<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.
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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;

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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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The listed fund manager Argo Investments has become a substantial investor in the listed real estate group McGrath.
Argo, the second biggest investment company on the Australian Stock Exchange, has acquired just over a million McGrath Limited shares since April - paying between $1.10 and $1.20 a share – to take its stake to 5.02 per cent.
Argo, founded in 1946, is a is a long-term value investor with a market cap of almost $5 billion.
McGrath floated at $2.10 in December with its shares at $1.18 on Friday.
Founder John McGrath remains the biggest shareholder in McGrath Limited with almost 28 percent of the company. 
Shane Smollen, who sold his 10 McGrath franchised offices back to the company pre-IPO in exchange for cash and shares, has a 5.59 percent stake.
Its former chief operating officer Geoff Lucas owns more than 4 percent.
The investment manager and value investor, Perpetual owns around 13 percent.
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jchancellor-FAypfDUnLy

Argo secure 5 percent stake in McGrath

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The Australian Financial Review has obtained a leaked letter highlighting the concerns of franchisees at the listed real estate group McGrath.
The March letter was sent to management outlining a range of concerns about the outlook for the company.
The group of 13 McGrath franchisees said they were supporters of management, but warned of the need for investment in customer management software.
They complained of an increase in franchise fees despite head office running a poorly performing system.
They also complained that the brand's marketing "needs to show understanding for different markets and adapt much quicker."
It suggested the franchise services team lacked autonomy to make decisions, leaving simple requests taking "over two weeks and more difficult ones six months or more."
They asked for an overhaul of the recently relaunched company website which is viewed by users as pretty but disfunctional.
The letter preceded the appointment by the ASX-listed company of former Chandler Macleod boss Cameron Judson as its joint chief executive in July, alongside founder John McGrath.
John McGrath stepped down as chief executive last week, assuming the role of executive director. 
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McGrath offices complain about website relaunch

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Estate agent John McGrath is stepping away from the daily operations of the recently listed McGrath group.
The company has revealed the company’s current joint chief executive Cameron Judson will take Mr McGrath’s role.
It came as McGrath Limited (ASX: MEA) announced a 12 percent revenue increase in their first year as a listed company.
Their revenue increased to $137 million, which was in line with their guidance range of $136 million to $140 million.
The chairman David Mackay, who oversaw the listing last year, will retire from the board and be replaced by Cass O’Connor, who has been on the board for 15 years.
Elizabeth Crouch is the board's latest appointment. Elizabeth is currently Deputy Chancellor of Macquarie University and on the Board of the Macquarie University Hospital and the Museum of Applied Arts and Sciences. She chairs the Audit and Risk committees of the City of Sydney and the NSW Government’s Health Infrastructure and is a Non-Executive Director of SGS Economics and Planning. Elizabeth has served as Chair of Railcorp, Non-Executive Director of Chandler Macleod for 4 years and CEO of the Housing Industry Association for 9 years. 
John McGrath, who remains an executive director, said his new job would focus on growing the company’s “brand, growth and innovation”.
“As the company grows rapidly it’s important to focus my attention and efforts on the business that I add most value,” Mr McGrath said.
The McGrath group continued to grow sales, agent numbers, offices and market share in FY16.
Their number of property sales rose 11 percent to 12,232, with the value of property sales seeing a 14 percent increase to $13.2 billion.
Agent numbers increased by 77, rising to 642 across the country, and the number of McGrath offices increased by 20 to 87.
<a href="https://www.propertyobserver.com.au/images/2016/08/24/McGrath%20finances.jpg" target="_blank">Click here to enlarge</a>
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Joint-CEO and founder John McGrath was pleased with the business model strength despite the difficult market.
“Notwithstanding the challenging market environment for the real estate industry, given the low volume of listings and sales in the second half, the strength of our business model saw us deliver a solid result," he said.
“We have successfully grown into new and emerging markets by opening our first four franchise offices in Victoria, and another eight in Queensland.
McGrath Estate Agents were made the exclusive selling agency for the Property NSW's Millers Point sell-off in FY16.
“Property NSW’s appointment of McGrath Estate Agents as the exclusive selling agent for two phases of the Millers Point program was a key milestone for the company.
"Our ability to achieve a 100 percent clearance rate with 58 properties sold for $179.9 million is a testament to the capabilities of our people and the strength of our offering.
John also spoke of the appointment of joint-CEO Cameron Judson, whom he had shared the chief executive position with since July.
“Our team has been further strengthened with the appointment of Cameron Judson as Joint-CEO on 14 July 2016.
"He brings a wealth of professional services industry experience and new perspectives to McGrath.”
Judson spoke on the strategy and outlook, suggesting despite the short term challenging market conditions, the long term fundamentals of the real estate industry remain attractive.
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j.ballantyne1990-6AQqhLzZaK

John McGrath announces 12 percent revenue increase in first year as veteran steps aside from listed company leadership

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McGrath today announced the opening of a new company-owned office in Blacktown in Sydney’s west.
John McGrath, founder and joint chief executive of McGrath said Blacktown has all the hallmarks of continued growth with strong infrastructure development and good transport links.
“Improved transport connections via the M2 and M7 unlocked Blacktown and its surrounds to a wider range of buyers and provided growth stimulus for property prices. The area however remains very affordable for both families and first home buyers,” said Mr McGrath.
It is the company’s 91st office.
The new McGrath Blacktown office will be led by Katina Giannos having worked at the company’s Parramatta and Concord offices for the past nine years.
The Blacktown Local Environmental Plan 2015, which focuses on development hubs in Blacktown, Seven Hills, Rooty Hill and Mt Druitt, aims to revitalise the local area by bringing more employment opportunities and improved connections to transport, according to the NSW Government.
Blacktown has experienced robust price growth with houses growing in value by 61 percent over the past three years to $660,000 and apartments by 42 percent to $456,000. The suburb offers strong rental yields of 5 percent for apartments and 3 percent for houses, according to CoreLogic.
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McGrath open 91st office at Blacktown

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The McGrath Ltd chief operating officer Geoff Lucas has quit to take a role at the NSW bread maker and café group, Sonoma.
Lucas announced his resignation to staff yesterday that he intends to pursue the business opportunity after being at the estate agency for almost eight years.
He will start with Sonoma as chief operating officer as Sonoma is on an expansion path.
Lucas retains a 4.3 percent shareholding in the recently listed McGrath Group.
He was previously chief executive at Credit Corp, the financial services sector company.
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Geoff Lucas quits McGrath for bread maker

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McGrath Estate Agents has opened a new franchise office in the Melbourne suburb of Northcote - the company’s fifth in Melbourne.
McGrath Northcote will focus on the key suburbs of Northcote, Thornbury, Fairfield, Fitzroy and Preston. 
McGrath Chief Executive John McGrath said Melbourne’s Inner North is one of the city’s most exciting and culturally rich areas with a strong ‘arts and culture’ community as well as a selection of award- winning restaurants and boutiques. 
“The Inner North has seen a rapid rise in young professionals and families attracted to the area for its eclectic and vibrant lifestyle that is in close proximity to the CBD. Such diversity in the way of eateries, bars and shopping is important to an area’s growing desirability in terms of the property market, as well as its accessibility through good public transport,” he said.
Gino De Iesi will operate the new McGrath franchise office in Northcote.
 
John McGrath said Mr De lesi is one of the Inner North’s leading real estate professionals, with more than 22 years of industry experience. In 2016 he secured a new suburb record for Northcote with the sale of a Victorian home for more than $3.5 million.
Mr De lesi said a combination of high buyer demand and low stock levels has resulted in healthy price growth across the region.
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“While the Inner North hit a high note in 2013, it has continued on a steady growth path since then with prices holding firm. However suburbs such as Preston and Reservoir have reported more robust growth over the past 12 months with buyers priced out of neighbouring Northcote and Thornbury moving further north seeking better value for money,” he said. 
 
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jonathanchancellor-7SQnKwU6yx

McGrath expands Melbourne reach with a new office in Northcote

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McGrath Limited has announced the appointment of Cameron Judson to the position of joint chief executive officer of the company.     
Cameron has held a number of senior roles, with previous positions at Chandler Macleod Group, Chubb Security and TNT Express.
In his most recently role as CEO of Chandler MacLeod Group Limited, Cameron led the strategy development, transformation, diversification and growth of the business to create one of the leading HR services organisations in Australia.
He has been appointed as the company continues its rapid growth plan in key Australian markets.
McGrath founder and now joint CEO John McGrath said he is excited about working with him.
"We are extremely excited about working together, and drawing on the new perspectives Cameron brings to the company," he said.
“Cameron brings a wealth of professional services industry experience to McGrath, as well as a proven track record as the CEO of a listed, $1.4 billion revenue company."
"This appointment will allow me to focus my efforts and energy on my strengths including our people, brand, innovation and growth strategies."
"With decades of successful real estate experience available to him within the existing management team we know this will be an effective combination."
McGrath, who joked he would be around “for another 27 years”, made the announcement just eight months after it listed on the ASX with the shares trading still at less than half its float price.
"I’m looking forward to working alongside this already talented management team to assist them in growing what I believe to be the most exciting real estate brand in Australasia into the future,” Cameron Judson said.
 
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John McGrath to share CEO role

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Real estate group McGrath Estate Agents, a division of McGrath Limited (ASX:MEA), has opened a new office in Mooloolaba in Queensland’s Sunshine Coast as it looks to take advantage of strong price growth in the area.
This is the company’s fourth office in Sunshine Coast and its 20th in Queensland, said a media release. 
Chief executive John McGrath said the Sunshine Coast is one of the most exciting coastal destinations in Australia.
“The ongoing construction of one of Australia’s largest health precincts at nearby Birtinya and the new Maroochydore CBD are driving both infrastructure and employment in the region," said McGrath.
The Mooloolaba office will serve as a satellite to the Buderim office, which opened in August 2013. It is the second office under the leadership of co-principals, Damien Michael and Chris Pace. Their team will comprise of six real estate professionals.
It will service the suburbs of Mooloolaba, Minyama, Alexandra Headland, Maroochydore and Buddina.
Pace said price growth in Mooloolaba and its surrounds are back to pre-GFC levels, with the waterfront market's entry level now sitting around the $1 million range.
 
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McGrath opens office in Sunshine Coast's Mooloolaba as prices back to pre-GFC levels

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Residential real estate group, McGrath Estate Agents has announced the signing of two new franchise offices in the Melbourne. 
The offices will be in bayside suburb of Bentleigh situated in the southeast, and another in the outer-east at Croydon. 
Both offices are due to open in May, bolstering the number of Melbourne offices to four since it first entered Victoria in December last year. 
McGrath Chief Executive John McGrath said he was delighted by the continued momentum in the company’s expansion. 
McGrath Bentleigh will be led by Melissa Ryan and Peter Sinclair. 
The new franchise office will focus on the key suburbs of Ormond, Bentleigh, Bentleigh East, Oakleigh and Murrumbeena. 
McGrath Croydon will be led by Paul Fenech. The new franchise office will focus on the key suburbs of Croydon, Kilsyth, Mooroolbark, Croydon Hills and Croydon South. 
The two new Melbourne offices will bring the current office count across the East Coast of Australia to 84. 
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McGrath to open Croydon and Bentleigh offices

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Bell Potter have retained its buy recommendation on its recent sponsored float, McGrath Estate Agents, but now suggest $1.50 is the 12 month price target for the stock that was trading at sub $1 in trade for almost of Tuesday. In Wednesday trade it has been bought at between 99 cents and $1.02.
The prior stock price target suggested only mid-last week by Bell Potter was $2.25, which would have seen it trade at above its December 2015 IPO price at $2.10.
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However yesterday McGrath (MEA) downgraded its forecasts on the back of weaker than expected market conditions and now expects EBITDA to be $4-5m lower than the prospectus forecast.
"The downgrade is disappointing given the company was tracking to budget for the first nine months of FY16 and more so given it was largely attributed to the recently acquired Smollen Group," Bell Potter noted.
Bell Potter have downgraded its EPS forecasts in FY16, FY17 and FY18 by 15 percent, 25 percent and 24 percent respectively.
"Our revised FY16 EBITDA forecast of $26.5m is within the guidance range of $26-27m.
"Given the severity of the 4Q slowdown our earnings downgrades are higher in FY17 and FY18.
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"We now expect FY16 revenue of $137m compared to the revised guidance range of $136-140m, and EBITDA of $26.5m compare to revised guidance of $26-27m.
"We have updated each valuation we use in the determination of our price target for the earnings changes as well as market movements and the time creep.
"We have also increased the discount we apply in the relative valuations from 7.5% to 20% and the beta we apply in the WACC calculation used in the DCF from 1.35 to 1.60.
"The net result is a 33% reduction in our price target from $2.25 to $1.50.
"We retain our BUY recommendation given a 12 month total return of greater than 15%," the stockbroker told clients today.
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JP Morgan has also slashed its year-end McGrath share price expectations from $2.20 to $1.60.
The investment bank and broking house Bell Potter were joint lead managers and underwriters on the December McGrath float. 
JP Morgan's new target price revalues the company at $215 million, 24 per cent lower than its $282 million December prospectus, which priced shares at $2.10. 
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<div>Shares in McGrath rallied on Tuesday, closing up 9.4 per cent at 99¢.</div>
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<div>The JP Morgan note was sub-headlined "Smollen Group sales drag down prospectus" a reference to McGrath agreeing to pay to acquire the 10 Smollen Sydney franchise offices, though some of the cash component – about $2.63 million in 2016 – can be clawed back due to under-performance.</div>
 
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