Issue 76 I The Property Development Review

Welcome to Issue 76 of The Property Development Review, exclusively for agents, developers and investors.

SEPTEMBER / OCTOBER 2026 - ISSUE NUMBER 76

EXCLUSIVELY FOR PROPERTY DEVELOPERS, INVESTORS & AGENTS ACROSS ASIA-PACIFIC

LISTINGS The latest commercial assets & development opportunities for sale from across Australia.

INTERVIEWS Exclusive feature profiles of the Country’s most successful business & property thought leaders

ANALYSIS Unique perspectives from the deal-makers on the ground.

LEE\ NLE LW^^:\RbF =8-$8$ ;- 8

HG\EDW\C^A:

N:OWK\Mb:JPKFIPb:

CbJP\MbQS^WPb:

[\XZVUYT

]\XZVUYT

_\XZVUYT

a`\XZVUYT

EDW\LPKAPA\ :OFJPKA^\JP:\CAIAW\ F^OJ\A\O:AQI\A:O\JFJPA:WO\ IAQSA:\AIKbJJ\i \h \g\bK\fedQb:PD\ OFKAPb:J \ KbQ\bGdPDWdS^A:\PDKbFD\ Pb\SbJPdIbQS^WPb:\SKbWIP\ Q^WJPb:WJc

Mb:P:FA^\AIPP\A:O\ KWJD\IKWAPW\WWS\^WAOJ\ b:\ bK\AJ\^b:\AJ\bF"KW\^W\b:\QAKWPc

WD:O\P \bFK\FOW:IW\MA^IF^APbK\A:O\FWK\APID\ WSbKP\#%!7/651+67+,.6,)+33(1/*6,)2++1,461, 2'/0+7&+1,)43+) \ W bKW\bF\WW:\b\Pb\QAKWP H:IW\^W \WWK\W:FK\J\JIbKWO\PD\FWK\ :PW:P\ WAO\LIbK: \Jb\bF\A^AJ\:b\DID\^WAOJ\Pb\ SKbKPJWc

WFWJP\FOW:IW\bOW^^:

>W\WOA\<P

LWW\PDW\ FWKJ\ bK\bFK\SKbWIPc IbQQWKIA^KWAOcIbQcAF9Ib:PAIP

WAK:\QbKW\A bFP\PDJ\SAIAWc b:^:WcKWAOQWOAcIbQcAF9W9@?BBiBBBh9

2 – September / October 2026

WELCOME

CONTENTS

CONNECT WITH US THE PROPERTY DEVELOPMENT REVIEW: Online Issues: developmentready.com.au/content hub DEVELOPMENTREADY: Website: developmentready.com.au SoundCloud: /readymediagroup LinkedIn: @developmentready Facebook:/developmentready The Interview YouTube: @TheInterviewAU Instagram:@development_ready COMMERCIAL READY: Website: commercialready.com.au Meanwhile, Sydney’s eastern suburbs are drawing developers back, Queensland’s northern growth corridor offers major development potential, and Perth combines significant CBD opportunities with the delivery of new mixed-tenure housing. Together, these stories reveal a market where opportunity is abundant — but insight, discipline and an understanding of an increasingly complex regulatory environment matter In this edition, we explore the people, projects, regulation and market forces creating new opportunities — and challenges — for developers and investors. We profile Tim Gurner, tracing his journey from a project that nearly cost him his family home to a $14 billion development group, and his latest ambition to build Saint Haven into a global luxury wellness brand. Victoria’s growth corridors feature strongly, with undersupplied neighbourhood retail creating opportunities as new communities expand. We also examine how constrained shopping centre supply is strengthening existing assets and attracting selective investment. Planning risk comes under the spotlight as new Victorian legislation reshapes compensation for land affected by Public Acquisition Overlays. For property developers, the evolving AML/CTF regime presents another important area of regulatory focus. Professor James O’Donovan examines the application of the Tranche 2 reforms to developers selling property directly, including when verification of buyers’ identities and KYC information can be delayed, the conditions that apply to a 20-business-day verification period, and why developers cannot rely on deemed compliance where a buyer fails to cooperate. The article highlights the importance of understanding the fine print of the AML/CTF Act and Rules as developers build their compliance processes. more than ever. Enjoy the read.

04 THE INTERVIEW Tim Gurner Founder & Chairman GURNER Group

06 LEGAL Delayed Verification, No Deemed Compliance

for Property Developers Professor James O’Donovan

08 LEGAL

MASTER-PLANNED DEVELOPMENT Bruce Highway service centre site hits market in Brisbane’s northern growth corridor Ready Media Group

Your Land is Worth Million Until the State Makes Its Own Plans Clare Burnett The Urban Developer

QLD OPPORTUNITIES

11 RETAIL - NATIONAL

Shopping centre supply squeeze strengthens retail investment outlook Ready Media Group

WORKSPACE – VICTOR HARBOUR Victor Harbor’s New Workplace Revolution Ready Media Group

12 MARKET MOVES

Key transaction & deal analysis

SA OPPORTUNITIES

Linkedin: @commercialready Facebook:/commercialready Instagram: @commercial.ready ROOFTOP: Website: rooftop.studio Vimeo:/rooftopstudio Instagram: @rooftopstudio READY MEDIA GROUP: Website: readymedia.com.au EDITOR IN CHIEF Frank Materia IN-HOUSE WRITERS Oliver Gregurek & Dimity Barber ADVERTISING ENQUIRIES frank@readymedia.com.au LISTING ENQUIRIES info@readymedia.com.au EDITORIAL ENQUIRIES editor@readymedia.com.au CONTACT Ready Media Group Head Office

APARTMENTS - NSW Four Towers Across Two Projects Proposed for Sydney’s The Hills

66 DEVELOPMENT - PERTH

Premium Perth CBD Development Site Offered for First Time in 35 Years Ready Media Group

Harrison Caithness The Urban Developer

DEVELOPMENT - SYDNEY Sydney’s Eastern Suburbs Back in Development Spotlight Ready Media Group

BUILD-TO-RENT WA Government’s First Mixed-Tenure BTR Highrise Nears Completion Linsay Saunders The Urban Developer

18 NSW OPPORTUNITIES

33 RETAIL - VICTORIA

WA OPPORTUNITIES

Victoria's Growth Corridors Are Reshaping Neighbourhood Retail Ready Media Group

Levels 3&4/161 Buckhurst St South Melbourne VIC 3205 Email: info@readymedia.com.au Telephone: (03) 9631 5476 MAGAZINE DESIGN Nespecart ON THE COVER My Agent Aus. listing - Greenslopes, QLD

TAS OPPORTUNITIES

VIC OPPORTUNITIES

September / October 2026 – 3

The Interview

TIM GURNER

FOUNDER & CHAIRMAN GURNER GROUP

With Rob Langton - Ready Media Group

Tim Gurner survived the project that almost cost him his home, then built a private group with $14 billion of projects. His next ambition is different: turning Saint Haven into a global luxury brand. The project was supposed to cost $65 million. The first construction tender came in at $96 million. The second said $108 million. By the time Tim Gurner opened the third envelope and saw $130 million, he knew there had been no clerical error. The apartments in the third and final tower of FV, his vast development in Brisbane’s Fortitude Valley, had already been sold. Revenue was fixed. Financing was arranged. There was no buyer to whom another $30 million could be passed. Gurner went upstairs, opened the feasibility and ran outside. “I threw up in the garden for probably an hour,” he says. “Never, ever been so sick, so anxious. I thought the world was ending.” For much of the next year, Gurner, his wife Aimee, his accountant and senior staff gathered around an oval Carrara marble table and modelled the destruction: when the project’s equity would disappear, when the damage would spread to the rest of the business and, finally, when the family home would go. “This is when you lose your house. This is when you lose everything,” Gurner remembers being told. “It was horrendous.” It is a startling admission from a businessman better known for projecting certainty. His private group now says it has about $14 billion in development and management projects, with $1.65 billion in residential sales across seven projects in 2025. His next great project is not another tower. It is Saint Haven, the private longevity and wellness club he wants to establish in 50 major cities. “We don’t want Gurner to be a real estate developer or a club owner,” he says. “We want it to be a luxury lifestyle brand.” The ambition captures Gurner’s next chapter. He has turned instinct into product and product into brand. The question now is whether the intensity and intuition of one founder can become a global institution without losing what made it distinctive. For all the investment committees and institutional capital BUILT ON INSTINCT: THE MAKING OF TIM GURNER

surrounding him, Gurner remains an unusual mixture of precision and faith. He can draw the floor plan of every project and knows the numbers in every building, yet talks constantly about energy, signs and the “flow of life”. “There is no five-year strategic Tim Gurner plan,” he says. “If I don’t feel good on a site, we will not do it.” Gurner grew up on 25 acres at Kangaroo Ground, on Melbourne’s north-eastern fringe. His father, Colin, was an engineer who worked from home and shaped his business around the family. His mother, Sandie de Wolf, became a formidable welfare executive at Berry Street. They gave their son contrasting models of leadership. Colin was gentle and present; de Wolf was warm at home but steely in public. As a boy, Gurner watched journalists gather outside the family property after Berry Street was criticised over a contentious harm-reduction decision. His mother defended it, faced the cameras and walked back inside to become Mum again. “I remember thinking, Jesus, she’s resilient,” he says. The family had land and a rich home life, but little surplus cash. Gurner remembers returning items at the supermarket checkout after they exceeded the budget. He also remembers pretending to be sick so he could watch bulldozers transform the front garden. At university, waiting tables led to nightclub promotions with Nick Russian. One event drew about 2500 people. Gurner, socially anxious, stayed away from the door and stage. He was more interested in how a small group could create momentum, scarcity and a following. Tony Pride, the Elwood estate agent who hired him as a young “schlepper”, applied that lesson to property. Pride financed a $188,000 Art Deco apartment; Gurner renovated it and they sold it for $242,000. His $12,000 share was the first meaningful money he had made. His grandfather then lent him $34,000 to establish My Wellbeing, a personal-training studio in Elwood. NAB lent the 20-year-old another $150,000. It took Gurner 15 years to learn why: his mother had quietly allowed the bank to take

4 – September / October 2026

THE PROPERTY DEVELOPMENT REVIEW

security over the family home. He renovated before discovering he needed planning and building permits, then opened before learning he required a gym licence. Six weeks later, his father died from multiple myeloma. Three grandparents died within another devastating stretch of months. The studio had almost no income, $150,000 of debt and his parents’ house behind it. “What was my option?” Gurner says. “It was to go bankrupt at 20. I wasn’t going to let them take my parents’ house. ”He rebuilt the client base and sold the studio for almost exactly enough to clear the debt. There was no windfall. Instead, he learnt about selling, accounts and solving problems for which nobody had prepared him. “I would give everything in a heartbeat to have my dad back,” he says. “When you lose your dad and three grandparents, nothing comes close.” Two mentors helped turn that resilience into a business method. Pride taught him sales and positioning. Property developer and publisher Morry Schwartz taught him taste, loyalty and the power of brand. Gurner first noticed Schwartz through a St Kilda Road billboard. While competitors promoted apartments from $299,000, Schwartz declared his project “worth every million”. Gurner thought he was either mad or brilliant and talked his way into a job. Schwartz introduced him to architecture, art and carefully constructed desire. More importantly, he gave the young developer belief. “He looked me in the eyes and said, ‘Tim, you’re the best I’ve ever seen at this. You will be successful and you have to do it. There is no option.’” After building UrbanInc with architect Danny Ciarma, Gurner established his own company in 2013. A branding adviser suggested putting his surname on the business. He initially rejected it as egocentric. Her argument was that if trust and quality were the promise, his reputation should sit on every building. The name became both an asset and an obligation. FV became a defining test. Thakral committed about $48 million. The first release sold 335 of 350 apartments in a weekend; the second took sales to roughly 640. Multiplex signed on to build the first two towers and ANZ financed them. Then Gurner launched the final tower without fixing its construction price - a departure from his own rule, before opening those three envelopes. The rescue took a year. Extra development rights were secured, part of the retail space was sold and Icon was contracted at about $92 million. Gurner estimates the final stage lost between $15 million and $20 million, although FV remained profitable overall. The experience stripped the glamour from rapid growth. It also reinforced his belief that scale, diversification and enduring capital relationships offered protection. That philosophy eventually transformed the business. A $150 million Qualitas partnership provided committed equity for larger build-to-sell opportunities, while a separate build-to-rent platform attracted sovereign wealth capital. Qualitas co-founder Andrew Schwartz challenged Gurner to think beyond individual projects. “You still talk about projects as if they’re important,” he told him. The shift was from assembling developments to building an institutional real estate, wellness and lifestyle platform. Ahmed Fahour became executive chairman and, in June 2026, Adam Gregory took over as group CEO. Gurner calls himself a creator, not a conventional chief executive. He remains immersed in floor plans, commercial terms, lighting, menus and member complaints. “I do everything,” he says.

“So the expectation is you will do everything. ”Saint Haven is the next expression of that instinct. Gurner began developing the concept in 2021, when gyms and private clubs were closing and he was told the timing was absurd. The first club opened in Collingwood in 2023. The idea completed a circle. Before property, Gurner wanted to study osteopathy. His first company was My Wellbeing. Now wellness is the bridge between the business he built and the one he wants to take around the world. Saint Haven is not, in his description, a gym. Annabel’s and Soho House are reference points, but late nights, heavy meals and alcohol are replaced by training, recovery, preventive health and social connection. LVMH is the corporate model. The target is 50 major cities, with Dubai and the United States intended to prove the international model. It is a different kind of risk from property. An apartment buyer may wait five years to judge a product. A club member can text Gurner immediately because an ice bath is too warm, the coffee is cold or a physiotherapist is unavailable. Gurner enjoys the immediacy. Members tell him the club helped them through illness, divorce or a business crisis. The clubs have also forced a socially anxious founder to become more available. Not every experiment has worked. SAINT, conceived as a younger, more accessible format, will be converted to Saint Haven. “We don’t like the model,” Gurner says. Protecting the principal brand matters more than defending his idea. There was no master plan connecting property and wellness. A marketing executive simply observed that both businesses served the same affluent customer, broadly between 40 and 70, who values design, community and longevity. “That was definitely no strategic plan,” Gurner says. “It was just fluke.” Gurner’s public image suggests unbroken certainty. His own account is crowded with fear, wrong turns and moments when chance arrived precisely when needed. Confidence, in his telling, is not the absence of doubt. It is moving while doubt remains. His public comments have also brought controversy, from his smashed-avocado remarks to his 2023 comments about unemployment and workers. He later apologised, calling the remarks wrong and deeply insensitive. Reporters appeared outside his house; security was required and his daughters heard comments about their father at school. “I would love to say I can ignore it all,” he says. “But it hurts. It really hurts.” What protects him now is Aimee and their three daughters; the executives who remained through failed tenders, lockdowns and controversy; his mentors; and the farm, where the family cuts wood, lights fires and walks together. Asked what remains to be achieved, he answers immediately. “So much,” he says. “I don’t know what I have achieved that I think is enough. ”That force is now directed at Saint Haven: a developer’s detail, a salesman’s instincts and the brand ambition learnt from Morry Schwartz. Its future depends on reproducing something intensely personal without making it ordinary. The day before Colin Gurner died, he wrote a note to his family wishing for the world to slow down and for people to live a simple life. “You can imagine that rings in my head a lot,” Gurner says. “I’m probably not following his advice right now. ”Then he thinks of the farm. “But I actually do when I’m out of work. I do.”

SCAN OR CLICK TO WATCH THE VIDEO INTERVIEW IN FULL

September / October 2026 – 5

Legal

DELAYED VERIFICATION, NO DEEMED COMPLIANCE FOR PROPERTY DEVELOPERS

Prepared by Professor James O’Donovan

Professor O’Donovan is an Honorary Professor of Law at the University of Queensland and the author of The New Anti-Money Laundering and Counter-Terrorism Financing Laws in Australia (Thomson Reuters, 2026) and An AML/CTF Manual for Property Developers (Safe As Compliance Pty Ltd, 2026).

3 VERIFICATION OF IDENTITY AND KYC INFORMATION One of the most significant AML/CTF obligations imposed on property developers is to verify the identity of their buyers or transferees and conduct customer due diligence. The buyers or transferees, not the owners or contractors, are the property developers’ customers. For the purposes of the AML/CTF Act. 4 DELAYED VERIFICATION As a general rule, a reporting entity may not commence to provide a designated service to a customer before it has verified the customer’s identity and completed customer due diligence. However, the AML/CTF Rules provide for two different types of delayed verification. The first type is delayed verification for brokering the sale, purchase or transfer of real estate and assisting a person or otherwise acting for or on behalf of a person, in a real estate transaction. This type of delayed verification does not apply to property developers. The second type of delayed verification applies where a property developer sells real estate directly to a buyer in the course of carrying on a business without using a real estate agent. Contrary to the views expressed by some commentators , it is not necessary for property developers to complete full Customer Due Diligence at or before a contract of sale is signed. Although property developers receive deposits and financial commitments that could be used for ML/TF, they can delay verification if they satisfy the requirements of s 6-12 of the AML/CTF Rules and s 29 of the AML/CTF Act. Despite s28(1) of the AML/CTF Act 2006, a reporting entity may commence to provide a designated service to a customer before the reporting entity complies with that subsection if:

1 INTRODUCTION It is estimated that compliance with the Tranche 2 AML/CTF reforms will cost the real estate sector $1.2 billion in this financial year alone. It is reasonable, therefore, to consider whether there are any features of the new regime that reduce the burden on property developers. Two possible concessions spring to mind: delayed verification and deemed compliance. But before we examine these concepts, let us consider how property developers are brought within the ambit of the Tranche 2 reforms. 2 DESIGNATED SERVICES The AML/CTF Act 2006 imposes a raft of obligations on reporting entities that provide a customer with designated services with a geographical link to Australia. These obligations apply to property developers because provide designated services by selling or transferring real estate in the course of carrying on a business selling real estate to a buyer or transferee where the sale or transfer is not brokered by an independent real estate agent. AUSTRAC guidance confirms that property developers provide designated services to buyers or transferees when they: (a) sell apartments or units off the plan; (b) sell commercial properties; (c) sell subdivided land; (d) sell apartments and townhouse complexes; and (e) assign off-the-plan contracts before settlement. Developers become reporting entities when they: (a) accept a deposit; (b) enter into a contract; (c) receive funds; or (d) issue payment instructions.

6 – September / October 2026

THE PROPERTY DEVELOPMENT REVIEW

5 NO DEEMED COMPLIANCE FOR PROPERTY DEVELOPERS

(a) circumstances specified in the AML/CTF Rules apply; and (b) the reporting entity determines on reasonable grounds that commencing to provide the designated service to the customer before s 28(1) is complied with in relation to the customer is essential to avoid interrupting the ordinary course of business; and (c) the reporting entity has AML/CTF policies to comply with s 28(1) in relation to the customer: (i) as soon as reasonably practicable after commencing to provide the designated service to the customer; and (ii) within the period (if any) specified in the AML/CTF Rules; and (d) the reporting entity determines on reasonable grounds that any additional risk of money laundering, terrorism financing or proliferation financing associated with complying with s 28(1) in relation to the customer after commencing to provide the designated service to the customer is low; and (e) the reporting entity implements AML/CTF policies to mitigate and manage the associated risks; and (f) the reporting entity complies with the requirements (if any) specified in the AML/CTF Rules. Under the second type of delayed verification, a property developer can delay verification of some KYC information for up to 20 business days after commencing to provide a designated service to a buyer provided it satisfies the following conditions: (i) it must have AML/CTF policies to comply with the customer due diligence requirements of s 28 of the AML/CTF Act 2006 as soon as reasonably practicable; (ii) it must take reasonable steps to verify the identity of the buyer; (iii) it must identify the buyer’s ML/TF risk based on reasonably available KYC information; (iv) it must collect (but not necessarily verify) KYC information that is appropriate to the buyer’s ML/TF risk (other than source of funds/ source of wealth information for a politically exposed person, such as a government minister or official) ; (v) it must establish on reasonable grounds the identity of the buyer and its principal. It may be useful to explain some of these conditions. A property developer takes reasonable steps to verify the identity of the buyer if it: (i) collects reliable KYC information; (ii) verifies it using independent sources; (iii) escalates anomalies to its Compliance Officer; and (iv) stops the transaction if verification cannot be completed. In this context, “reasonably available information” is any information that the property developer can obtain without undue difficulty, cost, or delay, using sources that are independent, reliable and appropriate to the level of ML/TF risk. A property developer can establish on reasonable grounds that the buyer is who they claim to be by applying a risk-based, evidence-based verification process using information that is independent, reliable and reasonably available. The property developer must resolve discrepancies, escalate risks and anomalies appropriately, and document the basis of being satisfied that it has verified the identity of the buyer. AUSTRAC does not expect perfection but rather a reasonable, defensible, risk-based standard. However, A property developer does not establish on reasonable grounds the identity of the buyer by: (i) blindly accepting documents provided by the buyer; (ii) relying on unverified statements; (iii) ignoring red flags; (iv) proceeding because the buyer is “known to the property developer”; (v) accepting unverifiable foreign documents; and (vi) proceeding with the sale because of commercial pressure.

Real estate agents can rely on deemed compliance where they take reasonable steps to verify the identity of the customer who is not their client, but they are unable to complete initial customer due diligence because the customer is uncooperative. Property developers cannot rely on deemed compliance even if the buyer is uncooperative in providing KYC information. In short, there is no deemed compliance for developers. If the property developer cannot verify a buyer’s identity or KYC information, it must stop the transaction, assess and escalate suspicious matters, give the buyer a s 35C “unable to verify” notice, and document everything. 6 CONCLUSION While a form of delayed verification is available for property developers subject to certain stringent conditions, it is still necessary to complete customer due diligence within the prescribed period of 20 business days after starting to provide the designated service. If a property developer cannot complete customer due diligence within the prescribed period it may be necessary to abort the transaction. Deemed compliance is available to real estate agents but not property developers even though they both operate in the real estate sector. If buyers do not cooperate in providing documents to verify KYC information and assist in completing customer due diligence, property developers must not proceed with the transaction and must lodge a Suspicious Matter Report with AUSTRAC. There is widespread commentary to the effect that property developers selling their own properties are not providing designated services. This commentary suggests that designated services require acting on behalf of another person. It is said that the AML/CTF Act is built around a service-provider model, not a risk-based activity model. However, the risk of criminals using property purchases to launder money is just as high whether the vendor is a developer selling their own property, or an agent selling on behalf of someone else. Let me be clear. I do not share this view of the AML/CTF Act. In my view, the designated service listed is s 6(5A),Table 5, Item 2 clearly applies to property developers who sell their own properties directly to buyers without using an agent. It follows that property developers are entitled to delay verification in accordance with s 29 of the AML/CTF Act and s 6-12 of the AML/CTF Rules provided they satisfy all the necessary requirements of those provisions. Nevertheless, it is unfortunate that the provisions dealing with delayed verification and deemed compliance turn on a close reading of the fine print in the AML/CTF Act 2006 and the AML/CTF Rules leading to uncertainty on whether property developers must complete customer due diligence at or before a contract of sale is signed. 1.See AML/CTF Act 2006, s 6(5A), Table 5: Real estate services, Item 2. See also AUSTRAC, “Regulated entities and designated services” at www.aistrac.gov.au, viewed 16 September 2026. 2. See AML/CTF Act 2006, s 28. 3. AML/CTF Act 2006, s 28. 4. See AML/CTF Act 2006, s 6, Table 6, Item 1. 5. AML/CTF Act 2006, s 6, Table 6, Item 1 and AML/CTF Act 2026, s 29. 6. See AML/CTF Rules, s 6-12. 7. See AML/CTF Act 2006, s 6(5A) Table 5, Item 2 and AML/CTF Rules, s 6-12. A government body or agency, such as Development WA or Development Victoria, may not be carrying on business but rather performing its statutory functions. On this basis, it might not be subject to the AML/CTF Act. 8. See e.g., amltranche.com.au, “AML Compliance for Property Developers” in https//amltranche.com.au, viewed 16 September 2026. 9. AML/CTF Act 2026, s 29. 10. For an example of such an AML/CTF policy, see O’Donovan J, An AML/CTF Compliance Manual for Property Developers (Safe As Compliance Pty Ltd, 2026), available through drjimcompliance.com.au. 11. For a definition of “politically exposed person”, see s 5 of the AML/CTF Act 2026. 12. See AML/CTF Act 2006, ss 28 and 29 and AML/CTF Rules, s 6-12. 13. AML/CTF Rules, ss 6-33(2) and (3) and 9-4A, and AML/CTF Act 2026, s 28(2) a nd 6(b). 14. But see AML/CTF Act 2006,s 37A and s 38 ( reliance on other person’s collection and verification of KYC information). See also AML/CTF Rules, s 6-33(1). Compare s 37 of the AML/CTF Act 2006. 15. But see AML/CTF Act 2006, s 37A and s 38 (reliance on other person’s collection and verification of KYC information. See also AML/CTF Rules, s 6-33(1). 16. As to clauses in contracts designed to protect property developers who find it necessary to abort transactions because of AML/CTF considerations, see O’Donovan J. An AML/CTF Compliance Manual for Property Developers (Safe As Compliance Pty Ltd , 2026), Appendix 1. This manual is available through drjimcompliance.com.au.

September / October 2026 – 7

Legal

YOUR LAND IS WORTH MILLIONS - UNTIL THE STATE MAKES ITS OWN PLANS

Author: Clare Burnett

The Urban Developer

A landmark payout and new planning amendments have reshaped compensation for planning blight across Victoria.

The P&E Amendment Act—although not a direct response to the Barrett case—significantly cuts back on the compensation which can be claimed. Planning blight in the spotlight Planning blight has been a point of contention across state lines.

In a case earlier this year, a Supreme Court of Victoria judgement over a tract of land at Wyndham Vale awarded a developer $27.92 million after the site was earmarked by the Victorian Government for transport infrastructure and a grasslands reserve. Transport for Victoria initially offered nothing in compensation for land reserved under a Public Acquisition Overlay (PAO), and the Barrett v Transport for Victoria case made waves in the industry, highlighting the ongoing issue of planning blight, Gadens partner Andrea Towson says. “It’s not the first case to consider compensation for planning blight under the Planning and Environment Act 1987 (Vic), but it is a landmark for two reasons: the sheer scale of the award, and the clarity it brings to how these claims should be valued,” Towson says. Planning blight is the drop in property value and sale difficulty that happens when government plans or public projects—such as a future road, railway, or school—restrict how land can be used or leave owners in limbo. Now, rules that came into effect this month are changing the game again. The Planning Amendment (Better Decisions Made Faster) Act—better known as the P&E Amendment Act—took effect on September 1, 2026, severely narrowing the compensation regime for planning blight claims.

The Barrett development site was also overlayed for the Western Grasslands Reserve.

It is especially apparent when governments are undertaking infrastructure work, whether it’s the Suburban Rail Loop, NSW’s Metro expansions, or Brisbane’s Cross River Rail infrastructure. In the Barrett case, the Court heard that developer Jeffrey Barrett had owned land at 1005 Ballan Road at Wyndham

8 – September / October 2026

THE PROPERTY DEVELOPMENT REVIEW

approach, where the Court valued the land’s realistic, hypothetical development potential,” Towson says. But some outcomes from the Barrettcase still hold true, she says, in that compensation for planning blight must be assessed “realistically and fairly”. Under the amendments, developers do not need to wait for acquisition, compensation rights are triggered as soon as the Public Acquisition Overlay is applied, not when it is compulsorily acquired. “Compensation must reflect the land’s true potential — it cannot be reduced to zero simply because the land hasn’t been acquired yet, and the overlay itself cannot be used to suppress value,” Towson says. It also clarified that gains on separate parcels cannot offset a claim on the reserved land, and zero dollar offers won’t stand. Towson says it was important to note that the Court looked at the “real planning and market context rather than entertaining speculative valuations” advanced by the authority. Developers prepare for P&E Amendment Act With the amendments now officially enacted, developers should check their zoning given that the new regime ties compensation to actual zoning, Towson says. Importantly, a low offer should not be accepted at face value. “Barrett confirms that authorities cannot offer nothing and expect landowners to walk away,” Towson says. “Developers should be strategic with permit applications,” Towson says.

Vale since 1981. But in 2010, Public Acquisition Overlays came into effect for the future Regional Rail Link and Outer Metropolitan Transport Corridor. Ten years later in 2020, Barrett submitted plans to develop the land but was refused by the Wyndham City Council. Barrett subsequently made a compensation claim with Transport for Victoria. But the transport infrastructure body did not respond to the claim initially or make any offer of compensation, so Barrett took it to court. The case went to trial in 2025 and a judgement was handed down in March.

Gadens partner Andrea Towson: The Supreme Court case and new planning legislation has changed the rules of the game.

“Critically, the Court held that once a landowner establishes entitlement to compensation, any remaining uncertainty in the valuation is resolved in the landowner’s favour - not the authority’s,” Towson says. “That is a significant shift in practical terms for affected owners. “The Court was also highly critical of the acquiring authority’s initial zero-dollar compensation offer, sending a strong message that authorities must engage early and reasonably when compensation rights arise and that landowners should not be deterred by low or nil opening positions.” But this outcome will be harder to replicate under the new regime, Towson says. P&E Planning Amendment changes The amendment reforms sit within a broader overhaul of Victoria’s Planning and Environment Act 1987, aimed at streamlining approvals and accelerating housing delivery, Towson says. The key changes are that compensation must be tied to a quantifiable loss which can be demonstrated at the time, “not what might have occurred in an ideal scenario”. “[Compensation] will only be assessed on the development actually applied for,” Towson says. In a similar vein, land value will be assessed in reference to its current zoning, not potential future zoning, with no compensation for prohibited uses. “This is a significant narrowing compared to the previous

The 15,000ha Western Grasslands Reserve sits on the volcanic plains of western Victoria.

“Compensation under the new Act will only be assessed on the development actually applied for, so timing and scope matter.” PAOs should be addressed in sales contracts, with special conditions dealing with compensation claims, Towson says. “Without clear contractual provisions, the right to pursue or receive compensation may not automatically follow the land on sale, leaving value on the table for either party.”

September / October 2026 – 9

Get quality developer-buyer leads. List on DevelopmentReady for access to Australia’s best network of purchase-ready developer buyers, for quality leads.

Contct Speak with your local account manager for bookings.

VIC

TAS

VIC

TAS

Michel Bevilcqu Account Director 0437 426 043 mbevilcqu@redymedi.com.u

Jck Newnes Account Executive 0438 384 354 jnewnes@redymedi.com.u

NSW

ACT

NSW

ACT

Tin Ghezzi Account Director 0438 228 536 tin@redymedi.com.u

Scott Bremner Account Director 0487 600 077 scott@redymedi.com.u

QLD

VIC

Residentil

Slly Miller Account Director 0459 398 151 slly@redymedi.com.u

Frnk Mteri Account Director 0400 649 959 frnk@redymedi.com.u

Ntionl

QLD - Gold Cost Level 11, 50 Cvill Avenue Surfers Prdise QLD 4217

VIC - Melbourne | Hed Office Level 3, 161 Buckhurst Street South Melbourne VIC 3205

Jke Rgkousis Ntionl Sles Director 0447 460 230 jke@redymedi.com.u

Generl enquiries 03 9631 5476 info@developmentredy.com.u

NSW - Sydney Level 3, 31 Alfred Street Sydney NSW 2000

10 – September / October 2026

Retail – National

THE PROPERTY DEVELOPMENT REVIEW

SHOPPING CENTRE SUPPLY SQUEEZE STRENGTHENS RETAIL INVESTMENT OUTLOOK

Prepared By Ready Media Group

CBRE’s 2026 Australian Shopping Centres Outlook forecasts just 700,000 sqm of new shopping centre space nationally between 2026 and 2028, as high construction costs and feasibility challenges constrain new developments.

CBRE says returns are increasingly driven by rental growth and income performance, rather than yield compression. In a higher-interest-rate environment, assets with stable income streams and potential for income growth are becoming more attractive to investors. Simon Rooney, CBRE Pacific Head of Retail Capital Markets, said shopping centres were benefiting from diverse income streams and opportunities to grow rents. “Return profiles for shopping centres are considered more resilient relative to other commercial asset classes, due to the diversity of income streams, re-based income levels, shorter lease terms providing opportunity for positive leasing spreads together with fixed income growth mechanisms, offering a buffer against

Most of the supply that is coming online is concentrated in neighbourhood centres. Floor space per person is also falling, reducing competition and lifting productivity. Here’s a closer look at what’s driving the supply shortage, and what it means for investors. GROWTH MEETS SUPPLY GAP Australia’s population growth and consumer spending are rising, with CBRE forecasting national retail sales will reach $530 billion by the end of the decade. That growth is expected to flow into key categories, including food, groceries, services and essentials. Australia also has relatively limited shopping centre space compared with global markets. Sameer Chopra, CBRE Pacific Head of Research, said the limited supply of shopping centre space was helping existing assets perform more strongly. “The shopping centre GLA per capita is 0.69, low by global standards, and we see limited scope to build competing product,” Mr Chopra said. “In turn this allows for more productive shopping centres, with the majority exhibiting sales performance of at least $9,000 per square metre.” TIGHTER MARKET FOR TENANTS Retailers are also faring better, with occupancy cost ratios at regional and sub-regional centres easing to below pre-2020 levels. Almost 60 per cent of centres are now recording vacancy rates below 5 per cent. CBRE has recorded positive re-leasing spreads every year since 2023. Mr Chopra said tight vacancy was giving landlords more opportunity to improve the quality of their tenant mix. “Since 2023, we have seen a consistent pattern of positive re-leasing spreads,” Mr Chopra said. “At sub-5 per cent vacancy, most landlords have also managed to re-lease under-performing tenancies with higher- performing retailers.” RENTAL GROWTH DRIVES RETURNS Improving fundamentals are changing how investors assess shopping centre returns.

volatility and economic headwinds,” Mr Rooney said. “Importantly, landlords can actively curate and remix

tenancy profiles, driving income growth and create ancillary revenue stream, further strengthening the sector’s defensive characteristics and long-term investment appeal.” INVESTORS TARGET QUALITY Institutional and offshore capital returned to the sector in 2025, as investment activity rebounded. Retail cap rates have also held up better than other commercial asset classes despite elevated bond yields, reflecting confidence in the durability of income streams. Demand remains focused on quality, with investors showing the greatest interest in centres with strong locations, tenant mixes and future growth potential. Mr Rooney said both domestic and international investors were becoming more selective about the assets they pursued. “Both domestic and global capital is actively reallocating back into the Australian retail sector, driven by renewed conviction, compelling risk-adjusted returns, and an increasingly competitive market, with offshore capital typically partnering with domestic managers,” Mr Rooney said. “While investor sentiment remains positive, demand is becoming asset-specific, with income sustainability and future growth central to overall pricing.”

September / October 2026 – 11

MARKET MOVES VIC DESCRIPTION

VENDOR/ PURCHASER AGENCY

SALE $

A four-property Motus automotive dealership portfolio across Traralgon and Leongatha has completed its sell-down for a combined $38 million, highlighting continued investor demand for purpose-built automotive assets backed by secure income and substantial underlying landholdings. The portfolio comprised four dealership investments and achieved a blended yield of 6.51%. The largest asset at 5567 Princes Highway, Traralgon sold for $23.5 million, while properties at 5533 and 5535 Princes Highway sold for $5.4 million and $5.6 million respectively. The final asset at 6–8 Koonwarra Road, Leongatha changed hands for $3.5 million. A prominent development site at 565 Orrong Road, Armadale and 693–699 High Street, Prahran has sold to a joint venture between local developers Kervale and Karta Group following a competitive Expressions of Interest campaign. The 1,280sqm Orrong Corner site occupies a high-profile intersection with more than 72 metres of combined street frontage. An indicative mixed-use scheme prepared for the site comprises 40 apartments and 660sqm of commercial space across eight levels. A portfolio of three standalone industrial properties in Melbourne's bayside industrial precinct has sold for a combined $5.985 million to a private developer and investor, highlighting continued demand for strategic infill industrial opportunities across Melbourne's south-east. The portfolio attracted more than 65 enquiries through a competitive Expressions of Interest campaign, with interest from investors, owner-occupiers and developers. The medical investment at 44 Highbury Road, Burwood has sold for $2.52 million following a competitive Expressions of Interest campaign, highlighting continued investor demand for securely leased healthcare assets across Melbourne. The property is leased to Honeycomb Health on a newly exercised five-year term with six further five-year options and sold on a 5.12% yield. The retail investment at 36 Church Street, Brighton has sold under the hammer for $4.01 million, following a competitive auction that attracted three bidders and achieved a sharp 3.9% yield. The property comprises a 201sqm two-level building on a 184sqm site, with the ground-floor retail space leased to international eyewear and optometry retailer Bailey Nelson on a 5+5-year lease from November 2024. The freehold industrial warehouse at 11 Horscroft Place, Moorabbin has sold under the hammer for $1.9 million to an owner-occupier, following a competitive auction campaign. The property achieved a building rate of $3,392 per sqm, with the campaign attracting multiple offers and interest from owner-occupiers, investors and land bankers. The strata office at Level 2, 15 Claremont Street, South Yarra has sold with vacant possession to HTA Advisory, marking the suburb's third-largest strata office transaction of the past decade. The 779sqm whole-floor office features an existing fit-out, 13 secure basement car spaces and upgraded lobby areas. The industrial investment at 122 Radnor Drive, Deer Park has sold off-market for $12.25 million, highlighting continued investor demand for securely leased industrial assets across Melbourne's western industrial market. Positioned on a 10,475sqm site, the property comprises 4,184sqm of high-clearance office and warehouse accommodation, extensive concrete hardstand and is securely leased to national operator Global Industrial. The Nando's investment at Cranbourne North has sold for $5.845 million to a NSW-based private investor, following a competitive Expressions of Interest campaign and reflecting a 5.30% yield. Positioned within WT Business Park, the fast-food investment attracted interest from local, interstate and offshore investors. The landmark retail freehold at 105–109 Ocean Beach Road, Sorrento has sold prior to auction for $4.3 million, achieving a sharp 3.47% yield after being held by the same family for almost four decades. The 628sqm Commercial 1 Zoned site is home to national tenants Ghanda Clothing and Thirsty Camel.

5567, 5533 & 5535 Princes Highway, Traralgon; 6–8 Koonwarra Road, Leongatha

Rorey James and Kevin Tong of Stonebridge Property Group, together with Ben Wilson, Emma Dune and Emily Whitty of Wilson Property

$38 million

Undisclosed

565 Orrong Road, Armadale & 693–699 High Street, Prahran

Hamish Burgess, Oliver Hay, Daniel Wolman and Leon Ma of Cushman & Wakefield

P: Kervale and Karta Group (JV)

Undisclosed

Langton McHarg and Steven Salopek of Knight Frank Australia and McHarg Real Estate

Bayside industrial precinct (3 properties)

P: Private Developer and Investor

$5.985 million

44 Highbury Road, Burwood

Jeremy Gruzewski and Rod King of Aston

$2.52 million

Undisclosed

36 Church Street, Brighton

Mark Talbot, Tom Fisher and Ben Liu of Fitzroys

$4.01 million

Undisclosed

11 Horscroft Place, Moorabbin

Rodney King and Joshua Colosimo of Aston

$1.9 million

P: Owner-Occupier

Level 2, 15 Claremont Street, South Yarra

Xavier Nguyen and Eddie Foulkes of Colliers

Undisclosed

P: HTA Advisory

$12.25 million

122 Radnor Drive, Deer Park

Undisclosed

Knight Frank Australia

Cranbourne North (WT Business Park) – Nando's

$5.845 million

P: NSW-based Private Investor

Stonebridge Property Group

Justin Kramersh, Rick Jacobson, Nathan Mufale and Scott Hawthorne of CBRE

105–109 Ocean Beach Road, Sorrento

$4.3 million

Undisclosed

12 – September / October 2026

THE PROPERTY DEVELOPMENT REVIEW

NSW DESCRIPTION

VENDOR/ PURCHASER AGENCY

SALE $

The Orange Grove Hotel at 305–311 Balmain Road, Lilyfield has sold following a competitive Expressions of Interest campaign, highlighting continued investor demand for well-located metropolitan hospitality assets across Sydney's Inner West. The freehold going concern occupies a prominent 934sqm corner site and features a sports bar, bistro, bottleshop, 12 gaming machines and 12 accommodation rooms, together with an on-site manager's residence. Two landmark Sydney pubs, The Clock Hotel in Surry Hills and The Bank Hotel in Newtown, have exchanged contracts in a $91 million portfolio transaction, with Australian Venue Co (AVC) acquiring the venues in partnership with a private freehold property investor. The transaction brings an end to long-term ownership of both properties, with The Clock held for 23 years and The Bank for 14 years. McGraths Hill Home at 10 Industry Road, Vineyard has sold for $66.8 million to Sydney-based investment company Centennial, highlighting continued investor demand for tightly held large-format retail assets. The centre occupies a substantial 37,840sqm site in Sydney's north-west growth corridor and is anchored by major retailers including Bunnings Warehouse and Harvey Norman. The Macquarie Barracks Motor Inn at 103 Hastings River Drive, Port Macquarie has sold to experienced pub owner Alistair Flower, expanding his hospitality interests alongside the adjoining Settlers Inn. The 37-room, four-star motel forms part of a combined hospitality and accommodation precinct spanning approximately 3.5 acres. The iconic Crown Hotel in Camden has sold off-market for the first time in 30 years, highlighting continued demand for established hospitality assets across Sydney's rapidly growing south-west corridor. The multi-faceted hotel generates approximately $110,000 in weekly revenue and includes 20 motel rooms and 24 gaming machine entitlements. Eastern Creek Quarter Large Format Retail (ECQ XL) in Western Sydney has sold for $49 million, with MA Financial Group acquiring the asset from Vicinity Centres. Completed in 2022, ECQ XL comprises more than 11,000sqm of large-format retail accommodation, anchored by Officeworks, 4WD Supacentre, Anaconda and RSEA Safety. The newly developed self storage facility at 3 Holbeche Road, Arndell Park has sold for $34 million to StoreLocal, forming part of a $57 million two-asset acquisition across Western Sydney. The facility spans a 9,008sqm site and provides 9,060sqm of net lettable storage space across three levels. The newly completed self storage facility at 5 Abel Street, Jamisontown has sold for $23 million to StoreLocal, expanding the operator's presence across the growing Western Sydney market. The property occupies a 6,306sqm site and comprises 6,172sqm of net lettable storage space across three levels.

305–311 Balmain Road, Lilyfield (Orange Grove Hotel)

Leon Alaban and Drew Mitchell of Savills Hotels & Hospitality

Undisclosed

The Clock Hotel, Surry Hills & The Bank Hotel, Newtown

P: Australian Venue Co (AVC) & Private Freehold Investor

John Musca, Ben McDonald and Kate MacDonald of JLL Hotels & Hospitality Group

$91 million

10 Industry Road, Vineyard (McGraths Hill Home)

V: Stirling Property Funds Management P: Centennial

$66.8 million

James Douglas of CBRE

103 Hastings River Drive, Port Macquarie (Macquarie Barracks Motor Inn)

Malcolm Mathie and Ray Larkin of Manenti Quinlan & Associates (MQ & Associates)

Undisclosed

P: Alistair Flower

Edward Browne and James Smithers of JLL Hotels & Hospitality

Crown Hotel, Camden

Undisclosed

Eastern Creek Quarter Large Format Retail (ECQ XL)

V: Vicinity Centres P: MA Financial Group

$49 million

Simon Rooney of CBRE

3 Holbeche Road, Arndell Park

John Micallef and Jason Edge of CBRE

$34 million

P: StoreLocal

5 Abel Street, Jamisontown

John Micallef and Jason Edge of CBRE

$23 million

P: StoreLocal

TAS

VENDOR/ PURCHASER AGENCY

DESCRIPTION

SALE $

The government-leased office and warehouse facility at 89 Cambridge Park Drive, Cambridge has sold for $28.05 million to an interstate investor, reflecting an initial yield of 7.15%. The asset comprises 6,897sqm of lettable area on a substantial 28,080sqm corner site, with 163 car parks. It is fully leased to the Tasmanian State Government.

Tom Ryan and Trent Preece of Knight Frank, together with Scott Newton and Richard Steedman of Elders Commercial

89 Cambridge Park Drive, Cambridge

$28.05 million

T: Tasmanian State Government (tenant)

VENDOR/ PURCHASER AGENCY

DESCRIPTION

SALE $

A major industrial landholding at 201 Stock Road, Bullsbrook has been acquired by Troon Group for $80 million, marking the developer's first entry into the Perth market. The 180-hectare site, approximately 15 kilometres north of Perth, has an approved planning permit and is set to be subdivided into approximately 130 industrial lots for sale and lease.

Andrew Bell, Chris O'Brien and Josh Deluca of CBRE, alongside Matt Lyford of Industrial & General

201 Stock Road, Bullsbrook

$80 million

P: Troon Group

September / October 2026 – 13

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76