One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Mcgrath

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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="">
 
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jonathanchancellor-7SQnKwU6yx

McGrath estate agency formally announces intention to list on ASX 

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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.
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jchancellor-FAypfDUnLy

McGrath set for $2.10 IPO float next month

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

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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.
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McGrath tipped for inner Melbourne agency acquisition before November float

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

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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.
 
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