<a href="https://www.apartments.com.au/developers/draycon">Draycon Building</a> is nearing completion of Boutique Chevron Island, a 42-apartment development on the northern end of Chevron Island at 17–19 Parneno Street, with a limited-time offer of fully furnished apartments available.

Now more than 90 per cent complete, <a href="https://www.apartments.com.au/buildings/boutique-chevron-island-17-19-parneno-chevron-island-qld-4217">Boutique</a> has been shaped by one of the Gold Coast’s most tightly held island addresses, where riverfront outlooks and walkable access to Surfers Paradise converge.

For Draycon Building Managing Director Howard Dabit, the appeal of the site was immediate.

“I knew it was a good site as soon as I saw it,” Dabit said.

“The position and location on the north end of <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>, the way the river swirls around the site basically from the north to the east, it feels like the site is surrounded by the water. The height that we’ve got and the aspect looking north is beautiful. Eighty per cent of the apartments are looking north so they get that drenching sunlight coming in.”

[smartcode_project:default project_id=89709 project_image_fid=360922]

That northern orientation places the development within a stretch of Chevron Island defined by open river aspects and skyline views, while remaining embedded in the suburb’s established village setting.

Chevron Island has increasingly drawn owner-occupiers seeking centrality without the intensity of high-rise beachfront living. Positioned at the geographical centre of the Gold Coast, the island offers direct access to both the beach and key cultural infrastructure while retaining a neighbourhood-scale character.

Connected by bridge to Surfers Paradise, Chevron Island offers walkable access to beaches, riverfront parklands and a revitalised foreshore boulevard animated by walkers and cyclists throughout the day. The Pacific Ocean is only minutes away, reinforcing the suburb’s dual river-and-surf identity.

At the same time, Thomas Drive forms the spine of the island’s village life, delivering cafés, wine bars, casual dining and everyday services within easy reach. Independent grocers, wellness operators and neighbourhood retailers contribute to a community atmosphere that remains distinct from the vertical scale of the beachfront.

[smartcode_project:default project_id=89709 project_image_fid=360915]

In the opposite direction, the Green Bridge links directly to HOTA – Home of the Arts – placing galleries, performance venues and parklands within walking distance. Weekly markets and major exhibitions draw visitors from across the region, while residents return to a quieter residential pocket at day’s end.

Public transport, including nearby bus routes and the G:link light rail corridor along the coastal spine, strengthens connectivity north and south. Griffith University, the Gold Coast University Hospital precinct and established private schools such as The Southport School are all within a short drive.

Ongoing investment across Surfers Paradise, HOTA and the broader Southport corridor has elevated amenity while preserving Chevron Island’s comparatively low-rise residential character. It is this balance, walkable village atmosphere paired with metropolitan-scale infrastructure, that continues to differentiate the suburb from higher-density beachfront precincts.

Boutique comprises just 42 residences, designed to maximise river and skyline outlooks within this tightly held island setting.

Boutique Chevron Island is slated for completion in April 2026, with prices starting from $1,220,000.

[smartcode_project_cta:default project_id=89709]

Joel Robinson

Draycon Building’s Boutique Chevron Island places 42 residences at the heart of the Gold Coast

Sydney developer <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a> has secured planning approval for a $300 million residential development in Lindfield, marking the company’s second project on Sydney’s North Shore and its first on the Upper North Shore.

Located on Beaconsfield Parade and designed by DKO Architecture, the state significant development comprises three buildings of up to 10 storeys and will include 399 residences, including 59 affordable homes and 40 adaptable homes.

Residences will range in size from one, two and three bedrooms, with two-bedroom apartments accounting for over 60 per cent of the product make-up. Residents will have access to a broad suite of amenities, including a wellness area, indoor and outdoor recreational spaces, a pool, a gym, a community room and a golf simulator.

In line with Deicorp’s long-standing focus on creating transit-oriented communities, the project is located just 260 metres from the Lindfield Train Station, reinforcing its role in delivering well-connected housing close to established infrastructure, retail and local services.

The inclusion of affordable and adaptable housing supports greater diversity within the local market, while the mix of apartment types responds to demand from downsizers, young professionals and families seeking access to the Upper North Shore.

Deicorp Founder Fouad Deiri OAM said the approval represents an important milestone for both the company and the suburb

“This approval allows us to deliver well-designed homes in a location that is already supported by strong transport and community infrastructure," Deiri said.

"Our focus is on creating places that integrate into their surroundings and provide long-term value for residents, and the broader Lindfield community. Being within walking distance of the station ensures this project supports sustainable growth in the right locations."

Across its portfolio, Deicorp currently has 4,703 apartments under construction, playing a leading role in shaping connected, liveable communities across Sydney.

Its expanding portfolio of Metro-linked developments includes Tallawong Village, <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-five-dock-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> in Five Dock, <a href="https://www.apartments.com.au/new-apartments/hyde-metropolitan-sydney-133-141-liverpool-street-sydney-nsw-2000">Hyde Metropolitan</a> in Sydney CBD, <a href="https://www.apartments.com.au/new-apartments/falcon-alexander-crows-nest-8-alexander-street-crows-nest-nsw-2065">Falcon &amp; Alexander</a> in Crows Nest and Showground Village, Castle Hill.

Deicorp purchased the Beaconsfield Paradise site last year. Construction is scheduled to commence in Q2 of 2026 and will be completed in 2029.

Deicorp expands portfolio to nearly 5,000 apartments with Lindfield project

In a joint venture with The Trump Organization, Australia developer Altus Property Group has announced plans to bring a Trump International Hotel &amp; Tower to the Gold Coast, marking the first Trump-branded project in Australia.

"Trump International Hotel &amp; Tower, Gold Coast is our first official project in Australia and reflects our unwavering commitment to delivering world-class luxury experiences in iconic locations around the world," Eric Trump, Executive Vice President of The Trump Organization, said.

"This development exemplifies the Trump brand’s dedication to quality, sophistication, and unmatched service, and we are thrilled to bring this vision to the vibrant Gold Coast community."

The 91-storey building, which will become the tallest in Australia at 335 metres, will feature a&nbsp;285-room luxury hotel bearing the trademark Trump logo. It will also include 272 luxury residential apartments, a three-level podium with an exclusive Beach Club, and over 3,400 sqm of premium commercial, retail, and dining space, revitalizing the central Surfers Paradise precinct.

“Trump International Hotel &amp; Tower, Gold Coast will be a truly unique offering in the Australian market, bringing the prestige and allure of a world-class luxury brand,"&nbsp;Altus founder and chief executive David Young said.

"Altus Property Group is proud of its track record in delivering landmark developments across Australia, and our expertise ensures this project will be an outstanding success."

Trump Hotel heads for the Gold Coast to become Australia's tallest building

More than a century after the Corrimal Coke Works first opened in 1912, the industrial landmark that helped shape the suburb is being reinterpreted as a walkable residential neighbourhood, with Stage One of <a href="https://www.apartments.com.au/new-apartments/the-works-stage-one-27-railway-street-corrimal-nsw-2518">The Works</a> now underway at 27 Railway Street.

For 102 years, the site was central to <a href="https://www.apartments.com.au/developments/corrimal-nsw-2518">Corrimal</a>’s economic and social identity before operations ceased in 2014. Rather than erasing that legacy, developer Legacy Property has embedded it into the masterplan, retaining and reinterpreting elements such as the iconic 1912 brick chimney and sections of the original C1 Coke Oven Battery, alongside the adaptive reuse of the former powerhouse building.

Stage One will introduce 181 apartments across low-rise buildings, offering predominantly two and three-bedroom residences with completion targeted for mid-2027. The scale and configuration reflect a deliberate focus on owner-occupiers, targeting those seeking a lower-maintenance home in a prime location within the northern suburbs of Wollongong.

[smartcode_project:default project_id=143415 project_image_fid=359833]

Apartments have been designed to maximise natural light and cross-ventilation, with floor-to-ceiling glazing extending living areas onto generous balconies. Engineered timber flooring, induction cooktops and 900mm ovens in larger residences support everyday functionality, while two interior palettes allow buyers to tailor finishes to their preferences. The material selection draws on a restrained coastal language, intended to connect homes to their surroundings rather than compete with them.

The Works forms part of a broader 18-hectare masterplan that will ultimately deliver around 550 dwellings, new parks, and a heritage precinct celebrating the site’s past. More than seven hectares are dedicated to open space, including Southern Park and a Village Green with community gardens and recreation areas. The creek corridor is being rehabilitated with 150,000 native plantings, restoring biodiversity to the site and softening landscape.

[smartcode_project:default project_id=143415 project_image_fid=359841]

Positioned adjacent to Corrimal Station and within walking distance of Corrimal Town Centre, the precinct places daily essentials, rail connections and local retail within easy reach. Wollongong CBD, including the hospital, university and entertainment venues, sits approximately 6.5 kilometres to the south.

For buyers more familiar with North Wollongong, Corrimal offers a different proposition: a well-established coastal suburb framed by beaches to the east and the escarpment to the west, with a strong sense of local identity shaped in part by the former Coke Works. The Works seeks to reinforce that identity by creating a connected, walkable neighbourhood between coast and escarpment, rather than a standalone apartment complex.

Sustainability underpins the development approach. The Works is targeting Wollongong’s first 5-Star Green Star-rated community, with water-sensitive urban design, recycled materials and energy-efficient buildings integrated across the masterplan. For residents, these measures provide not only environmental benefits but also reduced operational costs and future resilience.

[smartcode_project:default project_id=143415 project_image_fid=359842]

With construction commenced and display materials available to view, prospective buyers can now engage more directly with the project’s vision, reviewing floorplans, material selections and the broader masterplan in detail. For many local homeowners weighing a move, the opportunity to experience how heritage, landscape and contemporary design intersect may help bridge the gap between familiarity and the next chapter.

As Stage One progresses toward its mid-2027 completion, The Works represents a significant chapter in Corrimal’s evolution, transforming a site that once powered local industry into a walkable residential precinct designed for its next generation of residents.

[smartcode_project_cta:default project_id=143415]

Legacy Property’s The Works reimagines Corrimal’s century-old Coke Works

When it comes to developing in Melb​ourne's Bayside region, <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> knows exactly what buyers want.

With a longstanding presence in the area and a string of sell-out projects, Lowe Living consistently delivers developments that are as sought-after as their predecessors.

Their latest instalment is in <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a><a href="https://www.apartments.com.au/developments/hampton-east-vic-3188">&nbsp;East,</a> the same postcode where they have previously delivered Hampton Hill and Oceano. The developer-builder recently commenced construction on its newest project,&nbsp;<a href="https://www.apartments.com.au/new-apartments/marella-hampton-31-35-alicia-street-hampton-east-vic-3188">Marella</a>, a collection of 32 apartments just five minutes from the beach.

Site acquisition is paramount to success. Lowe Living rarely brings a building to market that isn’t within walking distance of essential amenities, whether it be the beach, a prominent retail strip, or a train station. Marella is no exception, located at its Alicia Street address, less than a kilometre from the retail heart of Hampton Street and Hampton Station.

[smartcode_project:default project_id=146197 project_image_fid=358495]

Equally important to Lowe Living is the architecture.

For Marella, they appointed <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, who explains that the architectural vision was to create a contemporary reinterpretation of the Californian bungalow, a style that’s iconic to Hampton’s heritage.

"By borrowing, abstracting, and reinterpreting elements of this quintessential style, such as strong datum lines, articulated columns, exposed structures, and roof tiles, our design strikes a balance between modernity and familiarity," says Cera Stribley.

"This approach ensures that the development is not only visually appealing but also contextually sensitive, resonating with Hampton's existing architectural landscape."

[smartcode_project:default project_id=146197 project_image_fid=358499]

The building features terracotta brick, soft cream masonry, and exposed metal detailing, giving it a tactile presence that is intended to weather gently over time.

Internally, the focus on lasting quality continues, with two and three-bedroom residences anchored by sculptural stone kitchen islands, natural light, and clearly defined transitions between living, dining, and outdoor spaces.

The layouts have been carefully designed. Open-plan zones extend to private balconies, with light-filled interiors and generous kitchen proportions, supported by Miele wall ovens, induction cooktops, and integrated fridge-freezers. These are not small apartments rebranded as luxury; they have been designed at scale, with ample storage, hotel-style entry access, and secure basement parking provided as standard.

[smartcode_project:default project_id=146197 project_image_fid=358492]

At the uppermost level, Marella’s Signature Collection penthouses offer city or bay views, large entertaining terraces (some with outdoor spas), and elevated finishes, including fully wrapped stone kitchen benches and a Liebherr wine fridge.

Flexible room arrangements allow for a fourth bedroom or secondary living space, sought-after by both empty nesters who want the space when family visits and families with older children.

[smartcode_project:default project_id=146197 project_image_fid=358498]

A residents’ lounge on the ground floor reinforces the project’s small-community feel. With a fireplace, private dining area, and adjoining terrace, it’s one of several shared spaces that balance amenity with privacy and scale.

Construction has commenced, with completion expected in early 2027.

[smartcode_project_cta:default project_id=146197]

Lowe Living continues Bayside legacy as Marella rises in Hampton

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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jonathanchancellor-7SQnKwU6yx

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>
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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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