A wave of investment, renewal and precinct growth continues to shape the northern edge of Macquarie Park, where daily life is supported by a rare combination of university activity, corporate employment, major retail, and expansive green corridors. It’s this convergence of amenity and connectivity underpins the setting for <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>’s <a href="https://www.apartments.com.au/new-apartments/la-vera-94-talavera-road-macquarie-park-nsw-2113">La Vera</a>, which has now topped out and is tracking toward completion in mid-2026.

Within this pocket of the precinct, residents move easily between the area’s key anchors. Macquarie Centre, home to more than 360 retailers, fresh food offerings, dining and entertainment, sits at the heart of local convenience and functions as a major transport interchange. The Metro, T1 rail line and extensive bus network place much of Sydney within quick reach, while surrounding arterial links support direct access to neighbouring districts.

[smartcode_project:default project_id=134951 project_image_fid=5829]

Green space remains a defining feature of the immediate environment. Lane Cove National Park stretches along the northern boundary of the precinct, offering bushland trails, cycling routes and quiet riverfront pockets. Shrimptons Creek and the campus grounds of Macquarie University extend these recreational networks, softening the urban setting and creating a daily connection to nature that informs the project’s architectural response.

<a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> have shaped La Vera around these contrasts. The building’s northern elevation adopts an organic, curvilinear form that mirrors the natural topography of the national park. Three sculpted forms soften the tower’s profile and encourage a stronger transition between indoor living areas, balconies and the broader landscape.

[smartcode_project:default project_id=134951 project_image_fid=223737]

Cox Director Felipe Miranda says the building’s outlook played a central role in the design process.

“The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park… The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies,” Felipe Miranda of Cox Architecture said.

Toward the city-facing side, the design shifts to a more urban expression. A gridded facade and extensive glazing capture CBD views, creating a dual strategy that blends ecological outlooks with metropolitan orientation.

[smartcode_project:default project_id=134951 project_image_fid=5827]

La Vera delivers 169 residences across one- to four-bedroom layouts, reflecting the needs of young families, downsizers, first-home buyers and investors seeking long-term certainty within a high-amenity location. From the project, residents can walk to Macquarie University, Macquarie Hospital and nearby corporate offices, reach national park trails within minutes, and enjoy retail and dining without relying on a car.

The project is delivered by Urban Property Group, a 4.5-star iCIRT-rated developer-builder with more than three decades of experience. The company has become a leader in adopting 10-Year Latent Defects Insurance (LDI), first introduced on its Parq Bexley development and now embedded into its pipeline.

[smartcode_project:default project_id=134951 project_image_fid=223727]

La Vera is the first development in Macquarie Park approved to offer this 10-year LDI policy, adding another layer of protection for purchasers and reinforcing the transparency of the construction process.

Urban Property Group CEO Patrick Elias says this assurance has become increasingly important for buyers navigating the off-the-plan market.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been… Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share,” Urban Property Group CEO Patrick Elias said.

Urban Property Group's in-house construction team is forecasting a mid-2026 completion, with <a href="https://www.apartments.com.au/project-marketer/home789">HOME789</a> appointed as the project marketer.

[smartcode_project_cta:default project_id=134951]

Staff Writer

La Vera delivers a nature-connected address within Macquarie Park’s core

<a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA</a>&nbsp;doesn’t just rise over North Sydney, it redefines it. Now in its final release, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>’s $1 billion architectural statement is not just complete, but already reshaping the way people live, connect and dine in this rapidly evolving harbourside CBD.

Positioned beside the new Victoria Cross Metro Station and boasting panoramic views across Sydney Harbour, Aura’s 386 residences crown a mixed-use precinct designed with unapologetic ambition. The curvaceous sandstone-inspired form by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, paired with <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richard Stanisich</a>’s understated interiors, sets a design tone that’s both monumental and intimate.

At its peak, literally, the two penthouses so spectacular they command their own names; La Davina and Il Magnate. The residents are spread across the&nbsp;entire top floor, offering what many consider the most refined residences ever built in North Sydney. Designed by Richard and Kirsten Stanisich, each four-bedroom home is meticulously crafted to evoke calm, space, and permanence.&nbsp;

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/VB70993aG-I?si=adRBlXQliYmYvaSz" title="YouTube video player" width="560"></iframe>

The kitchens are fully wrapped in natural stone, with integrated Gaggenau appliances, Sub-Zero fridges, concealed sculleries, and even a zip hydro tap delivering boiling, chilled and sparkling water on demand. A linear stone fireplace anchors the open-plan living space, dividing lounge and dining zones with quiet sophistication.&nbsp;

[smartcode_project:default project_id=30959 project_image_fid=292861]

The master suite, meanwhile, feels more like a private retreat, complete with a custom stone makeup vanity, walk-through dressing area, and spa-inspired ensuite with heated stone floors, a freestanding Villeroy &amp; Boch tub, and timber veneer joinery throughout.

Kirsten Stanisich, Director of Richards Stanisich, said the penthouses offer incredible scale reflective of a single residence.&nbsp;

“We sought inspiration for these remarkable residences from the classic top-floor Parisian apartment," Stanisich said.

"We looked at what made these French apartments so elegant and found it really came down to their scale. It was ultimately this generosity of space that we used for the AURA penthouses, where we’ve designed considered rooms with deep large-scale proportions."

[smartcode_project:default project_id=30959 project_image_fid=310337]

Everyday living at Aura feels no less elevated. A dedicated 24-hour concierge, Technogym fitness centre, sky dining terraces, and a resort-style pool serve a lifestyle designed to rival luxury hotels.

At street level, Aqualand’s own hospitality arm, Etymon Projects, curates a precinct of LA-style bistros, Japanese fine dining, and local wine bars, all seamlessly integrated into the building’s sculptural podium.

[smartcode_project:default project_id=30959 project_image_fid=310337]

This final chapter, aptly dubbed The Finale, is more than a sales phase, it’s an invitation to two of the most exclusive apartments ever to be built in North Sydney.

With limited residences remaining, buyers can access curated incentives including stamp duty rebates, rental guarantees, legal fee coverage, and even $20,000 towards dining within the precinct.

From generous one-bedders to The Icons, two singular penthouses priced well into prestige territory, Aura’s offerings reflect a scale and calibre rarely seen in urban Sydney. And with move-in now immediate, this is no longer a promise of future luxury. It’s happening.

[smartcode_project_cta:default project_id=30959]

Aqualand unveils penthouse collection at AURA By Aqualand in North Sydney

There’s no sign of the development wave that began several years ago slowing along Old Burleigh Road.

Around 10 new apartment developments are either underway or preparing to launch along the 800-metre strip stretching from the southern edge of Surfers Paradise towards the heart of Broadbeach, collectively adding just shy of 1,000 new apartments to the beachfront corridor.

The latest plans propose a further 30 apartments to replace an original six-unit walk-up on a 658 sqm site at <a href="https://www.apartments.com.au/new-apartments/20a-old-burleigh-road-surfers-paradise-qld-4217">20A Old Burleigh Road</a>. The 14-storey building has been designed by Ferro Chow Architecture, which recently joined the Elevation Architecture Group.

The developer behind the project is Geoffrey Booth, whose Future Liv In has focused on delivering rental accommodation across regional Australia.

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="99d393e7-d404-43bc-80cb-6255c39b83d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.44%E2%80%AFPM.png?VersionId=ZFT8F3mOny4M4ut.kFF3woC9WH9oR5gT" />

The Old Burleigh Road development will comprise 18 two-bedroom apartments, 10 three-bedroom apartments, and a single four-bedroom residence occupying the entirety of level 12. Above, the building will be crowned by a two-storey penthouse with its own private lift, several multi-purpose rooms, and two rooftop terraces — one featuring a puppy lawn and spa, the other offering a private swimming pool, sunset deck, and built-in barbecue.

Resident amenities will be located on the second level and include a pool with adjoining spa, cabana, and pool deck, along with an indoor residents’ lounge featuring a bar and an alfresco barbecue kitchen.

In the architectural statement submitted by Elevation Architecture, the project is referred to as “UMI”, which the firm says has been “inspired by the majestic hinterlands and shaped by the coastal climate”.

“It is an exemplar of how community living can still feel at one with nature, breathable, and deeply connected in place,” the architects noted.

They added that the site benefits from established building separation to adjoining towers, helping to maintain privacy, sunlight, and residential amenity, while still offering direct beach access within an urban setting.

“Drawing inspiration from the Gold Coast hinterlands and the region’s natural landscape, the podium and tower detail highlights the contrasting elements of treetop green and cliff-face peach. The vibrant texture and materiality shaped by time has a richness in depth and character.”

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="b3d6c923-a0ab-4d74-86da-177313447e8e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.38%E2%80%AFPM.png?VersionId=i2fygmoVQM6hWpbATTAW_yTitoMTrnI1" />

Old Burleigh Road has become a hotspot for developers, with the three-tower Jewel development kickstarting a wave of projects up and down the strip when it was completed in 2020.

Currently under construction and approaching completion is <a href="https://www.apartments.com.au/new-apartments/faro-broadbeach-123-old-burleigh-road-broadbeach-qld-4218">FARO Broadbeach</a> by 5Point and Bottega, 21 large-scale half- and full-floor apartments. 5Point is also behind the recently launched <a href="https://www.apartments.com.au/new-apartments/lumara-108-old-burleigh-road-broadbeach-qld-4218">Lumara</a>, another 37 apartments to add to the pipeline.

Luxury builder GRAYA is progressing construction on <a href="https://www.apartments.com.au/new-apartments/enclave-by-graya-118-old-burleigh-road-broadbeach-qld-4218">Enclave</a>, its first Gold Coast tower, while Polycell remains the most active developer on the street. They are preparing to launch <a href="https://www.apartments.com.au/new-apartments/sandpiper-broadbeach-155-old-burleigh-road-broadbeach-qld-4218">Sandpiper</a>, a 50-storey redevelopment of the former Sandpiper Holiday Resort that will deliver around 200 apartments alongside extensive resident amenity. The group also has another 130-apartment project approved nearby, as does <a href="https://www.apartments.com.au/news/qld/dvb-approved-for-second-broadbeach-apartment-development">Dean Gallagher’s DVB Projects</a>.

Joel Robinson

First look: Old Burleigh Road apartment development wave continues

Sunshine Coast developer Habitat Development Group continues to position itself as one of the region’s largest new apartment developers.

Its latest project is in Maroochydore, where it is currently delivering <a href="https://www.apartments.com.au/new-apartments/the-millwell-2-millwell-road-east-maroochydore-qld-4558">The Millwell</a>. Adjacent to the new 53-hectare Maroochydore City Centre project, Habitat is planning a further 180 apartments on a 3,468 sqm site at <a href="https://www.apartments.com.au/new-apartments/132-136-aerodrome-road-maroochydore-qld-4558">132–136 Aerodrome Road</a>. The site was purchased with approval for a smaller 13-storey, 103-unit building.

Habitat will demolish the two existing retail centres, currently home to the Salvation Army Family Store and Neighbours Aid, and replace them with an 18-storey building featuring the significant rooftop amenities that have become a hallmark of Habitat developments in recent years. The rooftop will include both indoor and outdoor spaces, anchored by an infinity swimming pool.

<img alt="Maroochydore" data-entity-type="file" data-entity-uuid="ad434d07-666b-4614-b33e-530ad6a2d261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.33%E2%80%AFAM.png?VersionId=7pyLsPWKQuwv0us3_v.9DmbzEc2VZe9Z" />

There will be a mix of one- to four-bedroom apartments.

The Development Assessment Report, submitted to the Sunshine Coast Council, says the proposal&nbsp;is not speculative, but a response to both zoning intent and demonstrated housing need.

“The proposed development represents an appropriate and logical intensification of the site, consistent with the planning framework and the intended urban outcomes for the locality.”

Across the Sunshine Coast, councils are increasingly scrutinising not just height or yield, but whether new projects genuinely align with the long-term structure plans underpinning growth corridors. The&nbsp;ASTP Planning Report&nbsp;reinforces the approach, noting that the project has been shaped around site responsiveness rather than generic typology.

“The development has been designed to respond to the physical constraints and opportunities of the site, while delivering a high-quality residential outcome that integrates with the existing and emerging urban context.”

<img alt="Habitat" data-entity-type="file" data-entity-uuid="3a03fc54-4ca5-4868-88d0-eeced70604e2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.28%E2%80%AFAM.png?VersionId=1pkK3lJrrZjkghTLBReM2zatcas4Nc4B" />

In mid-2025, Habitat, a developer that also builds its own projects, commenced construction on The Millwell, located just over one kilometre from the new proposal. The Millwell will comprise more than 200 apartments across two eight-storey buildings.

Habitat also has two projects on Lake Kawana in Birtinya: <a href="https://www.apartments.com.au/new-apartments/st-clair-birtinya-930-931-waterside-retreat-birtinya-qld-4575">St Clair</a>, a 200-unit, two-building development launched last year and set to welcome buyers this year; and Esperance, a 175-apartment project currently progressing through the development approval process.

First look: Habitat continues to bolster Sunshine Coast apartment pipeline with Maroochydore development plans

John Camilleri, the breeder of legendary racehorse Winx, is set to deliver a landmark two-tower beachfront development that would redefine the Surfers Paradise skyline.

Camilleri, who spent around $100 million acquiring development sites across the Gold Coast in 2025, has lodged plans for two new towers on the dress-circle stretch of Garfield Terrace, just two days before Christmas.

In assembling the site, Camilleri's Celestino Developments has effectively acquired the 71 Garfield project by Iris Capital and AALTO by Weiya Holdings, creating an unrivalled <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">4,000 sqm beachfront holding along Garfield Terrace</a>.

The proposal comprises two residential towers of 55 and 48 storeys, linked by a dramatic skybridge which will home “exclusive VIP and wellness amenities.”

In total, the development would deliver 275 two-, three- and four-bedroom apartments across the two towers, rising above a shared landscaped podium that incorporates a central green space and a beachfront swimming pool stretching more than 90 metres.

<img alt="DBI" data-entity-type="file" data-entity-uuid="097900f3-6bef-4919-b168-b08f2f762876" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.37.58%E2%80%AFAM.png?VersionId=et0SpmcvaPPVrexI_zWi46BVFtZBxAzx" />

Architecture firm DBI, in documents submitted to Gold Coast City Council, said the project at 63–79 Garfield Terrace would “establish a new benchmark for beachfront residential living on the Gold Coast.”

"The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience. Together, the 48-storey North Tower and 55-storey South Tower form a distinctive twin-tower composition whose dynamic silhouette will make a significant contribution to the Surfers Paradise skyline."

DBI said the architectural language draws inspiration from the fluidity and movement of the coastal landscape.

"Each tower is defined by organic, curving forms and continuous balcony ribbons that wrap the buildings, providing deep shading, enhancing environmental performance, and reinforcing the rhythmic, sculptural expression of the façade. These balcony forms also reduce the apparent mass of the towers while maintaining strong visual continuity from podium to summit. Sculpted reflective downturns run along the western spine of both towers, shifting and lifting as they extend upwards to frame service zones and open eastward to maximise ocean views."

<img alt="Garfield" data-entity-type="file" data-entity-uuid="a2a00ce3-a0e9-45d6-b4b5-b7baed592ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.53.40%E2%80%AFAM.png?VersionId=DnruWV1dhLrtXOeElwekyd7vPq2gw55t" />

The project’s most striking feature is the skybridge at level 45, which will house executive lounges, formal dining spaces, wellness facilities and panoramic ocean-facing views.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI added.

The podium will host an extensive suite of recreational amenities, including resident lounges, private dining rooms, a large open green lawn, and the signature 90-metre pool stretching along the beachfront. The pool is divided into lap, lounge and children’s zones.

The southern end of the podium will accommodate additional wellness facilities, including a gymnasium, plunge pools, treatment rooms and a dedicated yoga lawn.

<img alt="Garfield" data-entity-type="file" data-entity-uuid="ee1b4f25-231f-4804-83b1-a573a1481962" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.55.47%E2%80%AFAM.png?VersionId=zObzIA3D5w7EwqPsHjr2pKrA4vbB28zL" />

There will be 127 apartments in the North Tower and 148 in the South Tower, including multiple penthouses, while the Enderley Avenue and Oceanway frontages will be activated by a series of food and beverage tenancies.

Camilleri emerged as the most active site acquirer on the Gold Coast in 2025. He spent just over $30 million acquiring Pacific Point, a 10-level Surfers Paradise apartment block and an adjoining three-level duplex, from fellow racing identity and Aquis billionaire Tony Fung. Plans are now underway for a 93-apartment, 40-storey tower on the 1,682 sqm site.

He also paid $53.65 million for the 1,500 sqm Garfield Terrace site previously marketed as AALTO by Weiya Holdings, before acquiring the adjoining parcel from hotel billionaire Sam Arnaout’s Iris Capital, the developer behind V&amp;A Broadbeach.

First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge

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>.
<div class="entry-content">
Allison Benson is legal practitioner director, Kerin Benson Lawyers and can be contacted <a href="https://kerinbensonlawyers.com.au/">here</a>.
</div>
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jchancellor-FAypfDUnLy

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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<div class="entry-meta"> </div>
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