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M&G Real Estate and Stockland have entered a partnership to develop a portfolio of land lease communities within Australia’s senior living sector.
Next Constructions accuses ex-employee of $700K in secret profits
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Sydney builder Next Constructions has accused a former employee and his wife of procuring $700,000 in secret profits by allegedly directing subcontractors to pay a company they controlled.
Super fund that vetoed First Guardian can shield due diligence intel
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Super fund HUB24, which rejected the now collapsed First Guardian fund as an investment for members, can protect its due diligence process from getting into the hands of rival Diversa, whose members weren’t so lucky.
Judge ‘very, very unhappy’ with progress in Hyundai, Kia class actions
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The judge overseeing class actions against Hyundai and Kia has taken the parties to task over lack of progress in the cases, calling them out for “paying lip service” to the obligation to proceed expeditiously.
Shangri-La director loses case against insurers over cladding liability
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A director of collapsed builder Shangri-La Construction who was found personally liable for $3.2 million in rectification costs for combustible cladding in a Melbourne apartment complex has failed to pass on his costs to his insurers.
CapitaLand Ascendas REIT trustee not entitled to $1.4M rent guarantee: court
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A court has excused the developer of a warehouse in greater western Sydney from paying a $1.38 million rent guarantee to CapitaLand Ascendas’ REIT trustee Perpetual, finding it met its obligation to procure a tenant.
High Court asked to weigh in on fight over defects at lux Sydney high-rise
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The builder and the developer of Sydney’s ‘The Eliza’ apartment building have sought special leave with the High Court after they lost their challenge to a referee report that found it was reasonable for the owners to block them from rectifying defects.
Forestry NSW to pay $450,000 for cutting down culturally significant trees
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In a landmark decision, the Forestry Corporation of NSW has been ordered to pay $450,000 to the Yurrungga Aboriginal Corporation after pleading guilty of cutting down nine culturally and environmentally significant trees in the Wild Cattle Creek State Forest in the state’s mid-north coast.
In loss for Valuer General, court says law doesn’t prescribe method for valuations
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The NSW Valuer General has lost its appeal of a decision upholding a challenge to eight land value determinations, with an appeals court finding that the Valuation of Land Act does not require the use of any specific method to determine land value.
Liquidators win round in case against investors in Chris Marco scheme
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The liquidators of an unregistered managed investment scheme run by convicted fraudster Chris Marco have fended off a summary dismissal application by investors, with a judge finding that it was not so obvious that they would be entitled to a good faith defence to warrant tossing the case.