<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.

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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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Entrepreneur Tony Denny has acquired a 5 per cent stake in the listed real estate agent agency, McGrath.
An ASX substantial holding notice was lodged yesterday after Denny acquired his 5.05 per cent stake in the agency.
The cashed-up businessman took a position ahead of the agency unveiling its turnaround strategy.
The 7.2 million shares were bought over the past fortnight after buying shares on March 12 and 20 costing just over $3 million.
Some were likely acquired from McGrath's biggest institutional backer, Perpetual which sold almost 2.5 million shares on March 12 to reduce its stake from 14.2 per cent to 11.6 per cent.
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<div>Denny's is a Central Coast-based property developer, whose $355 million fortune came from selling his AAA Auto dealership European network to Polish private equity firm Abris Capital Partners in 2014.  AAA AUTO was the largest used car dealer in Central and Eastern Europe.
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<div>Denny's sold-out apartment development called Vue at Gosford used McGrath's Central Coast office in its marketing.</div>
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Shares in McGrath closed Tuesday up 2.5 per cent at 41 cents, having dipped to a 39 cent record low last Friday after a series of earnings downgrades and board turmoil.
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A spokeswoman for Denny's development company, Central Real, told The Australian Financial Review the shareholding was a "passive long-term investment".
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j.ballantyne1990-6AQqhLzZaK

For $3 million, Central Coast entrepreneur Tony Denny buys 5 percent stake in McGrath

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The listed real estate agency McGrath have signalled their expected revenue for the FY18 to be half their forecast.
Their latest trading update put the revenue within the $5 million to $5.5 million range.
The incoming chief executive called it "the right baseline financial position."
McGrath shares closed at 43 cents on Monday, no change from the Friday close, and opened Tuesday at 42 cents.
The announcement comes just two months after the then board suggested they would be targeting between $10 million to $10.6 million.
CEO Geoff Lucas, who is back at the agency having left in 2016 just after the company floated, cited the impact of reduced sales volumes.
 “It is important that the market is aware of the right baseline financial position that appropriately reflects the current status of the McGrath business and trading conditions.
"The impact of reduced sales volumes has affected the company more significantly than the prior forecast contemplated.
"We are pleased that this period is behind us, and are encouraged by current activity levels generating improved results.
“At the core of the McGrath business is a high quality and well respected real estate agency with a market leading position.
'The new Board and CEO are harnessing the capacity and skills of the existing management team which has injected a revitalised energy into the business and we are encouraged by the support, enthusiasm and momentum of team members.
“The cost cutting program put in place late last year is starting to generate the financial benefits expected, and we are seeing an uplift in performance so far this month, with expectations of continued rebuilding to the end of this financial year.”
McGrath have lost a number of key staff to various agencies over the past two years.
The review comes after Lucas, who was previously the COO before his 2016 departure, undertook an initial review of the company's accounts and operations.
The company says it generated underlying EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) for the eight months to the end of February of $720,000, before $3.2 million of one‐off costs. 
Last month John McGrath revealed his new board of directors, with Andrew Robinson and Peter Lewis.
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jrobinson-rf4aSBido9

McGrath halves 2018 forecast earnings 

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The 2018 auction season has started well for McGrath as the company reports solid bookings for March.
Still booking auctions for the 17th and 24th March, McGrath anticipate both Saturdays will emerge as “Super Saturdays” in the lead-up to Easter. 
“The first strong indicator for us is Saturday 3rd March, where the network’s auctions have increased by 38 percent," Adrian Bo, the general manager of company owned sales said.
“We have noticed an upswing in our 2018 auction numbers leading into Easter compared to the same period for 2017," he said.
Its Sydney metro auction bookings are up 40% to the comparative period in 2017.
"We are seeing the largest increase YOY in Sydney’s Eastern Suburbs (+115%) with 28 properties to be auctioned on the first auction day in March, followed by the Sutherland Shire (+64%). 
“We were faced with a shortage of listing inventory this time last year due to reluctant sellers in a fluidly growing market.
"Vendors were fearful of the market getting away from them by around 10% if they sold first, without securing their new home in an equivalent market environment.
"As the Sydney market has now reached its peak, our clients seem more inclined to transact in an increasingly balanced market. We have certainly seen an uplift in buyer sentiment this calendar year.” 
Bo pointed to a townhouse at 5 Pitt Street, Randwick that passed in at auction in December 2017 with no registrations or bids sold this month for $2.5 million, well over the asking price. 
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McGrath sees two pre-Easter Super Saturdays

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Former McGrath chief operating officer Geoff Lucas has emerged, according to the Australian Financial Review, as the lead candidate to take the top job at real estate company.
It suggests Lucas could start his role as chief executive next Monday. He was previously at McGrath for a decade until just after the 2016 float.
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Its former chief executive Cameron Judson left last Friday.
The paper suggests Lucas was a "clear choice" for the role, having seen "through a period of growth to 80 agencies from 16 on the eastern seaboard," sources indicated/calculated.
The Financial Review contacted Mr Lucas but he reportedly did not respond.
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<div>The paper says McGrath and Lucas are still in negotiations.</div>
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<div>Lucas, who was overlooked for the chief executive role in 2016 in favour of Judson, then briefly joined artisan NSW bread maker and cafe group Sonoma as its chief operating officer.</div>
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He is selling his Cremorne house through McGrath on Sydney's lower north shore to upgrade locally. 
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Former McGrath COO Geoff Lucas tipped to return to the agency

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McGrath Estate Agents has secured the return of Michael Conolly as Head of Network Property Management for McGrath.
Mr Conolly has over 28 years’ experience in residential, commercial and business management.
Mr Conolly returns to McGrath after a short break from the company. He first started with McGrath in 2002 - 2005 as General Manager of Property Management, and returned in 2010 to a newly established role of Head of Network Property Management.
McGrath Head of Franchise, Christopher Mourd, said Michael "will be a strong asset in our future growth.”
Conolly will work alongside Rob Fearnley, Head of Corporate Property Management for McGrath.
Fearnley joined the Company in September last year and is responsible for overseeing the Company Owned Property Management business across NSW and QLD. 
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The McGrath network has 33,082 properties under management representing approximately $21.5 billion in residential asset value. 
"All our clients, investors and long-standing teams across the country need to remember that McGrath has not only survived all past cycles, but has flourished and continued to grow," Conolly said.
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McGrath hires Michael Conolly as property management head

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McGrath Estate Agents has recruited Kevin Mendes and Imran Hamidi to join its sales team in Sydney’s eastern suburbs, specialising in the key suburbs of Paddington, Woollahra and Bondi.
Mendes brings with him more than 30 years of industry experience. He began his career as an independent, later becoming a franchisee and director at boutique real estate brand Laing + Simmons in 1996. In 2001 he opened Laing + Simmons Mascot/Alexandria followed by Laing + Simmons Woollahra in 2009.
Mendes is a member of the Cruising Yacht Club of Australia (CYCA), Sydney Football Stadium and Sydney Roosters.
Hamidi also joins McGrath from Laing + Simmons Woollahra.
Mendes and Hamidi secured the recent sale of a Federation block of six large apartments in North Bondi which sold for $6.33 million.
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McGrath recruits two eastern suburbs agents from Laing + Simmons

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McGrath Limited has announced the appointment of two new, non‐executive and independent directors, Andrew Robinson and Peter Lewis.
Lewis has taken on the role of non‐executive chairman. He is currently Chair of the Audit and Risk Committee at the Australian Broadcasting Corporation and an advisory board member of Anacacia Capital and Gravity Media Group Ltd. 
He previously worked as Chief Financial Officer for the Seven Group of companies. 
Andrew Robinson (below) established his legal practice in 1982 with specialisations in tax disputes, corporate re‐constructions and commercial negotiation. 
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His best known client was Paul Hogan. Robinson has been involved in the property sector over many years as either a manager or investor.  
Andrew has been a long term supporter of various not for profit and charity groups, including Tour de Cure and The Mater/St Vincent’s Hospitals.
Lewis said he was very excited to join the leadership team "as we stabilise the group after a challenging period for both it and the industry”. 
Mr McGrath and the new board are now developing a new corporate plan for the group, including the senior management structure, and an announcement to the market will be made in due course.  
It needs to appoint a chief executive.
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Lawyer Andrew Robinson joins McGrath board

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Estate agent veteran John McGrath has reacted quickly to the 9.42am trading halt secured this morning by the panicked, soon-to-depart McGrath Group directors and executives.
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Rampant rumours forced McGrath to break his personal mantra of avoiding comment on adverse media.
He issued a 6.29 pm statement to shareholders who have watched the wealth destruction of the company escalate in recent days with dismay.
"The ridiculous recent press coverage seeking to link matters which are personal to me with McGrath Limited is distracting attention from the important work of the company, to a point where I have concluded I need to make a statement to clear the air."
The dysfunctional McGrath board had asked the ASX to suspend shares from trading this morning after the company "become privy to further information", which it wouldn't comment on, other than assuring shareholders "they had not taken the step lightly."
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McGrath has been in the news recently over alleged, but limply denied, $16.2 million gambling debts and its alleged funding through an alleged $100 million margin lending facility.
McGrath's response this evening addressed the issue with more candor than his pronouncements over the past two weeks.
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"Like many Australians, I enjoy a punt," he told shareholders.
"I have a credit account with a bookmaker for this purpose.
"That account is not secured by, or otherwise connected with, my shares in the company.
"The account is well within my means in the context of my net wealth.
"I am in full compliance with the terms of that account.
"I have never, and would never, let what I might choose to do in my personal time impact upon the company."
McGrath then advised he dedicated more than 60 hours per week to his work for the company he founded 30 years ago. 
"I thank the great team at the company for their support at what has been a personally challenging time for me. 
"I will continue to focus my energies on the important work of improving performance, growing the company and restoring shareholder value. 
"I do not intend to comment further on this personal matter," he concluded, without advising whether legal action would be pursued.
Last week John McGrath advised shareholders the $16.2 million gambling debt allegation was "rubbish" and that he had never used his McGrath shares as security for any loan.
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Ending the day of debacle, the listed real estate agency also needed to update the ASX with a corrected financial advisory at 6.46pm, given an embarrassing nine errors when McGrath Group reported its small loss. There were no wrong numbers in the statutory accounts, rather the investor pack. 
Last week John McGrath told the McGrath Group board that he was well progressed in discussions with securing new proposed directors (two appointments are needed as a minimum) to replace those who had recently handed in their resignation to allow John McGrath to resume executive control, apparently without any privatisation.
It will see the departure of the McGrath chair, Cass O’Connor who has presided over a board united in obvious turmoil with the company founder.
The news of the deteriorating trading results in the McGrath estate agency finances first emerged last month in an internal document obtained by The Australian Financial Review.
<div>Details of the McGrath board meeting on Friday, January 19 were published on the following Monday, January 22.</div>
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<div>The Fairfax newspaper also advised there had been "threats by the board to resign en masse over the Christmas holiday."</div>
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jchancellor-FAypfDUnLy

John McGrath says his punting losses are "well within his means" 

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The listed real estate agency McGrath requested and secured a trading halt on Thursday morning pending an "announcement regarding recent media speculation in relation to Mr McGrath."
Its chief executive Cameron Judson said "it was a precautionary measure."
"The event that will end the trading halt is the company issuing an announcement by Mr McGrath," the company statement said.
"The company has become privy to further information, which I can't comment on, re this matter and is seeking urgent clarification from John McGrath," chief executive Cameron Judson said during the 11am investor call.
"The board has considered this trading halt a significant development and let me assure you they have not taken this step lightly." Judson is leaving the company on Friday said the board was doing everything in its power to update the market as soon as it could.
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"An update is though contingent upon John McGrath providing further information," he said.
Judson declined to advised on the unspecified further information.
Mr McGrath has been in the news recently over alleged debts and its funding.
"This matter will be dealt with in due course once all the facts are settled," Judson advised.
The comments came at the beginning of the briefing which was delayed two hours.
Last week John McGrath said he has never used his McGrath shares as security for any loan.
This morning McGrath reported a small loss, while some agents have been given an $850,000 allocation to keep them from departing the public listed company.
 
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Urgent clarification being sought by McGrath board from its founder

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<div class="page" title="Page 1">The real estate agency McGrath has reported a small loss.</div>
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<div class="page" title="Page 1">But despite being hit with a sales revenue slump, some 22 estate agents have benefited from a $850,000 allocation in additional bonus commissions to keep them from departing the publicly listed estate agency.</div>
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<div class="page" title="Page 1">Revenue for the six months to December 31 was $51.6 million, down 23 percent on the same period a year ago.</div>
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<div class="page" title="Page 1">No interim dividend will be issued.</div>
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<div class="page" title="Page 1">Earnings before interest, tax and amortisation notched a $52,000 loss from EBITDA of $9.6 million a year earlier.</div>
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<div class="page" title="Page 1">But company founder John McGrath broke his silence to say he was "proud" and "excited" to again be leading the business from tomorrow when its chief executive Cameron Judson leaves the company. 
Chairman Cass O’Connor and current non-executive directors Elizabeth Crouch and Cath Rogers have also announced their intention to resign on Monday.
Replacement directors have yet to be appointed, with suggestions a Sydney solicitor is among the likely replacements. Senior staff including Adrian Bo are set for elevated administrative roles in the new regime. Bo holds two post graduate degrees in business administration, including an MBA.
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The company went into a trading halt until Monday.
''The reason for the trading halt is a pending announcement regarding recent media comment in relation to Mr McGrath," the company said.
"The event that will end the trading halt is the company issuing an announcement by Mr McGrath."
Meanwhile company owned sales generated $2.6 billion in sales value from 1,712 sales for 1H FY18 compared to $3.5 billion and 2,544 sales in 1H FY17.
Its franchise services offices exchanged 4,324 sales during 1H FY18 with a sales value of $3.9 billion compared to 4,222 sales with a sales value of $3.8 billion in 1H FY17. 
As at 31 December 2017 the network comprised 27 company owned offices and 70 franchise offices with 583 agents. 
Total agents decreased significantly. Agents in the franchise offices decreased 3% to 393 and agents in the company owned offices decreased 21% to 190. 
McGrath's report advised it continued to have a "concerted focus on talent identification, to attract, develop and retain high performing agents and emerging sales agents."
"The company’s performance has fallen short of expectations, and is influenced by several factors including lower volumes of listings, lower agent numbers and a significant slow-down in the traditionally volatile project marketing segment," it advised.
The company posted a loss of $25.5 million after impairments of $22.9 million to goodwill. 
The directors slashed the business’s goodwill which was on the balance sheet at the end of last year at $53 million.
Click here <a href="https://www.propertyobserver.com.au/images/2018/2/15/overview.jpg" target="_blank">to enlarge.</a>
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McGrath has $3.4 million cash, no debt, and net assets of $74.4 million. 
Founder McGrath, who has taken back direct management control of the company, said a “new approach” was needed, and thanked investors for their loyalty.
“I am very proud and excited to again be leading the business,” he says.
“Despite the challenges we have endured since listing, McGrath remains one of the best real estate businesses in Australia with outstanding talent throughout the Group. 
“Residential real estate is one of the largest industries in Australia, as well as being the country’s largest asset class, and we remain very well positioned to leverage our scale and quality brand for future success and growth.
<div id="taboola-mid-article-stream-thumbnails" class=" trc_related_container trc_spotlight_widget">“Our investors and team have exhibited great patience and loyalty during this difficult time and I intend to work very hard to repay them for their confidence in the company. </div>
“I have a clear plan to rebuild momentum but I will let our results speak for themselves from here.”
The company floated in December 2015 at $2.10. The shares last traded at $0.425 before it halted trading.
Outgoing CEO Cameron Judson says earnings have been adversely impacted “by the underperformance of our company owned sales business, including project marketing”. 
“Our annuity businesses, Property Management, Franchise and Oxygen have performed largely to expectations,” he advised shareholders.
The company announced a $1 million write-down of acquired property management rights. Company owned property management decreased the number of properties under management (leased) to 7,449 at 31 December 2017, from 7,498 at 31 December 2016.
Click here <a href="https://www.propertyobserver.com.au/images/2018/2/15/revenue.jpg" target="_blank">to enlarge.</a>
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Oxygen Home Loans settled $422 million in mortgages during the period, slightly down on last year (5%). The book value of loans under management has increased 12% year on year to $2.9bn. At 1H FY18, there were 33 brokers supporting the network, compared to 32 in 1H FY17.
Judson says the restructuring of the board, executive and corporate functions have delivered annualised savings of $5 million with in the leaner organisation.
Cost savings included space relinquished at its Edgecliff headquarters where the business gave up one of its three floors. 
The McGrath network has 95 offices and 2,000 staff.
Keeping staff has seen a McGrath Future rollout which includes high performance bonus commission, recruitment trail commission and a property management equity partnership structure.
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