<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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Estate agent company founder, John McGrath has told the McGrath Group board that he is well progressed in discussions with securing new proposed directors.
The outgoing directors have accordingly given written notice that their resignations will take effect from close of business February 19 four days following the release of the company’s interim results are announced on February 15.
It follows the announcement on January 22 of the intention of McGrath chair, Cass O’Connor and current non-executive directors Elizabeth Crouch and Cath Rogers to resign as directors.
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j.ballantyne1990-6AQqhLzZaK

John McGrath well progressed in locking in new directors

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McGrath Limited has responded to press speculation today in relation to a purported margin lending facility by John McGrath’s investment company, Fondorru Pty Limited, which holds shares in the listed estate agency. 
John McGrath confirmed to the board that there is no margin lending facility with respect to his shares in MEA.
"His shares in MEA are not and have never been used as security for any loan," the shareholders were advised. 
McGrath holds about 26 per cent of the shares in the listed company which has a market cap of $62 million.
The private company, Fondorru, established in 1990, reportedly controls more than half of his 26 per cent stake. The listed shares were trading at 44 cents today.
The company's securities trading policy prohibited margin lending on shares in McGrath by its directors and executives.
The issue arose as the real estate boss John McGrath described reports of a $16.2 million gambling debt as "ridiculous."
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On its late 2015 float, the McGrath Network comprised over 600 agents responsible for sales turnover of $11.6 billion in FY2015 from 11,000 sales. It managed 22,700 properties, which had a value of $16.6 billion. McGrath’s Oxygen Home Loans business had 31 mortgage brokers with loans under management of $2 billion, as at its 2015 float date. 
Its most recent advisory was $2.7 billion in loans under management, with 36 brokers, some 657 agents securing 12,800 sales with a $13.9 billion total, along with 24,700 properties under management. 
 
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No margin lending as John McGrath's McGrath Group shares have never been security for any loan

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The besieged real estate boss John McGrath has described reports of a $16.2 million gambling debt as "ridiculous."
His response came in a 5.55am Saturday morning email to staff.
"This rubbish will not distract me and should not distract us," he suggested.
"Having just enjoyed a productive week, I was hoping perhaps I might get some respite from the barrage of negative media, only to find yet another article clearly designed to damage me.
"The information in the article is ridiculous but as Mark Twain once said “A lie can travel halfway around the world before the truth has got its boots on."
"I will deal with it and its authors," he told his staff who awoke to read a Fairfax Media article alleging his gambling debt to the Tom Waterhouse-run betting company William Hill was the biggest personal debt in Australian gambling history.
McGrath, who founded the estate agency in the late 1980s, resumed control last month after the current board decided to depart amid gloomy trading figures.
The share price hit a new intraday low of 43 cents, down three cents, in Monday morning trade on the ASX, better than the overall market decline.
A McGrath spokeswoman said John McGrath was not available for comment as he worked to execute his 2018 growth plans.
His agency sold 16 of 26 auction offerings at auction yesterday with prices between $430,000 for a two bedroom East Ballina villa to a four bedroom $1.7 million Merewether house.
His email noted the past few weeks had been among "the most challenging ever in my life.
"I’m sorry that I have been targeted – but I am more concerned about you guys than about me." 
McGrath has previously denied having any gambling debts. 
"I can assure you that I am neither a large punter...nor do I owe any funds to anyone," he said in a text message to Fairfax Media when they sought insights in 2017.
McGrath did not reply to written questions put to him on Friday by Fairfax Media.
This article was first published in the Sunday Telegraph.
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jchancellor-FAypfDUnLy

John McGrath says claims of $16.2 million gambling debt is "rubbish" that will not distract him

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Olivia Wokes - who bills herself as a results-focused consumer marketing professional - has quit the McGrath estate agency.
She was the head of marketing for the veteran agent John McGrath for the past year and seven months.
Her departure to Deloitte, the global management consultancy, was announced today by John McGrath's older brother, Matt McGrath, who has been Deloitte's chief marketing officer since last May.
Wokes joined the McGrath agency in July 2016 from Channel 10 where she worked with Matt McGrath, who was also a marketing adviser for his brother's business for 27 years until late 2016.
Her appointment to McGrath came a month prior to McGrath's current chief executive Cameron Judson, who is soon to depart.
Judson came onboard at McGrath in August 2016 to replace the seven year chief operating officer Geoff Lucas who was off to become the chief operating office at the artisan bread maker and café group Sonoma, which he lead for one year and one month.
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Wokes, with experience in television, print and digital brands, bills herself has having an intrinsic understanding of advertising strategy and consumer marketing.
Her two year time at the Network Ten saw Wokes "spearhead" a strategy that resulted in market share growth for the television company which is freshly out of its days in administration.
For the prior two years, Wokes had been the marketing manager at the now axed FAMOUS, the weekly magazine published by Pacific Magazines.
 
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John McGrath's senior marketing executive hired by McGrath's brother 

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Stockbroker Shaw Partners expects another McGrath Estate Agents downgrade after it has already missed its targets for the first half of the year.
"We have never liked the stock, disputed the "stickiness" and "defensive" nature of rent rolls," its savage note said.
Its analysts have downgraded the share price of McGrath to as low as 22 to 25 cents, Fairfax Media reported.
It said McGrath management had "zero credibility."
Its note to clients was titled Titanic. McGrath shares rose in morning trade to 54 cents today, up 3 cents. 
"When you have mass exodus of agents something stinks internally and of course there are the external structural challenges," its note says.
"The 'corporate' angle is likely to keep the stock at higher levels than it should be, use this as a chance to sell.
"Company looks set to do $4 million to 4.5 million in EBITDA, being generous and implying a 40 to 60 per cent improvement on the first half," its note said.
"The cost cuts have gone as far as they can while leaving the company with the resources to benefit from market improvement," Shaw said.
Bell Potter which underwrote the McGrath float at an earning multiple of 8.8 (to enterprise value) in the $2.10 IPO price has moved to a "sell" recommendation.
"In our view the lack of a leadership team and also options for the company (outside of privatising) support this recommendation," Bell Potter said.
Without spending a cent, John McGrath resumed defacto leadership of the company this week amid board and company tumult.
Key sales staff and a big private shareholder have backed him to turnaround the company he founded 30 years ago, perhaps by taking it private.
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McGrath Group share price could fall by half again: stockbroker

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The stockbroker Bell Potter has moved to recommend its clients sell shares in the McGrath Estate Agent group.
The publicly listed estate agency jumped 1 cent in trade today to 51 cents.
The all time low was yesterday's 50 cents which followed board level turmoil which saw founder John McGrath take back the reins at the agency.
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But Bell Potter now expect it to fall to 45 cents. Fellow stockbroker Shaw Partners suggests the share price could fall by half, again.
Bell Potter advised clients that it had lost its confidence in McGrath's ability to "forecast earnings."
It has downgraded its earnings forecasts for the next three years, predicting a loss in the 2018 fiscal year.
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Meanwhile John McGrath has described the tumultuous start to the new year as the "best few days" of his life as he steps in to steer the business.
McGrath was fronting around 1000 agents and team members at the agency's annual "kickstart" event at Royal Randwick Racecourse in Sydney.
<div id="plista_widget_outstream_5a66e8427e93280" class="plista_widget_outstream" data-widget="">"We will be moving forward at a pace not seen before. This business has incredible greatness and resilience," Mr McGrath said, according to a copy of remarks provided to Fairfax Media by the company which now has a $72 million market capitalisation.</div>
"We will be laser-focused, customer-centric, fast, agile and our innovative heritage will once again come to the fore.
''I have more passion and determination than I have ever had.”
“It’s the best few days of my life rather than what could’ve been the worst,” he said, thanking the team for their support.
Bell Potter, along with investment bank JP Morgan, underwrote the sharemarket listing of property agent McGrath in December 2015 at $2.10 a share.
Last January Bell Potter told its clients that McGrath shares were a "hold" with an 86 cent a share 12 month price target, having previously had the shares as a buy.
Broker Bell Potter upgraded its recommendation from a 'hold' to 'buy' at 61¢ a share in February last year. Analyst Chris Savage titled his February 2017 report on the stock "Calling the Bottom".
The much anticipated return of John McGrath to lead the McGrath Group was announced yesterday morning after a shock leak of its fall from profitability emerged in a Stockmarket update.
The stock market was told that McGrath was headed back to running the company he founded in 1988 in Paddington.
The statement read:
"As noted in November, part of Stage Two of the Company’s structural review examined costs in noncustomer facing roles, including among the Company’s board and executive management level and roles where key expertise was unlikely to be required in the medium to long term. That expertise includes material expansion of Company owned offices and growth-oriented M&amp;A initiatives.
Pending interim executive chairman, Mr McGrath said “Like all shareholders I am very disappointed with the performance of the Company over the last two years.
"Now is the time for a new approach. Despite the challenges we have endured since listing, McGrath remains one of the best real estate businesses in Australia with outstanding talent throughout the Company.
"I am very excited and proud to once again be leading the team in the future.”
“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.
"I have a clear plan to rebuild momentum but I will let our results speak for themselves from here.” 
Chairman Cass O’Connor, who has resigned alonged with non-executive directors Elizabeth Crouch and Cath Rogers, said John McGrath was well placed to take back the reins.
The former McGrath franchisee Shane Smollen has also backed John McGrath to turn around the company he founded 30 years ago.
"There's no reason why John with the right management team can't turn around McGrath," Smollen, its third biggest shareholder, told The Australian Financial Review.
But The Australian reported Smollen has rebuffed suggestions that he is part of a plan to ­return embattled McGrath Real Estate to private hands.
He was McGrath's largest franchisee before selling his network of 10 Sydney offices back to McGrath ahead of the November 2015 IPO for $31.5 million in cash and $21 million in shares, reportedly the highest price paid for a residential real estate business in Australian history.
 
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McGrath Group is a "sell" says float stockbroker Bell Potter

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McGrath Estate Agents, a division of McGrath Limited, has opened a Coburg/Brunswick office in Melbourne’s inner north. 
McGrath operates 10 offices in the southern state. 
McGrath executive director John McGrath said Melbourne is a vital market in the Australian real estate landscape.
"It has performed very strongly over the past 12 months and while the market is starting to slow, I believe Melbourne still has opportunity for good growth in the long term, albeit slower growth in the short term.
"And I believe a breather is healthy for any boom markets," McGrath said.
“Melbourne is a city people want to live and invest in, which is reflected in its high rates of population growth, strong jobs market and many liveability accolades. 
"However as price growth moderates, the next six to 12 months will offer good buying opportunities for those looking to break into one of the nation’s most sought after markets in a truly international city,” said McGrath. 
McGrath Coburg/Brunswick will be led by Michael Chan and Tania Toti, who will oversee a team of 13 agents. 
It will service the key suburbs of Brunswick, Brunswick East, Brunswick West, Coburg, Coburg North, Pascoe Vale South, Pascoe Vale and Fawkner.
“Lifestyle is a key driver for the Coburg, Pascoe Vale and Brunswick markets. The region is culturally rich with a lively village feel. Proximity to the CBD and Melbourne University, good transport links and a diverse selection of eateries and bars attracts a wide range of buyers,” said Mr Chan.
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The region has experienced healthy price growth with Coburg houses rising in value by 46.9% over the past three years to $990,000, Pascoe Vale houses have increased in value by 47.9% to $850,000, while Brunswick has experienced growth of 51.8% over the same period to $1,151,000.
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McGrath open 10th office in Melbourne in inner north

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The much anticipated return of John McGrath to lead the McGrath Group has been announced this morning after a shock leak of its profitability emerged overnight.
The stock market was told at 9am this morning that McGrath was headed back to running the company he founded in 1988 in Paddington.
The statement read:
"As noted in November, part of Stage Two of the Company’s structural review examined costs in noncustomer facing roles, including among the Company’s board and executive management level and roles where key expertise was unlikely to be required in the medium to long term. That expertise includes material expansion of Company owned offices and growth-oriented M&amp;A initiatives.
Pending interim executive chairman, Mr McGrath said “Like all shareholders I am very disappointed with the performance of the Company over the last two years.
"Now is the time for a new approach. Despite the challenges we have endured since listing, McGrath remains one of the best real estate businesses in Australia with outstanding talent throughout the Company.
"I am very excited and proud to once again be leading the team in the future.”
“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.
"I have a clear plan to rebuild momentum but I will let our results speak for themselves from here.” 
Chairman Cass O’Connor, who has resigned alonged with non-executive directors Elizabeth Crouch and Cath Rogers, said McGrath is well placed to take back the reigns.
“As Executive Director, founder and major shareholder, John is well placed to transition to interim executive chairman role. John, the Board and the CEO will work closely to effect a smooth transition.”
Nigel Dews has resigned from the board, due to work commitments and as part of the stage two review.
During 2017, Dews was appointed CEO of Message Media, which necessitated his move interstate.
The transition period will allow for the recruitment of additional non-executive directors to fulfil the company’s legal and strategic requirements. 
Earlier today it was reported that the McGrath Group Report November 2017 showed McGrath Limited had sunk to a $1.3 million loss as it suffered from falling commission income from residential sales, against the targeted $3.3 million net profit after tax between July and November 30.
The chief executive is set to step down.
Founder John McGrath previously stood down as chief executive in August 2016. 
As a result of McGrath's stage two structural review, McGrath CEO Cameron Judson and head of corporate services and company secretary, Morgan Sloper, will leave the company.
Judson, a turnaround specialist and former CEO at recruitment firm Chandler Macleod, resigned after just 18 months in the role. He will remain CEO until at least the publication of full-year results in February.
 
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John McGrath returns to helm at McGrath

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McGrath Estate Agents has recruited Potts Point and Elizabeth Bay specialist Nick Harrington to join its sales team at McGrath Edgecliff.
Harrington has over 14 years of local and international sales experience, having previously worked for Ray White Elizabeth Bay and New York’s top real estate firm Corcoran Group.
McGrath founder and executive director John McGrath said Nick joins the team with an "amazing" CV.
"He has worked for the best real estate firm in Manhattan and held his own against the best apartment specialists in the world.
"He has also lived and worked in Europe which equips him very well for the large international buying contingent moving to and investing in inner Sydney.
"He is the agent of the future and we are thrilled to have him join our Inner East team for 2018.”
On his decision to join McGrath, Harrington said McGrath was an easy choice.
“Given my experience working in New York for one of the city’s most successful brokerage firms, McGrath was an easy choice.
"It’s by far one of the most professional and sophisticated real estate brands in Australia, with all the resources, technology and social media savvy anyone could want.”
McGrath Eastern Suburbs sales manager Luke Hogan said Nick had impressive sales results to his credit in Potts Point and Elizabeth Bay. 
Harrington sees Potts Point and Elizabeth Bay as two of the most highly desirable areas in Sydney.
“They are true lifestyle suburbs on-par with those in other global cities. With a persistent stock shortage, vendors can expect healthy and sustained growth next year.”
Harrington has lived and worked in Germany and the United States, is fluent in German and French, and has a degree in political science from Sydney University.
He has recently been a Ray White auctioneer while also dabbling <a href="https://www.starnow.com.au/nickharrington" target="_blank">in acting and modelling</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/15/harrington.jpg" alt="">
He returns to the inner city neighbourhood where other star agents also have former modelling experience including Di Jones agent Jeremy Brink.
Born in Canada, <a href="http://chadwickmodels.com/models/jeremy-brink/" target="_blank">Brink</a> has resided in the Eastern suburbs of Sydney since 2010. The former ice hockey player markets himself a Gen "Y" agent.
Harrington and Brink have<a href="https://www.youtube.com/watch?v=l3K1to5GcEw" target="_blank"> previously collaborated on marketing campaigns,</a> but are now rivals.
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Elizabeth Bay agent Nick Harrington joins McGrath

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A McGrath spokesperson has dismissed a newspaper report that McGrath could soon be back in private hands.
The Australian Financial Review reported founder John McGrath and former Sydney franchise boss Shane Smollen were "understood to be working on a deal to take back control of the listed real estate flop."
The article quoted one source, identified only as "a senior industry source."
They had reportedly told The Australian Financial Review there was a "lot of movement" going on behind the scenes at McGrath.
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"Private equity is sniffing around and the shareholders, including John McGrath and Shane Smollen are trying to do something," the source said adding an announcement could come before the company's annual meeting, due to be held November 22.
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<div class="cq-article-content-media section">"We have absolutely no knowledge of these plans," a spokeswoman for McGrath told the newspaper.</div>
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<div class="cq-article-content-media section">John McGrath, who stepped down as CEO last year, remains the company's biggest shareholder with his 25.9 per cent stake.</div>
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Smollen has an 8.9 per cent share.
The share price - after McGrath's latest profit warning - ended Friday at 52 cents, down from its IPO value of $2.10.
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