<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.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
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

<html><body>
McGrath Holding Company Limited today lodged a prospectus with the Australian Securities and Investment Commission in relation to an initial public offering and listing on the Australian Securities Exchange. 
According to the release, McGrath is inviting investors to subscribe for 61.7 million Shares at an Offer Price of $2.10 per Share for a total Offer size of $129.6 million.
Following completion of the offer the company will be renamed McGrath Limited and existing shareholders will own approximately 46.3% of McGrath, of which John McGrath will remain McGrath’s largest shareholder with a holding of 27% of the group, under escrow until the 2017 financial year, worth $76 million at the issue price. He currently has 58% of the group.
The documentation includes details on the binding share purchase agreement and scrip consideration deed (SPA) to acquire the Smollen Group, McGrath’s largest Franchisee.
The Smollen Group is a significant real estate group that comprises 10 offices across Sydney’s North Shore, North West and Northern Beaches contracting approximately 65 sales and 19 property management staff.
McGrath is familiar with the Smollen Group’s operations given their long franchise relationship of over 8 years.
Shane Smollen, the 75% current owner of the Smollen Group, was also previously McGrath’s Sales Director.
The acquisition has been structured such that McGrath will acquire 100% of the Smollen Group for: — an initial purchase price of approximately $52.5 million, payable partly in cash ($31.5 million) and partly in Shares ($21 million) to be issued at the Offer Price; and — deferred consideration of up to $17.5 million subject to certain performance hurdles and other conditions, payable equally in cash and shares effected by the conversion of convertible redeemable preference shares (CRPS).
The financial notes reference the elimination of the franchise fee receivable from the Smollen Group at $1.8 million.
The prospectus advised McGrath generates income through its five business units.
1) Company owned sales (71% of FY2016 pro forma segment EBITDA1 ).
2) Company owned property management (11% of FY2016 pro forma segment EBITDA1 ).
3) Franchise services (14% of FY2016 pro forma segment EBITDA1) 
4) Mortgage broking (2% of FY2016 pro forma segment EBITDA1 ).
5) Training and other services (1% of FY2016 pro forma segment EBITDA1 ). 
In the year to 31 March 2015, McGrath’s market share was estimated to be approximately 7.2% in NSW, 5.4% in the ACT, 1.3% in Queensland (by McGrath management) and 3.2% nationally by total value of properties sold.
"Given this current market position relative to its operational scale, McGrath believes there are multiple avenues to grow its business, operating footprint and earnings, through organic growth and select acquisitions." 
The Company Owned Offices’ property management business directly manages approximately 7,396 properties and its home loan business, Oxygen Home Loans, was ranked number nine in the 2015 ranking of Australia’s top mortgage brokerages published by industry magazine, The Adviser.
 McGrath has plans in place to open 15 Franchise Offices and four Company Owned Offices in FY2016, including McGrath’s first Franchise Offices in Victoria. McGrath currently has approximately 53 franchise agreements in place with 31 Franchisees. McGrath plans to open 4 new offices in FY2016 in Newtown and Maroubra in Sydney and Robina and Paradise Point in Queensland.
McGrath’s franchise network has grown strongly since the first franchise was granted in 2006. Including the impact of the acquisition, property sales grew by approximately 270% between FY2009 and FY2015 and Agent numbers increased by approximately 9 times over the same period. No McGrath Franchisee has elected not to renew its franchise agreement and move to another franchise network.
The existing shareholders, including John McGrath, will in aggregate retain a high level of ownership following the offer, of 46.3%.
<a href="/images/2015/11/13/Screen%20Shot%202015-11-13%20at%2012.51.04%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/13/Screen%20Shot%202015-11-13%20at%2012.51.04%20PM.png" alt="">
 
</body></html>

jonathanchancellor-7SQnKwU6yx

McGrath estate agency formally announces intention to list on ASX 

<html><body>
Some two decades in the making, the real estate company McGrath Ltd has fixed its initial public offering price at $2.10, according to a term sheet sent to clients this morning.
The authoritative AFR column Street Talk says this equates to a pro forma consolidated FY16 forecast NPATA per share of 13.4 times and an enterprise value/pro forma consolidated FY16 forecast EBITDA of 8.8 times. 
The annualised forecast FY16 dividend yield at the offer price of 3.7% through JPMorgan and Bell Potter Securities. 
The offer size is $129.6 million for a market capitalisation of $281.8 million. 
The enterprise value at the offer price is $272.1 million. 
The bookbuild closes on at 5pm today with the prospectus to be lodged tomorrow.
The shares start trading on December 7 (on a deferred settlement basis) and December 9 (on a normal settlement basis).
The float was only possible after McGrath Real Estate Agents resolved issues in late 2014 over an assessment of $6 million by NSW Office of State Revenue.
The OSR alleged the McGrath group were liable for payroll tax on commission payments received by “independent” agents who were contracted to them from July 2007 to June 2012.
The settlement terms were confidential, but Geoff Lucas, chief operating officer for McGrath Estate Agents confirmed to Property Observer that the dispute with the OSR was resolved in September 2014, shortly after the issue garnered public attention.
Property Observer revealed that the prominent estate agency had been issued OSR payroll tax assessment notices.
The total amount being disputed is $6,072,810, inclusive of payroll tax, interest and penalty tax.
The directors had believed McGrath Sales Proprietary Limited had no payroll tax obligations.
</body></html>

jchancellor-FAypfDUnLy

McGrath set for $2.10 IPO float next month

<html><body>
Following the banking regulator, the Australian Prudential Regulation Authority (APRA), expressing concern that investment lending is too high, lenders have changed their borrowing criteria for investors in a number of ways.
Changes to the criteria have seen most lenders reduce discounts on investment loans and on interest only loans. Some have limited their acceptable Loan to Value ratios (LVR) for investors to 80% to 90% of the purchase price especially for properties in Sydney.
Most have increased the buffer they add to interest rates to assess serviceability, now typically adding 2.25% to 2.75% to the standard variable rate.
Estate agent John McGrath has offered four tips for improving borrowing capacity - or making sure you can get the loan - after consulting with Alan Hemmings, general manager of McGrath’s mortgage broking division, Oxygen Home Loans.
1) The most effective way to reduce your LVR (Loan to Value ratio) is to save for a larger deposit. If you already have a property, make sure you are building the equity up (by principal and interest repayments) to release this cash to help fund the next purchase.
2) Another deposit option is using a parent’s property as a couple of lenders allow 20% of the purchase property to be secured by a parent’s property
3) It’s important to understand the valuation process and how to minimise the risk of a valuation coming in low and jeopardising your loan application. 
There are lenders that will determine the value by using the Contract of Sale, use these lenders and you lessen the risk of paying LMI or having the loan declined due to a low valuation
4) Reduce the limit on your credit cards (if your limit is $10,000, the banks will use this figure even if you only use a portion of this every month); and choose a lender that will use interest only repayments on existing debts or principal and interest without adding a buffer.
5) Use a broker as they know all the ins and outs of how every lending institution on their panel works.
6) It’s worth remembering that having several loan rejections on your credit history can be damaging too .
Alan Hemming’s advice to investors was "don’t let the changes in lending criteria influence your decision to invest." 
</body></html>

Six tips to increase your investment borrowing capacity in APRA crackdown: John McGrath

<html><body><div class="cq-article-content-paras section">
McGrath Estate Agents hopes to penetrate the Melbourne market ahead of its mooted $200 million initial public offering in spring this year.
The Australian Financial Review's Street Talk column -which has regularly had the inside word - reports John McGrath is looking at the foray by acquiring a Melbourne agency business with earnings of $5 to $10 million before the possible float.
It added that McGrath would be unlikely to pay more than 4 to 5 times earnings and does not need a deal.
Additionally the agency was tipped to open four to six new franchises in inner-Melbourne suburbs.
"McGrath's entry into Victoria is significant, given some of the bigger national chains have struggled to replicate their success in NSW and Queensland in Melbourne, which is dominated by smaller, independent real estate businesses," the AFR noted.
The company also has aspirations of entering Western Australia and New Zealand by 2017.
</div></body></html>

McGrath tipped for inner Melbourne agency acquisition before November float

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

McGrath float possibly closer after $6 million NSW OSR payroll issue settlement

<html><body>
Mooted on and off for the past two decades, the public float of the McGrath estate agency is now tipped as possibly scheduled for November this year.
The much-read Australian Financial Review Street Talk columnists write McGrath Estate Agents has kicked off a beauty parade for advisers on a potential initial public offering.
It was mooted last year and before that as far back to the late 1990s.
The company, formally founded by high-profile chief executive John McGrath in 1988, along with his adviser, Luminis Partners took pitches from retail brokers and investment banks for the public market float this week.
The fallback position is that McGrath Estate Agents is keeping its options open as it looks for funding to further its national expansion.
"If the company was to opt for a float, it would likely take place in November, after companies' reporting season and in the midst of the spring property selling season," the AFR’s Street Talk writers, editor Sarah Thompson, Anthony Macdonald and Jake Mitchell write.
They dominate the AFR readership traffic, according to leaked details covering the month to April 15, 2015, despite the strength of their Canberra coverage from gallery stalwarts Laura Tingle and Phillip Coorey. The rankings published by Mumbrella are by absolute number of page views rather than page views per article.
Rear Window columnist Joe "Mortdecai" Aston sat in eighth place. 
Former Property Observer writer Larry Schlesinger topped the property section writers in 10th place.
The former Property Observer columnist Chris Joye sits in 24th place. He re-wrote today that the RBA has been blindsided by housing dynamics over the past couple of years as it has never confronted such conditions. 
"In 1991 the value of housing debt divided by disposable household income was 35 per cent. Today it is more than 140 per cent, and climbing daily," Joye wrote.
When ranked by page views per article Chris Joye sat in fourth place behind Laura Tingle, Phil Coorey and Jonathon Shapiro. 
The national business broadsheet had a 7.5% circulation fall on weekdays to 56,160, while its weekend edition fell 1.3% drop to a circulation of 61,911, according to the latest Audit Bureau of Circulation figures.
Fairfax doesn't release digital subscription numbers for the AFR, because the numbers are slight.
Street Talk revealed <a href="/news/john-mcgrath-finally-thinks-of-venturing-into-victoria">McGrath had appointed Simon Mordant of Luminis</a> to advise on growth options last month. Title Tattle revealed <a href="/news/simon-mordant-sells-in-point-piper-to-downsize-into-thomas-hamel-flat">Simon Mordant's property downsizing</a> earlier this year.
McGrath Estate Agents has 62 offices across NSW, south-east Queensland and the ACT, most of which are franchises.
In March McGrath Estate Agents announced it recorded its best month in the company's history.
 
The real estate agency based across New South Wales, Queensland and the ACT turned over more than $1.46 billion in property during March with 1281 sales from 62 offices. This reflected a 14.6 per cent increase on the previous company record of $1.27 billion recorded in November 2014.
 
</body></html>

Mcgrath

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Mcgrath

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News