As Founder of Sydney-based boutique development firm Toohey Miller, Nicholas Couloumbis has built a business on delivering architecturally significant projects in some of the city’s most sought-after and up-and-coming locations.

That expertise means he understands exactly what differentiates an outstanding business from one that merely meets the market.

“A truly exceptional development is one that offers something genuinely unique in terms of location, amenity, interiors planning, outlook and architecture,” he tells The CEO Magazine.

In the current market, particularly amid economic headwinds and an anticipated increase in housing supply unique to Sydney, Couloumbis says Toohey Miller will focus on design while taking a highly disciplined approach to site selection and acquisition.

Toohey Miller may have been founded just before the COVID-19 pandemic, but its roots stretch back much further. The business takes its name from the architectural practice established by Couloumbis’ grandfather in 1955, which developed a reputation for shaping the fabric of inner Sydney. Couloumbis says that legacy gives the property business a sense of purpose that is “critical to any entrepreneur’s journey”.

“Continuing my grandfather’s legacy and contribution to Sydney’s built environment is an enduring source of inspiration and purpose for the business,” he says.

It’s also what spurred the decision for Toohey Miller to adopt a design-first, rather than feasibility-first, strategy.

“A key ethos for every project is to contribute to the built and living environment of our purchasers, stakeholders and community,” he says.

Remembering the why

That’s not to say the journey has been easy.

“I would be lying if I said there haven’t been moments that have tested my convictions,” he admits.

But Couloumbis says those events have been character building, forcing him to reassess his desire for delivering projects.

“I genuinely enjoy creating and surrounding myself with the right people on this journey, and hard moments force you to remember the ‘why,’” he says.

Those hard moments have appeared from day one.

“We started just before the pandemic and the resulting inflationary pressures – both in terms of construction costs and interest rate increases – and supply chain pressure introduced a volatility that would have destroyed many young, growing businesses in the sector,” he says.

A carefully selected portfolio enabled the business to weather those challenges. Couloumbis knows that a steadfast commitment to delivering a great product in this environment will only bode well for future successes when the market turns.

He admits he was probably a bit naive to the challenges a young business owner would face, especially in an industry dominated by established players and long-standing networks.

However, what helped him steer a course through any challenges he’s faced has been his focus on acquiring rare and marquee projects with defendable and solid fundamentals. These include completed residential apartments at No 1 Onslow Place in Elizabeth Bay and current constructions including Barncleuth, Elizabeth Bay and Saint Martens, Mosman. Future projects include 44 apartments planned for Paddington and 175 planned for Pyrmont.

“My projects are enduringly compelling to all stakeholders within the development life cycle,” he says.

Architectural excellence

While many developers focus primarily on financial outcomes, Toohey Miller places a strong emphasis on architectural excellence and enhancing the built environment. Underpinning it all is the commerciality of the project.

“There are certain imperatives that we must meet in the acquisition of every project to ensure our design-led ethos can be realized,” he says.

And Couloumbis isn’t afraid to decline an opportunity if he is not confident in the business case of the project.

“My hard work and my grandfather’s legacy mean too much to do profit-driven projects that do not deliver on our brand’s promises,” he stresses.

As the Sydney market continues to evolve, he says there will always be an owner-occupier in the market for unique opportunities with access to incredible amenities and views.

“The forecast supply story shaping Sydney is interesting but concentrated to certain areas, and I believe there will be a flight to markets and suburbs where there is not a threat of over-saturation, endless construction and potential for view and amenity loss,” Couloumbis says.

These projects must, however, meet many criteria as the Toohey Miller buyer remains ever-discerning.

“Regulation has put a big impost on developers to maintain standards and uphold commercial responsibility in development. This is positive for the industry and will weed out a number of players,” he explains.

Looking ahead, Couloumbis says that despite the predicted market challenges over the next 12–24 months, he is looking forward to the opportunity to perform and deliver marquee projects.

“We do not waver on our commitment to delivering excellence to our purchasers and the community, and contributing to Sydney’s beautiful built form,” he says.

“We plan on being in the market for a very long time.”