Construction & DA Development

Building the future.

DA Modification

Current Status

DA modification is 95% complete. Final review on landscaping documentation for podium car park façade and Level 3 communal area.

Approval Timeline

July–August 2026 approval anticipated, assuming no RFI requests. Any Council RFI will extend timeline and be reported.

Next Steps

Post-approval: Impact Assessable application will be lodged to reinstate penthouse levels to roof, consistent with original design intent.

Design Development
20-Storey Scheme

Commencement

Design development will commence once DA is formally lodged and Council has accepted our response, de-risking design investment against Council feedback.

Scope

Full consultant team engaged:

• Architect

• Services & Civil engineers

• Structural engineer

• Building certifier

Builder Trigger

Deeper engagement (updated cost estimates) planned at ~65% Design Development completion.

Builder Shortlist

Three major builders engaged — recommended via major debt fund relationships (Payton's, PAG).

Hutchinson Builders

Initial

Early discussions underway. Cost estimate TBD.

Binah Group

Active

High-level estimate received, aligned with QS. Further engagement at 65% DD.

Groupline

Preferred

Preferred builder — inspected Kangaroo Point project. Strong product type experience. Cost estimate aligned with QS.

DA approval (July–Aug 2026) → Design development → Builder engagement at 65% → Cost certainty & margin reduction.

Marketing Update · May 2026

Australian Property
Market Update. May 2026.

58K

New Brisbane residents
last 12 months

<1%

Rental vacancy rate
across Brisbane

+5–7%

Brisbane unit sector
growth forecast 2026

2032

Olympics infrastructure
pipeline intact

Residential market experiencing post-budget recalibration — short-term buyer hesitation across all buyer types.

Brisbane remains one of Australia's strongest performing markets with units outperforming houses.

34,000 of 58,000 new residents from overseas migration — sustained undersupply of new housing.

Long-term fundamentals intact: Olympics tailwind, infrastructure pipeline, and population-driven demand remain strong.

2026 Federal Budget

Key Property Ruling.

Effective July 2027. Existing holdings are fully grandfathered — no retrospective impact.

Negative Gearing

Restricted to new builds only from July 2027. Established properties lose this benefit for new investors entering after budget night.

CGT Discount

50% discount replaced with inflation-adjusted indexation. Minimum 30% tax on realised capital gains for new positions.

Foreign Buyer Ban

Ban applies to established (previously owned) dwellings only. New construction, off-the-plan, and new apartments remain fully available to foreign buyers with FIRB approval — no restrictions.

All pre-budget holdings grandfathered — no change for existing investors.

Westpac forecasting 20% decline in overall market turnover nationally in the near term.

Temporary pause in buyer activity expected before sentiment recovers.

Investor capital is actively redirecting from established to new property in response to the ruling.

New Regulatory Requirement

AUSTRAC Tranche 2. Effective July 1, 2026.

Real estate agencies are now regulated reporting entities under Australia’s AML/CTF Act. Every buyer must complete a KYC process before a contract can be signed.

What This Means

From 1 July 2026, agents are required to verify buyer identity, beneficial ownership, and source of funds before entering contract. This applies to every buyer, on every sale.

Enhanced Due Diligence

Overseas buyers, HNW individuals, and buyers using corporate or trust structures are subject to enhanced due diligence — including deeper source-of-funds and source-of-wealth verification.

KYC Requirements Per Buyer

Identity verification — full name, DOB, residential address via passport or driver’s licence

Beneficial ownership — ultimate owner identified for any company, trust, or nominee structure

PEP & sanctions screening — politically exposed persons and sanctions list check

Source of funds — verified for all buyers; enhanced for offshore and HNW profiles

Record keeping — all KYC records retained for minimum 7 years

Our Position

We are compliant and prepared. KYC will be integrated into our buyer onboarding process as a standard step prior to contract. This adds a layer to each transaction but is manageable and expected industry-wide.

Impact on New Builds