a>that the prominent estate agency has been issued OSR payroll tax assessment notices.
The total amount being disputed is $6,072,810, inclusive of payroll tax, interest and penalty tax.
The directors had believed McGrath Sales Proprietary Limited has no payroll tax obligations and intends to further challenge the assessments, or any other future assessments, if their objection is dismissed.
The group's chief operating officer Geoff Lucas had previously advised Property Observer that in the real estate industry there had been a trend of licensed co-agents operating their own independent business within a business.
The McGrath estate agency was expected to generate earnings before interest and tax of about $20 million in fiscal 2016 and net profit of about $15 million, according to The Australian Financial Review which recently updated details on the prospect that John McGrath intends floating his estate agency around November.
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