Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Strata

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The NSW Government is opening consultation on a proposed centralised digital strata hub to make it easier for anyone who seeks to buy into a strata block to get information.

The hub will consolidate core information about NSW’s 82,000 strata schemes in one place, giving property purchasers insights in their potential new home while allowing the regulator to monitor each building’s ongoing maintenance and defect management.

It will start with Information collected during the construction phase of a building to help consumers make informed decisions about the trustworthiness of a building.

“It will also let the regulators keep a close eye on each strata building to make sure NSW homeowners are not burdened with avoidable building defects when maintenance is neglected,” the Minister for Better Regulation and Innovation Kevin Anderson said.

Anderson hopes it will ensure well-built properties continue to be maintained and managed successfully.

Subject to the passing of legislation and regulations, owners corporations will be required to report certain information about their schemes such as annual fire safety statements, address for service of notices, contact details for the scheme and litigation relating to defects.

“The tool will also manage the building defect bond after it is lodged through the NSW ePlanning portal, which pays for any defects found in the first 24 months after finishing the building work.”

Minister for Customer Service Victor Dominello said the proposed hub will be a game changer for communities.

“Whether you are a strata owner, occupier or prospective buyer, we want to make your life easier by making all the information relevant to your scheme available on one easy to use platform,” Mr Dominello said.

Have your say about the Strata Hub by 19 March online <a href="https://haveyoursay.nsw.gov.au/access-strata-information">here</a>.

<h2>NSW properties selling now:</h2>

[smartcode_project:default project_id=7317]

[smartcode_project:default project_id=6201]

[smartcode_project:default project_id=32227]

 
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jchancellor

Find out which government is proposing a centralised digital strata hub

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If you’re currently living in an apartment, planning a purchase or have an investment apartment, it’s important to know that the next and final stage of the big review of Strata Schemes in NSW has been announced.
Draft regulations detailing the backbone of the changes, have been released by The NSW Government to support the wide ranging strata reforms that were passed back in late October 2015.
The Strata Schemes Management Regulation 2016 and the Strata Schemes Development Regulation 2016 that underpin the new Strata Schemes Management Act 2015 and the Strata Schemes Development Act 2015 are due to come into effect later this year.
Peter Chittenden is managing director for residential of Colliers International. He can be contacted <a href="https://www.projectagenda.com.au/" target="_blank">here</a>.
The regulations contain a lot of detail and the key points contained in the regulations include:
The provision to accommodate modern technology for virtual meetings and electronic voting which many time poor people will appreciate, and the changes might also encourage more active involvement by owners.
Another regulation and a change that has attracted a lot of comment are the provisions for the documentation and procedures for the collective sale and renewal reform that enables a minimum of 75% of owners in a scheme to jointly agree to sell or redevelop their scheme. As possibly one of the biggest changes, this area needs careful consideration.
There’s also a draft model by-laws on a wide range of issues such as pet ownership and smoke penetration.
Draft Strata Schemes Management Regulation 2016 
The proposed Regulation is extensive and it aims to support strata communities in a number of ways including some of the following summarised key points:
Protecting a scheme’s assets by:
<ul>
<li>Outlining what the developer’s maintenance schedule should contain.</li>
<li>Providing a ‘common property memorandum’, which owners could adopt.</li>
<li>Setting out how the new building bonds for new strata buildings would function.</li>
</ul>
Helping schemes to operate effectively by:
<ul>
<li>Allowing for different types of voting procedures.</li>
<li>Specifying that voting records, including electronic voting records, need to be retained for 12 months only.</li>
<li>Setting out the process for mandatory Fair Trading mediation.</li>
<li>Establishing that certain financial matters would not require an owners corporation meeting.</li>
<li>Setting out clearer approval requirements for renovations to make it easier to get basic renovations done with no, or minimal, approval.</li>
<li>Structural renovations would continue to require approval by special resolution or as set out by the strata scheme in a by-law.</li>
</ul>
Clarifying and reinforcing key accountabilities by:
<ul>
<li>Providing procedures to elect members for the strata committee, including tenant representatives.</li>
<li>Setting out additional matters and documentation requirements for the agenda for the first annual general meeting.</li>
<li>Determining the insurance requirements for schemes.</li>
<li>Clarifying that owners corporation responsibilities could only be delegated to a strata managing agent or strata committee (formerly called ‘executive committee’).</li>
<li>Outlining requirements for window safety devices.</li>
<li>Determining how schemes could set and enforce rules to limit the number of adults that can occupy a bedroom. An important and sensitive area for many buildings.</li>
<li>Listing the offences that may result in penalty notices.</li>
<li>Setting out the content that should be included in:
<ul>
<li>Payment plans for late strata fees,</li>
<li>Statements of key financial information,</li>
<li>Receipts issued by treasurers of owners corporations.</li>
</ul>
</li>
</ul>
The Regulation also include details such as:
<ul>
<li>Accountabilities to prevent financial mismanagement.</li>
<li>Continued provisions allowing lot owners and prospective purchasers to inspect financial and other records.</li>
<li>Requirements to ensure that building assets are better maintained.</li>
<li>The approval process for owners seeking to make changes to their lot, and as apartment buildings age this becomes an ongoing issue for many Schemes.</li>
</ul>
Big Issues – Time To Comment
A fully detailed Regulation Impact Statement outlining the objectives and detail of each proposed regulation is easily accessed from the Fair Trading website.
It makes good sense that all stakeholders be encouraged to review the drafts and suggest improvements needed to the draft regulations. This should help make sure that as far as possible the new regulations work as effectively as possible. Important when you consider the review has taken decades to come around and years to put into force.
The Government has allowed for written submissions on the regulations to be made up until 27 May 2016, which is a tight timeframe, however we should all make our views known.
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pchittenden-eLqUUC8TWW

Strata reform regulations the next step: Peter Chittenden

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Strata corporations have a financial lifeline if owners are unable to pay levies because they have lost their jobs or their tenants have stopped paying rent due to the COVID-19 crisis, according to strata lender Lannock Strata Finance.
Lannock CEO Paul Morton said the owners’ corporation in this situation can take advantage of a product called Levy Assist, which provides a loan to help manage levy payments.
“Levies are the lifeblood of the body corporate system as they cover the cost of maintaining the building, insurance and other running costs,” Mr Morton said.
“Given the economic downturn due to COVID-19, many owners are afraid that they will be unable to pay their levies. This will mean people who maintain strata complexes such as gardeners, builders and cleaners won’t be paid.
“Levy Assist will provide a year’s funding for all owner corporations, and more if required. It enables an owners’ corporation to meet its financial obligations way past the anticipated end of the virus crisis.”
Mr Morton said the decision about levies and loans should be made at a body corporate general meeting.
“Every owner corporation is different and owners have different needs and objectives – the general meeting is the place to decide which is best for each particular group,” he said.
“Levy Assist is a safety net for strata. And if the corporation never uses it, they won’t have to pay a cent. Our Levy Assist loan is incredibly flexible and puts the owners in control. We don’t tell the corporation what amount we’ll lend, we let the owners work out what is best in their situation. There is a standard term and interest only period, but we’ll also adjust that if you want something different."
“We don’t restrict you to a three or six month period, we let you decide for what period you’ll need this assistance. We don’t ask for personal financial information, there’s no security, set up cost, bank liens, fees, charges, caveats or personal guarantees."
“We let you pay it back over time or in one hit whenever you like without penalty. Levy Assist gives control to owners. The corporation can decide each month whether to fund its needs by drawing on the loan or by using funds from other sources.”
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j.ballantyne1990-6AQqhLzZaK

Strata corporations have options for financial lifeline

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Scarcity in industrial land in NSW, coupled with continuous demand has seen land values in certain areas soar over the past 12 months, according to Colliers International.
Colliers claim this may herald a new influx of strata purchases. 
The Valuer General’s report released in July 2018 backs up this statement, it reported that industrial land values in NSW grew on average by 17.5%.
Standout areas were Willoughby Council at 55.1%, followed by Cumberland at 53.9%, Blacktown at 33.1% and City of Parramatta at 32.2%. 
Kellie Tattersall, Director, Industrial at Colliers International says that while some of these increases have been brought upon from residential rezoning, the majority are not, which could ultimately influence investors decisions to buy a freehold industrial building or an industrial strata unit. 
"We are at an equalising point in time where the holding costs for a freehold industrial asset are nearly the same as an Industrial strata unit in the Inner and Central West industrial areas." 
“Traditionally, investors find freehold industrial assets more appealing for various reasons, including cost efficiencies, but we could see this trend change as land values increase.” 
“With minimal developable industrial land left in Sydney’s Inner and Central West areas, we may see an increasing demand for strata units over the coming years for a variety of reasons.” 
“This includes land tax, which is due to increase over the next couple years; the need to supply desirable amenities with a sense community to attract staff. Plus, the fact that strata units are easier to manage and maintain, with the aid of a body corporation, which is important to keep the property’s overall value,” she concluded. 
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NSW industrial properties see increased land values

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Cushman &amp; Wakefield and Knight Frank have been jointly appointed by various strata owners to sell the majority of strata lots within 70 Pitt Street, Sydney. 
70 Pitt Street will be presented to the market through the sale of 23 lots, equating to approximately 85% strata interest in the commercial office tower by unit entitlement and total lots.
The site holds significant redevelopment potential under current planning controls and its location, on the southern edge of one of the four identified tower clusters, is expected to benefit from amendments in density and maximum heights under the Sydney Local Environmental Plan (LEP).
The 16 storey commercial office tower was originally constructed in 1963 and was strata subdivided in 2003. The building comprises two levels of sub-ground accommodation, ground and basement level retail totalling 959 square metres, and 4,931 square metres of office accommodation over 13 levels.
The property, holding 26 lots in total, benefits from flexible floorplates as 10 of the office levels are full floor lots, ranging between 348 to 462 square metres, whilst the remaining three levels have been further subdivided into smaller suites ranging in area from 41 to 108 square metres.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/16/70%20Pitt%20Street%202.jpg" alt="">
Cushman &amp; Wakefield’s Associate Director of Capital Markets, Brad Hamilton and Director of Sales and Investments, Ryan Cross are jointly managing the sale with Knight Frank’s Director of Commercial Sales Jonathan Vaughan, Head of Commercial Sales NSW John Bowie-Wilson and Head of Asian Markets Dominic Ong, via an international expressions of interest campaign.
"The sale of the available lots at 70 Pitt Street are expected to generate strong interest from local and global investors seeking to acquire an underdeveloped asset in the heart of Sydney’s financial core," Hamilton said. 
"The 85% interest (both lots and unit entitlement) provides the purchaser ordinary and special resolution voting rights which creates the potential to unlock value add opportunities.
"The Sydney CBD continues to gain appeal as a global destination and will further benefit from the NSW Government’s planned $50 billion investment into Sydney’s infrastructure and transport revolution, including; Sydney Metro, Sydney Light Rail and major upgrades to Circular Quay Ferry Terminal."
Vaughan said: "The opportunity to acquire office assets in the financial core for less than $100 million is extremely rare. With the vacancy rate in the Sydney CBD the lowest it has been in years at 4.6% and B grade office buildings outperforming the broader market in terms of rental growth, 70 Pitt Street’s low rental base and favourable lease expiry profile will provide excellent growth via staggered exposure to the leasing market."
The Owners’ Representative, Chris Spanos added: "The owners participating in this collective sale have taken over 6 months to prepare in order to ensure we are bringing the best possible product to market. We have entered a deed binding ourselves to the process before marketing, so that prospective purchasers have certainty when assessing this opportunity. We could not be more excited to be bringing 70 Pitt Street to market."
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Strata owners come together to sell Pitt Street office tower

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Colliers International have listed a $20 million plus Neutral Bay development site.
It has been listed by eight strata owners.
They have banded together to capitalise on the scarcity of available development land on Sydney's Lower North Shore.
It is a "land rich" offering at 85 Kurraba Road, some 1,454 square metre with an R4 High-Density Residential zoning and 12-metre height limit.
It was "perfect for those looking to construct a luxury boutique development with city and harbour views only a short stroll to Kurraba Point Ferry Wharf", Guillaume Volz of Colliers International.
It is being market with offers closing July 18.
Banding together regularly achieves double the value of a single unit, Colliers suggest.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/14/Neutral%20Bay_070518_14_preview.jpg" alt="">
“We’ve seen a growing trend for properties with underutilised land surrounding established unit blocks on the North Shore,” says Joseph George at Colliers International.
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Eight Neutral Bay strata owners combine to offer amalgamated holding

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ASIC has updated the Regulatory Guide 140 Strata schemes and management rights schemes (RG 140). 
This update follows ASIC issuing two legislative instruments in September 2016 to replace several class orders that dealt with relief for property, strata and management rights schemes.
The legislative instruments are the ASIC Corporations (Serviced apartment and like schemes) Instrument 2016/869 and the ASIC Corporations (Property Rental Schemes) Instrument 2016/870 (the Legislative Instruments). 
The Legislative Instruments replaced the ASIC class orders listed below that were due to expire under the Legislation Act 2003:
<ul class="ul1">
<li class="li1">Class Order [CO 99/463] Serviced strata scheme valuations</li>
<li class="li1">Class Order [CO 02/185] Sale of strata units for $500,000 or more</li>
<li class="li1">Class Order [CO 02/245] Closed schemes</li>
<li class="li1">Class Order [CO 02/303] Management rights schemes—amendment;</li>
<li class="li1">Class Orders [CO 02/304] Management rights schemes</li>
<li class="li1">Class Order [CO 02/305] Management rights schemes</li>
<li class="li1">Class Order [CO 07/189] Management rights schemes where the strata unit cannot be used as a residence</li>
<li class="li1">Class Order [CO 02/183] Small Property Syndicates, and</li>
<li class="li1">Class Order [CO 02/182] Real Property Rental Schemes.</li>
</ul>
RG 140 explains the key terms of the relief under the Legislative Instruments. In broad terms, the Legislative Instruments provide relief to various arrangements involving real property from the managed investment provisions, the Australian financial services licensing provisions, the product disclosure provisions and hawking provisions of the Corporations Act 2001 (the Act).
In addition, RG 140 provides general explanations of how the provisions of the Act relating to managed investment schemes apply to arrangements involving real property, including under strata or community title and certain freehold titles or leasehold interests, referred to in RG 140 as strata schemes. 
RG 140 explains the concepts of strata schemes, serviced strata schemes and management rights schemes and whether these types of arrangements may fall within the definition of a managed investment scheme under the Act. RG 140 also explains the obligations of operators and promoters for the various types of arrangements.
To download the Regulatory Guide 140 Strata schemes and management rights schemes (RG 140) <a href="https://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-140-strata-schemes-and-management-rights-schemes/" target="_blank">click here</a>.
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ASIC updates guidance for strata schemes and management rights schemes

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GUEST OBSERVER
Although the Strata Schemes Development Act 2015 does not yet have a commencement date, Part 10 of the Act, the part dealing with strata renewal is the topic of much discussion. Specifically, lot owners and owners corporations have been asking what is the process for strata renewal?
Note: we use the term strata renewal for both a collective sale (lot owners agreeing to sell to a developer) and a collective redevelopment (lot owners agreeing to refurbish the building and potentially build additions).
Once Part 10 of the Act comes into effect the process is as follows:
Anyone (it does not have to be a lot owner) can give a written proposal to the owners corporation (OC) for a collective sale or redevelopment of the strata scheme. The proposal cannot be the same as, or substantially similar to, a proposal that lapsed within the previous twelve months.
The executive committee (soon to be the strata committee (SC)) must consider the proposal at a meeting no later than 30 days after it is received. There are two options at this meeting:
If the SC decides the proposal warrants further consideration it must no later than 30 days after the meeting convene a general meeting to consider the proposal.
If the SC decides the proposal is not worthy of consideration the proposal will lapse unless lot owners with at least 25% of the unit entitlements of the scheme request the proposal be considered at general meeting.
Assuming the proposal has been deemed worthy of consideration or there has been a qualified request, the OC at general meeting must decide whether the proposal warrants further consideration. This is an ordinary resolution meaning a simple majority is required to pass it.
If the OC decides the proposal is worthy of consideration it:
<ul>
<li>Must establish a strata renewal committee to prepare a strata renewal plan (ordinary resolution required);</li>
<li>Must elect members of the strata renewal committee (ordinary resolution required &amp; note there are eligibility requirements);</li>
<li>May provide the strata renewal committee with a budget to develop the proposal; and / or</li>
<li>May authorise the strata renewal committee to engage professional advisers to assist it in developing the proposal;</li>
<li>If the OC decides the proposal is not worthy of consideration it lapses.</li>
</ul>
Assuming the OC decided the proposal was worthy and elected a strata renewal committee, that committee is to prepare a strata renewal plan. The committee will operate for one year unless it is either dissolved by the OC or the OC by special resolution, votes to extend its time frame. The contents of a strata renewal plan are prescribed and include provision for compensating dissenting lot owners.
Once the committee has a strata renewal plan to its satisfaction it must put it to the OC at general meeting for approval. The OC must, by special resolution, decide whether or not to give the plan to lot owners for their consideration.
If the OC specially resolves to put the plan (or an amended plan) to lot owners for their approval:
<ul>
<li>A copy of the strata renewal plan must be provided to all lot owners within 14 days plus any information prescribed by the regulations, then</li>
<li>A minimum of 60 days after receipt of the strata renewal plan, lot owners may provide a support notice stating they support the plan. It must be signed by each owner and registered mortgagee or covenant chargee of the lot.</li>
<li>A minimum of 75% of lot owners must return a support notice (and not withdraw it) for the strata renewal plan to proceed. If the required support is not received within three months the plan lapses.</li>
</ul>
If the OC decides not to put the strata renewal plan to the lot owners then it may either:
<ul>
<li>resolve (ordinary resolution) to amend the strata renewal plan and put that plan to the lot owners instead: or</li>
<li>resolve (ordinary resolution) to return the strata renewal plan to the strata renewal committee for amendment; or</li>
<li>if it does neither and does not pass the special resolution to put the strata renewal plan to the lot owners, the plan lapses.</li>
</ul>
Assuming 75 percent of lot owners return (and do not withdraw) a valid support notice within the three month period the OC must:
<ul>
<li>provide notification to the Registrar General and each lot owner within 14 days of being advised the required support has been obtained.</li>
<li>meet and resolve to apply to the Land and Environment Court for orders to give effect to the strata renewal plan.</li>
</ul>
If the OC decides (by ordinary resolution) to apply to the Land and Environment Court the OC must provide notice of the decision to do so to all tenants within 14 days.
The Land and Environment Court must review the strata renewal plan and go through a hearing process to consider whether to make orders to give effect to it. The Act prescribes factors that the Court must consider including the relationship between the owners of lots and the purchaser or developer, steps taken in preparing the plan including whether the required notices were served, the compensation value to be paid to dissenting lot owners and the proposed distribution to supporting lot owners. Lot owners (and specified others) may file objections to the application to the Land &amp; Environment Court and be joined to the proceedings.
As you can see, even a summary shows that this is a complicated process. We recommend seeking legal advice before embarking along this path.
Also please note that compensation is problematic. If the plan is for a collective sale it must provide for each dissenting lot owner’s lot to be purchased at not less than the compensation value for the lot. If the plan is for a redevelopment it must provide for each dissenting lot owner’s lot to be purchased at not less than the compensation value of the lot.
The compensation value for a lot is based on section 55 of the Land Acquisition (Just Terms Compensation) Act 1991. This Act however primarily relates to compensating land owners for compulsory acquisition by statutory authorities which arguably has a different effect when used in valuing the lot of a dissenting owner.
The “highest and best use” which is used to determine market value of the dissenting lot owners lot would likely not be the same as the highest and best use that a developer could put that lot to. Section 55 does however allow a component for disturbance in calculating the compensation value. This is likely to include stamp duty, legal costs and relocation fees but may not include costs such as the liability from terminated leases.  We believe this will be an area that is much disputed.
If you or your scheme are potentially looking at a strata renewal program you may find the report “Renewing the Compact City” by UNSW’s City Futures Research Centre of interest. The link to the report is <a href="https://cityfutures.be.unsw.edu.au/research/projects/renewing-the-compact-city/" target="_blank">here</a>.
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Allison Benson is legal practitioner director, Kerin Benson Lawyers and can be contacted <a href="https://kerinbensonlawyers.com.au/">here</a>.
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Property 101: Highest and best usage compensation under new NSW strata laws will be problematic

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Fencing is one of the most common sources of friction between neighbours, and this is just as likely within a strata scheme as it is between house owners.
Issues concerning fencing are governed by the Dividing Fences Act 1991 (NSW), and the first thing to do is establish whether the fence in question falls under the Act’s jurisdiction.
What does the Dividing Fences Act 1991 (NSW) say?
While the Act covers all fences defined as ‘dividing fences’, it does not cover common property fences which divide two lots within a strata scheme, or common property fences which separate a lot from communal property.
According to Look Up Strata, it’s also important to consider the various definitions of a ‘fence’. The definition of fences under the Act includes any hedge, ditch, structure, embankment or natural water course running along the boundary that separates two stretches of land.
Any wall that is part of a house, garage or other building is not included, neither is a retaining wall defined as a fence – unless it is classed as part of a foundation necessary to support the fence.
So what does this mean in practice? Perhaps your unit is partially separated from the one next door by a brick garage wall. Extending from this wall is a small hedge which runs up to the footpath.
Only the hedge section of this divide would be classified as a fence under the Act.
 
So who is responsible for strata fencing?
The owners corporation or body corporate is responsible for repairing and maintaining the principal fences which divide the communal area from the road and external footpath.
It is left to individual owners, however, to deal with fences running between their lots.
If no sufficient dividing fence exists between lots, the neighbours on each side are jointly and equally responsible for building and maintaining one.
What is the definition of a ‘sufficient dividing fence’? This is not spelled out in the Act. It is up to neighbours to agree on a definition and type of fencing they are both happy with.
If one owner wants a higher, stronger or fancier fence than the agreed basic, it is up to that individual to bear the extra cost incurred.
An Individual owner also takes financial responsibility for any extra trimming or aesthetic pruning of a boundary hedge which goes beyond a reasonable definition of ‘sufficient’ – topiary, for instance!
How various strata fence costs are broken down
Ask your strata management services for access to the scheme’s strata plan.
According to <a href="/news">NSW Government Land &amp; Property Information</a>, incorporating a 2011 memorandum covering strata schemes, responsibility for fencing is broken down as follows:
Any fence shown as a thick line on the strata plan is deemed to be a common wall, and therefore the responsibility of the body corporate.
Fencing marked as a thin or dotted line on the strata plan – or not marked at all – is the responsibility of individual owners and neighbours as laid down in the Dividing Fences Act.
The owner’s financial responsibility is broken down accordingly:
<ul>
<li>Fence dividing two lots: each owner responsible 50%-50%.</li>
<li>Fence dividing one lot from common property: owner 50% – OC 50%.</li>
<li>Fence dividing one lot from adjoining property: adjoining owner 50%- OC 50%.</li>
</ul>
For more information from Jamesons Strata Management, <a href="https://jamesons.com.au" target="_blank">click here</a>.
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Property 101: Who repairs fences dividing neighbours in a strata scheme?

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GUEST OBSERVER
Energy efficiency is a concern for many strata schemes that we talk to with several schemes recently upgrading their common property to capitalise on new technology and the ability to save money.
This is becoming increasingly important with energy costs rising and councils signing up to carbon emission reduction programs.
For instance the City of Sydney has a Sustainable Sydney 2030 target of 70 percent carbon emission reduction.
An interesting report for the City of Sydney by Wattblock details research on schemes in the City of Sydney and provides ideas of how energy efficiency can be achieved in existing residential buildings by retrofitting existing solutions.
The report can be found <a href="https://www.wattblock.com.au/how-it-works" target="_blank">here</a>
<div class="entry-content">
Christopher Kerin is Sydney Director, Kerin Benson Lawyers and can be contacted <a href="https://kerinbensonlawyers.com.au" target="_blank">here</a>.
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