<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

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The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

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Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Reits

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Global listed property funds delivered the highest returns of all types of managed fund in May, adding 3.3% for the month, according to the Morningstar Australian Institutional Sector Survey.
The UBS Global Investors ex Australia index rose by 3.3% over the month to 31 May in Australian dollar terms. The index delivered 11.6% over the 12 months to the end of May and 14.8% over the calendar year to date.
UBS Clarion Global Property Securities fund performed the best over the month, gaining 3.8%.
AMP Capital delivered the highest returns over the 12 months to the end of May and year-to-date, gaining 13.5% and 16.3% respectively.
AMP Capital deputy head of global listed real estate James Maydew said the fund management team looked at individual REITs and aimed to identify the best ones. The fund currently has about 60 stocks in its portfolio.
“We have a quality bias to the portfolio construction. We believe quality will outperform throughout the real estate cycle ... When we say quality, we don’t just mean quality real estate. We also look at quality management, capital management and balance sheet,” Maydew said.
Commercial property in London looked attractive at this point in the property cycle, he said.
“The market there was impacted heavily by the financial crisis. Nothing was developed there for an extended period of time. We are now experiencing economic growth and jobs growth which is translating to falling vacancy rates, occupancy gains and rental tension,” Maydew said.
The manager was also attracted to REITs that had development capabilities. “We want developers because they are the people that can make the margin on real estate in a rising market. Real estate is cyclical and we have to be able to own those managers that can access that cyclical environment.”
Aged care is another theme that AMP Capital’s team has been pursuing. While the market for listed aged care providers in Australia is quite small, it is better established globally, Maydew said.
“Ageing populations are translating to more demand for aged care facilities ... That’s going to hold for a long period of time.”
Research house Morningstar upgraded AMP Capital’s global REIT strategy from bronze to silver during its latest review of funds in the sector, but downgraded it back to bronze following the departure of two London-based team members in April.
Maydew said there were 14 people in the team before the departures, and the aim was to rebuild the team to 15 people, including three people based in Europe.
He said the manager had received a large number of applications for the roles from all over the world and expected to fill the positions within the next couple of months.
It was considering relocating one or two team members from elsewhere in the world and backfilling those positions with new local recruits to ensure the team’s culture was maintained in the London office. 
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zfielding-GvX3Uq9KTa

Global listed property funds bested all other fund types with highest May returns

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The recently floated Arena REIT sold 10 Victorian and NSW childcare centres at Burgess Rawson auction today for a combined $14.2 million reflecting an average 6.9% net yield.
Given 16% projected growth in number of children 0-4 years from 2013-2025, yields were as low as 5.4% at <a href="https://melbourne.burgessrawson.com.au/buying/VIC/East/Templestowe/Retail/3P0820" target="_blank" style="line-height: 1.3em;">Templestowe in Melbourne</a> (pictured above) with a $1.73 million sale. The lease was 15 years to Imagine Applied Education Services Inc with two further terms of five years, each with a five year notice period. There are annual CPI reviews with a 2.5% minimum increase, with the next market review date in 2019, when the rent cannot be reduced as a result of market review and is uncapped.
The tenant is responsible for rates, insurance and repairs and maintenance (including structural), management fees and land tax (where applicable). 
The income was $93,102 per annum.
A 9.2% Tamworth childcare centre on a short term lease sold for $620,000.
Six sales came with leases to Australia’s biggest childcare operator, Goodstart. Goodstart is owned by the charitable organisations The Benevolent Society, Mission Australia, the Brotherhood of St Laurence and Social Ventures Australia.
Arena reported earlier this year that it controlled a $325 million portfolio of childcare and healthcare properties with 177 childcare properties.
Morgan Stanley analysts recently advised there were strong fundamentals in the childcare and healthcare sectors, the Australian Financial Review noted.
The listed property trust sector (A-REITs) gained a new participant with Arena floating with a share price of $1.05 in June 2013, representing a premium to its then net tangible assets of $1 per share.
The joint managing directors of the Melbourne-based fund are James Goodwin and Bryce Mitchelson. It was established as an unlisted trust in 2003 investing into childcare centres. 
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jchancellor-FAypfDUnLy

Average 6.9% yields as Arena REIT childcare centres sell

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Leighton Holdings Limited has sought expression of interests in their 50.6% investment in Devine. 
The process is preliminary and there are no assurances that a sale of the Leighton investment in Devine will be finalised, the ASX has been notified today.
Leighton Holdings is also seeking a quick sale of its $1 billion-plus John Holland and Services businesses.
The company’s stake in listed firm Macmahon Holdings scheduled for likely sale.
John Holland’s aircraft maintenance business is already for sale.
Leighton also owns 45% of the Middle Eastern construction company, Al Habtoor which is being readied for a possible IPO in 2016.
It's all part of Spain’s ACS restructure of the iconic Australian construction company.
Devine shareholders will <a href="/expert-insights/investing/dismal-devine-limited-attacked-by-shareholder-for-missing-the-housing-boom">await the sale process with interest</a>.
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Leighton looks for Devine stake buyer

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Earlier today Scentre Group, Westfield‘s new Australian and New Zealand shopping mall company, started trading on the ASX, with a $3.21 million debut price Wednesday June 25.
Shares were later trading at $3.11 under the ticker SCG.
Opening at $6.70, Westfield Corporation, which will be the international iconic malls company of the Lowy family, was later trading at around $6.78 under the ticker WFD.
The two new groups are trading on a deferred settlement basis set to commence normal trading on Thursday week.
Scentre Group closed at $3.08 on Wednesday. Westfield Corporation closed trading at $7.05.
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Westfield and Scentre Group start trading anew

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Lend Lease has secured the settlement of its UK Bluewater Shopping Centre sale to Land Securities Group PLC. 
The combined pre-tax value is £696 million or A$1.221 billion. 
The total value to Lend Lease including management rights delivers an initial yield of approximately 4%. 
The Bluewater Shopping Centre, located in Kent, United Kingdom, on which work began in 1995, transformed a former derelict chalk quarry into one of the top performing retail assets in Europe. 
It opened in 1999 and anchored by three department stores and over 300 retailing, catering and leisure units, the centre helped set the benchmark for quality retailing in the UK.
The centre was valued at £1.83 billion at June last year, implying a value of £549 million for Lend Lease’s stake of 30%.
The transaction settled today, 25 June 2014.
Photo courtesy of Wikimedia Commons. 
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Lend Lease's Bluewater Shopping Centre, Kent sale secures 4% yield

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The Westfield Retail vote taken on Friday will allow Westfield Group – which will become known as Westfield Corporation – to cut its ties with Australia and focus on global cities, including New York, London and Milan.
There was a total of 76.09% votes in favour of the restructure, narrowly exceeding the 75% approval requirement.
The Westfield Group and Westfield Retail Trust are likely to begin trading on Wednesday, on a deferred settlement basis, as Westfield Corporation and Scentre Group respectively. 
The proposal remains subject to a number of conditions, including WDC obtaining the necessary orders from the Supreme Court of NSW at the hearing scheduled for 23 June.
Subject to satisfaction of these conditions the last day of trading in WDC securities will be Tuesday 24 June 2014.  Scentre Group securities will commence trading on a deferred basis on Wednesday 25 June 2014. 
From Brazil, the chairman of WDC, Mr Frank Lowy, said he was pleased with the result.
“Achieving a 75% 'yes' vote was a high hurdle but we were always confident of the intrinsic strategic merit and fairness of the proposal to both entities and we now look forward to the creation of what will be two new, great companies,” he said.
The proposal to separate Westfield Group's Australian and NZ business from its international business was announced in December 2013 and was based on the fact that each business now had the necessary size and scope, supported by depth of executive talent, to compete effectively and thrive on their own.
It was also based on the belief that allowing investors the option of two entities, representing different markets, as well as somewhat different investment opportunities and currency options, would unlock significant value and choice for shareholders. 
Frank Lowy, will chair both Westfield Corporation and Scentre Group.
Peter and Steven Lowy will be co-chief executive officers of Westfield Corporation and Westfield group chief financial officer, Peter Allen, will become chief executive officer of Scentre Group. Merrill Lynch has estimated the implied entry price into Scentre and Westfield Corporation at $3.07 a share and $6.41 a share respectively (after incorporating the capital return, first-half 2014 distributions and the conversion ratios of both stocks).
The prior Westfield Group had interests in and operates one of the world's largest shopping centre portfolios with investment interests in 87 shopping centres across Australia, the United States, the United Kingdom and New Zealand, encompassing 20,000 retail outlets and total assets under management of over $68bn.
WRT and the 8% Lowy-owned Westfield Group will both sell their jointly owned 47 Australian and New Zealand shopping centres into the new listed company, Scentre, in return for shares and cash. Westfield will also sell management and development rights on the properties to Scentre, and its shareholders will own more than half of Scentre.
Westfield will rename itself Westfield Corporation, with a portfolio of 44 shopping centres across the United States, Britain and Europe.
The Age columnist Malcolm Maiden noted of the top 10 Australian real estate investment trusts, WRT was the only one that was still externally managed.
While Scentre will own and manage top-flight retail assets, Maiden noted it will have a block of shares on its register that will be classed as an overhang until evidence shows otherwise.
Of the top 10 Australian real estate investment trusts, WRT was the only one that was still externally managed.
"The holders of almost 20% of WRT's securities voted against the restructure, and they will own about 8% of Scentre.
"The Lowy family will also inherit a holding of about 4% in Scentre, and as this restructure shows, its attention is going to be focused overseas."
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Westfield's Scentre Group set for trading commencement

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Leighton Holdings’ chief executive Marcelino Fernandez Verdes has become executive chairman.
The outgoing chairman Bob Humphris, who announced his retirement at the contracting group’s annual general meeting last month, will leave the company on Wednesday.
Fernandez Verdes became CEO of Leighton in March replacing the former CEO Hamish Tyrwhitt.
Russell Chenu, a former chief financial officer of James Hardie, and Trevor Gerber, a former group treasurer of Westfield Holdings, have joined Leighton’s board as non-executive directors.
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Fernandez Verdes becomes Leighton Holding's executive chairman

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National Storage REIT (NSR) intends on expanding its Perth, Western Australia property portfolio.
The portfolio will be expanded following the purchase of a self-storage facility at Wangara featuring 579 units across 5,300 square metres of net lettable area. The purchase price for Wangara is $10.9 million at a projected year one passing income yield of 9% (excluding transaction costs).
There will also be a development site at Kardinya, 7 kilometres east of Fremantle, covering 5,700 square metres with planned construction for 417 units over approximately 4,400 square metres of net lettable area. 
Kardinya will be purchased for $8 million and is forecast to generate a passing income yield of over 10% once occupancy stabilises.
The group also announced a development expansion of an existing NSR operated leasehold site at Cockburn. 
The development cost for Cockburn will be borne by the vendor with additional rent to be incurred by NSR, as its existing lease is expanded to cover the new building.
National Storage is one of the largest self-storage providers in Australia, with 65 centres providing tailored storage solutions to over 23,000 residential and commercial customers.
NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange (ASX). 
In April, NSR <a href="/expert-insights/investing/national-storage-reit-buys-townsville-self-storage-property-for-17-million">bought a Townsville self-storage facility for $17 million</a>.
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National Storage expands portfolio with Perth purchases and developments

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Propertylink announced it has acquired 10 industrial properties in NSW and Victoria from Abacus Property Group and Abacus Diversified Income Fund II for $106.75 million.
Led by former Valad chief Stephen Day, it takes the total value of the Propertylink Australian Industrial Partnership (PAIP) assets to $203 million.
Day says that the acquisitions demonstrate their intention to increase their industrial property holdings Australia wide.
“PAIP portfolio assets now range from some solid long lease assets with excellent tenant covenants blended with traditional multi-let estates and single tenant distribution centres with shorter [Weighted Average Leases to Expiry] which present an opportunity for Propertylink to add value or to achieve higher yields and total returns with hands on asset management,” said Day.
“The PAIP industrial strategy is offering great “risk adjusted” returns in the current climate due to the light capital expenditure requirements, relatively low incentives required to secure tenants and, most importantly, strong capacity to achieve a high proportion of targeted total returns to investors coming from cash distributions from rental income.”
According to Peter McDonald, head of property at Propertylink, there are potential plans to subdivide the assets.
“The portfolio will benefit from strong asset management and we’ll create significant upside by knuckling down and really working the assets,” says McDonald.
“The 9.4% property yield is very attractive, however our team is looking forward to working on the various value-add initiatives that include potential land sub-division, strata sub-division, and bulky goods development. We have just added former JLL director Casey Greenberg to the Propertylink Asset Management team and his appointment has come at an opportune time with this acquisition”, he says.
The Abacus portfolio is the largest acquisition since PAIP was established in March 2014. A separate Propertylink fund acquired two long lease industrial assets for $63 million in October last year.
PAIP now comprises 17 assets Australia-wide, with backing from Goldman Sachs and London-based Grosvenor Group. 
Four of the properties were held on the Abacus balance sheet and six were in an unlisted retail fund it managed.
The sales were above the aggregate book value, Abacus managing director Dr Frank Wolf said.
The entire portfolio has a 97% occupancy.
The Abacus deal was brokered by CBRE agent Matt Haddon and Colliers agent Tony Iuliano.
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Propertylink adds 10 industrial properties to portfolio

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GUEST OBSERVATION
Reports of the Westfield Group’s attempts to push through a <a href="https://www.theage.com.au/business/unisuper-attacks-lowy-on-westfield-split-plans-20140601-39cm8" target="_blank">$15 billion restructure</a> - complete with a <a href="/expert-insights/investing/deferred-not-defeated-the-lowys-retreat-on-westfield-restructure-proposal">boisterous showdown last Thursday</a> - have mostly concentrated around the effect of the deal on its investors, led mainly by major shareholder, Uni Super.
But the controversial demerger also puts on show the ability of large property landlords like Westfield to legally employ aggressive tax planning to significantly minimise tax, at a time when the federal government has announced that a budget “crisis” requires significant expenditure cuts and the raising of taxes.
As we wrote prior to last week’s vote, our report, commissioned by union United Voice suggests the Westfield Group effectively paid just 8% tax in the seven years to 2013, and its property arm, Westfield Retail Trust (WRT), no tax at all.
This is due to extensive use by the both the Westfield Group and Westfield Retail Trust of trust structures known as <a href="https://www.investors.asn.au/education/property/real-estate-investment-trusts-reits/" target="_blank">Real Estate Investment Trusts</a> (REITs), which it has combined with <a href="https://www.moneysmart.gov.au/investing/complex-investments/stapled-securities" target="_blank">stapled securities</a>.
REITs allow investors, known as unit holders, to hold unit interests in global property portfolios, with attractive yields and tax considerations (as I’ll discuss further down). In Australia, Westfield Group and Westfield Retail Trust are the largest in what is called A-REITS. Other large A-REITs in the publicly listed real estate sector include <a href="https://www.epra.com/media/EPRA_Global_REIT_Survey_2013_-_Australia_1378975784682.pdf" target="_blank">Stockland, Goodman and GPT Group</a>.
According to the European Public Real Estate Association’s Global REIT survey 2013:
"One of the key tax benefits arising for the investor from a trust structure is that distributions from the trust retain their tax attributes (‘flow through’ entity), making an investment via a fixed trust generally comparable in most respects to a direct interest in the real estate. Unit trusts stapled to company structures are common in Australia."
In comparison to all other firms in the real estate management and development sub-industry, known as A-REITs, the Westfield Group consistently rates in the mid-range of tax aggressiveness.
However, the effective tax rates of its sub-industry as a whole are well below the statutory tax rate, as well as the estimated average effective tax rate of 22% for all ASX200 companies over the past decade. This, together with the widespread use of trust structures, suggests that this industry is fairly tax aggressive.
While the Westfield Group is not more tax aggressive than other companies in the real estate development and management industry, its comparative size creates a much larger impact than most of the other entities.
The magnitude of the estimated tax avoidance by Westfield Group amounts to over A$380 million dollars and the Westfield Retail Trust to $171 million dollars in the years from 2006 to 2013, based on their calculated effective tax rates and their reported earnings.
Peter Strong, Executive director of the Council of Small Business of Australia (COSBOA), when discussing the upcoming federal budget and areas where tax collections could improve, said that:
"The area they’ve got to really focus on is the very large businesses that use offshore tax havens, like Westfield. They don’t pay the tax they should pay … if you want to send the right message to the business community in Australia it needs to be that we are going to make sure everyone pays tax, in particular the big businesses."
Despite this there have been no recent reviews by the federal government of the low effective tax rates of companies in the real estate management and development industry, or any other industry for that matter.
An additional issue relates to the disclosure of tax payment information. Finding evidence of tax aggressiveness by corporations is difficult due to the confidentiality of tax documents and assessments, and the minimal disclosure of tax related information in the financial statements.
It is almost impossible to obtain tax payment information of trusts and foundations. This is of most concern with respect to REITs, many of which are large publicly listed entities (such as WRT) that pay no tax at the corporate level.
The use of trusts in the corporate structure of Westfield allows the tax burden to be passed through to the beneficiaries, or unit holders, of the trusts. This advantages unit holders who are able to reduce their tax at an individual level.
Unfortunately, the individual unit holders do not have to disclose the tax paid on the REITs distributions, and therefore, it cannot be established how much tax is actually paid on the profits of Australian REITs.
Furthermore, in Australia companies do not have to report where profits are generated or where tax is paid by tax or geographical jurisdiction. Unlike US firms, Australian firms are not required to split their taxes between local, federal and foreign tax expense.
Further analysis is needed at the firm level into the use of tax planning schemes to determine whether some firms are avoiding taxes. This research supports the drive to include the reporting of income and taxes, including taxes paid, in geographic and jurisdictional segments.
This issue is high on the agenda for the upcoming G20 meetings in Brisbane in November this year. If companies are mandated to disclose detailed information on where profits are made and taxes paid by jurisdiction, the tax avoidance will become more obvious and may thus damage corporate reputations.
The hope is that the greater potential risk to corporate reputations will somewhat deter companies from highly aggressive tax avoidance.
Roman Lanis is senior lecturer, accounting at University of Technology, Sydney.
Ross McClure is a PhD candidate and casual academic at University of Technology, Sydney.
 
This research was commissioned by United Voice.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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