<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

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The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Mcgrath

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Having announced a potential earnings downgrade of up to 25 percent, shares in real estate company McGrath have tumbled in ASX trading this morning.
There has been some consolidation in the last hour, bouncing up from its record 45 cent low earlier in the day to a slightly more stable, 51 cents.
The shares dipped from closing at 61 cents on Friday. It was a $2.10 share on listing.
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The stock exchange was told company does not expect to reach Bell Potter's estimate of $16.6 million EBITDA for the 2018 full year. It is not the first profit downgrade for the listed estate agency.
In a statement today the McGrath agency said the company has completed the first four months of trading for FY18 but has fallen short of expectations at both the revenue and EBITDA levels.
"The underperformance is largely in company owned sales and is influenced by several factors including continued lower volumes of listings in most markets they serve, lower agent numbers and a significant slow‐down in the traditionally volatile project marketing segment," the statement read.
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It noted McGrath has completed the first four months of trading for FY18.
"The underperformance is largely in Company Owned Sales, and is influenced by several factors including continued lower volumes of listings in most markets we serve, lower agent numbers and a significant slow‐down in the traditionally volatile Project Marketing segment.
"Government policy changes around foreign buyers and developers coupled with tightened lending requirements have particularly affected this segment."
It said its Franchise and Property Management businesses are performing largely at expectations, and both have new management with significant relevant experience.
McGrath has not given earnings guidance for FY18, but notes equities research by Bell Potter which gives a full year estimate of $16.6 million EBITDA.
"The Board believes it prudent to assume continued subdued market conditions, especially in Project Marketing.
"Accordingly, it is assessing a range of measures including the optimal level of cost reductions, balancing shareholder earning requirements with longer term objectives.
"McGrath is committed to maintaining market leading service to vendors, landlords and borrowers, while improving its service to its franchisee partners and agents.
"In order to deliver a result that would align with forecasts in the market of $16.6 million EBITDA in FY18, we would be required to make significant cost cuts that may not be in the best interests of the business in the long term.
"We do not believe that is in the best interests of McGrath or its shareholders."
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Balancing short and long term objectives, the Board and Executive are finalising a Plan which:
Recognises that the M&amp;A activity anticipated at the time of its 2015 listing on the ASX is unlikely to eventuate;
Recognises that the current market environment does not support expansion of Company Owned Offices in the near term;
Continues to support and strengthen the Franchise and Property Management businesses as they are;
Allows for appropriate cost controls resulting from the above factors, while not damaging the long term prospects for the business.
The Board and CEO will have progressed this work and will update investors at the upcoming AGM.
The preliminary plan, which will be discussed with major shareholders between now and then, is to remove $5 million of annualised costs from the business at a one‐time restructuring cost of $1.4 million to $1.6 million.
Most of these savings will be achieved by restructuring the Board, Executive and Leadership Team, removing management associated with M&amp;A and Company Owned Office expansion activities and non‐revenue generating roles across the organisation.
"Our objective is to at least maintain, if not improve, service delivery to our Sales Agents, Property Managers and Principals."
“We are one of Australia’s largest residential real estate services companies and we continue to leverage the underlying strength of the McGrath brand, quality of its sales agents and network reach”, McGrath CEO, Cameron Judson said.
“Our aim has been to grow the relative contributions of each of our annuity businesses in Property Management, Franchise and Oxygen and de‐risk the volatility of our earnings in Project Marketing and Company Owned Sales.”
He noted the short term imperatives demanded of a listed real estate services company are often at odds with long term capacity building and market share growth.
At the level of cost out contemplated above, FY18 earnings could be 20% to 25% lower than the current analyst estimate, due to high restructuring charges and a partial year of cost savings.
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jrobinson-rf4aSBido9

McGrath shares tumble after 25 percent earnings downgrade possibility

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Jordan Andonovski is the latest McGrath agent to head over to The Agency.
Andonosvki, who's regional real estate business has dominated the Illawarra region of NSW, has spent the last eight years at McGrath.
Last financial year the Wollongong office was ranked the second top regional office, and Jordan Andonovski the 20th top sales agent, in the entire McGrath Estate Agents network.
The Illawarra operation sold around 400 properties in 2016.
The McGrath Group had signalled there was a dispute with the franchises in the Illawarra region last week.
Partnering with The Agency, Jordan Andonovski brings a team of 52 staff and approximately 800 properties under management.
In conjunction with this partnership, a number of new agents have signed on to Jordan’s operation, including high-profile agent and auctioneer Justin Sydenham, formerly of Bevans Thirroul.
Matt Lahood said Andonovski embodies the type of people we want in our business.
"Client focused, staff focused and passionate about delivering the best service via the best platforms," Lahood said.
"A local all his life - the town, his team and the community mean an enormous amount to Jordan and we want to support him, support his community.
"Jordan's business joining our business marks a strong ethical alignment."
Andonovski said he is excited to join a growing brand.
“Joining The Agency, our business has joined forces with an elite group of professionals, this signifies new energy and we are focused on giving our clients and employees the best experience on a professional level,” he said.
“The Agency is a growing brand, yet it retains a stylish and boutique feel in its marketing. It provides us with a flexible environment where we can market and run our business in the most responsive way to local demand.”
Last week 23 year McGrath veteran Michael Glynn left the company for The Agency.
 
 
 
 
 
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Another McGrath defection as Jordan Andonovski joins The Agency

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The McGrath Estate Agents network has decided to terminate its franchise agreements for its three Illawarra offices in Wollongong, Shellharbour and Thirroul.
They close on October 23 after McGrath’s head of the franchise network, Christopher Mourd, said the closures are due to a dispute.
“This is an unfortunate situation between two partners of a McGrath franchise, resulting in a dispute between the two franchisees,” said Mourd.
"While we have tried to help resolve the issue and have encouraged mediation, we now have no choice but to terminate the franchise agreements.”
Mourd said McGrath was still securing other franchise partners.
“We continue to believe that the region offers a highly desirable lifestyle choice for Sydney commuters, downsizers and holiday-home buyers.”
McGrath has operated in the Illawarra area south of Sydney since 2009.
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j.ballantyne1990-6AQqhLzZaK

McGrath seeks new Illawarra franchise offices

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The Agency has expanded its national operation into Queensland with veteran local agent John Natoli holding a key role in the brand’s soon-to-be-opened Broadbeach, Gold Coast office.
John Natoli is a highly awarded agent, including the REIQ’s Gold Coast Salesperson of the Year from the mid-1990s.
<a href="https://propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/76198-shark-loving-estate-agent-john-natoli-calls-time-at-mcgrath-surfers-paradise" target="_blank">The local paper</a> had recently advised that the veteran Surfers Paradise agent John Natoli had told clients on his departure from McGrath that he intended to pursue his passion for underwater photography. He didn't rule out a return to property sales.
His clients include the founders of Smorgon Steel, the Smorgon family and motorcycle legend Mick Doohan. “John Natoli brings a wealth of knowledge to The Agency’s Gold Coast operation, he is the foremost authority on the Gold Coast’s prestige market,” says Matt Lahood, CEO The Agency. John Natoli has previously worked closely at McGrath with The Agency’s CEO Matt Lahood and its now the director of sales/chief auctioneer Thomas McGlynn and The Agency’s James Ledgerwood.
"The re-unification of this record-breaking team is incredibly exciting for The Agency," Matt Lahood said.
John Natoli will be joining agents Paul and Charmaine Ledgerwood and The Agency’s Projects team in the Broadbeach office, located in the The Wave building. “I’m very excited about embarking on the same process that we began seven years ago launching McGrath," Natoli said.
"But this time, we benefit from all the learnings and will streamline the process. It was an amazing period of growth and I look forward to this new opportunity with The Agency,” explains John Natoli.
“Watching The Agency in the market, I have been impressed and like what I see – the growth, the ethos and the new way The Agency is doing business.”
Along with sales, John Natoli will be focusing on the mentoring and training of the next generation of agents joining the The Agency team, a challenge John highly anticipates, “I am now in a position where I can share my experience and knowledge with others, another exciting step!”.  With a high proportion of properties on the Gold Coast sold to Melbourne and Sydney-based purchasers, The Agency’s national referral network will assist Natoli.
The McGrath agency pointed out to The Australian that it has over 2300 people in its network with 936 in its sales team.
“All businesses see movement within management and staff and the real estate sector is no different," a spokeswoman said.
“In recent times, McGrath has been fortunate to not only attract key management to positions within the company, but has also seen many return to us, which is reflective of our culture.”
 
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John Natoli joins The Agency on the Gold Coast

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 The high-profile Sydney Inner West agent Michael Glynn has moved to The Agency, which claims to be Australia’s fastest growing agency network.
It comes after <a href="https://www.realestate.com.au/agent/michael-glynn-68688" target="_blank">23 years with McGrath</a> Estate Agents.
"Michael has an uncanny ability to calmly and confidently guide his clients to the best outcome and is renowned for these results,” Matt Lahood, CEO The Agency said.
Michael Glynn has focused on Sydney’s high-end, western inner city fringe markets, responsible for selling some of the most expensive and historically important homes within these postcodes such as Glebe.
Glynn said The Agency presented an exciting path with the view of delivering a better level of service to the market.
"I knew my clients would respond to and benefit from this service,” Michael Glynn says.
“I’ve worked with many of the people behind and at the forefront of the business, and so I have the confidence and belief that we can work in a meaningful, positive and genuine way together.”
According to Michael Glynn, many companies pay lip service to collaboration but in reality agents end up siloed.
The Agency strongly encourages referrals between agents, Lahood said.
“We have many agents who have never worked together before sharing referrals and even co-listing.
“This is The Agency’s culture – supportive, collaborative and cohesive – and it is how we deliver the best service to clients and give agents the best experience.”
The announcement follows the decision of Bethwyn Richards to leave McGrath for The Agency which is expected to be announced later this week.
The Agency is part of Ausnet Financial Services, formerly Namibian Copper which provides finance broking, real estate services, settlement services, property management, project marketing, insurance and financial services.
It was initially based just in the Western Australian market with an aim to be rolled out nationally.
After relisting on the ASX late last year it is trading at just below its 2 cents issue price with a $10 million market cap.
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Michael Glynn quits McGrath for The Agency

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The mooted departure of McGrath agent Bethwyn Richards to The Agency is expected to be formally announced today.
Specialising in Sydney’s beachside suburbs from Bondi to Coogee, Bethwyn Richards, who has a who's who client list, had some loose ends to tidy up which meant her much delayed exist.
She takes with her a client book built up over the decades that includes Deb Hutton, Anthony Bell, Peter Overton and Jessica Rowe, Mark Carnegie, cricketers Shane Watson and David Warner and the former Swans coach, Paul Roos.
One of her recent sales was when the Footy Show's Erin Molan bought.
One of her most celebrated sales was the Bronte home of the late Heath Ledger. She sold the Bayview Street home overlooking the beach for $7 million after it traded for $4.45 million just two years before.
With the backing of mortgage broker John Kolenda, and Ausnet Financial Services, she joins other veteran McGrath agents who've launch as The Agency including Matt Lahood and Ben Collier.
The McGrath rebels teamed together last month selling their combined near 15 per cent stake for 65¢ a share to institutional investors.
Beth­wyn Richards joined the sell-off.
The group, which was headed by the former chief operating officer Geoff Lucas who had a 4.3 per cent stake, had hoped their block trade would attract a premium offering, but instead settled for deal struck at a discount below the 73 cent closing price.
The sale was less than one-third of the $2.10 a share the company was floated at in December 2015. Stock worth $42.8 million at the time of the float changed hands at $13.2 million.
The block was held by well-known agents including Ben Collier, Shad Hassen, Matt Lahood and Brad Gillespie, former McGrath agents who now work for The Agency.
The escrow condition had prevented the former McGrath insiders from offloading their shares since it listed in December 2015 at $2.10 a share.
This article was first published in the Sunday Telegraph.
 
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Real estate agent industry turmoil continues

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McGrath Limited has announced the appointment of Glynn Wright as its chief financial officer.
Wright joins McGrath from Bras N Things, where he held the positon of CFO and, before that, from Woolworths Limited, where he was head of finance transformation.
Wright is a qualified chartered accountant and brings extensive experience in strategy, planning and transformation.
The current CFO, Paul Hauenschild will remain with McGrath to provide an appropriate handover to Wright. The board thanked Hauenschild for his contribution over more than 10 years, including assisting the company through the period of its initial public offering. 
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Glynn Wright replaces Paul Hauenschild as McGrath CFO

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The listed fund managers Perpetual and Argo have lifted their stake in real estate group McGrath, acquiring shares offloaded by rebel former company executives and sales agents.
Perpetual Limited, the biggest institutional backer of McGrath, acquired an additional six million shares on Tuesday taking its overall stake to 14.16 per cent from a previous 10.05 per cent.
Third ranked Argo Investments increased its stake to 7.18 per cent from just over 5 per cent on Tuesday after the escrow period lapsed.
John McGrath remains as the top shareholder.
Both bought shares at 65 cents, a third of McGrath's $2.10 a share December 2015 IPO value
Shares in the company traded Thursday at 64 cents. 
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McGrath's two major institutional shareholders take more equity

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The McGrath rebels ended up selling their combined near 15 per cent stake yesterday for 65¢ a share to institutional investors.
The listed agency had faced the prospect of alleged activist investors picking up the stake but the stock was instead placed with Australian institutions who likely back the group’s management.
The sale was handled stockbroker Wilsons, which last week lodged a substantial shareholding notice for a 14.66 per cent McGrath holding.
The sale was less than one-third of the $2.10 a share the company was floated at in December 2015. Stock worth $42.8 million at the time of the float changed hands yesterday at $13.2 million.
The group, which included former chief operating officer Geoff Lucas who had a 4.3 per cent stake, had hoped their block trade would attract a premium offering, but instead settled for deal struck at a discount below the 73 cent Monday closing price.
The block was held by well-known agents including Ben Collier, Shad Hassen, Matt Lahood and Brad Gillespie, former McGrath agents who now work for The Agency.
The escrow condition had prevented the former McGrath insiders from offloading their shares since it listed in December 2015 at $2.10 a share.
Another of the holders, Beth­wyn Richards, currently works for McGrath, while Geoff Lucas has since moved to ­artisan bakery group Sonoma.
Shares hit a low of 54¢ in June, but lifted recently as there was talk of private equity firms circling.
Mr Lucas, who left McGrath in August last year after a seven-year stint, told The Australian Financial Review that as an investor he had to be properly aligned with the board, management and strategy of the company he invested in.
"I can't say [the McGrath] strategy is satisfying me at the moment," he said.
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McGrath rebels sell at 65 cent with swipe from Geoff Lucas on departure

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Trading in McGrath shares were without fanfare this morning despite speculation there could be some serious activity today.
There were just four small trades in the first two hours.
Any block trade was likely to come after the trading closed, after market today, rather than as massive special.
Despite the perceived overhang, the share price has gone up a touch in recent days. 
TRADING SUMMARY
<a href="https://www.propertyobserver.com.au/images/2017/09/08/Screen%20Shot%202017-09-08%20at%2012.07.11%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/08/Screen%20Shot%202017-09-08%20at%2012.07.11%20PM.png" alt="">
A block trade, which is being handled by stockbroker Wilsons, was to become available for purchase after some 46.3 per cent of shares in the company was due to come out of escrow.
The Drummoyne-based activist investor Matthew Donnellan was reputedly lining up to acquire a designated 15 percent stake.
The shares are being mostly offered to the market by former McGrath agents and senior executives.
The 14.66 percent stake would make the second biggest shareholding behind founder John McGrath.
The 14.66 per cent combined stake in McGrath was created by the shares of former McGrath director of sales Matt Lahood, Geoff Lucas the former McGrath chief operating officer who has since moved to artisan bakery group Sonoma, and former agents Ben Collier, Stephen Chen, the Leichhardt agent Shad Hassen and Brad Gillespie, along with a remaining McGrath agent Bethwyn Richards.
The rival real estate agents - now at The Agency - hope selling the shares as a block could achieve a premium price.
McGrath CEO Cameron Judson previously advised McGrath remained a "a long-term holder of stock" but didn't advise further on any future purchasing or privatisation plans.
More than half of the shares set to come out of escrow are owned by founder John McGrath.
Later this month another 7 per cent of shares owned by Shane Smollen and other Smollen associates come out of escrow .
Last month, The Australian Financial Review's Street Talk column reported that Anchorage Capital, Adamantem Capital, Advent Partners and Crescent Capital Partners were among firms taking a close look at the country's third-biggest real estate sales group.
The shares floated at $2.10 in the initial public offering in late 2015. 
McGrath shares closed at 76 cents on Thursday and we at 78 cents today.
Perpetual and Argo rank as third and fourth largest shareholders.
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