Gold Coast developer&nbsp;<a href="https://www.apartments.com.au/developers/big-projects">Big Projects</a> has secured approval for its second Mermaid Beach project.

The developer, currently selling <a href="https://www.apartments.com.au/new-apartments/the-frederick-mermaid-beach-2265-gold-coast-highway-mermaid-beach-qld-4218">The Frederick in Nobby Beach</a>, has secured approval for its next project just 1.5 kilomnetres up the road.

The new development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/glenelg-residences-2462-2472-gold-coast-highway-mermaid-beach-qld-4218">Glenelg Residences</a>, has been designed by BDA Architecture and&nbsp;will have just under 100 apartments across an 11-storey building&nbsp;at 2462–2472 Gold Coast Highway, on the corner of Glenelg Avenue just under 300m from the future Mermaid Beach Light Rail stop.

The apartments, a mix of two- and three-bedrooms, will sit above a retail-focused ground plane and under extensive rooftop resident amenities.

<img alt="Exclusive: Big Projects plot Mermaid Beach apartment development, Glenelg Residences" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-06-11%20at%209.55.04%20am.png?VersionId=z6NV4izeuvhBSSVlY6vK6TPO1LxrFeaG" />

BDA said in its planning submission that the project is intended to support the area’s transition toward higher-density, mixed-use living. “This project offers the opportunity to generate appropriate higher-intensity development within the future Light Rail corridor of <a href="https://www.apartments.com.au/developments/mermaid-beach-qld-4218">Mermaid Beach</a>,” the submission noted.

At ground level, Glenelg Residences will include eight retail tenancies designed to activate the street frontage, complemented by a basement bar offering an additional hospitality element. Above, residents will have access to a rooftop amenity deck featuring an infinity pool, hot and cold plunge spas, day beds, and barbecue facilities.

The architectural approach adopts a restrained material palette of brick, textured concrete, and integrated landscaping, with cantilevered concrete frames and cascading planting intended to soften the built form. BDA described the design as aiming to create “a memorable sculptural mid-rise mixed-use building” that responds to both its coastal setting and urban context.

<img alt="Exclusive: Big Projects plot Mermaid Beach apartment development, Glenelg Residences" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-06-11%20at%209.55.45%20am.png?VersionId=cpjIVBqcT_sujmo2UMWkVyLcQ7WGJHaQ" />

The approval comes as the City of Gold Coast continues to plan for significant population growth, with regional targets requiring more than 100,000 new high-density dwellings by 2046.

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Big Projects, led by Matthew and John Barrett, is part of a growing cohort of developers that deliver construction in-house, providing a high level of confidence to prospective purchasers.
</section>

[smartcode_project_cta:default project_id=150260]

Joel Robinson

Big Projects secures approval for Glenelg Residences in Mermaid Beach

Sherpa Group is ramping up its investment in the southern Gold Coast by lodging a development application for <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, a new $350 million project in Coolangatta.

The move comes after the group’s $27 million acquisition of the 2,029 sqm site on the corner of Griffith and Warner Street, last year.

They will develop 194 apartments across a 26-storey tower, which will become Sherpa’s largest project to date.

Viveré will be the next chapter in the Flourish story, following closely behind Amargo, Oasis, and the Avenues in Palm Beach, as well as Symphony in Brisbane, all designed to deliver affordable housing in lifestyle-rich locations, giving locals a real chance to secure a residence close to the beachfront.

The HAL Architect-designed project will offer a diverse range of residences, from one-, two, and three- bedroom apartments to the premium Canopy range to luxury penthouses.

<img alt="Vivere" data-entity-type="file" data-entity-uuid="c85f5a7e-a22f-4745-8def-400adb3c0b35" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-15%20at%209.53.43%E2%80%AFAM.png?VersionId=OY.chur3BPExn1exQ2q8clHqWnW_CaBi" />

“The Gold Coast is undergoing a period of immense growth, with more people drawn to the incredible 
lifestyle that’s available, leading to strong growth in property prices,” said Christie Leet, founder of Sherpa 
Group.

“Our goal at Sherpa is to ensure locals are not priced out of the market in prime locations, which is why we 
created the Flourish collection.

“Flourish Vivere will form the next chapter in our portfolio, and we are so excited to be lodging the DA, marking our first project in Coolangatta.”

A signature of the Flourish developments is the communal rooftop. Flourish Vivere will showcase a private resident’s lounge, outdoor dining with barbecues and pizza ovens, heated pool, fully-equipped gym, and a wellness centre with sauna and steam room.

<img alt="Vivere" data-entity-type="file" data-entity-uuid="c09372cc-aae6-4458-af2e-f291bd19a5e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-15%20at%209.53.49%E2%80%AFAM.png?VersionId=Sc_RLXl5jiff.tnadogXjQJ_WIpDjf3p" />

The project is strategically located to offer a walkable lifestyle, with the Strand shopping centre, cafes, restaurants, shops and the beach, all just a short stroll away.

“We have meticulously planned Vivere to build on the Flourish legacy, creating a truly special project,”&nbsp;Leet added.

“Wellness, lifestyle and community are at the forefront of every decision we make, and that has not 
changed for Vivere.”

With the DA now lodged with the Gold Coast City Council, Sherpa has moved quickly to secure LPS Group as the builder, offering buyers a level of certainty that is rarely seen in today’s market.

Sherpa has delivered 16 residential projects over the past seven years with a pipeline of $1 billion, with more under construction.

Sherpa takes Flourish brand to Coolangatta, lays plans for Flourish Vivere 

S&amp;S Projects is boosting its investment at Rainbow Bay to more than $1 billion after the prolific Gold Coast developer acquired a new site for $20.25 million and immediately laid plans for a new luxury apartment project in the sought-after precinct.

The site, which is the company’s fifth acquisition at Rainbow Bay in the past four years, will be home to the company’s largest project to date after delivering 3 sold-out projects and construction progresses on Radia worth a combined $215m. 
S&amp;S Projects is currently finalising plans for its latest strategic acquisition, a 1,518 sqm site located 209-213 Boundary Street in Coolangatta, with a development application expected to be lodged within weeks.

The luxury residential development will build on the company’s highly successful projects at Rainbow Bay, comprising Flow, Awaken, Esprit and Radia, with Radia currently under construction by Hutchinson Builders.

“We have been unflinching in our commitment to Rainbow Bay and the transformation we have helped drive in this incredible part of the Gold Coast, which is among the city’s most desirable residential locations,” said S&amp;S Projects founder and director Paul Gedoun.

“Our fifth project will reflect the best of what we have done so far to create a lifestyle precinct that is second to none.”

The latest development, which has yet to be named, is proposed to accommodate 88 luxury apartments in a design that will immerse residents in a unique wellness lifestyle that expands on the legacy of S&amp;S Project’s earlier developments at Rainbow Bay.

The development will feature an expansive rooftop garden and wellness centre with a resort- style pool, among a host of lifestyle amenities planned for residents.

“Rainbow Bay, with its beautiful, protected beach and alongside one of the world’s best surf breaks at Snapper Rocks, is the natural wellness heartland of the Gold Coast,” said Gedoun.

“We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden.”

The latest acquisition comes as S&amp;S Projects is at the completion of Esprit and construction continues on Radia, which are part of their significant portfolio undertaken by the company at Rainbow Bay since 2022.

The $215 million Radia, which comprises 38 apartments, is currently the flagship development by S&amp;S Projects at Rainbow Bay which is expected to be completed in 2027.

Jayde Pezet, of Pezet Matheson, which has managed sales and marketing for S&amp;S Projects across their Gold Coast portfolio, emphasised the developer’s commitment to continuous improvement and excellence.

“S&amp;S Projects continue to elevate the benchmark of luxury with each development," Pezet said.

“We have worked with S&amp;amp;S on their 4 other projects in Rainbow Bay and their approach reflects a team that is constantly learning, refining, and pushing the standard higher.

“Their hyper-local knowledge and deep expertise within the luxury property sector are what truly set them apart, allowing them to deliver projects that feel both globally sophisticated and authentically connected to their coastal environment”

S&amp;S Projects plans to officially launch its latest project at Rainbow Bay in the second half of this year.

“As we embark on our largest project yet, we have pulled out all stops to create another landmark development that truly reflects the relaxed southern Gold Coast lifestyle,” Gedoun added.

S&S buys $20m Rainbow Bay site for fifth beachside apartment project

Japandi, an emerging design trend that combines Scandinavian functionality with Japanese rustic minimalism, remains relatively untested in Australia’s residential development market.

As developers look to differentiate their projects and offer something distinct to buyers, Brisbane-based developer Lantona has embraced the hybrid style for its recently launched Toowong apartment project, <a href="https://www.apartments.com.au/new-apartments/koya-residences-6-josling-street-toowong-qld-4066">Koya Residences</a>, with early response to the design proving positive.

Lantona entrusted Red Door Architecture and interiors practice Luma Design Co with delivering the Japandi brief. The approach blends Japanese minimalism with Scandinavian functionality, emphasising warm, restrained interiors, natural materials and clean lines. Drawing on the Japanese concept of wabi-sabi (beauty in imperfection) and the Scandinavian principle of hygge (comfort and cosiness), it creates serene, uncluttered and sustainable living environments.

These design principles are expressed throughout the Josling Street development, both in its exterior form and across the 40 one-, two- and three-bedroom residences within.

[smartcode_project:default project_id=150787 project_image_fid=366229]

Koya reflects a deliberately scaled approach, with the five-storey form designed to align with the surrounding residential streetscape rather than dominate it.

“Koya is conceived as a building that sits comfortably within its surroundings. Every decision, from material selection to spatial planning, has been guided by long-term liveability and enduring relevance,” the developer said.

[smartcode_project:default project_id=150787 project_image_fid=366243]

Positioned within an established inner-west neighbourhood, the development sits near riverfront parklands and the Bicentennial Bikeway, while remaining within walking distance of Toowong Village and multiple public transport options connecting to the CBD, St Lucia and West End.

Lantona said the location was central to the project’s conception, pointing to Toowong’s balance of green space, transport access and proximity to major education institutions.

“<a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> combines river access, walkability, immediate CBD connection and a strong educational presence. That balance made it the obvious setting for Koya.”

[smartcode_project:default project_id=150787 project_image_fid=366230]

Communal amenity is concentrated on the rooftop, where a shared retreat will include a pool, dining areas and outdoor spaces oriented towards neighbourhood and city views. The design allows for both private use and small gatherings, extending the living environment beyond individual apartments.

Koya enters the market at a time when smaller-scale developments are becoming less common in established suburbs, with many recent projects in the suburb shooting for the sky.

In a nod of confidence,&nbsp;<a href="https://www.apartments.com.au/builders/brisbane-builders">Brisbane Builders</a>&nbsp;has already commenced construction on the building, which is slated for completion in early 2027. Keenan &amp; Byrne is marketing Koya.

[smartcode_project_cta:default project_id=150787]

Japandi-inspired Koya Residences launch in Toowong

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A completed Castle Hill apartment development is returning to market with an uncommon level of financial backing, positioning it as one of the more secure options for buyers in Sydney’s north-west.

Skyview in Castle Hill, originally developed by Top Place and now overseen by capital partner <a href="https://www.apartments.com.au/developers/equitifund-group">Equitifund</a>, is being relaunched following a full remediation process. Central to its repositioning is a substantial financial reserve designed to provide ongoing protection and reduce uncertainty for incoming purchasers.

At the core of this offering is an $11 million bond secured during the project’s remediation phase, negotiated by former NSW Building Commissioner David Chandler. With less than $4 million required to complete the works, approximately $7.2 million remains in reserve, with around 15 years left on the term.

[smartcode_project:default project_id=147685 project_image_fid=359134]

Rather than a typical insurance-backed structure, the remaining funds are held as cash, creating a readily accessible financial buffer should any future building issues arise. The structure is intended to provide buyers with an added layer of certainty, differentiating the development from more conventional apartment offerings.

Equitifund Executive Chairman Greg Huxley said the structure provides a level of security not typically seen in apartment developments.

“The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers,” Huxley said.

“Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind.”

[smartcode_project:default project_id=147685 project_image_fid=359135]

The remediation process has now been completed in full, with no active rectification orders or outstanding directives linked to the project on NSW Government registers. This outcome reflects the broader tightening of building oversight across the state, while also highlighting the project’s transition into a completed, compliant asset.

In a market where many buyers remain cautious about apartment quality, initiatives like this are designed to restore confidence, giving purchasers greater certainty and a stronger sense of security in their investment.

Equitifund has since acquired the remaining apartments and is managing their reintroduction to the market. With the works finalised and a significant financial reserve in place, the project now presents with a markedly different risk profile compared to its initial release.

[smartcode_project:default project_id=147685 project_image_fid=359137]

Beyond the added security, the development is positioned in one of Castle Hill’s more established pockets. The Gay Street address places it within close proximity to Castle Towers, one of the country’s largest retail centres, as well as Castle Hill Metro Station, which now connects directly to the broader Sydney Metro network.

Equitifund National Sales Director Ben Hamblett said buyer demand in the area continues to be driven by access to transport and amenity.

“Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre,” Hamblett said.

“There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living.”

[smartcode_project:default project_id=147685 project_image_fid=359145]

The apartments also enter the market at a relatively accessible price point for the area, with two-bedroom configurations starting from $995,000 and rental demand for similar stock reaching around $900 per week. This combination of pricing, connectivity, and completed status is expected to appeal to both owner-occupiers and investors seeking lower-risk entry into the Hills District apartment market.

For eligible buyers, a limited 3.50 per cent p.a. two-year fixed interest rate is currently available through Equitifund’s lending partners, providing an additional layer of affordability.

EquitiCredit Pty Ltd ACN 676 363 769 holds ACL 559289 and provides credit assistance. Finance is arranged through EquitiCredit and funded by its lending partners. Interest rates are subject to change and eligibility criteria apply. Terms, conditions, fees and charges may apply. This is not financial advice and should not be relied upon as such. Prospective buyers should seek independent financial advice.

[smartcode_project_cta:default project_id=147685]
</section>

Castle Hill apartments offering unmatched buyer protection through dedicated fund

The Agency

The Agency Port Phillip agent&nbsp;Michael Paproth says every prospective apartment buyer he is speaking&nbsp;to at the moment is interested in knowing what&nbsp;the star rating of the building is, or whether there is EV charging.

&quot;Most buyers don&rsquo;t have an EV but understand that they soon will have,&quot; Paproth says, with buyers&nbsp;planning well ahead with their off t​he plan purchases.

Urban recently caught up with Paproth to discuss the trends emerging in the apartment market.

JC: How have you viewed the performance of the of​f the plan market in 2021, and what are the strongest positive and negative factors that will influence outcomes in 2022 and 2023?

MP: The off t​he plan market has been incredibly resilient in 2021. To consider that we threw a pandemic and statewide lockdown and lock out at it shows that Melburnians &ndash; the local market &ndash; have an insatiable appetite for new, low maintenance living.

The strongest positive factors for this market ironically are the lack of approvals for new development that have slumped and are only showing very slight improvement in numbers which will mean a drastic lack of supply into 2023/24. Coupled with the eye watering construction costs due in part to material shortages to lack of apprenticeships the market will absolutely lap up what little availability there is. 
&nbsp; 
The negative factors that will influence the market are all centred around immigration to and migration out of the state. My hope is that Melbourne will once again be seen as the safest and most beautiful City in the world to come and work and study in. As we open back up to the international students and expats return home to avoid the European winter I think we can expect that demand for new and off th​e plan will be extremely strong.

If we miss this opportunity then the sector may struggle. 
&nbsp; 
JC: What trend (short term or long term) has prompted your greatest enthusiasm for the apartment market, and what is the issue of most concern to you and or your clients?

MP: The short term trend that I have great enthusiasm for is seeing buyers embrace what they didn&rsquo;t know they wanted. Melbourne developers have stepped it up in relation to amenity and now buyers are enjoying life in 6 star hotel like accommodation.&nbsp; 
&nbsp; 
The longer term trends are the home as the central hub of entertainment and for work. Work from home is a now a thing and employees are showing flexibility as the pandemic rolls as the risk of a infecting a team or entire office means the flexibility remains. That is translating into studies and spaces for that within residences. We are also seeing things like Chairmans Lounges at Saint Moritz or Vaults at Rondure House which are dedicated, on title work spaces. 
&nbsp;&nbsp; 
JC: Has urbanisation stalled amid the rush to the regions and what will it look like over the decade ahead?

MP:&nbsp;Over 2021 I have sold numerous apartments to families who are maintaining an apartment close to the City in the villages of South Melbourne, Collingwood Elwood &amp; Brighton whilst making the family home on the Peninsula, West coast or Macedon Ranges. That&rsquo;s why we have seen those markets rise to extraordinary levels also. So I sense that the urbanisation may have stalled and a line has been drawn. Buyers want the City for dining, study, work, sports and enterntainment and the regions to enjoy time with family and space to unwind. Covid has taught us that none of us are getting out of life alive so we have to enjoy it. 
&nbsp; 
The next decade I think the trend will only get stronger. I think we will see our regional communities grow and our loved holiday getaway spots become family home towns for traditional City dwellers. WFH is now a thing rather than a stopgap and the ease of commuting with the onset of autonomous driving and better rail and transport infrastructure will ensure that to commute is not only palatable but enjoyable. The City will be a thriving hub of work, education, entertainment and sports. 
&nbsp; 
JC: How important do you view the push for sustainability practices in the apartment market, and what initiative has seized your interest or focus?&nbsp; 
&nbsp; 
MP: I love what Gurner, Hip V Hype and Millieu in particular are doing with their focus on sustainability and industry leading strategies in the new developments market. We are now seeing individual activism in the sustainability space where I think we have worked out that marching in the streets and holding up traffic is really doing nothing in changing politicians minds to act on climate change. &nbsp;We are seeing market led change as buyers are consuming what leaders of the industry are now implementing.

I think we all want to be environme​ntally conscious and our developers are showing us how to do it! History will show that it wasn&rsquo;t government virtue signalling, but the entrepreneurs and developers who effected the most amount of change. 
&nbsp; 
Every (and I mean EVERY) buyer I speak with is asking what star rating is the building and is there EV charging? Most buyers don&rsquo;t have an EV but understand that they soon will have. This is again a situation where our visionary developers are building what we don&rsquo;t even know we need yet. It&#39;s market led. It&#39;s happening now.

"Most buyers don’t have an EV but understand that they soon will have," Paproth says, with buyers forward planning as to what the future holds

jchancellor-FAypfDUnLy

Energy rating and electric vehicle charging on the apartment wishlist: Five Minutes with The Agency's Michael Paproth

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The ASX-listed real estate firm The Agency have entered a trading halt on Thursday morning, pending an announcement which expects to see them ask for further investment.
The group say that to continue as a going concern, they are principally dependent on a raise of $5 million from the issue of convertible notes, which will be subject to shareholder approval.
They're also principally dependent on the execution of an amended deed with their main financier Macquarie Bank. 
The Agency still have a $12 million debt registered to Macquarie, which has been c<a href="/news/the-agency-gets-funding-extension-until-after-easter">ontinually extended from its initial March deadline</a>.
It had been due September 30, but that has now been pushed six weeks to November 14. The $5 million raise will be used to pay down its Macquarie debt.
They say they will need the continued support of creditors.
And whose to suggest a large portion of their capital raise won't be coming from the west of the country, where the last two injections of cash have come from.
It was back in May that the prominent Perth horse owner and breeder Bob Peters invested $1 million in the company through Peters Investments.
Shares will be halted until Monday. 
It comes after The Agency <a href="/news/the-agency-pursue-joint-venture-opportunities-posting-revenue-spike-but-continued-losses-due-to-write-downs">posted further losses in FY2020</a>, but The Agency advised the losses were mainly due to depreciation and amortisation and impairment of goodwill.
The total losses grew to $10.36 million, up on its $9.26 million loss in 2019.
 
 
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jrobinson-rf4aSBido9

The Agency enter trading halt ahead of $5 million capital raising 

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Jason Roach is joining The Agency spearheading the brand’s presence on the Upper North Shore of Sydney.
Jason Roach (pictured left) has 20 years of banking experience, including senior roles at Macquarie Bank and as National Head of Real Estate Services with the Westpac Banking Corporation. 
While managing real estate services at Westpac, Jason Roach worked with The Agency’s CEO Matt Lahood in a financial capacity. 
“I've known <a href="https://theagency.com.au/team/matt-lahood" target="_blank">Matt Lahood</a> for more than 15 years and the team he has assembled was very appealing to be a part of,” Jason Roach says.
“The Agency’s unique model offers operational and network opportunities that are unhindered by the traditional franchise model. Both my banking and real estate backgrounds helped me identify this model was the way forward.” The Agency’s expansion to the Upper North Shore of Sydney will further expand the brand’s extensive referral system across its existing metro-based agents.
Jason Roach has built a successful real estate business over the last six years.
In the first three years of his operation he was placed in the top two per cent of his former brand’s global network of more than 100,000 agents. And in the last three years, he was placed in the top one per cent globally and awarded both Centurion and Double Centurion status with Century 21.
“I have known Jason Roach for many years, both as a banking professional and a real estate professional, he is an outstanding business person and agent, and operates to the highest standards. I am honoured Jason will be representing and spearheading our operation on the Upper North Shore of Sydney,” Matt Lahood (pictured right), The Agency’s CEO says.
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j.ballantyne1990-6AQqhLzZaK

Former Macquarie banker Jason Roach heads up The Agency Upper North Shore of Sydney

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The Agency West Coast have offloaded their rent roll for $3.6 million to Managex Funds Management, a private company chaired by Crown Perth chairman John Poynton.
The deal involves an ongoing partnership with Managex, who are looking at further rent roll acquisitions with The Agency.
The WA rent roll business is currently 1,173 managements.
The sale does not include The Agency Group's east coast property management business which consisted of 3,665 properties under management at the end of June 2020.
"The Agency reaffirms its commitment to East Coast property management business, which remains integral to the Company", The Agency advised.
Managex will use The Agency Group brand in WA under a licence agreement and will focus on retaining property management staff.
They will refer sales leads to The Agency, with The Agency in turn referring property management leads to Managex.
The Agency will accomodate Managex at its Perth office.
Poynton, who sits on the board at Future Fund, recently established Managex alongside Emerald Capital managing partner Kim Slatyer, who is Managex's managing director.
Managex secured debt funding for the acquisition from Judo Bank which recently established an office in Perth headed up by managing director Ben Tuszynski.
The deal is expected to be completed by the end of Q3 CY2020.
On the formation of the strategic partnership and the sale of the West Coast rent roll, The Agency Group’s managing director Paul Niardone, said the sale of the WA rental roll business will improve their balance sheet and facilitate greater alignment to their core business.
“The Agency continues to develop its unique busines model which attracts and incentivises the best real estate sales talent," Niardone said.
"This sale increases our focus on developing this model while simultaneously increasing our referral power and overall business flexibility.
“The benefit to our sales agents is that they will have access to a larger pool of sales leads from the growing Managex owned rent roll and they will also be rewarded for referrals of property managements.”
 
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The Agency sell $3.6 million West Coast rent roll to Managex Funds Management

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The listed real estate firm The Agency slumped to further losses in FY2020 as they announce they are actively pursuing a joint venture.
The Agency advise it will help drive agent recruitment and sales revenue.
There was certainly some goods news from The Agency's financial update.
Their EBITDA of $711,714 was the first time the company posted a positive EBITDA, a $4.9 million turnaround from the FY19 EBITDA loss of $4.25 million.
Annual group revenue rose 48 per cent from $28.34 million to $41.86 million, mainly down to the 26 per cent increase year on year in combined gross commission income.
 <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/2020/8/31/Annual%20Group%20Revenue.jpg" alt="">
Sales were up to 3,153 over FY20, from 2,419 in FY19.
The total losses however grew to $10.36 million, up on its $9.26 million loss in 2019.
The ASX note to shareholders advised however that losses were primarily impacted by depreciation and amortisation (over $6 million) and impairment of goodwill ($5.3 million).
"The board has taken a conservative view on the review of its goodwill on historical acquisitions and believed it was appropriate to impair by $5.3 million for FY2020, in light of market uncertainty as a result of COVID-19", the ASX update said.
 <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/2020/8/31/New%20listings.jpg" alt="">
Salaries and employment costs blew out over the year, up from $24 million in FY19 to $31 million in FY20.
They secured $1.08 million in government assistance which was lower than the McGrath benefit of $2.2 million.
The Agency Group’s managing director Paul Niardone said he is proud of the company performance over the year.
"To report a maiden EBITDA profit, positive cashflow, a strong gain in revenue and other key metrics is a major achievement and testament to the hard work and dedication of our agents and our staff, especially when considering the impact of COVID-19", Niardone said.
“Our quick response to COVID-19 has placed us in an enviable position, allowing us to rebound strongly in key markets.
"We have generated a strong sales pipeline which has flown through into the first quarter FY21 with a record 446 listings for July 2020."
The Agency shares last traded at 2.8c. 
 
 
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The Agency pursue joint venture opportunities, posting revenue spike but continued losses due to write-downs

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Former Screaming Jets drummer, auctioneer and sales agent Craig Rosevear, aka ‘Rosie’, has taken the helm of The Agency’s Newcastle operation. 
Craig Rosevear, joined by his wife Belinda, have decades of property experience between them and are much-loved local identities. “I am so excited about Craig and Belinda Rosevear joining The Agency and representing us in Newcastle. Their varied creative talents, property market knowledge and community networks are quite extraordinary,” Matt Lahood, The Agency’s CEO, explains.
 “They are wonderful people with the community at heart and have been passionate about property for 20 years. Craig is an extremely talented auctioneer and licensed agent, Belinda has been successfully flipping houses for 15 years.” 
In the 90s Craig Rosevear travelled the world with the Screaming Jets, eventually landing in Los Angeles. 
Two things happened when Craig and Belinda Rosevear returned to Newcastle in 2005, they set up Rosie’s School of Rock to teach young people the art of music and give them confidence in life, and they purchased their first property in Hamilton North. This was the beginning of their love affair with property.  Rosie’s School of Rock grew to a team of 23 and became a local institution. Belinda Rosevear focussed on flipping Newcastle-based properties, while Craig Rosevear became a licensed agent and auctioneer in 2016, joining Damien Cooley’s highly-awarded Cooley Auctions’ team.
On top of all of this, Craig Rosevear also became a TV presenter on the 9NBN property lifestyle show, Location...Lifestyle...Living.
“Belinda and I have always been passionate about property, when Covid-19 took hold earlier in the year, we decided to close Rosie’s School of Rock and focus on real estate,” Craig Rosevear says. 
As Matt Lahood shares, the connection with Craig Rosevear was a fortuitous alignment, given Cooley Auctions became our key NSW auctioneering partner in July this year.
<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/2020/8/24/Craig%20Rosevear%20Rosie%20Screaming%20Jets%20and%20now%20The%20Agency%20Newcastle.jpg" alt=""> “Craig had already been calling The Agency’s Newcastle auctions for some time, he was our first choice. Then Damien Cooley and his team became our official auctioneering partners in July, strengthening our already close relationship with Craig.
"And now, he and Belinda will be leading The Agency sales charge and building an amazing local team!” Matt Lahood says. 
Craig and Belinda Rosevear will be focused on building The Agency brand and team in Newcastle. The duo are already in discussions with key individuals who fit the premium property market they will be targeting.
According to Craig Rosevear, it was The Agency’s positive energy, vibrancy and close-knit team that drew him and Belinda to the brand.  “The agents connected with the brand have always seemed so supportive of each other and there’s a general ‘abundance’ mentality within the brand,” Craig Rosevear shares. 
“We’re Newcastle born and bred, but having lived in Sydney and LA, we truly understand the unique appeal of where we live. In recent years Newcastle has transformed from a town to a city and I’ve never been a prouder Novocastrian.
"Covid-19 has shown that you can successfully work remotely, or perhaps a hybrid of work from home and a couple of days in the office. Newcastle’s role as a satellite town to Sydney has never been more appealing.”
 
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Rockstar, auctioneer and agent Craig Rosevear leads The Agency Newcastle

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The Agency has partnered with real estate coach Claudio Encina, who will reportedly be providing a tailored and on-call coaching service to company's east coast team. “I have known Claudio Encina for close to 40 years, both professionally and personally, he is an outstanding coach who genuinely cares about the welfare and success of the agents he is coaching. He individualises his service to every agent, there is nothing cookie cutter about Claudio’s approach,” Matt Lahood, The Agency’s CEO explains.
“No one can downplay the challenges everyone has experienced through this pandemic and we all need a support network. I will be back working closely with our agents providing guidance and mentorship and I am thrilled I will have Claudio Encina by my side working so closely with our agents also.” Claudio Encina has been coaching agents for more than ten years, and has been in the industy for 25 years.
“My first step with The Agency is to work closely with the agents on creating a strong position in the post-Covid market. At first it was about pivoting and quickly adapting to the necessary changes Covid required, but now we need to shift the needle on their businesses,” Claudio Encina says. “This includes the 12-week sprint to spring and strategic planning around the five critical drivers within an agent’s business.” 
According to Claudio Encina, agents can sure up their business’s future with a pro-active project management approach addressing the five critical drivers.
He describes these critical drivers as: lead generation; nurture (client ecosystems); conversion; vendor expectations and buyer management.  “I am honoured to work with The Agency and alongside Matt Lahood who I have known for 40 years. It is a prestigious brand with an impressive stable of agents. I am looking forward to providing support and proactively helping the agents grow and flourish professionally and personally,” Claudio Encina concluded.
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The Agency partners with real estate coach Claudio Encinas

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James Ledgerwood has quit The Agency at Bondi Beach to join Ray White Double Bay.
Before moving back home to Sydney, he started his real estate career selling property at Surfers Paradise for Ray White.
His real estate career started in 2004 and then from 2011 with McGrath on the Gold Coast.
Over the past year realestate.com.au data suggests he sold 24 properties, with 20 houses at a $4 million medium and four units at a $1 million median. 
His most recent sale was in early June at Bondi with a $1.045 million apartment preceded by an $855,000 Bondi sale in early April.
Some of his sale results during his time at The Agency have included;
<ul>
<li>307 ‘Pacific’ 186 Campbell Pde, Bondi Beach - $6,000,000</li>
<li>13 Darley Road, Randwick - $5,550,000</li>
<li>Lighthouse 516 ‘Pacific’ 186 Campbell Pde, Bondi Beach - $4,550,000</li>
<li>6 Kings Road, Vaucluse - $4,100,000</li>
<li>310 Bondi Road, Bondi - $3,800,000</li>
<li>90 Ocean St, Bondi - $3,738,000</li>
</ul>
 
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James Ledgerwood quits The Agency

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The Agency have again pushed back their debt repayment with their major funder Macquarie.
Earlier this week The Agency, set up in 2017 by a band of former McGrath agents, updated shareholders that they negotiated a two week extension on their debt repayment to their tier one funder.
It pushed the March 31 payment to April 9.
The Agency have negotiated a further extension, with the repayment date now pushed until after Easter, April 14.
"The Board will provide a further update to the market closer to the conclusion of the extension period", the ASX update advised.
The Agency's share price has dropped 20 per cent since the initial announcement, with shares now trading at ¢4, down from ¢5.
In their first debt payment extension notice, The Agency advised it had been in discussions with other credible debt providers regarding refinancing of its primary bank debt.
All non-commissioned staff at The Agency will see their hours cut, effective mid-April, given the reduced workloads due to the ongoing COVID-19 pandemic. 
 
 
 
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The Agency gets funding extension until after Easter

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The Agency have renegotiated their debt repayment terms, with a repayment due today extended by two weeks.
They advised their shareholders that their current funder, Macquarie Bank, "remained supportive of the company and expressed an interest to extend the current debt facility."
The repayment will now be due April 9.
The Agency have also been in discussions with other credible debt providers regarding refinancing of its primary bank debt, with an update expected near the next repayment date.
All non-commissioned staff at The Agency will now see their hours cut, effective mid-April, given the reduced workloads due to the ongoing COVID-19 pandemic. 
Things have never been busier given they have 4500 tenants.
The Agency thanked the Federal Government for the new Job Keeper program which allows companies to access $1,500 per fortnight per employee should The Agency's turnover decline by 30 per cent.
They may well be bracing for the prospect, with The Agency's managing director Paul Niardone saying the new initiative will assist them in keeping their team employed and potentially lessen the time they will be working to reduced hours.
Mr Niardone said it is clear there is a need for immediate measures so The Agency continue to deliver their selling and management goals.
“We do not want to follow the example of other large companies and stand down the workforce to ride this crisis out", Mr Niardone said.
"We want to avoid staff reduction as much as possible and avoid causing anyone the additional stress of having to find a job in what is already a trying time.
"What we do want to do is work together to ensure that we support each other and remain in employment.” 
They advised the business continuity measures have been supported by the "vast majority of its staff".
“It is not just about ensuring the business and all its staff can successfully navigate this period of uncertainty, but that we use this time to reinforce our systems and practices and ensure we are well positioned to take advantage of what in time will become an improving market," Niardone said.
The Agency's share price spiked last week, up ¢2 to ¢6 a share. Shares are currently trading at ¢5, reflecting a $15 million market capitalisation.
The Agency boasts a rent roll valued at $23.5 million and mortgage book valued at $5.2 million.
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