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

Joel Robinson

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

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

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

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

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

Parcel delivery is joining the apartment amenity checklist

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

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

Real Estate Agency

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Auditors have indicated concerns about the ongoing viability of The Agency.
Its concerns - which revealed a payment plan with the ATO - was contained within its audited annual financial report which was posted to shareholders today.
The group incurred a net loss after tax of $7.83 million during the year ending June 30 2019, which was reported last month in then unaudited accounts.
"These events or conditions, along with other matters indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern," independent auditor Mark Delaurentis at Bentleys said.
The auditors suggested for The Agency to continue as a going concern was dependent on:
- The successful completion of the non-renounceable entitlement offer
- The fully executed Amendment Deed Loan with Macquarie Bank being completed
- The company continuing to meet its current payment plans in place with the ATO or the renegotiation of payment plans with the ATO
- Raising additional finance through its leverage on its rent roll assets
- Continued support from creditors and suppliers
- Profitable operations
Since the June 30 sign off there has been progress in the ticking off of some of the issues including The Agency securing an <a href="/news/the-agency-secures-further-six-months-funding-from-macquarie-bank">ongoing financial commitment from Macquarie</a> for the next six months.
Funds from the entitlement offer also happened last month, with the shareholders agreeing to <a href="/news/the-agency-shareholders-asked-to-issue-shares-to-pay-50-000-pr-fees">pay fees owed to its consultants as share scrip</a>, including its external PR firm.
Last week there were rumours The Agency were in talks with rival agents in was The Agency <a href="/news/the-agency-rebuts-rumours-of-imminent-merger-with-mcgrath">described as approaches for a merger.</a>
The annual results posted last month <a href="/news/the-agency-reports-bigger-loss-and-announces-2-8-million-cost-cutting">had been unaudited</a>. The Bentley's audit was dated September 30, for the financial year ending June 30.
The directors told shareholders today they consider The Agency remains "a going concern."
There was no early morning trading in the company which has an $8.36 million market capitalisation.
The Agency was launched in January 2017 with the aim of disrupting the real estate industry. 
 
 
 
 
 
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jrobinson-rf4aSBido9

Uncertainty cast over The Agency viability 

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The McGrath estate agency was trading on Friday at a record low 19.5 cents, and again this morning at that price.
The ASX listed agency was at 29 cents in early June. It floated at $2.10 in late 2015.
The latest sharemarket decline came just days after the group celebrated its 2019 awards night.
On the night, its founder John McGrath noted outstanding results from not just the award winners but throughout the group.
<div class="stream-item stream-item-in-post stream-item-inline-post alignright">
<div class="adplugg-tag" data-adplugg-zone="mrec_b_in_article" data-adplugg-regid="2" data-adplugg-processed="true">“We have principals and offices growing at lightning speed in what has been a tough market," he said.</div>
</div>
“We have the most elite sales force on the planet, in my opinion."
"Any other company in the world would like to have these people on their roster but we have all five of them," he said when the top sellers countdown reached the group's top five.
<img src="https://www.urban.com.au/images/2019/7/29/McGrath%20Awards%20Night%202019%20-%20John%20McGrath.JPG" alt="">
For the third consecutive time, the top agent was foundation franchisee and principal of McGrath Terrigal, Mat Steinwede, beating some 700 agents in the company’s 97 NSW, ACT, Queensland and Victorian offices.
The next best seller was the Crows Nest Sydney agent Peter Chauncy.
The next three were Betty Ockerlander at McGrath Epping; Keiran Bresnahan at Hurstville and Alex Jordan at the Paddington, Queensland office, which was awarded the prize of the group's fastest growing office.
Only five of the top 20 were women and only two of the top 10, with Tracey Dixon at Hunters Hill and Ockerlander.
In 2016 the top 10 were: 
1. Mat Steinwede – McGrath Terrigal 2. Betty Ockerlander – McGrath Epping 3. Peter Chauncy – McGrath Crows Nest 4. Michael Coombs – McGrath Mosman 5. Nigel Mukhi – McGrath Neutral Bay 6. Brent Courtney – McGrath Lane Cove 7. Tracey Dixon – McGrath Hunters Hill 8. Dennis Vertzayias – McGrath Edgecliff 9. David Howe – McGrath Northbridge 10. Jaimie Woodcock – McGrath Terrigal.
<img src="https://www.urban.com.au/images/2019/7/29/McGrath%20Awards%20Night%202019.JPG" alt="">
In June Kon Stathopoulos, the head of sales, departed McGrath Estate Agents having been with the group since 2014 when he came from a non-real estate background.
Earlier this month McGrath's biggest institutional backer, Perpetual further reduced its shareholding of the ASX listed agency.
It share sales took its shareholding down to 6.4 percent, less than half its initial exposure.
It had been initially sitting on 14 percent when accumulating the shares after its 2015 float.
It was in the 2015 float at $2.10 that Perpetual emerged as a surprise major backer of the McGrath Estate Agents’ initial public offering.
McGrath began public life as a company worth $282 million, which has dipped, along with property prices and fewer star agents, to $32 million.
At $2.10 per share, it equated to 8.8 times forecast earnings before interest, tax, depreciation and amortisation for fiscal 2016.
McGrath shares slumped to $1.72 on its second day of trade in late 2015.
The biggest shareholder remains John McGrath, followed by Aqualand and Tony Denny.
With the company now capitalised at $32 million, McGrath's personal stake is worth around $8 million given his near quarter holding.
The float allowed him to pocket $37 million, some of which he quickly spent buying a few further shares in the agency.
Last March the Central Coast-based property developer, Tony Denny amassed a 5 percent shareholding as a "passive long-term investment" paying around 40¢. Denny <a href="/news/for-3-million-central-coast-entrepreneur-tony-denny-buys-5-percent-stake-in-mcgrath">spent $3 million on 7.2 million shares</a> in March last year which took his holding to five percent. 
Aqualand took its stake in <a href="/news/mcgrath-secure-10-7-million-strategic-investment-from-aqualand">June last year</a>.
They paid 42.5 cents a share for their 25,189,880 shares which totalled $10.7 million.
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jchancellor-FAypfDUnLy

McGrath Estate Agents trading at all time low of 19.5 cents

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A director of LJ Hooker Coochiemudlo Island has pleaded guilty in the Brisbane Magistrates Court after the Office of Fair Trading (OFT) brought charges for breaching the Agents Financial Administration Act 2014.
Clifford Ralph Prentis, director of Wayjac Pty Ltd, trading as LJ Hooker Coochiemudlo Island, based in the southern region of Moreton Bay near Brisbane, was fined $2,000 for failing to lodge an audit report within the time limit.
The company was fined $10,000.
No conviction was recorded.
The court heard Prentis carried on business as a real estate agent and operated two trust accounts during the audit period of 1 January 2017 to 31 December 2017.
Under the Act, Prentis was required to have had the trust accounts audited, and the audit reports lodged with the OFT, by 30 April 2018.
The OFT had not received the audit reports.
In sentencing, Magistrate Tina Previtera noted the early guilty pleas and also took into consideration Prentis’ health.
She also noted the agency had previously entered into an undertaking with the OFT to submit audit reports on time, but had failed to do so.
Fair Trading Acting Executive Director Craig Turner said the case served as a reminder to real estate agents of their obligations when it came to the operation of trust accounts.
“Agents who fail to comply with their trust account obligations will incur penalties,” Turner said.
“Agents are able to get assistance from legal or financial professionals or the OFT if they have questions regarding trust accounts.”
Trust account obligations, including a guide for real estate salespeople, are available on <a href="http://www.qld.gov.au/fairtrading" target="_blank">the OFT website</a>.
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j.ballantyne1990-6AQqhLzZaK

LJ Hooker Coochiemudlo Island fails to meet audit obligations: Office of Fair Trading

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Raine &amp; Horne has lost the $1 billion sales agent Dib Chidiac, with the Sydney agent going independent.
He began his career with Raine &amp; Horne Concord and over 10 years rose through the ranks to become the national network’s No 1 agent for four consecutive years (2015-2018).
He says starting his own independent agency in 2019 was "a natural next step."
<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/2019/2/6/Dib%20Chidiac.jpg" alt="">
With $1 billion in local sales over 10 years, Dib Chidiac (pictured above) is known within the City of Canada Bay community as a market leader.
In 2018, he was recognised as one of Australia’s top performing agents with a No 28 ranking in the Real Estate Business (REB) Top 100 Agents.
He has averaged 100 home sales annually from apartments to prestige waterfront estates throughout the City of Canada Bay and the broader Inner West.
Several generations of the Chidiac family live locally and Dib is proud to carry on this tradition with his wife, Stephanie.
His suburb records include Cabarita at $6.05 million and Mortlake at $3.150 million.
His auction sales records include the highest residential price achieved under the hammer for the 2137/2138 postcode when $5.413 million was paid in Cabarita.
Dib’s personal career sales total $1 billion.
His auctioneer is Clarence White, a three time winner of the REINSW Award for Excellence in Auctioneering (2014, 2017, 2018).
White spent four years calling auctions for McGrath Estate Agents and a further two years for Bresic Whitney before establishing his own independent business in 2018. 
Paul Pettenon is the proprietor of Raine &amp; Horne Concord, having owned Raine &amp; Horne Concord since 1995 when it was a "small four man suburban office to now having 17 full time staff."
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Dib Chidiac quits Raine & Horne Concord to go independent 

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Kay &amp; Burton has announced seven new equity partners into its new corporate structure.
Founded in 1938, Kay &amp; Burton is Melbourne based specialising in prestige property, what they suggest is "an increasingly dynamic market." 
In recent times the business has seen major investments including the development of Kay &amp; Burton Projects as a player in high end off-the-plan new developments. 
Property management businesses have been launched in Armadale and Brighton to meet the needs of an expanding client base.
The firm also implemented “cloud based” technology throughout the organisation to enhance the customer experience, plus a host of cutting-edge digital marketing products that more effectively and efficiently promote properties to active and passive buyers. 
“To maximise the impact of these investments, a corporate structure with a unique equity offering for partners to buy into the entire Kay &amp; Burton Group as opposed to a piece of only one office or division," Kay &amp; Burton's non-executive chairman Rob Edgley said. 
In contrast to a franchise model, Kay &amp; Burton operates as one firm working.  
“We are very excited to announce this diverse group of talented and high-performing business professionals as our new equity partners. 
"We are certain that they will be instrumental in taking Kay &amp; Burton to even greater heights,” Kay &amp; Burton's non-executive chairman Rob Edgley said.
Managing director Michael Gibson <a href="/news/kay-burton-managing-director-michael-gibson-sells-down-shares">sold down his shares</a> for there to be new equity partners.
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Kay and Burton’s new equity partners comprise:  
Gary Ormrod
Gary joined Kay &amp; Burton as a property manager in late 1997 and moved into the sales division in 2001. Gary’s client service skills were initially developed in senior positions at National Australia Bank and Crown Casino.  Over the last twenty years, he has honed these skills to be one of Kay &amp; Burton’s most consistent performers, winning the award for 2018 Top Salesperson by transaction volume.
Tom Staughton
Tom has enjoyed a long career at Kay &amp; Burton since graduating from Swinburne University.  Starting in property management, then moving into sales where he has spent the past fifteen years. Through a combination of hard work, attention to detail and a dynamic approach to marketing properties in his care, Tom was recognised by Kay &amp; Burton as a Rising Star in 2013.
Andrew Sahhar
Andrew has experienced success in selling property in Melbourne's most prestigious suburbs, since joining Kay and Burton South Yarra in 2007. He previously graduated with Bachelor of Applied Science (Construction Management) gaining skills in negotiating, project and risk management as a team member working in international construction companies. 
Rebecca Edwards
Rebecca has been a member of the Hawthorn office since September 2011 and has built an reputation during her 12 years in the real estate industry.  As a lifelong Kew resident, she has an understanding of the market place and demographics across the Boroondara and Yarra environs.  Rebecca was recognised by Kay &amp; Burton as a Rising Star in 2016 and won the 2016 and 2017 Top Salesperson by transaction volume award.  
Grant Samuel
Grant joined Kay &amp; Burton’s South Yarra office in July 2014 and has extensive experience at a director’s level in sales and corporate marketing roles. Grant was awarded the company’s Rising Star Award in 2016 followed by the 2018 Top Salesperson of the Year.
Lou Opie
Currently the COO, Lou joined Kay &amp; Burton in February 2016 with a wealth of experience gained from her 23 years as a chartered accountant in the financial services sector in Australia, London and the Middle East.  Lou’s skills and experience in investment banking and funds management span across finance, operations, risk &amp; compliance, IT, marketing and HR.
Carolyn Purnell-Webb
Carolyn joined Kay &amp; Burton in September 2016 to lead the property management division after running her own property management consultancy and training business for 16 years.  Under her guidance, the property management division has become one of the fastest growing divisions at Kay &amp; Burton.  Carolyn has been recognised by the company and received the Outstanding Leadership award in both 2017 and 2018.  She has an MBA from Griffith University and will complete a law degree in 2019.
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Kay & Burton announces seven new equity partners in its new corporate structure

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One of McGrath's top selling Sydney agents, Michael Coombs is tipped to join LJ Hooker's Avnu, a little-known, newly launched, technology-based full-service agency.
Avnu allows agents and customers to manage their sales and properties in real time through digital online software.
Avnu is based in Neutral Bay, on the lower north shore, not far from the Mosman McGrath office which Coombs departed mid-week.
Coombs has privately acknowledge the current "proptech" revolution in the residential market paved the way for how homes would be sold in the future.
Coombs <a href="/news/michael-coombs-departs-mcgrath">departed McGrath</a> earlier this week.
LJ Hooker picked the lower north shore - where is has operated since the 1950s - to launch the Avnu brand.
With little fanfare, its chairman and local resident L. Janusz Hooker launch the app mid-year.
“It’s your normal LJ Hooker, but it’s a place where technology is driving the process for both agents and consumers," said the grandson of the company’s founder, Sir Leslie Joseph Hooker.
With fewer than 20 sales since its office launch, Coombs could be expected to turbo-charge the office which has the banding: a new avenue in real estate.
One of Avnu's recently listings was an East Killara mid-century design trophy home.
The Harold R. McCauley-designed modernist house was offered through with $1.8 million hopes through LJ Hooker Avnu agent Vanessa Coles, who was previously with Belle Property.
Avnu, run by former Google, Twitter and LinkedIn execs, aims to reshape the homebuyer experience by smoothing the process where there's an estimated 200 steps involved in buying a property, between appraisal and settlement.
It’s a separate entity to the LJ Hooker franchise model and will have its own agents and shop front despite its cloud-based technology approach.
Jason Chuck, the chief executive of LJ Hooker Avnu, was a former local founder and managing director of eHarmony and Houzz, and before that head of marketing for Google.
Ajeya Vempati, former Google Engineering lead, consultant for LinkedIn and Twitter, came on as LJ Hooker Avnu's chief technology officer.
Head of product at LJ Hooker Avnu is James Piskorz.
Christine Mikhael, the former general manager of sales and training at McGrath LNS, has been the director of sales and performance since March. At age 23, Mikhael became the youngest woman in Australia to establish and solely own a real estate agency.
Mr Chuck said the LJ Hooker Avnu platform is the first of its kind and offers the "next frontier of customer service in what is a very fragmented industry".
"If someone was to start a real estate agency today, this is the model they would use. It's a clean slate for what is effectively an industry start-up for the next century," Mr Chuck told Nine Entertainment.
Its customers pay the usual industry-based fees for marketing and agent costs.
Avnu's company registration was preceded by <a href="/news/settl-lj-hookers-diy-hybrid-property-sales-platform-to-take-on-disruptors">Settl</a>, a thwarted part of LJ Hooker’s $100 million digital transformation. 
LJ Hooker Avnu's early recruits include Adrian Bridges who was ranked in Australia's REB Top 100 agents and recorded more than $120 million in sales last year.
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What is LJ Hooker's Avnu? the much hyped new avenue in real estate

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Purplebricks shares fell almost 13 percent on Thursday after the company reported its interim results in London overnight.
The Australian operating loss of A$10.2 million in the first half includes one-off costs in connection with the recent restructuring and re-positioning of the business. Some further one-off restructuring costs are also expected in the second half of the year, although it is now expected that second half losses will be below those reported in the first half.
Purplebricks said it had “experienced some challenges in Australia" that had "stunted growth."
Its investment in Australia to date was put at £28 million, almost $A50 million.
It was September 2016 when it officially launched in Queensland and Victoria. In January 2017 it launched in NSW, followed in March and April in Perth and Adelaide respectively.
It reported its Australian operations had experienced "a tough period driven by external and internal factors which stunted growth."
Despite this its revenue growth was 40 percent.
In October there was a 38 percent growth in new instructions compared with September in Australia.
"While reporting strong growth in Australia, the underlying performance was held back by market conditions and some operational issues, which we have taken steps to correct with changes to the team, customer proposition and business model," it told shareholders.
Overall first-half losses have more than doubled at the international online estate agent.
The UK operations of the company are profitable, but globally losses continue to mount, more than doubling from a year ago.
It noted that its international business now makes up 31% of Group revenue,
Purplebricks made a pre-tax loss of £27.3m in the six months to 31 October, up from £11.4m in the equivalent period last year. The company is listed on the AIM junior stock market.
The company said they anticipate profitability <a href="/news/purplebricks-australia-sees-profitability-within-next-year">within the next year.</a>
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/14/Purple5.jpg" target="_blank">to enlarge.</a>
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The real estate agency said international group revenue was up 75% to £70.1 million, compared to £40.1 million reported a year previously.
UK revenue increased 39% to £48.3 million, with UK ancillary revenue up 25% in the six months to 31 October.
The tough conditions in the UK market are already claiming casualties, with Purplebricks rivals Emoov and Tepilo going into administration earlier this month.
Michael Bruce, Group CEO, commented Purplebricks would "emerge stronger from the ongoing industry shakeout." 
“Purplebricks has led industry change and through our strategy of relentless innovation will continue to do so.”
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/14/Purple6.jpg" target="_blank">to enlarge.</a>
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The company reported it makes an average of £1,209 in revenue for each instruction it receives from a UK home seller.
A spokesman said that against this figure are admin costs of 18.5 per cent of revenue, and marketing costs of 28 per cent. So for an average £1,209 coming in from a UK instruction at least £562 of costs would be incurred on average.
The online real estate agent was founded back in 2012. It debuted on the junior AIM market of the London Stock Exchange back in December of 2017.
The firm turned its first ever profit in December 2016, with earnings of £300,000 in the six months to October end.
Since then, Purplebricks has gone on to expand its operations to the U.S and Australia.
Shares in the company are currently trading -10.67% as of 13:06 PM (GMT).
The fall in Purplebricks’ share price has been of the order of 60 percent this year.
Purplebricks changed its business model in Australia its first overseas market, when raising fees and making half the figure payable only on completion of a sale which was a departure from its UK model, where vendors pay whether or not a house sells.
Shareholders were told the underlying Australian results "testify to the challenges in the first few months of the period but are too early to show the benefits of the recent changes in the customer offering and reward for LPEs."
"One such change has been the removal of the salaried position of Local Sales Assistants.
"Combined with other changes the number of monthly instructions required to reach breakeven has been substantially reduced."
Bruce said a similar change in the UK was “not on the agenda”.
Earlier this year Purplebricks said they were unhappy with the <a href="/news/purplebricks-lashes-out-at-negative-australia-media-reporting-as-unhappy-agents-keep-departing">negative reporting in the Australian media</a> leading to agents leaving. 
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Purplebricks Australian operations admit "some challenges" stunted its growth

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Melbourne real estate agency LongView is launching this month a number of innovative tools for investors to distinguish it from other agencys.
LongView will enable investors, be it property investors or mum and dad owners, to better capitalise on their property investment.
<a href="https://longview.com.au" target="_blank">LongView</a> will offer a guaranteed rent service that gives investors financial security.
"This is not a gimmick or a 'magic pudding' – our data scientists analysed thousands of property years of vacancy statistics to make sure we understand the risks," the website advises.
"And our service team have created innovative approaches to minimising vacancy and rental arrears."
It currently services over 1,800 properties across 146 suburbs over Melbourne.
Their website offered an indication that LongView offers Guaranteed Rent contracts on about 90% of all investment properties.
The agency is chaired by former politician Evan Thornley, who co-founded, chaired and acted as the CEO of LookSmart, a pioneer of internet search advertising and Australia's first NASDAQ-listed high-tech company.
Thornley says he views property investment as a long game.
"Investors have been demanding change for a long time and we have spent four years of intensive research developing every aspect of LongView Real Estate,” Thornley said.
“We’ve been talking to property investors and listening to their concerns and hearing their needs.”
“While Guaranteed Rent is a fantastic concept that we are very proud of, we absolutely focus on getting the basic services to clients right as well.
"That means being accessible till 10pm at night, have clear contact details in every email and regularly asking and measuring our client satisfaction.
LongView’s Guaranteed Rent offers a safe and viable option for investors who are thinking of selling. 
“LongView’s focus is on servicing investors’ needs, and helping them understand all the options to maximise value from their property investments - not constantly pressuring to sell - that’s our point of difference,” Thornley said.
Thornley says that investors need an agency that will deliver the basics every day for decades and give them unbiased advice on all their options when the big decisions come for each property.
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“We have developed a model that works, using data to help support our insights.
"We offer a unique Guaranteed Rent for their property – something no other agency will do."
LongView will offer their customers a binding legal contract for Guarantee Rent on any investment property - at full market value, giving landlords and investors piece of mind knowing their cash flow is secure.
Whether the property is tenanted or vacant or whether the tenant is on time with paying rent or not, LongView is taking the risk out of property investing.
“Property investors make their money over decades through capital growth and rising income.
"We offer an alternative to traditional real estate agencies that aren’t focussed on investors and push for a one-month romance to pressure you to sell.
"We seek to deliver the best basic services every day for decades and unique options and services for the big property decisions.” Thornley added.
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Thornley is part of the executive team that includes former KPMG senior partner and board director Antony Cohen.
 
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Melbourne real estate agency LongView launches investor rental guarantee

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As Philip Webb approaches 46 years as the face of his real estate agency in Melbourne’s East, he is making moves to ensure the continued success of the business.
He has appointed general manager and his eldest son Anthony Webb with the role after a five-year planning process. 
Whilst taking a step back from leadership duties, Philip will still play a hands-on role with business strategy and development.
“This is an opportunity for reinvention. As we gear up for 2019 we can position ourselves to make aggressive moves towards real and positive growth,” Philip said.
“Anthony is exactly what we need to forge ahead, leading the company into new markets, ensuring our continued success and creating opportunities for staff.”
This year marked Anthony's 20th year in the business.
Anthony got his start in property management, before heading overseas working in sales and investment with several prominent companies in the UK and Ireland. 
He won the REIV’s Novice Auctioneer’s Competition in 2004 and joining the Advisory Board for the Real Estate Results Network in 2017.
“I am honoured to be stepping up in a greater leadership capacity. My goal for the future of PhilipWebb is to continue to provide exceptional service and outstanding results, regardless of the real estate environment,” the new CEO said.
 
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Philip Webb announces Anthony Webb as new CEO

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Nick Cole, the youngest son of agent Lucy Cole (pictured left), founder of the prestige property agency that bears her name, is launching his own boutique agency Cole Residential.
Cole Residential will focus on a broader market segment, ensuring the Cole name has the entire Gold Coast real estate market covered.
Since joining the family business nine years ago, Nick has quickly become one the top selling agents within the agency and across Australia. 
He has been named Salesperson of the Year by Leading Agents of Australia, and has broken several Gold Coast sales records.
Mr Cole says that while awards and records are wonderful accolades, the true testimony of his work is in his client’s satisfaction. Whether the property is a luxury home, a multi-million dollar development or a simple modest dwelling, Mr Cole’s approach is always firmly focused on the client experience.
His absolute dedication to client service is one of the many things Mr Cole says he learned from his mother. 
“My mother is an incredible salesperson and has built one of the most successful agencies on the Gold Coast,” Mr Cole says. 
“Working alongside her has been an incredible experience. 
Mr Cole says that in launching Cole Residential, he intends to combine these old school values with a contemporary approach that embraces technology and innovation, to give his clients the best of both worlds.
Lucy Cole says she is thrilled to see Nick start his own enterprise, as she herself did so many years ago. 
A former TSS and Bond University graduate, Mr Cole has lived and worked all over the world, but says the Gold Coast is a special place, particularly for real estate.Cole Residential will open in Spring 2018 at Capri on Via Roma, Isle of Capri.
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