The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

The Agency

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The ASX-listed estate agency The Agency has reported another loss, however it is seeing substantially improved group performance including total revenue increase.
The Agency's first half of FY2020 results saw revenue reach $25.2 million, up 140 per cent over the same period last year.
This was namely due to an 87 per cent rise in listings with 40 per cent more properties sold than the first half of FY19.
<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/2020/3/2/The%20Agency%20hihlights.jpg" alt="">
The Agency put the results down to a marked improvement in the real estate sector on the eastern seaboard during the period.
They had an EDITBA of $1.5 million, post adoption of the new accounting standard AASB. The Agency losses stood at $1.67 million, following the adoption of the AASB 16 accounting standard on leases, and including a $3 million depreciation of the rent roll.
<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/2020/3/2/The%20Agency%20Revenue.jpg" alt="">
The value of real estate exchanges is up 23 per cent year on year.
The Agency continue to reduce costs, with wage savings of around $678,000 over the six month period.
Cost reductions of $2.5 million are expected to be delivered in FY20.
The Agency Group's managing director Paul Niardone said the results reflect the strength of the brand.
"I am thrilled to deliver yet another set of strong results for the HY2020 which included a maiden positive EBITDA of $533,000", Niardone said.
"These results reflect the strength of our brand and why reputable real estate businesses and agents continue to join our business as they realise we offer higher commissions, reduced risk and higher-level of support compared to franchise and stand-alone businesses."
With a $3.7 million cash balance and using $1.5 million in six months, along with the ATO payment plan, warranted the auditors to indicate an "uncertainty." 
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wdavis-8cCN98p7xp

The Agency reports improved group performance

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The Agency has launched in Canberra with Peter Micalos leading the way, as well as a significant project pipeline.
The Agency Group said they have always seen Canberra as a top priority in their national growth plans.
Matt Lahood (pictured left), The Agency’s CEO explains, “we have been waiting for the right partnership to fulfil The Agency’s Canberra expansion, which we have found in Peter Micalos (pictured right), our new senior partner."
"Peter has been a trailblazer in the Canberra property market for many years as an influential property development and real estate executive.”
<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/2020/2/20/The%20agency%20canberra.jpg" alt="">
Peter Micalos holds over 15 years of experience in senior roles with highly successful property developers, and has participated in approximately $5 billion worth of property transactions and been closely involved in Canberra’s most iconic real estate developments.
Previously General Manager - Development at Geocon and now founder of Intellectual Property, a boutique real estate and development management business, Peter Micalos has also been looking for the right national partner, he said,
Along with Peter Micalos’ project pipeline, that is estimated to grow to 2,000 units over 24 months and a total value of $1billion, Peter Micalos will be establishing The Agency’s bricks-and-mortar hub in Canberra and initiating a major recruitment drive.
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The Agency launches in Canberra

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The Agency's non-executive director John Kolenda has resigned from his role, effective immediately.
Kolenda joined the board exactly three years ago after growing the retail brokerage giant Finsure Group, which he founded and is the managing director.
He took an initial eight per cent stake in the company, which has been expanded over the past year.
Kolenda played a key role in the acquisition of the east coast real estate firm Top Level Real Estate.
He says his resignation is due to an increased workload in other areas.
"The Agency has grown significantly over a short period and is clearly on track to become one of the largest real estate businesses in Australia", Kolenda said.
"It has attracted some of the best agents and now we also have the key exectuives in place to continue the growth in driving sustained operation aal and financial growth across the business going forward.
"As a committed shareholder I will continue to follow and support this growth."
The announcement to the ASX comes with a couple of new appointments at the firm, who yesterday announced that they are on target for a record breaking quarter.
Andrew Jensen, The Agency's current interim chairman, has been appointed chief operating officer and Arjan van Ameyde, who has over 25 years experience in senior financial roles in listed companies, as the new chief financial officer.
Jensen will too step down from the board, from February 1 when he begins his new role. He has held The Agency's CFO role and has previously been the CFO at Ray White.
In November The Agency posted a record 128 sales valued at $234 million along with a record 197 listings.
Their cost saving program is beginning to see results also. Expenses are down from $10 million to $8.4 million in the year to date to November FY20.<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/2019/12/20/The%20Agency%20Revenue%20Expenses.jpg" alt="">
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The Agency Group’s Managing director Paul Niardone said the monthly results further highlight the continuing success of our model and the quality of agents within the business.
“Our December Quarter results look set to build on the record-breaking results of the September Quarter with the first two months of the current quarter already almost eclipsing last quarter’s GCI," Niardone said.
“Coupled with market improvements in the key markets of Sydney and Melbourne as well as an upturn in Perth in November for the first time in 18 months, 2020 looks set to be a milestone year for our company.” 
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John Kolenda departs The Agency board

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The Agency has been appointed the property management provider for the ASX-listed accomodation provider Aspen Group's new investment portfolio.
Aspen Group has invested in 84 properties worth $20 million which will be managed by The Agency.
It will lift The Agency's Perth portfolio from 1,025 to 1,109, taking the national property management portfolio to 4,671.
<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/2019/11/7/Ellebrook.jpg" alt=""> Ellenbrook aerial
From January, the Perth rent roll has grown 34 per cent from 827 to 1,109 managements.
It was a significant driver in The Agency's national rent roll, which grew 10 per cent.
“We are very excited to embark on this important relationship with Aspen Group, who are not only major players in the accommodation market in Perth, but across the nation.” Paul Niardone, managing director of The Agency, says. 
“As a national real estate business, The Agency’s relationship with Aspen Group began through our east coast operation and we are looking forward to our joint trajectory.
<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/2019/11/7/Port%20Kennedy%20Aerial.jpg" alt=""> Port Kennedy aerial
 
"This engagement shows a major vote of confidence in our award-winning property management team, who consistently achieve above-industry results in terms of vacancy and churn rates.”
John Carter, CEO of Aspen Group, said they look forward to working with The Agency.
"The Agency provided the best total proposal for our management and reporting requirements and we look forward to working together to provide best-in-class product and service to our residents,” Carter said.
The new accommodation portfolio purchased by Aspen Group is located in Perth’s metropolitan growth corridors, including in the City of Rockingham and City of Swan with the aim of providing competitively priced, long-term housing to families.  
 
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The Agency appointed managing agents for Aspen Group's Perth portfolio

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Auditors have indicated concerns about the ongoing viability of The Agency.
Its concerns - which revealed a payment plan with the ATO - was contained within its audited annual financial report which was posted to shareholders today.
The group incurred a net loss after tax of $7.83 million during the year ending June 30 2019, which was reported last month in then unaudited accounts.
"These events or conditions, along with other matters indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern," independent auditor Mark Delaurentis at Bentleys said.
The auditors suggested for The Agency to continue as a going concern was dependent on:
- The successful completion of the non-renounceable entitlement offer
- The fully executed Amendment Deed Loan with Macquarie Bank being completed
- The company continuing to meet its current payment plans in place with the ATO or the renegotiation of payment plans with the ATO
- Raising additional finance through its leverage on its rent roll assets
- Continued support from creditors and suppliers
- Profitable operations
Since the June 30 sign off there has been progress in the ticking off of some of the issues including The Agency securing an <a href="/news/the-agency-secures-further-six-months-funding-from-macquarie-bank">ongoing financial commitment from Macquarie</a> for the next six months.
Funds from the entitlement offer also happened last month, with the shareholders agreeing to <a href="/news/the-agency-shareholders-asked-to-issue-shares-to-pay-50-000-pr-fees">pay fees owed to its consultants as share scrip</a>, including its external PR firm.
Last week there were rumours The Agency were in talks with rival agents in was The Agency <a href="/news/the-agency-rebuts-rumours-of-imminent-merger-with-mcgrath">described as approaches for a merger.</a>
The annual results posted last month <a href="/news/the-agency-reports-bigger-loss-and-announces-2-8-million-cost-cutting">had been unaudited</a>. The Bentley's audit was dated September 30, for the financial year ending June 30.
The directors told shareholders today they consider The Agency remains "a going concern."
There was no early morning trading in the company which has an $8.36 million market capitalisation.
The Agency was launched in January 2017 with the aim of disrupting the real estate industry. 
 
 
 
 
 
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Uncertainty cast over The Agency viability 

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The Agency, set up by the McGrath rebels three years ago, has confirmed discussions have taken place with local and offshore real estate agencies for a possible merger.
The Agency did not confirm any of the parties involved.
They also told shareholders this afternoon that there was "sufficient doubt" that any of the discussions may lead to a formal agreement.
The discussions are said to be in "various stages."
The imperative for any merger or takeover acceptance dissipated mid-week when The Agency secured six more months of funding from Macquarie.
The update came at 12.52pm this afternoon after an online report was published in the Australian Financial Review mid-morning suggesting the merger could be with McGrath.
The report said The Agency wasn't interested in a sale of its business, but indicated they may consider a merger.
"If we receive approaches that make strategic sense and provide value for our shareholders, agents and staff, we are duty bound to review them," The Agency managing director Paul Niardone told the AFR.
The AFR article, nor the ASX statement, made any reference to the initial <a href="/news/top-20-sydney-trophy-home-listings-shrink-in-2019">weekend report by The Sunday Telegraph</a> that indicated the The Agency and McGrath could possibly be "contemplating mutual solutions."
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Both shares of the listed estate agencies are struggling to their recover from near record lows. The Agency is trading at $0.067 and the debt free McGrath Group see their shares at $0.235.
The Agency's leadership had previously worked at McGrath.
"The Agency and its advisors take an extremely selective and diligent approach to reviewing all potential M&amp;A opportunities and are only focussed on advancing those that make strategic sense and provide value for our shareholders, agents and staff," the company advised its shareholders. 
There has been no formal response from McGrath.
The full Agency statement:
The Agency Group Australia (ASX:AU1) (“the Company” or “the Agency”) refers to speculation in the media over the past 24 hours regarding a potential M&amp;A transaction.
While the Agency confirms it has received approaches from local and offshore real estate companies in recent months regarding potential corporate transactions, they are at this time preliminary and confidential in nature. There also exists sufficient doubt as to if any of these discussions may lead to a formal agreement being entered into.
The Agency and its advisors take an extremely selective and diligent approach to reviewing all potential M&amp;A opportunities and are only focussed on advancing those that make strategic sense and provide value for our shareholders, agents and staff. 
Since launching The Agency business less than three years ago, the Company has achieved outstanding national growth and operating results and has attracted some of the best agents across Australia. The integration of Top Level Real Estate Pty Ltd into the combined group has been highly successful, and the Company is confident further revenue growth will be achieved and cost synergies realised over the coming financial year.
The Agency has significantly enhanced its balance sheet in recent times and has a strong foundation from which to continue its strong growth, so while any approaches will be evaluated, they are not necessary for its immediate growth plans. 
The Agency confirms it is compliant with the Listing Rules and, in particular, Listing Rule 3.1.
 
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jchancellor-FAypfDUnLy

The Agency rebuts rumours of imminent merger with McGrath

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The listed estate agency, The Agency has secured a further extension to its funding from Macquarie Bank.
The terms are similar to its current arrangement which was due to expire latest this month, the shareholders have been advised.
In March it advised the Macquarie Bank debt facilities totalled $12.65 million.
The Agency Group Australia confirmed the extension of its primary banking facility by a further six months.
The Agency managing director, Paul Niardone advised this week the board has been "firmly focused on strengthening our balance sheet to support our strong operating business and future growth plans." “Through a range of measures, including the securing of new funds via the recently completed placement and the entitlement offer, conversion of debt to equity and realisation of merger related cost savings, we have successfully recapitalised the company in line with this focus.”
It recently reported gross commission income (GCI) for August of $3.9 million, its second highest month, and $7.2 million for YTD20.
Its ttotal value of sales nationally was $213 million in August with 250 exchanges,
There were 4,359 properties under management at 31st August 2019.
Cost savings were being realised with August expenses down 10 percent on June.
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The Agency secures further six months funding from Macquarie Bank

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The Agency is seeking shareholder approval to pay fees owed to its consultants, including its external PR firm, by issuing further equity in the cash-strapped publicly listed company. 
The Agency - whose backdoor listing began as the Namibian Cooper mining company from the west - seeks to pay over $700,000 in fees owed to consultants.
The proposed fees-to-equity conversion will be put to shareholders at a September 23 meeting.
It follows a $5.6 million equity raising in July along with an agreement with some creditors to convert $5.8 million in debt to new equity.
The Agency seeks approval to pay its Perth-based public relations firm Chapter One Advisors through shares, covering a near $50,000 media relations bill.
The proposal is to issue up to 769,231 shares to Assert Corporate &amp; Investor Relations Pty Ltd Trading as “Chapter One Advisors."
Chapter One Advisors managing director David Tasker, The Agency's media spokesman, told The Australian Financial Review it was "reasonably common" for suppliers to take payment through equity in the company.
He said it was a sign these suppliers wanted to back the company and ultimately believed the share price would go up in the long term.
The Agency also seeks to pay about $16,000 to consultant Robert Brierley; $65,000 to solicitor Torq Murray and $100,000 to Sydney-based corporate advisory firm Transocean Group. 
<img src="https://www.urban.com.au/images/2019/9/3/Shares%20-%20The%20Agency%202.JPG" alt=""> 
It is proposed 11 million new shares will be issued at 6.5¢ for these consultants, just above the last closing price of 6.4¢.
The proposed fees-to-equity conversion is among 24 resolutions that will be put to shareholders to assist the agency gets through its cash-strapped expansionary phase that comes soon after its listing and rapid expansion strategy.
The issuance of new options are also proposed:
<img src="https://www.urban.com.au/images/2019/9/3/Shares%20-%20The%20Agency%203.JPG" alt="">
Shares in the The Agency have fallen since peaking at 31.9¢ in September last year following a share consolidation.
The group has a market cap of just  under $8 million. 
The proposed fees-to-equity conversion is among the 24 resolutions to be put to shareholders at a general meeting on September 23.
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Yesterday The Agency reported a <a href="/news/the-agency-reports-bigger-loss-and-announces-2-8-million-cost-cutting">loss for the financial year and announced $2.8 million worth of cost cutting measures</a>.
The accounts were unaudited.
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The Agency shareholders asked to issue shares to pay $50,000 PR fees

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The Agency has reported an annual $4.2 million EBITDA loss, which is up on its prior $3.1 million annual loss.
The listed estate agent announced it had identified $2.8 million in cost cutting measures, The Agency told the Australian Securities Exchange this morning.
The group reported a net loss before income tax of $7.7 million compared with $3.9 million in the prior year.
There was no update from the company which is currently in discussions with a number of parties in relation to the refinance of a debt facility ahead of its maturity which occurs on 30 September, 2019.
The company's share price recently <a href="/news/the-agency-dips-to-record-low-share-price">hit an all time low of 6.7 cents</a>, today they are trading even lower 6.4 cents per share with no movement since the ASX closed on Friday.
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The Agency Group Australia was announcing its results for the year ended 30 June 2019.
The Agency reported annual group revenue of $31 million, an 86 percent increase year-on-year on FY2018 when it was $16.8 million.
The growth followed prior 75 percent growth and 70 percent growth during its initial two years.
The agency saw 2,419 sales, up from 667 sales for FY18.
It was $2.5 billion worth of property sold.
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The increase in revenue was primarily due to a 31 percent increase year-on-year in combined gross commission income to $38 million. In FY18 it was $29 million.
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At the completion of FY2019, the company also had 3,430 listings, up 43 percent on the 2,401 listings at the end of FY18. 
Property management reported a record total of 4,337 properties under management, up 29 percent.
The company also reported an increase year-on-year in the number of agents recruited, up from 185 over the year to 272 agents as at 30 June 2019.
The Agency Group reported cash receipts of $33 million for the FY2019, a 120 percent year-on-year increase on FY18's $15 million.
The Agency Group reported $44,000 net cash from operating activities for the June quarter as a result of an increase in cash receipts for the period.
The financial results only include six months of operations from Top Level Real Estate - the McGrath rebels - following completion of the acquisition in mid-January 2019.
The EBITDA loss of $4.2 million included $1.3 million of one-off, non-recurring costs expensed this year, primarily associated with the Top Level transaction (i.e. legal, accounting, professional services, corporate advisory, financing and office fit-outs, etc ).
The company would have had a normalised EBITDA loss of $2.9 million, excluding the Top Level expenses.
Its cash at end of financial year was $2.6 million.
"The company has already identified and has begun implementing $2.8 million in cost savings that will be delivered in FY20," it advised.
Trade payables have blown out from $7.4 million to $13.6 million.
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The Agency reports bigger loss and announces $2.8 million cost cutting

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The Agency has dipped to a record low share price of just below 7 cents on the ASX yesterday, in the week after its announcement it had secured $5.6 million in funding.
It was trading at 22 cents in mid-February and at 31 cents last September, but 6.7 cents in recent trade which values the company at $7.2 million.
Sharemarket analysis website commentary suggested the latest capital raising was foreseeable since the company had "never been adequately capitalised."
"Their overheads are crazy," one shareholder noted.
Before the announcement last week the sharemarket analysis had hoped the fundraising wasn't "too dilutive to existing holders who just keep getting watered down."
But the capital raising that saw the Sydney-based boutique investment group Magnolia Capital becoming a substantial shareholder was highly dilutive.
Magnolia Capital now have up to an 18 percent holding in The Agency, with their director Mitchell Atkins joining The Agency board as a non-executive director.
Honan Insurance Group also invested. 
The Australian newspaper reported The Agency has "secured a lifeline from Sydney boutique investment group Magnolia Capital, allowing it to extend its $12.5 million debt to Macquarie until September 30 in return for an 18 per cent stake."
It noted further debt of about $1.1 million is also owed to a range of other lenders.
“The restraints on The Agency’s growth which have been led by its (weak) balance sheet have been removed,” a spokesman for The Agency said.
In a statement to the ASX, The Agency said it was in discussions with parties to refinance its debt ahead of its maturity on September 30.
“The debt-to-equity conversion will significantly reduce The Agency’s debt position, primarily bank debt, from $21.2m to $13.6m,” The Agency told the Australian Securities Exchange.
“The company is currently in discussions with a number of parties in relation to the refinance of its remaining debt of about $13m ahead of its maturity which occurs on 30 September, 2019,” it said.
“With a strong net asset position of around $33.8m (primarily rent roll and mortgage book) it was important to get the loan-to-value ratio to below 50 per cent, which it will be following this transaction with Magnolia and Honan,” the company said.
The $5.6 million raised comes in the form of $1.1 million in placement and $4.5 million through entitlement offers.
The Agency's current $5.8 million debt will be converted into equity, reducing the total debt position by 27 percent.
It advised $2.2 million of the funds will fund further growth and acquisition initiatives.
For the quarter, the Agency reported combined total revenue of $10.8 million and gross commission income (GCI) of $10 million, both results consistent with the previous quarter.
They saw a record 674 exchanges and more than $600 million worth of property sold across the combined group for the quarter.
"I think they really need to pull a rabbit out of the hat," one Hot Cooper comment said.
Another said: "Not sure what rabbit they have in their hat now. "I like the business model but just as Mark Bouris has learned at YBR, if you are going to run a business that depends on skimming a little bit of revenue off someone else's business then you need to have a very large base to do that from, otherwise you need to be running a very very lean operation...which AU1 isn't."
There was commentary in June that suggested the estate agency had "burnt all the previous supporters" in the prior four capital raising. "I am surprised we haven't seen greater tax loss selling here," one comment suggested in June.
One estate agent advised "anyone can buy market share if you have the money."
"Their reps are on 80% commission.
"That's why they have so many of them. 
"How does a business model like that stand up? 
"All they are doing is bragging about market share. 
"That does not equate to profit and never has," the agent said.
One Agency shareholder noted the acquisitions "clouded how badly they are actually doing."
"All the trend lines are going backwards, but sure you dream on.
"I've sold out at half what I paid and I think I'm lucky to get away with that," the shareholder advised.
Another shareholder noted the difference between Ahe Agency and McGrath was that "McGrath blame the market for their poor share price instead of themselves, whereas The Agency keeps highlighting strong results in a slowing market and making acquisitions of more companies to increase their revenue in the future."
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