Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

Property Development

<html><body>
ASIC has commenced civil proceedings in the Federal Court over what the corporate regulator claims is an unregistered Perth based managed investment scheme providing unlicensed financial advice.

The scheme has raised over $11 million for property development purposes.

The proceedings are against Ms Monica Kaur, MKS Property Investments/Developments Pty Ltd (MKS Property), Paradise Property Group Pty Ltd (Paradise Property) as well as against Mr Sadu Singh, Mr Melvin Paul Singh and Ms Stephanie Lee.

“ASIC is concerned that Ms Kaur is providing unlicensed financial advice services and that she, together with the defendants, are involved in promoting and operating an unregistered managed investment scheme,” ASIC advised.

On 16 December 2020, ASIC obtained urgent interim orders:  

- restraining the defendants from removing their assets from Australia, disposing of their property, and freezing monies in their bank accounts including in Singapore; and

- preventing Ms Kaur, Mr Singh and Mr Melvin Singh from leaving Australia.

ASIC alleges the defendants raised at least $11.3 million from around 300 investors during the period March 2017 to September 2020 through MKS Property. 

It is alleged that investors were encouraged to establish a self-managed superannuation fund (SMSF) and invest part or all of their SMSFs or other funds into property investments and developments set up by MKS Property and/or Paradise Property. 

These funds would be pooled together to invest in property development.

“ASIC alleges the defendants used investor funds, at least in part, for their own personal use and to pay returns to investors,” it claims.

On 17 December 2020, ASIC, with the assistance of the AFP, executed search warrants.

The orders are to remain until February 15.

ASIC’s investigation is continuing.
</body></html>

ASIC alleges the defendants raised at least $11.3 million from around 300 investors during the period March 2017 to September 2020 through MKS Property.

jchancellor

ASIC launch Federal Court proceedings over alleged unlicensed $11.3 million property development scheme

<html><body>
Balfour Group, the Melbourne-based high end property developer, has taken out the inaugural Best Boutique Property Developer in Australia award at the Property Guru Asia Property Awards.

Balfour, ran by owner and architect Steve A'Beckett, were judged on their One Adams Street development in South Yarra (pictured above and below), Armadale Residences on Armadale's Horsburgh Grove and 1683 Malvern Road in Malvern.

The independent judges said Balfour Group’s impeccably designed and forward-thinking projects provide a glimpse into the future of residential development in Australia.

"Their residences impress with glamorous interiors, generous spaces and top of the line health, wellness and automation features, raising the bar high in luxury and sustainable development.”

It was One Adams St which really caught the eye of the judges.

<img alt="" height="2235" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/balfour_one_adams_2.jpg" width="2000">

A'Beckett says that in the case of One Adam Street, their objective is always to ensure our design is a real show of strength, detail, permanence, luxury and style.

"You don’t get many significant buildings constructed out of brick anymore as it is laborious and therefore expensive. However, it is a beautiful material that is creating a sense of monumentalism. We are creating a legacy building that will further enhance South Yarra’s rich architectural heritage 100 years from now.” 

Balfour had Rob Mills Architecture design the boutique project of seven apartments.

"One Adams Street Apartments sculptural form challenges the senses and enlivens South Yarra's streetscape," Rob Mills says.

<img alt="" height="1383" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/balfour_one_adams_3.jpg" width="2000">

"Each has a distinct character responding to the shape of the site, the built context and the surrounding views. In this instance, a long, rectangular site easing into a tapered corner becomes the driver for a strong sculptural building, housing seven luxury apartments including a spectacular penthouse.

"The scale and form of the building is in keeping with the adjacent Art Deco apartment blocks and a domed synagogue, while views of Fawkner Park help the building extend its visual reach and make connections with the landscape capturing space beyond the built form."

There was also plenty of interest from the judges in the two residence development in Armadale, with each 538 sqm property asking $12 million.

Each whole floor residence is set to have two separate studies and two living spaces.

“We are committed to creating breathtaking developments that are best in their class," Beckett says.

"Our success is evidenced by our extensive track record delivering beautifully designed buildings which integrate harmoniously into their exclusive urban environments.”

Balfour Development Group is a property development Company founded in 2000 by property development industry veteran Stephen A’Beckett.
</body></html>

The independent judges said Balfour Group’s impeccably designed and forward-thinking projects provide a glimpse into the future of residential development in Australia

Melbourne-based Balfour Group named Best Boutique Developer at the 2020 Property Guru Asia Property Awards

<html><body>
Last week I was assisting a client with her dual occupancy construction finance. We have Development Application (DA) and Construction Certificate (CC) consents and the builder has issued their Building Contract. The bank now has all the documentation required to unconditionally approve her construction finance.
They had conditionally approved her loan a few weeks earlier after verifying income and assessing serviceability and all the other stuff they do after you sign a mountain of loan docs. The next step was for the bank to value the two dwellings and then they could finalise the construction loan.
Her bank did an "As if Complete" valuation. This is also known as a Tentative on Completion valuation. It's when the bank value the project before it's constructed but based on how they think it will be completed.  lf it's more than one dwelling - a dual occupancy or multi unit project - they look for a value of the property '"in one line". This means not subdivided. If the bank had to sell the dwellings all on the original title, what would they get for them?
The number one, massive, biggest, fattest, most frustrating issue with this type of valuation  is that there are generally NO sales references. Who in their right mind would sell in one line if given the choice of making far more profit by subdividing?
When there are no sales references in one line, it is up to the valuer to determine how they discount the end values if the dwellings were on their own title.  Valuers must take legal responsibility for their opinion. The valuer needs to cover themselves in the instance that the bank may need to fire sell the properties together on one title of land.
The process of subdivision after building works are complete, whilst not complicated, can take a number of months to get to the registration stage. Yet the builder's final payment is due on completion of construction.
The Australian Property Institute publish a very interesting document on valuation standards. It's 395 pages long. That's how complicated the valuation process can be.  It covers valuations for different purposes such as market, mortgage and loan security, rating and taxing, for compulsory acquisitions, for assessing rental value, for property plant and material, for insurance purposes and to use in financial reports. 
In this instance due to no direct sales the valuer will possibly use a gross realisation of the dwellings assuming they are subdivided and on separate titles and then deduct a profit and risk factor, holding and selling costs to arrive at their valuation figure. 
They may also take into consideration a capitalisation of the gross income and use an acceptable market capitalisation rate or cap rate. 
In my opinion, without actual sales references of properties sold in one line, the valuer will be super conservative in their calculations and hence, a low On Completion valuation may be received. This is one of the perils of construction finance and so a buffer of cash should be put aside in case the construction loan requires supplementing. 
Applying for and then finally receiving approval of, construction finance can be one of the most lengthy phases of a development project. It can take longer than obtaining the DA consent and in some cases, has taken longer than the construction phase itself!  So be careful to allow, not only enough extra funds, but also time for your construction finance.
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
</body></html>

jochivers-wq5Bp59R5a

The complicated process of valuation: Jo Chivers

<html><body>
A survey by researcher Michael Matusik has confirmed what many in the real estate industry knew or suspected – that developer claims about sales in their unit projects are often a pack of lies.
He surveyed 10 recently-completed projects with a combined 1,500 apartments in the Brisbane inner-city market and found that sales rates were, in most cases, agonizingly slow - quite a contrast to the claims of “selling fast”, “few remain” and “50% sold within the first month of release”.
He says many claims made by developers and marketers are so outrageously false, they should be investigated and prosecuted by the relevant authorities.
His conclusions: “The sales rates promoted in many new apartment advertisements are optimistic at best. In some case, there’s outright lying, which should be challenged by ASIC and the real estate institute.”
Amen to that. Project proponents who falsely claim to have made high levels of off-the-plan sales often goad gullible investors or home-buyers into hasty action, for fear of missing out. These buyers often end up with dud investments, over-priced and falling in value.
I get frequent emails from investors, usually impressionable young people, who are being pressured by accountants, solicitors or financial advisors into buying off-the-plan apartments in the inner-city suburbs of our major cities. 
They are bombarded with claims of high sales rates, never-to-be-repeated offers and the prospect of windfall capital gains. They’re under heavy pressure and highly stressed, because they’re afraid of making a decision they’ll regret. Many are unaware of the massive commissions their “advisors” will receive if they buy.
It’s the dirty underbelly of the property industry that regulators seem powerless to eradicate. But a clampdown on false claims about sales rates as a way of enticing buyers would be quite easy for ASIC or the Office of Trade Trading to police.
If Matusik can conduct a revealing survey, surely the authorities with their much greater resources can do the same or better.
His survey found that the true sales rate among the surveyed developments was just three apartments per project per month. The results ranged from one to seven sales per month per project, but the average was three sales per month. It took most of the projects 15 months to sell enough units (i.e. over 60% of the project) to start construction.
“The shortest time period to sell out a project was 21 months, while the average time was just over three years,” Matusik said. “Several projects took over four years to sell out.”
Amazing to consider these results, against frequent claims by project proponents of having sold half the units even before the launch of marketing, or having sold out most of the project in the first weekend of marketing. Often an expression of interest is classified as a sale.
Media reports such claims as gospel, when often they’re shameless fabrications. Journalists don’t challenge anything anymore.
Matusik says: “We need some clear rules. For mine, an off-the-plan sales can only be reported as ‘sold’ if the contract is signed, unconditional as to finance and the stipulated deposit has been paid.”
This issue will get worse before it gets better, given the upcoming tsunami of new apartment projects in Melbourne, Sydney, Brisbane and Perth as our major cities head into an era of over-supply.
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can  <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
</body></html>

terryryder-YECXbqmri2

Over supply ahead as tsunami of new apartment projects hit Melbourne, Sydney, Brisbane and Perth: Terry Ryder

<html><body>
I was interviewed for a great story in one of the property magazines, the article was called Keep and Reap and it examines the pros and cons of holding onto property after you finish developing it.
One of the biggest things to consider before you start a development is entry and particularly exit costs - if you are developing to sell.
Around the same time I received a call I had from a guy called Dave.  He said ‘Hi Jo, can you help me with a dual occupancy project’.  To that I replied...’sure Dave, we’d love to. Tell me a bit about your strategy and what you are hoping to achieve from a property development’. 
'Well, my wife and I want to turn over a few developments, you know...complete one, sell and then use the profits to go again. Our aim is to use the proceeds to pay down the mortgage on our principal place of residence and keep investing’.
Dave certainly has a very good plan. As property development project managers, we are not qualified to give accounting or financial advice, but what I do like to check with anyone making this kind of enquiry is that they understand what selling or exit costs are involved.
Dave said he understood there’ll be agent’s selling commission and marketing costs to sell the new villas, we might have to pay some Capital Gains Tax and that’s it I think’. He said.   
My reply...’Are you sure Dave?’
If you take a look at the exit costs, then you may think twice about selling on completion, especially if it’s a small development like a dual occupancy.
In the Hunter Region of NSW where we manage developments for our clients, we can typically create around one hundred thousand dollars in equity on a dual occ project within twelve months. This sounds like a lot of equity to create and it is...if you are holding the properties you’ve built.
By holding on completion you'll not only get the benefits of depreciation and higher than average rental returns (everyone loves to rent a brand new property) but some clients choose to refinance and by doing this they can access some of the equity that’s been created through the development process.
But, if you are looking to sell on completion, then there is a whole list of costs you need to consider.
The big one is GST and as I explain this to Dave, I highly recommend he checks this out closely with his accountant.  GST is applicable when you sell new property, so Dave would need to ensure he pays 10% of his selling cost to the government. If he is not registered for GST, he can't claim back the GST he's paid over the life of the development so he's essentially losing 10% on his sales. However, if he holds the properties for five years, they are no longer deemed new and no GST is applicable.
Finance costs are another cost to consider. Dave needs to check with his lender what fees and charges may be applicable when he sells, these may include a prepayment fee, settlement fee, early exit fee or Government mortgage discharge fees.
There will be legal fees for your solicitor to prepare Sales Contracts and manage the conveyancing for you.
In some instances, Land Tax may also be payable on a property that is being sold.
Then of course, the sales agent's commission, marketing costs and perhaps auctioneer costs.
Also consider the holding costs. During the sales process you probably won't rent the villas and they'll be sitting empty on a fully drawn construction loan.
One of the advantages to holding and renting the properties on completion is that the interest you pay during the development process is tax deductible. However, if your intention is to sell on completion then you lose this important deduction during construction but also during the selling period.
I recommended Dave have a meeting with his accountant to make sure he understood the implications of selling.  A few weeks later, he called to tell me he's switched strategy and wanted to hold onto his properties. One of his reasons was to take advantage of the higher depreciation benefits and he wanted to build a property portfolio. His accountant showed him just how much income tax he could save himself as he was in a high tax bracket.
It wasn't long before we had found him a great site in Newcastle with a potential gross yield of 7%. This strong yield will make it easier for Dave to hold and continue on his property investment journey.
By going through the exercise of weighing up the pros and cons of holding, it helped Dave realise that if you are going to the trouble to develop property in the right location, you may as well hold to reap the immediate and future rewards. 
 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
</body></html>

Is it really worth selling on completion? Jo Chivers

<html><body>
Last week one of my project managers used an interesting story to illustrate a point about being patient when developing property.    
Rich is a country lad brought up on a farm in rural NZ… no it wasn’t a sheep station. Lucky for me, he decided to ‘cross the ditch’ and settle in Australia to make his fortune in developing property in the Hunter Region of NSW. He was working with one of my builders when I discovered his expertise. It was some time later that we ended up working together. 
The message from Rich’s story was simple – “Pushing too hard at the wrong time can cause problems rather than solutions.”   
The message came about whilst discussing how we could fast track lodgement of a particular Development Application.  As project managers I knew we were doing all we could.  I also knew that the other people involved; our builder and engineering consultants, were too.  We wanted to illustrate this to our client.  And then Rich sat down with a steaming cuppa in his hand and spun me a yarn.
I thought I’d share his tale because it made sense, even to a city gal like me.  Hope you enjoy it as much as I did...
Rich:  On the farm we never had a dog to move the cows into the milking shed. But our neighbours did and they were always in a hurry to get the milking done for the day. One day I asked Dad; “Why don’t we have a dog to chase the cows like our neighbours?” 
He responded by saying, “Son, when a dog chases cows, by the time they arrive at the milking shed, they’re all nervous and tense because that dog has been snapping at their heels, barking and generally causing them grief. Because of this, those cows never milk for long and as a consequence, they don’t produce much milk.”
Rich explained that what those stressed out cows did was to produce a lot of crap. The cow manure mounted up quickly and ended up covering the shed while they stood waiting to be milked.  
The neighbours with dogs always finished milking earlier than us, but spent more time cleaning up their milking shed at the end.  They produced very little milk. 
When it was all washed up and done, we always finished around the same time as the neighbours. Although our cows milked longer, we had less to clean up and we always produced a lot more milk. 
Relating this back to our property development situation, the bottom line was if we did things properly and not rush the procurement and planning stages of the process, the delivery and close out will move along smoothly and end up producing a better, more profitable ‘on time’ result. 
My take out of Rich’s yarn: There are times for snappy dogs, but use them sparingly and intelligently. 
Property Bloom understands the need for speed, as do our builders.  At the end of the day we all want to complete the project quickly.  But what we really want to ensure is a development that is well planned, delivered efficiently and on budget - and hopefully with very little crap to clean up at the end!
 
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
</body></html>

Milking the property development process: Jo Chivers

<html><body>
So you’ve decided it’s time to embark on a property development. Great stuff – you’ve made the first of many, many, many decisions for your exciting development journey.
So here are some more decisions to make.  The very first question you’ll need to answer is, ‘what is your development strategy?’
It’s a good question that only you can answer but it also leads straight into a whole list of more crucial questions:
1  Budget – cash available and how much can you finance?
2  Risk profile – do you have a low or high tolerance for risk?
3  Time – how much time do you have available to run your development?
4  Knowledge – do you understand the different development processes?
5  Skills – project management, negotiation, communication, patience 
Once you have answers to the above, you can then work out your development strategy.
Your strategy may include:
<ul>
<li>Land Subdivision</li>
<li>Renovate and add value to an existing dwelling</li>
<li>Dual occupancy or low density development</li>
<li>Renovate an existing dwelling and also build new dwellings on the land</li>
<li>Medium density development</li>
</ul>
The development strategies above will all have a different impact on your crucial questions.
Let’s start with Budget. If you are on a low budget then you may choose a house renovation. For this strategy you’ll need to have lots of question 3 as house renovations can be very time consuming.
If your budget is higher, then you may choose a low or medium density project. This choice of strategy will mean you’ll need a high tolerance for number 2 and lots of number 5.
Whichever development strategy you choose; you will need some help. Now it’s time to put together your team.
Who do I need on my Development Team?
<ul>
<li>Property Specialist Accountant &amp; Solicitor</li>
<li>Finance Broker or personal banker</li>
<li>Surveyor</li>
<li>Architect/draftsperson</li>
<li>Builder and other tradesmen; plumber, electrician, carpenter, landscaper</li>
<li>Consultants such as an engineer and private certifier</li>
<li>Quantity Surveyor</li>
</ul>
And if you are short on crucial question number 5:
<ul>
<li>Development Project Manager who will guide you through the entire process</li>
</ul>
Congratulations, you have now answered the crucial questions, decided on a development strategy and built your development team. The next step is to find your development site; you’ll find this raises a whole new series of questions. Have fun!
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
</body></html>

5 crucial questions to answer before starting your development: Jo Chivers

<html><body>
Getting started on your property investment journey can be daunting. I'm reminded of this when I hear from people who haven't yet been able to take that step forward. 
It's something that comes naturally to me now after sourcing many properties and development sites for our Property Bloom clients but I can still remember very clearly my first investment property purchase. Man, was I nervous!
Some people seem to be able to make a quick (yet still educated) decision and others 'think' about it for weeks, months and sometimes years. Being decisive is a great skill to have. 
I had a call the other day from a lady who said she'd been following my articles on Property Observer for years but couldn't ever get to the point of making a decision on how to buy her first property, where to buy it and how much she should spend. 
In this time, she watched the Sydney market rise and rise until it was virtually unviable to her as an investment option. Then she was kicking herself for not getting in earlier.
The one thing I wanted to communicate to her was to "take small steps".  Break down the process so that it doesn't seem so overwhelming. 
Start with your finance. How much can you borrow and service and how much do you feel comfortable borrowing? Once you have a budget then you've taken the first step. 
With that budget in mind, look for locations with a median price point around the same as your budget. Choose a few different suburbs in this location and then spend time in these suburbs. Drive around, hang out in the shopping centre, study the people who live there. Strike up conversations and ask about what they love about living there... and if  there are any streets they wouldn't live. What are the schools like and are there good community facilities like sporting fields, skate parks, playgrounds, places for families to enjoy. 
Once you get a 'feel' for the area and the people living there, then start some more detailed due diligence on the local economy, job opportunities, infrastructure projects, council's long term plans for the area, population growth, recent past sales, rental returns and vacancy rates. Attend auctions and talk to real estate agents about what tenants are looking for.   
There that's the next step taken, and all of a sudden you've become very knowledgeable and narrowed down the suburb where you'll invest.  Follow the sales market in the streets you like and you'll soon know what a good deal looks like. 
Remember to look for development potential in a property; can you add value to it either now or in the future?  Search for large block sizes, dual access points, houses you can add a bedroom or upgrade the kitchen or bathroom to increase the rent.  Property located in a medium density zone means you'll have more options later to develop it. Find property that is close to shops, on public transport routes and within a short drive to the central business district or to the closest city.  
Finally, get ready to move quickly. When you find a property that ticks all the boxes and with a finance preapproval under your belt, you can confidently make an offer.
Don't be disappointed if you miss out as all this adds to your experience and there will be other properties that come up soon. By going through this process you'll establish relationships with locals and agents and soon that first small step will lead to an investment property purchase. 
Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
</body></html>

Small steps will lead to big things: Jo Chivers

<html><body>
Hi Margaret,
My husband and I currently own a house in Macarthur (ACT) and are in negotiations with our neighbor to buy their house next door, before they move to Tasmania next year. The houses are side-by-side and at the end of a cul-de-sac.  
I'm just wondering what our first step would be if we decided to merge the two blocks of land and sell to a developer for them to build multiple dwellings. We don't want to manage or build ourselves, we just want to sell them as a package.
How do I know if this allowed in our suburb? Is there a website I can look at or someone I can contact?
Kind Regards,
Lisa 
 
Hi Lisa,
Your first port of call will be to the local council who manages subdivisions in your area. You will need to talk to their town  planning department.  The council will have a town plan in place which will be governed by the territory’s planning scheme. They will be able to tell you about the rules and regulations surrounding subdivisions, or in your case, land boundary changes in your area.
The reason it is important to start here is because you want to know exactly what you would be left with in the event that such a boundary change (that is the combining of two lots) is allowable. You need to know how many subsequent blocks a developer can achieve from this boundary change.  If they can only achieve the two blocks which you originally had, then there is no benefit to the boundary change and your blocks would be just as easily sold separately as they would combined as one.
Once you know these details you then have a choice: You can either simply offer your two blocks together for sale as a package, leaving the responsibility for a boundary change up to the potential developer, or you can effect the boundary change yourself, which may make the two blocks more valuable.  
You should consult an independent town planner, one who works in private practice, to quote you on the potential costs of having the two blocks combined, including his fees and all government charges, and also consult with a local real estate agent to establish whether or not spending this money would result in a suitably increased sale price. 
If you wanted to go all the way you could then do the subdivision into the allowable number of blocks, but as you have seen, past advice I have given in this column has outlined all the potential risks and costs of doing that, and you have said you don’t wish to incur those.
I will point out to you that one of the difficulties you face is in working out who should get what. If you offer them for sale together, with a condition that both must be purchased, but you price them separately, it’s easy to see how much each person should get. But if you price them as a package, then it’s harder to work out whose property should get the most unless they are identical properties of identical size. In addition to this, you would both have to agree on what you get as a final price, and also on the strategy you would follow in the event that one of you had an offer for their house alone that they want to take.  
Under these circumstances, tempers can flare and relationships can break down. These are all the kinds of issues you must think about before entering such an agreement, and it’s a good policy to think about all the potential problems, write them down and agree on a solution before they arise.
Have a property question?        <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
</body></html>

mlomas-KC9MUPZ6Ca

Ask Margaret: Merging blocks to create multiple dwellings

<html><body>
As I finalise the Project Analysis on one of our last development projects for 2016, I've realised we've broken our equity creation record for a dual occupancy project.
We've manufactured just under $200,000 in equity within a year which represents an 18% return on investment (ROI). 
This wonderful client is now onto his third project with Property Bloom and so I'm very happy we've been able to deliver this amazing result for him, it's a fabulous Christmas present for our client but also for us. 
This was one of those projects where financially, things just went right. We started with a build estimate and with every update of our builder's tender the project costs dropped. We ended up with an actual construction cost of just under $40,000 less than we'd originally estimated. This includes Torrens title subdivision costs so that our client ends up with two x three bedroom dwellings each on their own title. 
We secured the development site in Newcastle in an estate that ticked all our  'great location' boxes. It has a high proportion of owner occupiers, strong sales and rental demand, community facilities including primary and high school, sporting fields, bike paths, picnic areas, children's parks and close to the local shopping centre and on the bus route. The location also allows quick drive time into the CBD and onto the major arterial roads.
We were able to prepare plans and other documentation required for the Development Application (DA) quickly and have it lodged with Newcastle City Council even before our client settled on the land. This saved on holding costs. However, the DA processing time was disappointing. It took 16 weeks, although I have to add this included Christmas, so you could say 14 weeks. Still, this is a long time. Our best DA processing time with the same council is two weeks. It all comes down to the town planner we are allocated and how efficient they are.  
The construction time was five months from the site cut date to Handover of a full turnkey product. Again, we've done better but I was happy with this result considering there is a shortage of building trades right now in the Hunter. 
Of course there was a few unexpected hiccups, like two windows that needed to be replaced after the internal linings were finished, we realised they were not centered in the area we wanted them to be. Our builder quickly had them replaced. But this didn't delay the project, just added some extra work for the builder. 
Our client will enjoy strong depreciation benefits from his new properties and a 6.5% gross yield. 
As we move closer to closing the door on 2015, it's nice to finish the year on a high. We'll be back for more fun and games in 2016. I hope you've enjoyed our stories this year, wishing all our readers and the wonderful people at Property Observer  a safe, relaxing and happy Christmas.  May 2016 bring you much joy and happiness, and a maybe a shiny new property development!
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
</body></html>

Property Development

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Property Development

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News