A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.

The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.

Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" />

The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.

The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.

Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.

<img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" />

The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.

The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.

Joel Robinson

Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct

Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.

The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.

Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.

The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.

Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" />

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.

“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.

“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;

Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;

The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.

Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.

<img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" />

A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.

Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;

The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.

Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.

Hampton unveils Trackside Gardens, latest stage of $3 billion Moonee Valley Park masterplan

The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.

Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.

The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.

Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172129]

S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp; 
&nbsp;&nbsp; &nbsp; 
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.

“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172174]

A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.

Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;

“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;

“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=214819]

Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.

The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;

S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;

[smartcode_project:default project_id=102921 project_image_fid=172175]

Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;

“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."

“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.

[smartcode_project_cta:default project_id=102921]

Owners move in as Esprit completes at Rainbow Bay

Few developers can boast a portfolio across South East Queensland's luxury markets quite like <a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a>.

The builder-developer, founded in 2004 by Managing Director Brook Monahan, has projects in planning, on the market, and under construction, from Burleigh Heads and Broadbeach to Kangaroo Point and South Brisbane.

With a pipeline exceeding $2 billion, Mosaic remains highly selective when it comes to development sites, having spent years refining its strategy around feasibility research and product planning. The group is set to continue growing into 2026 and beyond.

In Brisbane, Mosaic currently has three projects in the market. It is in the final release stage at <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford</a> in Kangaroo Point, which is approaching complete sellout ahead of its late 2027 completion.

[smartcode_project:default project_id=134792 project_image_fid=328123]

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, The Bedford comprises 128 two- and three-bedroom residences. A selection of ultra-luxury Masterpiece Series Skyhomes, positioned across the top levels, offer expansive floor plans and sweeping views of the river and city.

High-end inclusions, such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature throughout all apartments, alongside the Rooftop Recreation &amp; Retreat Sky Terrace. This includes a resort-style pool with sun deck and loungers, spa, cold plunge pool, sauna, steam room, private dining room with a full kitchen, residents' lounge, multiple barbeque and relaxation zones, an outdoor viewing deck, and landscaped gardens with water features, all oriented to sweeping city and river views.

A gym with indoor and outdoor zones, and a golf simulator, further enhances recreational choice within the building.

[smartcode_project:default project_id=134792 project_image_fid=328119]

A defining feature of the development is its integrated mixed-use component, which will deliver Kangaroo Point's first major supermarket, alongside a café and liquor store, bringing long-awaited convenience to the peninsula.

Monahan says The Bedford represents the culmination of a near-decade-long journey, after first identifying the A-grade Prospect Street site in 2016. While they came close to acquiring it at the time, the site was ultimately purchased by Woolworths' development arm, Fabcot. The opportunity resurfaced in 2024 when the site, vacant for nearly three decades, was brought back to market.

Monahan says Mosaic projects often begin years before any formal plans are drawn. Their new South Brisbane development is no exception, with the site first earmarked in 2018.

"We aren't opportunistic," Monahan says. "Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

[smartcode_project:default project_id=141711 project_image_fid=353495]

A similar story unfolded at <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a> in Kangaroo Point, opposite The Gabba. Like The Bedford, it is also approaching sellout of its 125 two- and three-bedroom apartments. The majority of sales are attributed to returning customers and referrals, with a balanced mix of investors and a strong majority of owner-occupiers.

BDA Architecture was again engaged to design the 22-storey building, which will feature a suite of wellness and lifestyle amenities, including a golf simulator and cinema, a commercial-grade gym, and a rooftop recreation level with a pool, steam room, sauna, cold plunge, teppanyaki bar, private dining spaces, and landscaped terraces.

Construction is on track for completion in mid-2027.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Mosaic's latest offering is its most ambitious yet, boasting a rare, north-facing riverfront position on Montague Road in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale by Mosaic</a> is a 39-storey tower comprising just over 200 residences and Masterpiece Series Sky Homes. Designed in partnership with Bureau Proberts, it will feature nearly 3,000 sqm of genuine, internationally benchmarked six-star, hotel-style amenities, including a wellness precinct, pool, gym, massage and treatment rooms, cinema, golf simulator, and extensive outdoor dining areas across a two-level rooftop deck.

Early works are underway, with full construction expected to commence in the second half of 2026, and an anticipated late 2029 completion.

[smartcode_project:default project_id=151614 project_image_fid=362759]

Since 2012 alone, Mosaic has completed more than $2 billion in projects and is set to deliver another $2 billion worth of developments, comprising hundreds of luxury apartments, each defined by Mosaic's signature standards of quality, detail, and delivery.

"We never arrive, there is no finish line," says Monahan. "Our ambition is to keep evolving what luxury means, creating design- and lifestyle-led residences in incredible locations, places people genuinely aspire to and want to live, homes that are loved deeply and endure long beyond their moment."

Mosaic's Midas Touch

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.

Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite. 
&nbsp; 
Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
&nbsp; 
Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space. 
&nbsp; 
Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
&nbsp; 
Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
&nbsp; 
Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said. 
&nbsp; 
"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street. 
&nbsp; 
Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

Reits

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Sentinel Property Group has revamped its executive leadership structure as its looks to take advantage of any opportunities in the commercial real estate sector arising from the economic challenges of the COVID-19 pandemic.
Sentinel managing director and CEO Warren Ebert said with the Group also marking its 10th year of operations, the continued execution of its succession plan would coincide with the next phase of the non-listed real estate investment trust’s (REIT) growth.
"Many of our office, retail and industrial properties have a strong tenant base and provide us with a solid income stream, even in these challenging times," said Ebert who will become the group’s executive chairman and chief investment officer, effective from July 1, 2020.
Its chief operating officer (COO) Stacey Jones has been appointed CEO, effective from the same date.
Sentinel was established by Mr Ebert in 2010 when the commercial property market was still recovering from the global financial crisis.
Sentinel has since built a national portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets with a total value in excess of $1.13 billion.
“The Sentinel philosophy has been to see opportunity where others fear to tread and there were many instances post-GFC,” Mr Ebert said.
“How lucky are we to find ourselves with another opportunity to achieve more strong results for our highly valued investors.”
While Sentinel has still performed strongly since the COVID-19 outbreak, Mr Ebert said the strengthening of the management structure in line with the succession plan was timely with the impact on the economy prompting a review of the Group’s operations.
“This has been a good time to look at how we are doing things and I believe the move away from being CEO will allow me to step back and focus more on our investors, sales and acquisitions, leasing, value-add opportunities as well as Ebert family business,” he said.
“Our plan for Stacey to take on direct full-time responsibility for the management of the Sentinel office is timely: all staff are now all back to work full-time in our Brisbane CBD headquarters after mixing working from home with returning to the office two to three days a week.”
After almost a decade as a commercial property lawyer, Stacey Jones joined Sentinel in 2012 as an investor; her initial executive role was as General Counsel. She quickly moved to COO, where she demonstrated her leadership abilities and passion for the organisation. 
 
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j.ballantyne1990-6AQqhLzZaK

Leadership revamp for Sentinel

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Investec Australia Property Fund has announced plans to pursue an ASX listing and associated capital raising.
The fund plans to raise approximately $100 million through the issue of 76.9 million new units.
IAPF CEO Graeme Katz said that following the ASX listing, the fund will delist from the BSX and will be dual primary listed on the JSE and ASX.
“Following the recent acquisition of 24 Wormald Street in Canberra, and given the current favourable conditions in the Australian REIT market, Investec Property Limited as responsible entity of the Fund has decided to pursue the ASX listing and associated capital raising,” Katz said.
“The proceeds from the capital raising will be used to repay debt and pay the costs associated with the offer, and will result in the Fund’s gearing reducing to approximately 29%n.
“If the ASX listing proceeds, the Fund will be dual primary listed on both the ASX and the JSE. We believe this is an important strategic initiative which will provide the Fund with a more diversified pool of capital to allow it to grow and diversify its property portfolio.”
Further information on the ASX listing and the offer, as well as a special distribution, has been published on <a href="http://www.iapf.com.au" target="_blank">the fund’s website</a>.
The announcement was contained in the fund's financial results statement which declared a final distribution of 5.18 cents per unit, pre-withholding tax, headlining the figures.
Post withholding tax, the cents per unit distribution was 4.75.
Both were slightly higher than the 2018 distributions of 5.08 and 4.65 respectively.
This total distribution for the year was 10.23 cents per unit pre-withholding tax and 9.40 cents per unit post withholding tax.
IAPF said this represents growth for the full year of 2.0% pre-WHT and 1.2% post-WHT, which is in line with guidance given to the market.
Katz said the financial result reflects the fund’s strategy of acquiring properties in established office or industrial precincts supported by key infrastructure, optimising returns through active asset management and the efficient management of the balance sheet and interest rates.
“We are continually looking at ways to improve the tenant experience, whether by improving our management processes or investing in the portfolio through planned or discretionary capital expenditure,” Katz said.
“Ensuring our portfolio remains relevant and understanding users’ occupancy requirements is critical in retaining existing tenants and attracting new tenants which ultimately drives revenue growth.
“During the year we entered into leases over approximately 12%a of the portfolio with only 1 417m2 remaining vacant and 48% of leases expiring after five years.”
IAPF’s portfolio now comprises 28 assets valued at $1063 million, with a gearing ratio as at 31 March 2019 of 38.1%.
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jonathanchancellor-7SQnKwU6yx

Investec announces ASX listing and capital raising plans

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Brisbane-based fund manager Cromwell Property Group is seeking to acquire London-listed RDI REIT.
Cromwell confirmed this morning to the ASX it has made an approach to the board of RDI regarding a potential transaction.
"Any transaction would be consistent with Cromwell’s strategy to work with our capital partners to grow funds under management and continue to expand its investment footprint in the UK and Europe." the submission said.
Over half of Cromwell’s $11.5 billion of assets under management as at 31 December 2018 is concentrated in Europe.
Discussion are ongoing between the parties.
"There can be no certainty that a formal offer will be made nor as to the terms of any offer," Cromwell Group went on to say.
By law, Cromwell is required to have announced a firm intention to make an offer or announce it does not intend to make an offer by April 23.
The deadline can be extended with the consent of the UK Takeover Panel.
RDI, whose largest investments include Wigan's Grand Arcade, St George's Shopping Centre in Harrow and West Orchards Shopping Centre in Coventry, is independently valued at £1.65 billion.
Their shares last closed at £1.30.
 
 
 
 
 
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Cromwell Property Group make approach to acquire London-listed RDI

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Joel Cann has resigned from Aspen Group to pursue another opportunity.
His resignation will take effect on Friday 12 April 2019.
Clive Appleton, chairman of Aspen Group, has thanked Cann for his efforts over the past two and a half years.
The listed property minnow Aspen Group appointed the property veteran in September 2016.
Cann joined Aspen from AMB Capital Partners, where he was the founding managing director.
Last month Aspen Group announced its financial results for the year ended 31 December 2018 recording a statutory profit of $0.4 million, the significant components of which include:
<ul>
<li>
Operating profit after tax of $1.5 million
Offset by:
</li>
<li>
Revaluation decrement of $0.7 million;
</li>
<li>
Acquisition costs incurred of $0.2 million; and
</li>
<li>
Professional fees of $0.2 million.
</li>
</ul>
Cann said 1H FY19 continued the significant steps taken towards a goal of being a major owner and operator in the Australian affordable accommodation sector.
It acquired its sixth tourism park, Highway 1 in Adelaide SA, which was settled in Q2 FY19.
The acquisition was valued at $23 million.
He noted headwinds at a number of assets including Darwin FreeSpirit where corporate accommodation demand fell in line with reduced major project activity, Adelaide came off of a strong FY18 period that include Ashes and major event activity whilst Tomago reduced available inventory pending the redevelopment work to be undertaken in that business.
Development activity significantly advanced during the half with the majority of civil works completed at Four Lanterns in Leppington NSW.
There are 11 residences on site with sales activity resulting in five confirmed sales.
It has also commenced initial works at Tomago in preparation for stage 1 of the 52-site expansion.
The sale of its final non-core asset at Midland WA was completed during 1H FY19, bringing to a conclusion the restructure of the group to an affordable accommodation provider.
The business finished in a net debt position of $16.3 million at the end of the year, post the Highway 1 acquisition, and has $25 million of capacity to deploy towards future acquisitions and investments.
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Joel Cann resigns as listed accommodation firm Aspen Group's chief executive

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Clarence Property is seeking to raise $20 million capital for its Westlawn Property Trust (WPT).
Its previous offering returned 22.1% last financial year and closed oversubscribed at $22 million.
Clarence is forecasting a gross distribution of 8.8% per annum for new investors, backed by the Trust's average annual return of 14.5% over the past three years and 13.8% since its inception in 1994.
WPT recently acquired a 136-lot Yamba Quays development for $70 million.
It is the last canal-front community in New South Wales, following the 1996 State Government legislation to ban further canal development.
WPT portfolio now exceeds $300 million with assets from Yamba to Brisbane.
These include master-planned communities, shopping centres and industrial and commercial buildings.
Clarence Property Managing Director Peter Fahey says the new capital raising will allow WPT to maintain its low loan to value ratio (LVR).
"This past year has been one of our most active yet, with the acquisition of a total $60 million of new assets for WPT, and the continued development of existing projects including our 500-lot Epiq Lennox masterplanned community, which is now home to dozens of families," he said.
"Part of our strategy with WPT is to maintain close to a 50% LVR, so we don't over-borrow to acquire new assets.
"We have just commenced a $5 million renovation program to improve yields and WALE at a number of our regional shopping centres, which have become the backbone of WPT.
"Looking ahead, 2019 should be a fruitful year for WPT as we build on our 1,000-strong investor base and our excellent track record of delivering returns above our forecast distribution."
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Clarence Property raising more capital for Westlawn Property Trust

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Australia’s unlisted property sector has continued its strong run delivering a return of 18% for the 12 months to 30 June 2018, according to a quarterly report produced by Zenith Investment Partners, MSCI, the Property Funds Association and the Property Council of Australia.
The report found that unlisted property outperformed Australian equities (+12.9%) and A-REITs (+9.7%) despite an uptick in equities and A-REITs during the last quarter. 
Mitchell McCallum, Vice President at MSCI, said that the attractiveness of property is backed by relatively high yields compared to other asset classes as well as stable and consistent income, that mostly provides a natural hedge against inflation.
“MSCI’s research shows that rising interest rates do not automatically have to translate in negative returns, but that the general economy is a larger driver of where property returns will go, as, contrary to bond coupons, property income can adjust to shifts in economic growth,” he said.
“We’re continuing to see interest in direct property from overseas investors due to the high income returns compared to those returns in other global gateway cities like London, New York and Tokyo.”
 <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/2018/9/11/unlisted%20property%201.jpg" alt="">
 
Souce: <a id="m_-8793514629263697276LPlnk754225" href="http://www.propertyfunds.org.au/images/Property_Research/Property_Investment_Factsheet_Q2_2018.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www.propertyfunds.org.au/images/Property_Research/Property_Investment_Factsheet_Q2_2018.pdf&amp;source=gmail&amp;ust=1536710418690000&amp;usg=AFQjCNFynfYRvOEOBY-_sW7mR0vpahV9VQ">Property Investment Factsheet – June 2018</a>
Mark Lumby, Head of Commercial Property at Australian Unity, said ongoing domestic uncertainty would continue to influence the market, but the outlook for unlisted property remained positive. 
“While the detail is unknown for now, we’re anticipating one outcome from the Royal Commission will be the detangling of vertically integrated models which may create a more level playing field for non-bank aligned fund managers,” said Lumby.  
<a href="https://www.propertyobserver.com.au/images/2018/9/11/unlisted%20property%202.jpg" target="_blank">Click here</a> to enlarge
<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/2018/9/11/unlisted%20property%202.jpg" alt=""> 
Source: <a id="m_-8793514629263697276LPlnk754225" href="http://www.propertyfunds.org.au/images/Property_Research/Property_Investment_Factsheet_Q2_2018.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www.propertyfunds.org.au/images/Property_Research/Property_Investment_Factsheet_Q2_2018.pdf&amp;source=gmail&amp;ust=1536710418690000&amp;usg=AFQjCNFynfYRvOEOBY-_sW7mR0vpahV9VQ">Property Investment Factsheet – June 2018</a>
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Unlisted property trusts nearly doubling A-REIT performance 

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A former AustralianSuper executive has accused the country's largest superannuation fund of pressuring him to direct investment into a union-linked property trust despite conflicts of interest.
The fund's former head of property Jack McGougan made the accusations in Federal Court action launched against AustralianSuper this week.
His lawyers are seeking damages of $2.17 million, based on $544,000 annual salary for his four years through to his intended retirement, as well as missed bonuses of 80 per cent of his salary and compensation for humiliation, pain and suffering. 
An AustralianSuper spokesman said in a statement to the Australian Financial Review that it denies the McGougan allegations, adding "AustralianSuper always invests in members' best interests".
It comes as the royal commission will shortly looks at super fund governance.
More than 30 super fund directors have been told that they must appear before the commission which will look at related-party dealings.
The two-week block of hearings on super funds in August comes after earlier sessions on consumer lending, financial advice, small business loans, farm finance and dealings with indigenous communities.
McGougan claims he was forced out of his job for opposing moves by chief investment officer Mark Delaney and director Brian Daley to invest in industry-fund controlled developer ISPT.
McGougan says that from 2012, that Delaney, the fund's deputy chief executive, and Daley, the AustralianSuper director and the capital stewardship officer for the Australian Council of Trade Unions, "pressured" him to invest in ISPT.
ISPT is an unlisted property fund and developer set up in 1994 by former ACTU assistant secretary Garry Weaven.
It was co-founded by AustralianSuper.
Its board includes current and former Construction, Forestry, Mining and Energy officials.
It is alleged despite an alleged "standing conflict of interest declaration", neither Delany nor Daley absented themselves from AustralianSuper's investment committee decisions involving ISPT, according to court documents.
After McGougan raised concerns over governance issues at the investment committee, Delaney allegedly accused him of not being a "team player".
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AustralianSuper faces claims of conflict of interest following investments in union-linked property trusts 

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<div>Moody's Investors Service says that debt-funded unit buybacks by four rated Australian real estate investment trusts (AREITs) will weaken the companies' credit metrics, but that their good operating performance will also partially allay such concerns.</div>
<div> </div>
<div>The buybacks, all things being equal, will weaken the AREITs' leverage -- expressed as net debt/EBITDA -- in the next 12-18 months, although the actual impact will depend on the amounts undertaken. Unit buybacks are an attractive capital management option for the rated A-REITs, which have low gearing, broadly defined as debt/assets, and their unit prices have traded below net tangible assets. Both reasons support the decision to buy back units rather than pursue acquisitions or redevelopments.</div>
<div> </div>
<div>Key points are as follows –</div>
<div> </div>
<div>» Four rated A-REITs have been buying back units. Scentre Group (A2 stable), Dexus (A3 stable), Mirvac Group (A3 stable) and Charter Hall Retail REIT (Baa1 negative) have initiated buybacks worth up to AUD1.6 billion in total. The unit buybacks are likely to be funded by debt because Australian REITs (A-REITs) pay out most of their earnings as distributions to unit holders. Debt-funded buybacks, all things being equal, will weaken</div>
<div>the A-REITs’ net debt/EBITDA financial leverage in the next 12-18 months. Unlike property purchases or investment in redevelopments, unit buybacks will not increase EBITDA. As a result, net debt/EBITDA will increase, depending on the amount of units repurchased.</div>
<div> </div>
<div>Click here to enlarge.</div>
<div> </div>
<div><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/2018/5/30/MOODYS1.jpg" alt=""></div>
<div> </div>
<div>» Unit buybacks are an attractive capital management option for A-REITs. Most rated A-REITs have low gearing, broadly defined as debt/assets, and their unit prices have traded below net tangible assets. Both reasons support the decision to buy back units rather than pursue acquisitions or redevelopments. Most rated A-REITs’ low gearing reflects a conservative approach to debt, and low cap rates that have increased portfolio</div>
<div>asset values. Also, in many instances, sales of properties have exceeded purchases in Australian dollar terms.</div>
<div> </div>
<div>» Dexus' and Mirvac's metrics will stay within rating thresholds if debt-funded unit buybacks are implemented in full. Purely as a sensitivity analysis, we have assumed the buyback plans had been implemented in full as at December 2017. In this extreme scenario, Dexus and Mirvac would be able to accommodate fully debt-funded unit buybacks within their existing rating thresholds. Charter Hall Retail would not be able to do so, while Scentre would be at the threshold.</div>
<div> </div>
<div>» A-REITs' good operating performance partially allays concerns around weaker credit metrics. We expect solid operating income growth will continue for the rated A-REITs. A-REITs will benefit from annual structured rent increases, which underpin our expectation for comparable net income growth of close to 3% for the sector over the next 12-18 months. High occupancy rates and contracted rental income will support both</div>
<div>the office and retail sectors, while the industrial sector will benefit from strong economic activity and limited space availability, especially in Sydney.</div>
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jrobinson-rf4aSBido9

REIT's face higher leverage on unit buybacks: Moody's

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The billionaire investor Alex Waislitz in considering launching a listed property fund.
It ill be modelled on his investment companies Thorney Opportunities and Thorney Technologies.
Waislitz, who has made his fortune from investing in ASX-listed small and mid cap companies, has shifted his focus to property over the past few years.
His private Thorney investment group has lent about $20 million to property developers with plans to lend more than $100 million, potentially through a new listed investment company or an unlisted fund revealed to the Australian Financial Review.
Thorney has also partnered in about $1 billion worth of property syndications deals across commercial, residential and industrial deals in the past five years.
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Billionaire Alex Waislitz considers launching a listed property fund

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GUEST OBSERVER
A proposal to increase regulation for unlisted property products could result in fewer products being available to retail investors.
Treasury’s proposed product design and distribution obligations combined with new product intervention powers would lead to consolidation among retail providers of unlisted property funds, and fewer choices for retail investors. 
An increase in compliance, uncertainty and costs would make it harder for boutique and mid-market fund providers. Retail investors will likely miss out as more issuers decide to go wholesale only. 
Many in the small-to-mid-market will find the retail compliance demands too onerous and too costly. 
This could lead to consolidation in the retail market with fewer products available, which won’t benefit the average investor.
The proposed legislation, which could be enacted during 2018, shifts more risk to product providers. Key stumbling blocks include the need for product issuers to identify the ‘appropriate target market’ for their products. 
Legislating this requirement places more risk on the issuer and arguably shifts responsibility from the financial adviser to the product issuer. 
Unlisted property funds will need to spend more on compliance, legal advice, and possibly consumer testing to satisfy these requirements. Those funds which do go ahead will be under pressure to pass these increased compliance costs on to investors.
Investors must be protected but investors also benefit from product innovation, much of which comes via boutique providers. There is a balancing act between appropriate compliance measures and the freedom to bring new and innovative products to market. 
ASIC already has the tools available to protect unlisted property investors. There is strong demand among retail investors for unlisted property vehicles and we need to ensure industry can continue to bring appropriate, high performing products to this market.
Paul Healy is CEO of <a href="http://www.propertyfunds.org.au/" target="_blank">Property Funds Association</a>, an industry body for the $125 billion Australian unlisted wholesale and retail property funds sector. 
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