<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" />

&nbsp;

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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Listed real estate services provider McGrath has downgraded FY16 forecasts due to weaker than expected market conditions and said EBITDA figures will be $4 to 5 million lower than the prospectus forecast.
Lower than expected listings and sales volumes in the first half of April drove the weaker forecast, along with listings in the newly-acquired Smollen Group which are now expected to be 25-30 percent lower in Q42016 than previously forecast, according to Bell Potter.
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The latest Bell Potter report on McGrath said the downgrade is disappointing given the company was tracking to budget for the first 9 months of FY16 and more so given it was largely attributed to the recently acquired Smollen Group.
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The Bell Potter report stated they have downgraded EPS forecasts in FY16, FY17 and FY18 by 15 percent, 25 percent and 24 percent respectively, with the revised FY16 EBITDA forecast of $26.5m within the guidance range of $26-27m.
"The majority of the downgrades have been in the company owned sales division, with reductions in sales per agent and EBITDA margin reflecting the tougher market conditions experienced in Q4 which are likely to extend into FY17 and FY18," it said.
"Given the severity of the 4Q slowdown our earnings downgrades are higher in FY17 and FY18. 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."
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mick.cee-iDmgDDAmu8

McGrath downgrades FY16 forecasts: Bell Potter

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The listed real estate group McGrath has lowered its targeted dividend from 4.5 cents per share to 3 to 3.5 cents per share following a revision to forecast volumes and sales especially in the Sydney residential real estate market.
The agency resumed trading on the ASX at 88 cents Monday morning after pointing out increased property market volatility. The shares have traded at between 85 and 99 cents in morning trade.
Some 2.1 million shares were traded in morning trade, representing the busiest trading since the opening two days last December.
The drop-off has led to a downward revision in revenue forecasts of between $4-5 million, and the profit downgrade.
Postponed project launches by its project division was one of the reason for the revenue decline, with $500,000 coming off its revenues.
McGrath is now expecting north and north-west Sydney listings to be 25-30 per cent lower than prospectus forecasts, largely due to a drop off in the number of Chinese buyers in north-west Sydney.
There was also lost revenue because of delays implementing new IT software, would hit earnings by $500,000.
It  said there would be a continued reduction in Chinese buyer activity in the north western Sydney region.
It expected a 25 per cent to 30 per cent decline in listings in western Sydney compared to what its prospectus forecasts were.
These north western and western factors would hit earnings in the order of $3 million to $4 million.
The shares last traded at $1.30 before entering the trading halt.
"As flagged at the end of the half year, current conditions remain challenging in certain market segments and with listings and sales volumes not expected to materially change in the near term, McGrath has accordingly adjusted its expectations for sales volumes and values for the last quarter of 2016 financial year," the statement said.
"On the basis of the current quarter's listings trend (assuming there is no improvement in listings volumes) and current market conditions, McGrath expects to generate 2016 revenue in the range of $136 million to $140 million, and pro forma EBITDA in the range of $26 million to $27 million," the company said in a statement to the ASX.
The company, whose major shareholders include John McGrath and Perpetual, floated at $2.10 but has never exceeded that price. It last traded at $1.30 on Thursday.  
McGrath's board has determined that it will increase the target payout ratio to 75 per cent of net profit after tax for the fiscal 2016 year.
"This will decrease the target dividend from approximately 4.5 cents per share to 3‐3.5 cents per share for the period."
The main area of concern is revenue from company owned offices acquired before the float from the Smollen Group with its revenue 10 per cent below budget.
However the McGrath update noted that in its prospectus, the acquisition of the Smollen Group was structured so that some of the deferred consideration would not be paid if the business did not meet growth targets set at the time of acquisition. 
"Given the performance of this business as outlined above, the at risk component for 2016 of $2.625 million is therefore unlikely to be paid."
McGrath was floated by Bell Potter and JP Morgan. 
“While current industry volatility makes it challenging to forecast FY17, the long term fundamentals of the real estate industry remain attractive, underpinned by historically low interest rates and population growth,” McGrath says. 
McGrath floated in December raising $129.6 million with no debt.
The prospectus, issued in November, did warned house price growth could slow due to an expected plateau in house sales.
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jchancellor-FAypfDUnLy

Slowing apartment project sales to blame as McGrath resumes trading at 88 cents

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Real estate group McGrath Ltd, whose shares have lost more than a third of their value since its market debut in December, called for a trading halt on Friday to review its prospectus forecasts.
McGrath said it was "reviewing the 2016 financial year prospectus forecast in light of current market and trading conditions," in an announcement to the stock exchange.
"The trading halt is requested in order to allow McGrath time to finalise its analysis of information and review by the Board," it said. 
It has until Tuesday to provide any update after the board analysis.
The development comes only a day after broker Bell Potter Securities said the stock was undervalued compared with international peers. The broker has a 12-month price target of $2.25 and a 'Buy' rating on the stock.
McGrath's stock fell below its IPO price in its market debut at $2.10 and has lost almost a third of its value since. It closed at $1.30 on Thursday.
Its shares fell to a low of $1.20 on March 16, according to data from Thomson Reuters.
The request for the trading halt comes ahead of an update on how the company is progressing against its forecasts.
The collapse in McGrath's share price stems from investor concern about both the earnings as the Sydney housing market subsides, and about the multiple on which those earnings are priced, a recent AFR report said.
But other sources suggest listings and sales volumes have shrunk in the overall market. 
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jonathanchancellor-7SQnKwU6yx

Trading halt on McGrath shares as real estate firm reviews prospectus forecasts

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One of the sponsor brokers of McGrath Estate Agents' IPO says the company's stock is undervalued compared with international peers and it retains a 'Buy' in spite of the decline in the share price ever since its market debut in December.
McGrath's stock fell below its IPO price in its market debut at $2.10 and has lost almost a third of its value since.
But Bell Potter Securities is telling clients that international peers are probably the best comparison for McGrath.
"McGrath does not have a close listed comparable company (comp) in Australia and so this begs the question, what should the stock be compared to?" Bell Potter analyst Chris Savage wrote in a note to clients.
"In our view, therefore, it is appropriate to compare McGrath with offshore listed comps of which there are several in both the US and the UK (i.e. real estate markets with some similarities to Australia). In particular, we believe there are three key offshore comps for McGrath – Realogy, Foxtons and Countrywide – which perhaps provide the best guide for what is an appropriate multiple for McGrath."
McGrath is trading well below them, Savage wrote.
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<img src="/images/2016/04/14/Screen%20Shot%202016-04-14%20at%2010.59.12%20AM.png" alt="" width="622" height="173">
"There are several offshore listed comps which we consider reasonable for McGrath – RE/MAX, Foxtons, Marcus &amp; Millchap, Countrywide, Savills and Realogy – which all have a December year end. The average 2016 and 2017 PE ratios for these stocks are currently 14.5x and 13.2x respectively, which are well above the FY16 and FY17 PE ratios for McGrath of 9.7x and 8.5x.
"Similarly, the average 2016 and 2017 EV/EBITDA multiples for these stocks are currently 7.3x and 7.0x respectively which again are well above the FY16 and FY17 EV/EBITDA multiples for McGrath of 4.9x and 4.0x. If we reduce the list to the key offshore comps of Realogy, Foxtons and Countrywide then the average 2016/2017 PE ratios and EV/EBITDA multiples are 13.2x/11.6x and 8.7x/8.7x which are still well above the McGrath multiples," he said.
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Bell Potter has kept its 12-month price target on McGrath at $2.25, saying it expects the company to achieve its "pro forma prospectus forecasts in FY16". 
McGrath's shares were last trading at $1.29 on the ASX, down 1.9 percent in mid-morning trade on Thursday. They fell to a low of $1.20 on March 16, according to data from Thomson Reuters.
 
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prateek24-ezbwHMbNAk

McGrath trading below international peers: Bell Potter

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McGrath Estate Agents chief executive John McGrath has spent $430,000 buying shares in the listed real estate group.
Mr McGrath, who is McGrath Limited's biggest shareholder, acquired 317,000 shares at $1.36, about a 35 percent discount to its $2.10 initial public offering price.
His acquisition of 317,000 ordinary shares, made in two tranches on March 18 and March 21, took his total holdings to 27.26 percent of the shares on issue.
John McGrath had been legally restricted from acquiring additional shares post IPO due to a combination of the level of his holding and the pre-IPO restructure, a McGrath spokesperson advised the Australian Financial Review and The Australian.
"He is now able to increase his shareholding and has taken advantage of this buying opportunity, buying 317,000 shares."
McGrath chairman David Mackay and director Cass O'Connor have also increased their shareholdings recently.
Perpetual, McGrath's largest institutional holder, have been regularly lifting its stake to now sit at 13.2 percent.
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John McGrath buys more McGrath shares

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Queensland’s Sunshine Coast continues to be high on the expansion agenda for McGrath Estate Agents, with the real estate group opening a new office in the seaside suburb of Caloundra. 
This is the company’s 15th office in South-East Queensland and 18th in Queensland.
Situated 90 km north of Brisbane’s CBD, Caloundra is at the gateway to the Sunshine Coast and known for its beautiful beaches, lush hinterland and affordable living. 
“Caloundra is gaining in popularity with seachangers who are recognising the great value and buying opportunities available in this beachside community. With major investment in infrastructure for the surrounding region, I expect the entire Coast will experience further growth and Caloundra will no doubt be a beneficiary of that,” said McGrath chief executive John McGrath.
Caloundra is one of South-East Queensland’s emerging lifestyle destinations that until recently was overshadowed by neighbouring Noosa Heads and Mooloolaba, he said.
McGrath Caloundra will service the local area from Parrearra in the north to Bribie Island in the south. It will service the suburbs of Caloundra, Pelican Waters, Little Mountain, Currimundi and Meridan Plains. 
The new office will be led by the husband and wife team of Jodie and David Hedley-Ward. 
Jodie was a ‘Residential Salesperson of the Year’ finalist at the ‘REIQ Awards for Excellence’ in both 2014 and 2015, while David has extensive local and international real estate experience having worked throughout Australia, New Zealand and the UK. 
The team will comprise eight sales agents.
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McGrath continues its Sunshine Coast expansion into Caloundra

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In its first interim half year results since listing, McGrath Estate Agents yesterday reported record revenue of $74.9 million, with listings up 23 percent, sales volumes up 15 percent and properties under management up 28 percent.
Excluding the cost of the IPO, pro-forma net profits rose 13 percent to $8.5 million. 
McGrath Ltd plans to pay a maiden final FY16 dividend of 4.5¢ a share.
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But perhaps given fears of housing market disruption, McGrath Ltd shares hit a new low despite the real estate group saying it had met all its prospectus forecasts in its first interim results since floating on the ASX last December.
McGrath shares began the day at $1.70 falling to $1.37 soon after the publication of the group's first interim results and ended the day at $1.45.
The company floated at $2.10. It is trading at $1.46 in today's trade.
"For myself and the people in the company it is a concern. [The float] has not yielded the results we expected, but we are in it for the long term" Mr McGrath, who owns 61 per cent of McGrath Limited, told the Australian Financial Review.
The report noted challenging market conditions due to short term industry uncertainty "outside of our control" - APRA regulatory changes, slowdown in Chinese buying activity, stock market volatility impacting near term confidence and concerns about possible changes to negative gearing.
Listed on ASX on 7 December 2015, it reported the number of sales over the half year was up 15% to 6,492.
The properties under management up 28% to 7,648.
Its agent numbers were up 59 (10%) to 624.
The company had no debt, with $14 million cash and an undrawn $11.5 million term facility.
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McGrath meets prospectus forecasts, but shareholders spooked by housing market disruption

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Government Property NSW today announced the appointment of McGrath Estate Agents as the exclusive sales agent for the next phase of the Government’s Millers Point terrace sales program.
The appointment will see McGrath market the sale of up to 50 Government-owned terrace properties to June 2016.
The appointment of McGrath followed a select tender issued to pre-qualified agents on the Government’s Real Estate Agents Panel, and complied with NSW Government procurement guidelines.
The first tranche of Millers Point properties for 2016 will list on 27 January. 
To date there have been 47 Government-owned properties sold in Millers Point, raising more than $116 million for social housing.
A corner Victorian-era terrace fetching $6.67 million was sold late last year by McGrath. 
1 Lower Fort Street, a four-storey terrace built circa 1879, forms part of the heritage significant <a href="https://www.realestate.com.au/property-house-nsw-millers+point-121222250" target="_blank">Milton Terrace row</a>.
The five-bedroom's price of $6.67 million was well beyond expectations of $4.5 million.
The property was sold through McGrath agents Lorraine Crawford and Peter Starr.
McGrath boss John McGrath <a href="/expert-insights/the-rocks-head-john-mcgrath-s-top-five-sydney-picks">signalled he liked the precinct's prospects</a> last year.
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McGrath secure Millers Point sales stranglehold

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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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John McGrath won't be appearing on the next season of Shark Tank, the Channel Ten show that had aspiring entrepreneurs pitch their startup.
The chief executive of the soon to float McGrath Estate Agents stepped down from his role due to his increasing business commitments.
“Due to the rapid growth of my own business and our expansion plans over the next few months, I’m disappointed that I’ve had to step aside from Shark Tank for this series. 
“Season one was an incredible experience for me personally and I believe this show will continue to be an amazing catalyst to encourage and develop many young entrepreneurs throughout Australia and New Zealand to pursue their business dreams. 
“I hope that I may be able to play a role in future series as the show progresses and continues its successful momentum,” he said.
He will be replaced by Dr Glen Richards, founder and former chief executive of Greencross, Australia's largest pet care company.
The initial panel of sharks on the show included Boost Juice founder Janine Allis, tech entrepreneur and investor Steve Baxter, Talent2 founder Andrew Banks and RedBalloon founding director Naomi Simson.
Season one of Shark Tank saw 30 deals offered to Australian entrepreneurs worth nearly $7 million.
Filming of season two started this month.
Glen spent 10 years building a multi-million dollar integrated pet care empire, which now operates more than 130 veterinary hospitals in Australia, New Zealand and China.
Greencross is also Australasia’s leading specialty pet care retailer, with more than 200 stores operating under the brand names Petbarn and City Farmers in Australia and Animates in New Zealand. 
The premiere season of Shark Tank on TEN earlier this year saw 3,000 hopeful entrepreneurs apply to pitch their product to the Sharks. 
John McGrath invested $40,000 in a childcare centre for children living with disabilities or special needs.
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