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Planning Minister Approves $800 Million-Plus Redevelopment of Ex-Age Site, Melbourne

IT USED to be considered the dankest end of the Melbourne CBD - but now two former industrial sites opposite the Southern Cross train station are to make way for some ten swank skyscrapers accommodating some 5500 apartments.

Yesterday Victorian planning minister Matthew Guy approved an $800 million redevelopment of the former Age newspaper site at 250 Spencer Street.

The proposal – seen in ISPT’s 2012 annual report – seeks to add six skyscrapers and 2994 flats to the block which for years houses The Age newspaper.
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Historic Burrawang West Expected to Sell For $8.5 Million


NINETEENTH century station Burrawang West in western New South Wales is for sale and expected to sell for about $8.5 million.

The historic property spread over 5000 hectares on the Lachlan River, about 450 kilometres west of Sydney, was once a wool production operation, in 1884 establishing a then-record for processing 5000 bales.
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Challenger Sells 417 St Kilda Road, Melbourne, For $80 Million

417 st kilda road

INVESTMENT manager Challenger has offloaded a major St Kilda Road tower in an $80 million deal.

The 10-level, 20,000 square metre A-grade office at #417 (pictured, right) has been purchased by syndicate Newmark Property Group, headed by ex Lend Lease and Mirvac executive Chris Langford and Simon Morris, previously director of the Peninsula Development Group.

The sale price represents a high yield of about 9 per cent. For years known as the Mobil building, 417 St Kilda Road includes Oracle and the Red Cross as major tenants.
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State Government Approves Laws Allowing Perth Sunday Trading

perth across swan river

AFTER some 25 years, the Western Australian state liberal government has approved laws allowing Sunday trading in Perth.

In a move expected to result in a wave of major new retail developments and refurbishments, Premier Colin Barnett, and the opposition, supported the legislation which replaces ad hoc rules that allowed only certain retailers to open.

Sunday trading was the subject of a failed referendum in 2005.

Melbourne-based Myer has been one of the first retailers to praise the move, adding the group would now “move more quickly to refurbish and expand operations in Perth”. The company has refurbished just one of its six Perth stores since 2006 but undertaking numerous major renovations of its east coast outlets since that time.

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Costco to Enter Lucrative Australian Petrol Market


US retail giant Costco – reportedly the world’s eighth largest retailer – is looking to enter the lucrative Australian petrol market.

Following in the footsteps of local rivals Woolworths, and the Wesfarmers backed Coles, Costco has applied to build service stations at as-yet-undeveloped stores in Sydney and Brisbane.

The retailer reportedly sold 8.7 billion litres of fuel at its 500+ US stores in 2010.

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