<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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Woolworths is investigating options to sell its property holdings in hotels and co-located retail liquor stores.
But it has not yet made any decision.
Reports suggest it is considering single property sales, portfolio property sales or the creation of separate vehicles to own the assets.
Woolworths will retain control of the properties through a leasehold agreement.
Woolworths was responding to media reports about a possible $600 million divestment of property assets of ALH Group, which is 75% owned by Woolworths.
"While Woolworths continually looks at options, no decision has been taken on the divestment of property assets in hotels and co-located retail liquor stores at this stage," the company advised late last month.
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Since July 2010, Woolworths has divested approximately $2 billion of property assets, including Shopping Centres Australasia Property Group in December 2012.
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jchancellor-FAypfDUnLy

Woolworths ponders hotel and liquor property sales

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GUEST OBSERVATION
Lessons learnt by management about gearing in the GFC are being applied now as AREITs acquire assets with debt on accretive terms. Yields on property are higher than interest rates on loans, so that return on equity is enhanced.
Gearing can change the characteristics of an investment significantly and in the worst case, force the sale of the underlying assets when prices are depressed. AREITs can enhance returns for investors through gearing, when they are generating total returns that are greater than the interest rate on debt.
Gearing increases downside risks. A major contributor to the AREIT sector fall of close to 70% between 2007 and 2009 was excessive gearing including paying distributions from unrealised profits funded by debt.  Valuations of property assets fell during the GFC and loan covenants were tightened by banks, causing breaches of loan covenants prompting banks to call for loan repayments. AREITs were forced to sell assets at distressed prices and raise capital at significant discounts to NTA.
Chart one illustrates the gearing levels of GPT Group (GPT), Federation Centres (FDC), Mirvac Group (MGR) and the sector over seven years to 31 December 2013.
Chart one – AREIT sector – Gearing Levels 
 <img src="/images/2014/05/29/binesh%20may%2029%20one.png" alt="">
* Previously Centro Retail Australia (CER)
Source: Company financials, UBS, Atchison Consultants (2014)
As shown in Chart one, the three AREITs have all reduced their gearing levels since the GFC. AREITs have re-focused on the fundamentals of property ownership and management and recapitalised through equity raisings resulting in lower gearing levels.
Over the twelve month period to 31 December 2013, AREITs have undertaken bond issuances mainly in overseas markets in order to finance property acquisitions or refinance existing debts. Mirvac Group has increased its gearing level by 5% over the period from 31% to 36% financing property acquisitions. Gearing below 40% does not place any strain on bank loan covenants.
A total of $5.8 billion of debt has been raised over the year to 31 December 2013. This reflects the prevailing low interest rate environment and consequently attractive financing conditions for new property acquisitions. Currently, interest rates on debt of 4.6% are below yields of 5.5% to 8% on property assets in the market.
In the current low interest environment, AREITs will continue acquiring assets at yields above loan interest rates, which is accretive for returns on assets for investors. Provided that levels of debt are judiciously managed, AREITs have the potential to enhance return on equity for investors whilst minimising the potential for breaching loan covenants.
Binesh Seetanah is an analyst at <a href="https://atchison.com.au/" target="_blank">Atchison Consultants</a>.
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bseetanah-MkzVfc9t4h

AREITs applying the gearing lessons learnt in the GFC

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Singapore’s Frasers Centrepoint Limited has trumped Stockland Group’s bid for Australand Limited, offering $4.48 per share.
Stockland had previously made a $2.5 billion bid for the residential and commercial developer through a share swap deal. Frasers Centrepoint has countered with a $2.59 billion off-market takeover offer. The Singaporean company has now entered into an exclusive four week due diligence period with Australand.
Frasers Centrepoint's bid has likely knocked Stockland out of the running for Australand, with Stockland <a href="/expert-insights/investing/stockland-finally-ups-australand-offer-to-4-35-per-security">calling their $4.35 per security bid a "final offer"</a>. Australia's largest diversified property group <a href="/expert-insights/investing/stockland-swoops-on-australand-stake-in-possible-takeover-precursor">purchased a 19.9% stak</a>e in Australand in March. 
According to Lim Ee Seng, group chief executive of Frasers Centrepoint, the Singaporean listed company intends to extend its business interests in Australia through the purchase.
“The Proposal will catapult FCL [Frasers Centrepoint Limited] to being one of Australia’s leading real estate companies with a portfolio of scale and quality. Australia is a core market for FCL,” he said.
“The Group chose to enter the Australian market over a decade ago due to favourable fundamentals including its transparent regulatory environment, strong corporate governance, as well as its deep and mature property market. We already have an established platform and good brand recognition in Australia, but real estate is a business where scale and depth matters. This Proposal will be the catalyst that will help FCL to deepen our roots and accelerate our growth in a market that we believe will continue to offer long-term growth prospects.”
Frasers Centrepoint Limited’s bid of $4.48 per stapled security is 4% up from yesterday’s closing price of $4.31. Under the proposal Australand’s shareholders are entitled to keep the expected first half 2014 distribution of up to 12.75 cents per share. They will also be entitled to any additional distribution expected for the second half of 2014 on a pro rata basis for the period between 1 July 2014 and when the offer becomes unconditional, again with a maximum value of 12.75 cents per share.
As of 31 March 2014, Frasers Centrepoint’s assets totaled approximately S$11.4 billion ($9.74 billion at today’s exchange rate). 
This article has been amended to correct an error in the Singapore dollar value of Frasers Centrepoint's total assets. 
 
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jrichardson-uRX5hFdKfN

Frasers Centrepoint makes surprise $2.59 billion bid for Australand

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Growthpoint Properties Australia has exchanged contracts for the acquisition of the New South Wales Police headquarters in the Parramatta CBD.
The purchase will be funded by an equity raising of $80 to $125 million and, depending on equity take-up, $131 to $176 million from expanded existing debt facilities. 
The 1 Charles Street building was purchased from AustralianSuper.
Listed through CBRE, the 2003 two tower office complex comes with parking for 444 vehicles. It had a total lettable area of 32,700 square metres.
The South African-backed Growthpoint Properties Australia headed the field, against rival Cromwell Property Group after the ­expression of interest campaign closed through Josh Cullen and Rick Butler of CBRE earlier this year.
With a 7.6% yield, the property is fully leased to the NSW state government with a significant remaining lease duration of 10 years and a further five year option period. 
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Growthpoint Properties Australia now owns interests in a diversified portfolio of 51 office and industrial properties throughout Australia valued at over $2 billion.
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NSW Parramatta police HQ sold to Growthpoint

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Westfield shareholders attending today's afternoon meeting to vote on the controversial corporate restructure of both shopping centre groups never got to vote.
Just before 4.30pm the final Westfield Retail Trust vote for Westfield’s restructure was deferred.
A possible fortnight timeline for another meeting has been outlined, Bloomberg reported. 
There had been a strong chance that the entire proposal was set to fail after the proxy vote came in at 74.1% to endorse the Scentre Group Merger proposal, given it was short of the 75% needed.
This morning’s meeting saw 97.2 per cent of shareholders vote in favour of the restructure which involves estimated $500 million transactional costs.
Since Westfield unveiled the restructure in early December there has been growing vocal opposition to the deal from Westfield Retail ­investors, who felt the price for the management platform was too high and the deal was inequitable for Westfield Retail security holders.
A few weeks ago Property Observer reported that <a href="/expert-insights/investing/westfield-group-improves-trust-merger-terms">Westfield Group had succumbed to shareholder pressure</a> and announced it will be improving the terms of its proposed merger for Westfield Trust unit holders by $300 million.
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The members of the Westfield Group Board attending today, included directors resident overseas - John McFarlane and Lord Peter Goldsmith from London, Roy Furman from New York and Peter Lowy from Los Angeles.
The Age columnist Malcolm Maiden reported the background to the deferral as being a consequence of Westfield Group chairman Frank Lowy's warning on Thursday morning that Westfield would independently split into separate Australian and international companies if the Westfield-managed Westfield Retail Trust voted down its more sweeping $70 billion restructure plan.
It allowed the Westfield Retail Trust chairman Dick Warburton to suspend WRT's meeting, in part, because the WRT board believed that Mr Lowy's warning was a ''material change''.
The Australian columnist John Durie told Ross Greenwood's Money News on 2GB that he expected the deferral will allow the Lowy's enough time to secure the final approval.
 
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Deferred, not defeated, the Lowy's retreat on Westfield restructure proposal

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Stockland has upped its Australand offer to $4.35 per security.
<a href="/expert-insights/investing/australand-dismiss-stocklands-takeover-attempt-as-incomplete">Stockland’s first $2.4 billion offer in April</a> for the diversified property developer equated to around $4.20 a security, or around $2.5 billion. It was rejected by Australand. 
Stockland <a href="/expert-insights/investing/stockland-swoops-on-australand-stake-in-possible-takeover-precursor">purchased a 19.9% stake in Australand</a> in March.
“This compelling final offer represents a substantial premium against a range of measures and would bring together two high calibre companies with complementary assets and cultures," the Stockland managing director, Mark Steinert, suggested.
"The combined group would be the leading residential developer in Australia, including medium density, the leading owner and manager of shopping centres in regional locations and a top two logistics and business park owner/developer.”
The latest proposal to Australand security holders reflects:
<ul>
<li>22.2% premium to Australand's NTA;</li>
<li>18.0% premium to the price at which CapitaLand sold (and institutional investors purchased) 20% of the outstanding securities on issue on 21 November 2013;</li>
<li>16.9% premium to the price at which CapitaLand sold (and institutional investors purchased) 23.4% of the outstanding securities on issue on 19 March 2014; and</li>
<li>A 12.1% premium to the volume weighted average price ('VWAP') of $3.88 for the three month period up to and including 18 March 2014, the day prior to Stockland acquiring an interest in 19.9% of Australand.</li>
</ul>
As an alternative form of consideration, Stockland is prepared to offer a reduced scrip ratio, together with a cash component up to an aggregate of $250 million, with the structure to be agreed with the Australand Board.
"We have made this final offer following dialogue with Australand," Mark Steinert said.
Stockland reconfirmed its <a href="/expert-insights/investing/stockland-well-placed-to-deliver-earning-growth">guidance of 6% EPS growth in FY14</a>, assuming there is no material decline in market conditions and targeted 5% annual average EPS growth through the cycle. 
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Stockland finally ups Australand offer to $4.35 per security

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The global financial crisis (GFC) caused many investors to re-think their strategies and while property investors managed to protect themselves more than others, property funds require specific attention.
AMP Capital’s Mark Ferguson head of Australian listed real estate and Christopher Davitt fund manager, wholesale Australian property fund, recently identified their three post-GFC lessons that all investors considering parking their money into a property fund can consider.
The hunt for income is as relentless as ever, they noted, recently evidenced by <a href="/expert-insights/finance/number-of-investment-property-loans-jumps-by-37-since-2010-roy-morgan">Roy Morgan’s stunning statistic of a recorded 37% uptick in investment property loans since 2010</a>, the current low interest rate environment and low bond yields, which contrasted with strong forecasts for Australian property, may cause this number to surge even higher.
<blockquote>
“Strong capital into the sector should translate into further price increases, which should support capital appreciation and grow future earnings over the long-term."
</blockquote>
In fact, they noted that they expect Australian property to continue providing strong, reliable income streams for investors, particularly as the appeal of property is based on the stability of income despite rises and falls in capital values.
The strength of rental agreements in maintaining yield is a very positive factor. "These are generally signed on a long-term basis, so the cash flow of rental income is 'locked in' for a predetermined period,” they explained.
"The housing story keeps improving on the back of lower interest rates and foreign investment,” they said, with <a href="/news/urban-taskforce-warns-against-xenophobic-review-of-chinese-investment-by-federal-government">foreign investment so strong it has now attracted official scrutiny</a>.
"Housing approval rates are up and capital-city auction clearance rates remain elevated despite high-profile company closures and job losses.
“Strong capital into the sector should translate into further price increases, which should support capital appreciation and grow future earnings over the long term."
They provided three investing tips, re-enforcing the concept that property requires a long-term investment outcome focus.
<ol>
<li>
Ensure you conduct research. Look into a property fund's track record and "stick to fund managers with an established reputation and sound history". 
</li>
<li>
Check that the gearing levels are not too high. As some property funds look to borrowing capital as a necessity to boost their potential investment returns, which is a technique known as gearing, it's worth remembering that it magnifies the potential for both gains and losses. Everyone's comfort with this differs, so ensure that the gearing levels are not too high for your risk profile. 
</li>
<li>
Understand underlying risks. Each fund holds different investments that contain a different amount of risk, and you must be aware of the underlying risks of the fund you are considering. Be "mindful that funds investing in a single asset carry more risk than those that invest in a portfolio of properties". They also suggested that investors be wary of properties with complex business models where there is a cross-collateralisation of debt.</li>
</ol>
In the long-term future, AMP Capital predicts direct property and Australian listed property to deliver robust income returns.
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jduke-EHk3XBmHkn

AMP Capital's three post-GFC property fund lessons

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Australand Property Group and joint venture partner LaSalle Investment Management have won the right to buy a residential site owned by UrbanGrowth NSW in North Ryde, Sydney.
The price of the 1.3 hectare site is understood to be about $50 million.
Located adjacent to the newly completed North Ryde train station, it is expected to yield up to 400 apartments 
It forms part of the North Ryde Urban Activation Precinct.
The site is well serviced with close access to education facilities, including Macquarie University; a major regional shopping centre; and employment precincts.
The site’s zoning permits a mixed used development so will include as a small retail component.
“Following the success of existing projects in Wolli Creek and Clemton Park, we look forward to expanding our partnering relationship with LaSalle Investment Management," Australand’s Managing director, Bob Johnston, said
“Securing this project further strengthens our position in the Sydney market and provides greater visibility of our medium term residential pipeline with the project expected to deliver earnings from 2016,” Mr Johnston said. 
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Australand secures North Ryde residential infill site

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Brisbane’s property syndicator Sentinel Property Group has expanded its range of investment products, launching a specialist mortgage financing venture for residential and commercial development projects through ‘Queen Street Invest’.
Created by Sentinel founder and CEO Warren Ebert, it is also jointly owned by Jim Cossart and Daniel Holden.
The new business looks to allow investors to participate in financing new development projects through passive equity products. This includes mezzanine debt, preferred equity and first mortgage secured loans, each of which will be a standalone closed end fund for just one project.
Clearly defined exit strategies and a six to 12 months pre-determined life span will be there for each fund.
Sentinel has a portfolio of 20 office, industrial and retail properties to a combined value of more than $400 million, and average net annual returns of 12.5%.
The minimum investment for Queen Street Invest will be $100,000. Mortgage finance products will be available from $1 million to $20 million in value.
“We believe that the timing is right for this type of investment product, with market activity and construction on the rise and limited competitors in this space,” said Ebert.
“Whilst Sentinel remains focused on our core property business, we understand that some investors have a need to allocate a percentage of their portfolio to shorter-term investments. This is where Queen Street Invest can provide balance and diversity of investment.”
Queen Street Invest currently has some financing deals under review in Queensland in the residential apartment and retail sectors. They will be looking at national opportunities.
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Brisbane syndicator Sentinel Property Group expands to specialist financing venture for developments

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It's being called NSW’s great land bank rush. New data from Savills Australia showed that since 2009, more than 300 hectares of industrial land in Sydney's western precinct has been snapped up by developers and real estate investment trusts (REITs).
The great rush has seen Sydney’s industrial land banks total an estimated 1,100 hectares, the bulk of which (75%) is held in the western precinct. 
By Savills calculations the land take up in the western precinct (Eastern Creek, Erskine Park, Arndell Park, Wetherill Park, Smithfield, Yennora and Girraween) has been at over 63 hectares per year since 2009.
Pre-lease activity has accounted for about 40 hectares of land take up per year, with over 1,000,000 square metres of gross lettable area secured by tenants seeking new logistics style accommodation within this corridor. 
Houssam Yakzan of Savills Research said: “there is strong demand from all the current land bank owners in the western precinct to further increase their land holdings and for REITs that don’t have any land banks they will be aggressively seeking to purchase land to grow their development pipeline.”
“As land reserves diminish with each new development, industrial land is being hotly contested".
He also noted that there was an enormous weight of money for industrial property right now and if a fund wanted to grow, more than likely it would need to grow from organic origins – either develop speculatively or play the pre lease market on their large land banks.
With the current demand for sites in excess of 10 hectares, Yakzan believes land values will be enhanced in the short term and throughout 2014.
Values in late 2012 to early 2013, he said, sat at a rate of $200-$225 per square metre for these large sites which were serviced and benched lots.
It is now tipping rates to be revised to between $250-$275 per square metre.
Smaller sites of one hectare have already experienced an increase in value - from just under $300 in March 2013 to now averaging $325 per square metre. 
Photo courtesy of Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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