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

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

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

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

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

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

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

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

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

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

Mcgrath

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McGrath Estate Agents has appointed James Hayashi to a newly created role of regional sales leader for its sales team across Sydney’s Eastern Suburbs.
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Hayashi has more than 13 years experience from sales, auctioneering, recruitment and sales management.
He worked initially in real estate at BresicWhitney, but says he really kicked off his career at Cooley Auctions, and then more recently for his three years at Phillips Pantzer Donnelley (PPD).
Kon Stathopoulos, head of company sales at McGrath, said this was a very considered and important appointment.
He said it was one that has been met with much enthusiasm within the three offices under the Eastern Suburbs footprint – Edgecliff, Coogee and Maroubra. 
“When searching for someone to lead such an experienced and high performing sales team, we were committed to finding a person of outstanding calibre that would without a doubt add value to each of our agent’s businesses," Stathopoulos said.
"James will provide the leadership, support and coaching required for our current sales teams, and will be charged with growing our agent numbers across the three offices. 
“James comes to us with a wealth of real estate experience, having worked himself as an agent and more recently as a coach and sales manager. He’s an outstanding auctioneer, having been trained by Damien Cooley, and I believe will be a great addition to the incredible talent pool we have with our exclusive auctioneers.” 
In joining McGrath, James said he was attracted by its current leadership and management team, and the company’s focus on learning and development. 
“McGrath is a truly iconic and respected brand and this is a fantastic opportunity for not only my own personal development, but where I’m provided with the support systems necessary to drive internal growth and focus on external recruitment. I plan to hit the ground running,” said James.
The Cranbook educated agent recently appeared in the <a href="https://www.youtube.com/watch?v=FBccBF8TQQg" target="_blank">first Carpool Proptech video</a> when he indicated one of the relentless PPD principals had made 400 landline phone connections within a recent three day period to seek listings.
"The more people you connect with.... the more listings and sales you make," Hayashi noted.
Hayashi advised that many agents started out like this, then get a reputation, "then drop off from connecting with the data base...they feel they don't need to put the hard work in."
McGrath's eastern suburbs top performer has been pinpointed as Peter Starr, who was placed 12th in the REB top 100 this year.
The next highest McGrath eastern suburbs agent was the 32nd placed Lorraine Crawford.
  
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jrobinson-rf4aSBido9

James Hayashi joins McGrath to regrow eastern suburbs footprint

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McGrath’s most difficult days are behind it, according to the listed McGrath estate agency boss Geoff Lucas.
But the board will not pay a final FY18 dividend saying McGrath’s dividends will be reinstated as soon as it is deemed prudent.
“With the new board and senior leadership team settled in, the last quarter of FY18 saw the beginning of a period of stabilisation, and we are in the midst of a business turnaround.
"We are already seeing good progress in culture and agent recruitment, and critically we are seeing some strong sales results within our key markets,” Lucas maintained.
However weak real estate industrywide conditions impacted sales volumes.
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And their revenue was impacted by many internal factors including lower agent numbers and a decline in offices, particularly within the franchise network.
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Agent numbers were down 99 to 558 with 8,065 sales from franchises during FY18 compared to 8,337 sales during FY17.
The number of company-owned offices declined to 26 from 28 over FY18.
The number of franchisee offices decreased to 69 from 74 in the prior year. 
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There was a slowdown in the project marketing business with tightening regulatory conditions impacting investment demand.
There was also lower numbers of properties under management in the company owned network.
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Managed properties declined to 7,215, driven by challenging conditions across the East Coast residential market.
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The number of Oxygen Loans settled were at four year lows. 
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At the end of FY18 there were 31 mortgage brokers supporting the network, a decline of five.
Even its industrywide AREC conference didn't exceed past record attendance levels.
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The update to shareholders unveiled snippets of the strategy to turn the business around pinpointing a desire for agency growth in Victoria, Queensland and Western Sydney.
"Due to the difficult market conditions, lower sales volumes, and the departure of some of McGrath’s sales agents over FY17 and FY18, group revenue was down 23 percent to $99.2 million (compared to FY17)."
The lower revenue reduced underlying EBITDA to $5 million (before $4 million of one-off costs and $59.4 million of goodwill impairments), achieving market guidance.
"The ability of the business to generate positive earnings even after a $30.2 million reduction in revenue is testament to the robustness of the McGrath brand and position in the real estate industry," Lucas said, after a tumultuous year.
"The current property market conditions are challenging," he said. The revenue of company owned agents was down 32 percent.
"We will be concentrating our growth in predominantly franchised offices along the eastern seaboard, with particular focus on Victoria and Queensland.
"We will also be strengthening our presence in our existing company owned offices with an additional focus on the growth precincts around Western Sydney”, he added.
''We do believe the most difficult days are behind us, notwithstanding the current challenging residential market,'' Mr Lucas said.
The press release advised the new board and management team had put in place an operational plan that is "stabilising" the business, with early signs of positive momentum repositioning the business for a return to growth.
The shares were trading at 38 cents, edging up to 40 cents during morning trade having been floated in late 2015 at $2.10.
The FY18 (vs FY17) results overview:
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  Revenue down 23% to $99.2 million
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  Reported results reflect the impact of one-off restructuring costs ($4 million) and impairment charges ($59.4 million) – EBITDA of $1.0 million, and loss after tax of $63.1 million
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  Underlying EBITDA of $5 million; achieved guidance
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  Balance sheet with no debt and $10.9 million cash
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  After the departure of some of McGrath’s sale agents, market share based on value was constant at 3.1% (source: CoreLogic, 30th June 2018).
 Over $12 billion of properties were sold by McGrath in FY18 with property sales volumes decreasing 14% to 11,067, impacted by the reduction in the number of agents.
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During the reporting period, the board announced a number of changes to its composition which included:
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  the resignation of Non-Executive Directors Cass O’Connor, Elizabeth Crouch, Nigel Dews and Cath Rogers;
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  the appointment of independent Non-Executive Directors Peter Lewis and Andrew Robinson; and
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  the appointment of Non-Executive Director Wayne Mo. John McGrath is not considered independent as he is an executive director and Wayne Mo is not considered independent as he is the CEO of AL Capital, a substantial holder of the company via Aqualand.
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jchancellor-FAypfDUnLy

McGrath Group revenue down 23 percent as estate agency says most difficult days are behind it

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McGrath’s domination in the recent annual Real Estate Business Top 100 Agents ranking with 27 of the Top 100 agents in Australia was spotlighted when the listed estate agency reported its latest financial update.
<a href="/news/mcgrath-on-track-to-reach-forecast-earnings-despite-weakened-overall-property-market">The financial results</a> showed some signs of consolidation and recovery despite the weakened overall property market.
"Importantly, 37% of the female agents in the Top 100 ranking work with our company,” said Geoff Lucas, CEO of McGrath Estate Agents. 
Betty Ockerlander (pictured above) leads the agency's female agents in the sales list.
REB put her annual sales tally at $215 million, which ranked her the 15th best selling agent on the <a href="/news/alexander-phillips-lead-narrows-at-top-of-the-highest-selling-residential-estate-agents">top 100</a>.
The McGrath Epping agent has been president of Epping Rotary as well as the long standing position as the secretary of the Epping Chamber of Commerce. She also has a strong connection with the local schools.
Operating her own agency for over 20 years within Epping, North Epping, Eastwood and Beecroft, she is now ranked as the #3 agent in McGrath Australia 2017.
Around half her sales were through auction. 
Ockerlander's highest recorded sale price over the past year was $2.7 million for 15 Barellan Avenue, Carlingford, a four bedroom house which sold by auction in March.
Lorraine Crawford (pictured below) was in 32nd place with $170 million in annual sales.
She is based at McGrath's head office in Edgecliff specialising in the suburbs of Bondi Junction, Queens Park, Waverley, Bondi and Millers Point.
She has worked and lived in these suburbs over the past 11 years, having been involved in sale over the past 17 years.
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Her record sales have occurred in suburbs including Queens Park, Bondi Junction and Malabar.
Lorraine's highest recorded sale price over the past year was $6.3 million for 46-48 Argyle Place, Millers Point, a five bedroom house.
Teena Vaughan (pictured below) was the third best selling McGrath agent on the REB top 100, with over 20 years experience.
She secured $124 million in sales. Her highest recorded sale price in the past year was $4.5 million for 4 Hillside Crescent, Epping, a six bedroom house sold by private treaty last December.
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McGrath's top selling agent was Matt Steinwede with $271 million in sales followed by Peter Chauncy with $207 million in sales.
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j.ballantyne1990-6AQqhLzZaK

Women leading the McGrath agency recovery

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McGrath is on track to achieve its targeted $1 million in full-year earnings for 2018.
In a note to the ASX this afternoon, the listed real estate agency said it would achieve earnings before interest and depreciation of $5 million but would then have $4 million in one-off expenses.
There will also be a further $35 million write down of goodwill for the company-owned agencies, which the business acquired in 2015 ahead of its float, leading to a net loss for the full year.
The $35 million write-off is in addition to the $21.8 million impairment to company-owned agencies incurred at its half year.
There was also another $1.1 million goodwill impairment of property management rights.
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<div>"The past 12 months have been very challenging for McGrath," McGrath chief executive Geoff Lucas said.</div>
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<div>"While reduced sales volumes during 2018 impacted the performance of the business, I am pleased with the recent initiatives and the positive rebuilding of the business we have seen."</div>
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More details on the conditions and outlook will be provided at the annual results presentation on August 20.
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<a href="/news/who-is-aqualands-jin-lin-the-second-biggest-shareholder-in-the-mcgrath-estate-agency">Aqualand</a> will eventually take a 15 per cent stake in the company.
Shares in McGrath were trading unchanged at 38¢ at market close.
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"Since I returned to the company in February, we have done a lot of work looking at the coalface of the business and stabilising staff and operations," Fairfax Media reported Lucas saying.
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<div>"I'm pleased that it is paying off and we are generating interest in our recruitment of new staff."</div>
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McGrath on track to reach forecast earnings despite weakened overall property market

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McGrath Estate Agents has terminated the employment of David Imrie, a high profile sales agent operating from its Newtown office.
It came after he pleaded guilty to offences incurred in his previous employment, as Keep Australia Beautiful NSW chief executive.
The Daily Telegraph reported Imrie processed dodgy payments for himself from February 2015 to December 2016 at KAB.
Imrie used the charity’s money to pay off personal debts, book a seaside resort in Thailand, buy $47,700 of shares in racehorses and spend $1056 on a meal at Tetsuya’s, a top Sydney restaurant.
Imrie was arrested last August and recently pleaded guilty to 17 fraud charges in the NSW Local Court.
Magistrate Suzanne Seagrave found Imrie had betrayed the trust placed in him by the charity and sentenced him to 18 months in jail, with a minimum non-parole period of 10 months. He was ordered to compensate the charity by $89,829.
David Hastings Imrie, 49, launched an appeal against the severity of the sentence in the NSW District Court last Thursday.
An agreed statement of facts obtained by the News Corp newspaper, <a href="https://www.dailytelegraph.com.au/newslocal/inner-west" target="_blank">The Inner West Courier</a> detailed how Imrie used cheques, transfers and credit card payments to swindle the organisation.
His last property sale was July 1 at $970,000 in Eskineville.
His sales record suggests he sold nine inner west properties <a href="/news/david-imrie-rejoins-mcgrath-estate-agency">since he rejoined the McGrath agency last May</a>.
Following the decision by the court, his employment was immediately terminated, with Imrie no longer associated with the estate agency. 
“McGrath is committed to its high professional standards and code of conduct and as such, have acted appropriately and swiftly in this matter," Kon Stathopoulos, head of sales for McGrath’s company owned offices said.
"McGrath has provided access to the company’s employee assistance program and counselling support throughout," he noted.
Magistrate Seagrave noted the guilty pleas entered by Imrie and he had no past criminal convictions.
Imrie’s appeal returns to the court in September.
Police submitted that Imrie “made no effort to reimburse” Keep Australia Beautiful NSW, which relies on donations and grants for its conservation efforts.
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David Imrie departs McGrath Estate Agency after pleading guilty to stealing from Keep Australia Beautiful 

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Two McGrath offices in the Hunter region – Charlestown and Hunter Valley – have joined Belle Property.
Anthony Di Nardo saw a gap in the local market for a brand that he thinks will offer a more personalised and tailored approach but with the backing of a full suite of real estate services. 
“We wanted to create a better experience for our clients,” said Di Nardo.
“The Belle Property brand is progressive, accessible and flexible and we truly believe that the systems, processes and beautiful marketing that Belle Property has is the right fit for us and our clients.”
The Charlestown and Hunter Valley are well-established businesses, with Matthew McBrearty, Peter Kunov and Larissa Bridge leading the teams. 
Peter Hanscomb, CEO of Belle Property said the Newcastle and Hunter Valley region were going through a huge transformation.
."The growth in the market and the amount of investment that is coming into the area is staggering,” he said, adding the region has become increasingly popular for Sydneysiders looking for a more affordable lifestyle, yet still within reach of Sydney, beaches and vineyards.
Belle Property Charlestown is located at 325 Charlestown Road, Charlestown, and Belle Property Hunter Valley is located at 43 Elgin Street, Maitland.
Meanwhile The Agency is further expanding into regional NSW with Charlie Lund and her team, the number one agent in Aberglasslyn in both 2017 and 2015.
“Charlie Lund and her team have been running an extremely successful and highly regarded real estate business in the Hunter Valley region for over a decade,” Matt Lahood, CEO of The Agency, said.
“Charlie is a passionate local resident who holds a great deal of trust and respect in the community, this has led to an extraordinary level of referral and repeat business."
"A multi-talented agent, both auctioneer and licenced stock and station agent, we are truly privileged Charlie has decided The Agency is the best fit for her business moving forward.”
Charlie Lund has made 135 sales in the last 16 months.
She has been achieving above average sale prices in the region.
The median sale price in the following Hunter Valley suburbs were Aberglasslyn $465,000; Ashtonfield $565,000; Bolwarra $628,000; Lorn $588,000; Morpeth $499,500; Paterson $710,000; and Rutherford $392,250.
* 22 Arrowgrass Street, Aberglasslyn (pictured below) $711,000.
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* 69 Ballydoyle Drive, Ashtonfield $780,000.
* 55 Kensington Road, Bolwarra $1,150,000.
* 6 Stuart Street, Lorn (pictured below) $795,000.
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* 76 High Street, Morpeth $800,000.
* 13 Duke Street, Paterson - sold at Auction for $931,000.
* 7 John Verge Drive, Rutherford (pictured below) $710,680.
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Having been part of a McGrath franchise office to date, she said that her decision, “was based on being able to join Australia’s fastest growing brand that is attracting the top performers in the industry,”
“I am excited to be in control of the business I am building, the quality of service that I can provide to my clients and the choices that affect my clients, my future and that of my team".
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McGrath Charlestown and McGrath Hunter Valley rebrands to Belle Property

Apartment developer Aqualand - which this week signed up to become the McGrath estate agency&#39;s second biggest shareholder - is controlled by the Lin family.

Scion &quot;Jim&quot; Jin Lin heads the business.

Lin hit the headlines when the family acquired the $52 million mansion Villa Igiea in Vaucluse.

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Villa Igiea,&nbsp;the&nbsp;magnificent European style villa, was bought from Dr Wayne Burt, during the final business hours of 2015.

There were headlines again when he lodged plans for a $22 million renovation that would see the neighbouring house rebuilt as a three-storey residence with the two properties joined via a basement and shared carpark.

Permission was given in April this year on the November 2016 Tzannes Architects proposal which involved 1800 sqm of excavation.

The two Queens Avenue homes covering 2900 sqm are registered in the name of Lin&rsquo;s mother, Yunhui.

<img alt="" src="https://www.urban.com.au/images/2018/6/22/vaucluse.png" />

Lin is the Chinese-born, 28 year old in charge of residential developer&#39;s $5 billion apartment pipeline.

Aqualand, which was launched in 2013, has projects at Lindfield and North Ryde on Sydney&#39;s north-side. Another of its projects include Blue at Lavender Bay, the residential conversion of an 18 level commercial office building.

There&#39;s also the ultra-luxury 46-unit project, The Revy, at the heritage-listed waterfront warehouse adjacent to the Seven Network headquarters in Pyrmont, where designer Blainey North was commissioned to undertake its interiors.

It has plans for a mixed-use residential complex of nearly 1200 units over five hectares, in Melrose Park, Meadowbank, along Sydney&#39;s Parramatta River.

Apartment developer Aqualand has been very active and recently made former Mirvac head of residential John Carfi its new chief executive.
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Their stake in McGrath cost around $10.7 million.

[smartcode_project:default project_id=24323]

Aqualand is also a vested corporate citizen, sponsoring sporting and cultural initiatives such as The Australian Ballet, Sydney Film Festival, Sculpture by the Sea (Bondi), and the Western Sydney Wanderers.

Aqualand is backed by capital from its parent company, Shenglong Group which has $25 billion in investments and development in China, Europe, the US and Australia.

He is the only son of Chinese property mogul Yi Lin, head of Shanghai-based property group, Shenglong.

The two are reportedly close, speaking three to four times a day.

Lin senior was a sub-contractor but started his own development company in 1999 in their hometown of Fuzhou in the southern province of Fujian in China.

The company has developed 30 million square metres of property.

The younger Lin, a finance graduate from Macquarie University in Sydney, went to his father&#39;s construction sites every day as a child.

The Lin family migrated to Australia 16 years ago.

Their hillside Vaucluse mansion, inspired by the grandest of villas in Palermo, Sicily, dates back to the 1920s when built for the Grace retailing family (below).

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The property&#39;s prior owner was Charlotte Sargent, whose&nbsp;husband George Sargent, the founder of Sargent&rsquo;s Pies, named their then house, Hartley Hope.
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The photographs taken at the property by Sam Hood in 1939 at the pre-wedding cocktail party for Mr Grace and Miss Miller, hosted by Isabel Grace, show the property.

In 1939 Sam Hood took a photograph entitled Pre-wedding cocktail party for Miss Miller and Mr Grace, given by Mrs I Grace at her home, &quot;Villa Igiea&quot;, Vaucluse.

Source: State Library of NSW, Sam Hood Collection.

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Villa Igiea was the long-time home of the late TNT transport tycoon Sir Peter Abeles and then his widow, Lady (Kitty) Abeles.

Its first update came during the McWilliam family&rsquo;s ownership, then its contemporary refurbishment by Paris designer India Mahdavi which featured in the April 2013 Vogue.

Dr Burt had paid $17.37 million in 2005, then adding an adjoining 800 sqm property with house in 2009 costing $4.9 million, which was anticipated as a tennis court block.

Source: State Library of NSW, Sam Hood Collection.

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/22/vaucluse2.jpg" />

For a time James Packer was interested in buying Villa Igiea but instead bought La Mer in 2009.

Set above Hermit Bay, Villa Igiea was built on its 2200 sqm block in the Riviera Liberty style to a design by Neville Hampson, the architect who also designed Boomerang at Elizabeth Bay.

It became one of Sydney&#39;s leading short term luxury rentals, occupied by Texan billionaire Jim Clark and his wife, Kristy Hinze-Clark as their Sydney to Hobart race-winning bolthole.

Villa Igiea, which had enough space to host Angelina Jolie, Brad Pitt&#39;s wife, and their six children, could command up to $70,000 a week.

[smartcode_project:default project_id=5770 project_image_fid=24110]
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Who is Aqualand's Jin Lin, the second biggest shareholder in the McGrath estate agency

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Real estate agency McGrath have advised they are looking at subdued earnings in the current period.
It told shareholders their results would be at the bottom end of their forecasted earnings.
They made the brief statement when announcing their link with Aqualand.
The update read "the performance for the financial year ending 30 June 2018 will be at the lower end of the previously provided guidance."
This is in reference to the earlier guidance they had to halve in March.
They said they have anticipated the lower earnings after having regard for recent trading and real estate market conditions. 
They said the underlying EBITDA is expected to be $5 million, but $4 million in one-off costs will bring that down to $1 million.
 
 
 
 
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McGrath set to announce subdued earnings

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McGrath has secured a strategic equity investment from Aqualand Group, one of Australia’s premier residential property development and investment groups.
The significant stake achieves "strategic commercial alignment" between McGrath and Aqualand, with Aqualand entitled to appoint a director to the board.
Aqualand has also agreed to grant McGrath the first right to discuss being appointed as an agent for new Aqualand projects expected to come to the market in future years, or provide property management services for leased apartments within new projects.
Aqualand was established in Australia in 2014 and has since generated a portfolio of 18 sites, with a collective gross development value of approximately $5 billion. Its project include Blue at Lavender Bay, the residential conversion of an 18 level commercial office building. 
Aqualand, along with Grocon and Scentre Group, were selected earlier this year to deliver the Central Barangaroo precinct. 
Aqualand Australia has former Mirvac head of residential, John Carfi, running its Sydney-focused operations.
Aqualand is also a vested corporate citizen, sponsoring sporting and cultural initiatives such as The Australian Ballet, Sydney Film Festival, Sculpture by the Sea (Bondi), and the Western Sydney Wanderers.
Aqualand has advised McGrath that CEO of AL Capital, Wayne Mo, is their nominee to the board of directors of McGrath. 
The placement of 25,189,880 shares at $0.425 per share will take place in two tranches, with the second tranche of 11,568,042 shares subject to ordinary shareholder approval.
Following completion of both tranches, Aqualand will be the second largest shareholder of McGrath with a 15% relevant interest.
Under the first tranche, which has now completed, Aqualand has acquired an initial stake of 8.7% in McGrath.
The second tranche, which is conditional on McGrath shareholder approval, will give Aqualand a further interest of 6.3% in McGrath.
The agreement has an initial term of five years and can be renewed for two further terms of three years each by agreement between the parties.
The ASX update said the agreement would be terminated on a change of control of McGrath or if John McGrath ceases to have a substantial holding in McGrath and ceases to be actively involved in the management of McGrath.
John McGrath who founded the company, remains the largest shareholder and executive director.
He said the partnership showed confidence in McGrath.
“The addition of a new strategic shareholder in Aqualand, represents a great vote of confidence in the future of McGrath Limited.
"Aqualand is one of Australia’s highest quality property developmentand investment groups and its addition as a major shareholder and board representation provides McGrath the opportunity to continue to grow our Project Marketing expertise and develop even stronger ties with the inbound investment.”
McGrath CEO Geoff Lucas said its is an opportunity to grow the business.
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“The Australian real estate market is becoming more sophisticated and relationships and channels are more important than ever before," Lucas noted.
"Working closely with a major shareholder like Aqualand, which owns some of the best residential development sites in the country, represents a great opportunity to grow our business in project marketing. 
"The capital raised in the placement will also allow us to take advantage of any strategic acquisition opportunities that arise over the next couple of years. 
"McGrath is currently in a stabilisation and turnaround program and this transaction and relationship underpin our momentum to return to being Australia’s pre- eminent residential property brand.” 
AL Capital CEO Wayne Mo said Aqualand is pleased to enter into the strategic relationship with McGrath.
"We have observed McGrath for some time and have developed a positive view of the overall business operation and the capability of the McGrath leadership team. We believe McGrath has good potential for future growth and that this growth will only be enhanced by our new strategic relationship.” 
Earlier this year stockbroker Bell Potter called McGrath share's a sell, shortly after it bottomed at a then all time low of 50 cents a share.
The share price plummet and internal divisions on future directions prompted John McGrath to take back over the reigns of the agency.
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McGrath secure $10.7 million strategic investment from Aqualand

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<div>Melbourne auctioneer and agent, Aaron McDonald has been welcomed back to Ray White. </div>
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<div>Mr McDonald had been running his own business, before joining a local agency where he was awarded the number 1 sales agent from 2014-2017 across Melbourne's eastern suburbs. </div>
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<div>Ray White Group chairman Brian White welcomed Mr McDonald back home. </div>
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<div>“It’s always a great compliment when agents of Aaron’s calibre come back to our group. If you want to go fast, go alone but if you want to go far, go together," Mr White said. </div>
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<div>McDonald was selling homes in Whitehorse, in particular the suburb of Blackburn.</div>
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<div>Domain indicated Aaron McDonald from McGrath Blackburn had sold 11 properties in the last 12 months , with an average sale price of $1.2 million and total sales valued at $13.3 million. Aaron worked with Grant Lynch, Ian van Eijk and Rachel Lau on three of these sales.
Aaron sold 9 houses and 2 apartments with 1 sales by private treaty and 10 by auction, and these properties were on the market for an average of 25 days.
Aaron's highest recorded sale price was $2.3 million for 11 Jeffery Street, Blackburn, a 5-bedroom house which sold by auction last October.
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