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Historic Burrawang West Expected to Sell For $8.5 Million

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Tuesday, 18 September 2012 00:00

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

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Thursday, 13 September 2012 00:25

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

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Thursday, 13 September 2012 00:22

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

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Thursday, 13 September 2012 00:20

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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Administrators to Recover Just Half of Mowbray's Debts From Campus Sales

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Tuesday, 28 August 2012 00:06

ADMINSTRATORS for defunct western suburb private college Mowbray are likely to recover just half of the school’s $18 million debts from the sale of its three campuses alone.

In what is described as a complicated sale campaign in which value will depend on potential land usage and in particular if the sites can be rebuilt as residential projects – the three school campuses are speculated to be worth a total of about $9 million.

The largest school – the 17.75 hectare Patterson campus in Melton is expected to sell for about $6 million, according to sources. Two smaller campuses in Caroline Springs, including the 1.25 hectare Residential 1 zoned Town Centre Campus at 183-191 Caroline Springs Boulevard, and the 1.06 hectare Brookfield campus at 5 Stevenson Crescent are expected to each reap about $1.5 million.

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Iconic Campari Restaurant For Sale, Melbourne

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Tuesday, 21 August 2012 12:07

THE Dubai-based investors who in 2009 paid about $4.8 million for landmark city restaurant Campari, are relisting the asset for sale.

The renovated 800 square metre, four-level retail space at 23-25 Hardware Lane opened as Campari in 1968 but closed for a period before opening again in August 2009.

The vendors purchased the site from restaurateur Nick Zampelis, who paid $1.46 million for it in 2000. Mr Zampelis operated from the premises for a couple of years before leasing it to other occupiers. The current tenants, Australian Pacific Hospitality Management are behind other local dining institutions including Scusa Mi in Southbank.

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Prominent Fitzroy Site Set to Become Major Mixed Use Village, Melbourne

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Thursday, 23 August 2012 09:03

A SUPERSIZED block in bohemian Fitzroy is expected to make way for an $80 million-plus mixed use development after selling off-market to a developer.

On the north-east corner of Johnston and Gore streets, the 2122 square metre site sold for more than $8 million reflecting a land rate per square of some $4000.

Close to the corner of the Smith Street retail strip the former warehouse at 239-247 Johnston Street have been occupied in recent years by retail users including homewares and replica furniture store, The Dogs Breakfast Trading Company.

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