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

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Stockland Group has accepted Frasers Centrepoint’s offer to acquire its 19.9% holding in Australand.
Stockland will sell its holding of 113 million Australand shares at $4.48 a security.
The property group will net more than $80 million from the transaction.
It comes eight days after Frasers secured its effective takeover of Australand with around a 56% acceptance when the initial deadline fell.
“We have been disciplined with our investment in Australand with a clear strategic intent and view of value, and are pleased to have achieved a significant profit,” Stockland chief executive Mark Steinert told the stock exchange today.
The group plans to reinvest back into medium density residential and mixed use projects, and to grow its string of logistics and business parks.
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Mark Steinert recently announced the appointment of two new executives to its executive committee, with its Chief Investment Officer, and Group Counsel and Company Secretary, elevated to the executive team.
Darren Rehn has been appointed Group Executive and Chief Investment Officer with responsibility for capital transactions, capital partnering and business development activities. 
Mr Rehn joined Stockland as Chief Investment Officer in October 2013. 
Katherine Grace has been appointed Group Counsel and Company Secretary, coming with over 15 years’ experience including several years at Westfield Retail Trust. 
Phillip Hepburn, who has served as Stockland Group Counsel and Company Secretary since 2001, will be leaving Stockland.
Stockland’s executive committee will now comprise Mr Steinert and the following executives: 
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  Stephen Bull – Group Executive and CEO Retirement Living 
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  Katherine Grace – Group Counsel and Company Secretary 
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  Tiernan O’Rourke – Chief Financial Officer 
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  Darren Rehn – Group Executive and Chief Investment Officer 
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  Michael Rosmarin – Group Executive and Chief Operating Officer 
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  John Schroder – Group Executive and CEO Commercial Property 
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  Simon Shakesheff – Group Executive Strategy and Stakeholder Relations 
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  Andrew Whitson – Group Executive and CEO Residential 
 
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Stockland accepts Frasers' Australand offer

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Harry Triguboff’s Meriton Group has bought the DEXUS Property Group business park in Rosebery spending $190 million for the 4.9-hectare offering.
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DEXUS Property Group sold <a href="https://www.realcommercial.com.au/property-offices-nsw-rosebery-5497126" target="_blank">5-13 Rosebery Avenue</a> (pictured above) and 25-55 Rothschild Avenue in Rosebery, Sydney, with trading profits to be realised in FY15 and FY16. 
It is expected that the sale will contribute approximately $17 million to FY15 trading profits and materially increase trading profits in FY16 contributing approximately $74 million pre-tax. 
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The business park which had a book value of about $100 million was sold through JLL’s Michael Fenton, Sam Brewer and Blair Peterken.
Meriton now has 14,000 units in its pipeline as more than 1000 apartments will be built at the 4.9-hectare site.
There are eight mature Hills Fig trees on the boundary of 5-13 Rosebery Avenue with City of Sydney studies having identified these trees as a local landmark and as a defining feature of the precinct. 
5-13 Rosebery Avenue is a recently refurbished, 10 level office building within close proximity to Southern Cross Drive, the Eastern Distributor and Sydney Kingsford Smith airport.
During the year DEXUS undertook a total of $5.4 billion transactions across the group, including the joint acquisition of the $3.4 billion CPA portfolio with CPPIB. 
The CPA transaction, completed in April 2014, increased the value of the office portfolio to $7.6 billion.
DEXUS today announced its 30 June 2014 results. 
Dexus Property Group said its full-year net profit fell to $406 million. Revenue in the year rose 7.2% to $700 million.
In FY15, DEXUS has a trading profit target of $40 million.
DEXUS chief Darren Steinberg said it had progressed the sale of 40 Market Street, Melbourne which is expected to contribute to FY15 trading profits.
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Amid heritage fig trees Meriton spends $190 million on DEXUS Rosebery business park

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There's one less player on the Australian property scene with the Singapore-based Frasers Centrepoint tycoon Charoen Sirivadhanabhakdi winning the $2.6 billion takeover battle for Australand Property Group.
Global hedge funds accepted Frasers $4.48 per security all-cash offer taking total acceptances to more than 50% some three hours before the 7pm cut off.
It was at 46% by 2.30pm and 56% at 5pm.
It is speculated that the rival bidder Stockland will now tender its 19.9% stake in Australand over the two week extension period 
Frasers, advised by Deutsche Bank and Standard Chartered Bank, made its all-cash $4.48 per security offer trumping a previous scrip bid by Stockland.
The offer period has automatically been extended until 7pm, 21 August.
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Frasers secures 50% Australand takeover acceptances 

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Frasers Centrepoint's $2.6 billion takeover bid for Australand Property Group is still short of the 50.1% required by this Thursday’s deadline.
A flood of acceptances is expected in the final hours of the offer, although some warn the deal will fail to reach the unconditional stage.
Hedge funds control close to 40% of the register. They invested in the hope Stockland would extend a sweetened offer. Stockland owns 19.9% of Australand.
With acceptances sitting at below 10%, earlier this week security holders were reminded the Australand Directors unanimously recommended acceptance of the Fraser's offer in the absence of a superior proposal. 
"We note that the offer cannot be extended unless Frasers’ voting power in Australand increases to more than 50% or a competing takeover bid emerges before the closing date," the letter from Australand maning director Bo Johnston said.
The letter indicated the current status of the offer was as follows:
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<li>The Offer consideration of $4.48 per Australand Security (with the entitlement to the Allowed Distribution) is Frasers best and final offer in the absence of a competing proposal (as previously announced on 28 July 2014); </li>
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Should Frasers achieve acceptances for more than 50% of all Australand Securities, including under the Institutional Acceptance Facility (IAF), prior to the Closing Date, and at that time no other condition of the Offer has been breached, Frasers has stated that it will immediately declare the Offer unconditional. Assuming the Offer becomes unconditional on 7 August 2014, the Allowed Distribution will amount to $0.0263 per Australand Security. In this case, Securityholders who accept the Offer and are on the Australand register on the Allowed Distribution Record Date would receive total proceeds under the Offer and the Allowed Distribution of $4.5063 per Australand Security. We also note that should Frasers not achieve acceptances for more than 50% of all Australand Securities or a competing proposal does not emerge by 7 August 2014, the Offer will lapse and Australand Securityholders will no longer be able to accept the Offer, and any acceptances received under the Offer will be of no effect. As such, if Securityholders wish to receive the Offer consideration they should accept now. Australand has established a Securityholder Information Line which Australand Securityholders should call if they have any queries in relation to the Offer. The telephone number for the Securityholder Information Line is 1800 882 147 (toll free calls within Australia); or +61 1800 882 147 (for calls outside Australia).
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Frasers' Australand takeover bid still short as deadline draws closer

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Investors will be looking to listed property companies’ results and outlook statements for indications of whether the market for residential real estate has deteriorated in light of weakening consumer confidence.
Dalton Nicol Reid portfolio manager Scott Bender said investors were expecting the residential property sector to continue to be reasonably buoyant, but not as strong as in the first quarter of 2014.
“The market is going to be focused on the commentary on the outlook. Contracts on hand will be strong but we’re interested in enquiry and conversion rates and whether they have seen an impact from the softer consumer,” Bender told Property Observer.
“Residential will still be quite strong but there will be a focus on whether [property companies] see softening in those leading indicators following the federal budget.”
Stockland Property Group, which reports to the market on 18 August, will be one to watch given the size of its residential book, said Bender, who manages Dalton Nicol Reid’s property trust portfolio.
Mirvac Group’s results would give an indication of the outlook for medium density residential developments, particularly given the group’s exposure to the NSW market. Bender said NSW property had been selling well for Mirvac and he expected that trend to continue. Mirvac reports on 21 August.
Bender expects further merger and acquisition activity in the coming months as companies are able to access low cost debt and equity and it is becoming more difficult to increase revenue.
“Given there’s cheap equity and cheap debt [merger and acquisition activity] is going to be on the radar but whether companies are going to get something cheap enough to make the numbers work will be the tricky part,” he said.
Land developer Australand is the target of a takeover bid by Singapore-based Frasers Centrepoint. Australand’s directors have recommended shareholders accept Frasers’ off-market takeover bid of $4.48 cash per Australand security. Earlier in the year, Stockland made an unsuccessful play for the group.
Australand reported on 21 July that it had made a $131.5 million net profit after tax for the half year results to 30 June, up 49% on the prior corresponding period.
It reiterated earlier guidance that earnings for the full 2014 year were likely to be up 20-25% on 2013, and earnings per share would grow by 10-15% from 2014 to 2016, assuming the residential market remained strong. However, the company noted that Frasers would review its structure and operations if the takeover proceeded, so guidance may change. 
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Reporting season may hold key residential market indicators for investors

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Kirstin Ferguson has been appointed to the board of Leighton Holdings as an independent non-executive director, and as part of the construction company's current restructure.
She is currently a non-executive director of SunWater, Hyne and the Queensland Theatre Company, and is completing a PhD in corporate governance. She has also served as an NED with Queensland Rugby Union and as Chairman of the Thiess Advisory Board.
She was the CEO of Sentis before commencing her non-executive career, and a director of corporate services and COO at law firm, Deacons.
Ferguson is a strong advocate for women on boards and in leadership positions, and has previously <a href="https://www.propertyobserver.com.au/https://www.womensagenda.com.au/career-agenda/leaders/why-you-have-to-earn-a-sponsor/201212091301">shared her advice</a> to aspiring female directors with Women's Agenda.
This article first appeared on <a href="https://www.womensagenda.com.au/" target="_blank">Women's Agenda</a>.
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New female board member for Leightons

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Frasers Centrepoint has secured Australian Foreign Investment Review Board approval for its $2.6 billion bid for Australand.
<h2>FCL advised last night it has received a "statement of no objections" from the FIRB in relation to its proposed acquisition.</h2>
The Singapore-listed property giant recently trumped a competing offer from Stockland Corp for Australand.
FCL, whose main shareholder is Thai billionaire Charoen Sirivadhanabhakdi, is one of the Singapore's biggest property companies.
Australand, which was once majority owned by CapitaLand, has residential, commercial and industrial property projects.
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Frasers Centrepoint gets foreign investment review board approval for Australand bid

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Scentre Group has raised more than $3 billion in European bonds overnight as the Westfield spinoff secured the large deals by the Australian company. 
The deal was spread across four tranches with four to 12 year maturities:
<ul>
<li>
£400 million 12 year fixed rate senior guaranteed notes with a coupon of 3.875%.
</li>
<li>
€600 million 10 year fixed rate senior guaranteed notes with a coupon of 2.25%.
</li>
<li>
€600 million six year fixed rate senior guaranteed notes with a coupon of 1.50%.
</li>
<li>
€400 million four year floating rate senior guaranteed notes at a spread of 0.65% over three month EURIBOR.
</li>
</ul>
BNP Paribas, HSBC, Barclays and Deutsche Bank did the deal.
Scentre Group, which was formed only last month following a highly controversial demerger vote, holds the Australian and New Zealand operations of Westfield Retail Trust and Westfield Group.
The proceeds will be used to partially refinance Scentre Group’s $A5.0 billion bridge facility. Australian Financial Review columnist Tony Boyd noted offshore capital markets offer Australian companies the opportunity to lock in the cheapest long-term debt funding in more than six years.
Tony Boyd added it was now cheaper for companies to borrow in the Euromarkets than in the US, the world’s most liquid and active bond markets.
 
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Just three weeks old, Scentre Group raises $3.045 billion in cheap European bonds

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Falling debt costs and share buy backs have supported the valuations of Australian Real Estate Investment Trusts, a top performing fund manager in the sector has said.
Smaller AREITs with exposure to residential property have also performed well over the past year, Zurich Australia senior investment specialist Patrick Noble told Property Observer.
“We still see the recovery on the east coast is supporting those with residential exposure or exposure to economic activity in this part of the world,” Noble said.
Listed residential developers Villa World and Peet were strong performers in the portfolio of the Zurich Renaissance Australian Property Securities fund, which is managed by Renaissance Property Securities. Villa World gained around 70% in the 12 months to the start of June, while Peet added 9.5% over that timeframe.
Retirement village owner/operator Ingenia Communities had also done well for the portfolio, gaining more than 160% over the past two years. Noble said the manager had started to sell its holdings in that stock to take profits.
The Zurich Renaissance fund made no gains through May, but was the top performer in its sector over three and five years, returning 15.9% and 18.6% respectively over those timeframes, according to Morningstar data.
Over three years, the S&amp;P/ASX 200 AREIT index rose 13.8% and the average fund manager gained 14.2%, Morningstar’s latest monthly sector survey showed. Over five years, the index returned 14.6% and the average fund manager returned 15.4%.
Noble said the managers at Renaissance pursued an active value style of investing, meaning they researched individual AREITs and invested in those they believed to be undervalued by the market. It aimed to outperform the benchmark by 1.5% a year over three year rolling periods.
The manager had a preference at present for AREITs like Charter Hall Group, which earned income from development and funds management.
“When markets improve they get more fee income which boosts earnings. In this market, their income is growing,” Noble said.
It was avoiding those with exposure to the office and retail markets.
The office market was challenged by strong competition for lease renewals and extra supply of office buildings that were under development.
High rent costs and low income growth made the retail sector less attractive than other parts of the market, Noble said. 
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AREITs benefitting from falling debt, share buy back schemes: Zurich Australia fund manager

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Centuria Capital, the ASX-listed diversified funds manager that includes unlisted property funds, has appointed Haydn Stephens as head of transactions.
Stephens will work with Centuria’s senior executive team or originate and manage the company’s property transactions, as well as analysing corporate activity and oversight of the acquisitions team.
Stephens comes to the company with more than 15 years’ experience in the financial industry, with a decade exclusively focussed on real estate and real estate funds management. It’s noted that he has previously been largely involved in transaction-related roles, including capital transactions and the raising of debt and equity.
He held previous roles at Stockland, GPT, LaSalle Investment Management and Merrill Lynch.
Jason Huljich, CEO of Unlisted Property Funds said that his experience in real estate, and strong corporate finance and investment background will be a benefit.
“Real estate investment opportunities are no longer just in the direct arena, Hadyn’s skill set and experience will be invaluable as we pursue the Group’s expansion strategy in the unlisted retail, wholesale and listed sectors,” he said.
Stephens commences on 7 July.
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