Lend Lease Wins $315 Million Contract to Widen West Motorway, Sydney

LEND Lease has secured the $315 million contract to widen the M5 West Motorway in Sydney.

It will design and construct the upgrade which include interlink roads. Two lanes will be extended to three in each direction from Camden Valley Way, Prestons to King Georges Road, Beverly Hills.

Lend Lease’s construction business, Abigroup, has been working on the proposal since February 2010. Completion of the project is expected in December 2014.

Lend Lease announced the contract to the ASX this afternoon (June 26):

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TAL Leases 10,500 Sq m in Sydney CBD

THE life insurer formerly known as Tower, and now, TAL, will relocate across from Sydney’s north to the CBD after committing to lease 10,500 square metres at 363 George Street, near Martin Place.

TAL will leave Milsons Point and Albert Street which it has called home for 40 years. The move will bring together the company’s 850 staff – including some currently located at another Martin Place office.

It’s new George Street office will spread across 12 levels. It fills part of 60,000 square metres being vacated by the Commonwealth Bank (which is moving to the Darling Quarter).

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Rail Infrastructure Worth More Than $18 Billion Announced For Metropolitan Sydney

SYDNEY will get a second harbor crossing under plans for a multibillion rail vision announced by Infrastructure NSW on June 20.

The crossing – with conservative cost estimates of $10 billion – will join the $8.5 billion North West Rail Link, set to be open in about 2019-20. The harbour crossing is not expected to start before then.

The crossing is needed for Sydney to use metro-style trains similar to those in London and Paris.

Coalition government advisers have speculated the tunnel cost would be considerably more than $10 billion – but Transport Minister Gladys Berejikian assured the AFR the infrastructure project will be built. The newspaper also included a map of the project.

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TopShop Unveils $1.85 Million Refurbishment of Ex Gowings Building, Sydney

UK retailer Topshop has unveiled plans for a $1.85 million refurbishment of its Sydney CBD headquarters.

The retailer has leased five levels of the former Gowings building – basement, lower ground, ground, mezzanine and first floor.

Plans for the refurbishment are on display according to the AFR which reported the retailer’s application.


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Major Developments Set to Start in Double Bay, Sydney

ONE of Sydney’s most exclusive suburbs is about to see a rise in apartment skyscraper activity.

This month, it is expected authorities will approve a $65 million plan to revitalize Double Bay.

The Kiaora Lands site on New South Head Road, of which a redevelopment proposal has been discussed for more than a decade, will make way for one of the suburb’s bigger proposal. Two new commercial sites will replace existing aged care buildings.

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Property Bank Australia Pays $15.6 Million For North Sydney Office

THE Perth-based Property Bank Australia has paid $15.6 million for a North Sydney commercial investment.

It is the latest in a string of investments on the North Shore where PBA has invested recently.

Its latest acquisition, a five-level, 3540 square metre office on a 1034 square metre block at 51 Berry Street returns rent of $1.4 million per annum. It includes 42 car parks and had recently undergone capital value works.

The main tenant is ACE Limited which has occupied the building since new and recently signed a new five year lease.

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Lend Lease’s APPF Commercial Buys Into $6 Billion Barangaroo Development

LEND Lease’s “institutional flagship fund” APPF Commercial has reportedly acquired a small interest within the first two skyscrapers that will form part of the $6 billion Barangaroo project on Sydney Harbour.

It is speculated APPF’s stake is as little as between 7 and 12.5 per cent, which would exclude it from any decision making power on the project. Lend Lease and APPF Commercial declined to comment on the speculation reported by the AFR.

It’s understood major office tenants including Westpac and KPMG are to be announced as tenants in the two towers.

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Law Firm Ashurst Leases Sydney CBD Office Space

A MAJOR leasing deal for an historic office building known as the “money box” may result in additional levels being added at the centre of Sydney’s banking district.

International law firm Ashurst is reportedly in advanced negotiations for 16,000 square metres of space at the 5 Martin Place office building (pictured, right), once occupied by the Commonwealth Bank.

The $450 million development is co-owned by the Commonwealth Property Office Fund (CPA) and industry super fund Cbus. The addition of nine additional levels in the Sydney CBD is expected to take about 2 ½ years to complete, according to the AFR which reported the Ashurst lease.

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Great Eagle Group Pays $40 Million For Observatory Hotel, Sydney

GREAT Eagle Group, the listed Hong Kong property company has paid about $40 million for the Observatory Hotel in Sydney (pictured, right).

The purchase will add to the group’s 13-strong portfolio of international hotels it currently manages under the Langham and Langham Place brands.

Already operating in Melbourne, and Asia, Europe and the United States, the purchase of the 96-room Georgian style grand 19th Century home allows the group to offer a Langham brand in Sydney.

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NSW Transport Department Spents $48.5 Million on Epping Office Asset Which it Will Demolish

THE New South Wales state transport department has paid $48.5 million for a prominent suburban office park in Sydney, which it will bulldoze, as part of its $8.5 billion North-West Rail Link project.

The office park was offloaded by Abacus Property Group which paid $25 million for the asset in 1997.

A lot of the asset’s value lay in its residential redevelopment potential. Instead the site will become the location for the North West Rail Link’s Epping Services facility. The purchase gives the government four buildings near the Epping railway station and bus interchange in the suburban north-west.

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Woolworths and Laundy Make Caringbah Pub Play

A NEWLY formed consortium including Woolworths and hotel industry veteran Arthur Laundy have made their first major property play in southern Sydney.

The consortium is reportedly paying $40 million for the Caringbah Inn, at 343 Port Hacking Road and a few kilometres from the bayside suburb of Cronulla.

The pub includes strong food and beverage earnings, poker machines, and a bottle shop which may be rebranded as Woolworths trademark Dan Murphys.

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Markham Corporation Team With McDonald College to Build Major Apartment Tower on School Campus

MARKHAM Corporation and McDonald College will develop a $90 million apartment complex on the college’s campus, in North Strathfield, in western Sydney (pictured, right).

Markham is working with the school redevelop the southern quarter of the George Street campus into a complex with between 100 and 200 flats, each priced at “less than $600,000”, according to the AFR which reported the proposal

The college will make money from capital gain valuations of the site, as well as from apartment sales. Markham will build a new boarding house facility on the balance of the site.

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Crown International Holdings Group Pays $27 Million For North Sydney Development Site

CROWN International Holdings Group has paid $27 million for a North Sydney development site with plans and permits for a 180-unit apartment complex.

The 1600 square metre site at 211 – 223 Pacific Highway will be added to the portfolio of the Sydney-based builder, which according to the AFR, controls some $1 billion worth of apartments in local developments in Parramatta, Rhodes and above the Top Ryde City shopping centre in Ryde.

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Lin Family’s North Epping Home, Sydney, Listed For Sale

THE North Epping property dubbed by locals as the “House of Horrors” has hit the market for sale with price expectations of about $700,000.

The property (pictured, right), set well back from the street on a battleaxe shaped block, was the scene of a murder in July 2009, where five members of the Lin family were allegedly beaten to death in bedrooms by a family member known to them.

The victims included local newsagent Min “Norman”, 45, his wife Yun Li “Lillie”, 43 their two sons, aged 12 and 9, and Mrs Lin’s sister Irene, 39. The Lin’s daughter, 15 at the time, was not sleeping at home on the night the murders occurred.

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Dexus Paying REST $60 Million For Sydney CBD Office

SUPERANNUATION fund REST is believed to be close to selling a Sydney CBD office building to Dexus Property Goup for $60 million.

The 19-level, 10,896 square metre office at 50 Carrington Street (pictured, right) overlooks Wynyard Park and includes ground floor retail space.

Nine tenants lease the building which is about 25 per cent vacant. REST purchased the building from British Property Giant MEPC in 1998 as part of a portfolio.

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Thakral Holdings Close to Selling Wynyard Complex For $250 Million

WESTFIELD Group is reportedly considering buying the Wynyard Complex in the Sydney CBD.

The purchase from Thakral Holdings is for a reported $250 million and includes a small retail centre with access to George Street and which forms a concourse entrance to the Wynyard train station.

The asset also includes the 446-room Menzies Hotel, the Thakral House office building and a 335 bay car park, according to selling agency Jones Lang LaSalle.

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Larry Emdur Pays $6.8 Million For Dover Heights Mansion

LARRY Emdur, former game show host turned co-host of Channel Seven’s The Morning Show, has paid a reported $6.8 million for a cliff-top Sydney mansion.

Emdur, with wife Sylvie, will relocate from another waterfront home in the suburb, in Sydney’s east.

The home (pictured, right) was offloaded by rag traders Lusa Krukziener Moss, the wife of Jeff Moss, the founder of the Packer family backed Pretty Girl fashion group. Lisa is reported in various publications as paying $7.1 million for the home in February 2007.

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Australian Red Cross Sells Sydney CBD Headquarters For $31 Million

THE New South Wales headquarters of the Australian Red Cross has sold for $31 million.

The eight-level building at 153-159 Clarence Street in the Sydney CBD was purchased by Melbourne based developer and construction group St Hilliers.

The art deco building has been the headquarters of the ARC and Red Cross Blood Service since 1974, but was built around 1938-1939 as a warehouse and showroom for wholesalers S. Hoffnug and Co.

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AMP, Westfield to Extend North Ryde’s Macquarie Centre, Sydney

AMP Capital Investors, with the Westfield Group, are set to redevelop the Macquarie Centre which they co-own in Sydney’s north.

The shopping centre upgrade will be the biggest undertaken in New South Wales for about ten years.

It will add a new David Jones store, a national supermarket chain and about 150 specialty stores – in a 30,000 square metre extension. Macquarie Centre is currently 96,500 square metres.

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Sydney CBD’s $6 Billion Barangaroo Redevelopment Set to Start Construction After Years of Protest

NEW state premier Barry O’Farrell will personally supervise the controversial $6 billion Barangaroo urban renewal project, set to replace industrial land –  part of a Sydney Harbour container terminal, that ceased functioning in 2003.

The waterside project will include a compound of skyscrapers, one being a hotel that will jut into the water, in a copy of Dubai’s Burj al Arab tower.

The redevelopment was lobbied against by Greens groups and local councils, as well as wealthy Sydneysiders whose views will be lost. Protesters argued planning approvals were flawed, and resulted from the “mates” culture of the previous state Labor government.

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Topshop Leases Sydney’s Iconic Gowings Building

UK retail giant Topshop will open its first Australian store at Sydney’s high profile Gowings Building (pictured, right).

The building, at the corner of George and Market streets, was reportedly eyed off by Spanish clothing retailer Zara, which instead chose the Westfield shopping centre nearby.

Topshop is a popular online clothing retailer, and also operates from about 20 countries. Its flagship is in London’s Oxford Street.

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First New Office in 20 Years to be Developed at Norwest Business Park, Sydney

Capital Corporation has started construction of a seven level, 11,000 square metre office at Sydney’s Norwest Business Park.

The development will also include 106 serviced apartments, to be managed by Toga Hospitality as the Media Apartments Norwest.

According to the AFR, which reported the new development, the new office is the first redevelopment in 20 years at Norwest, in Sydney’s north-west suburb of Baulkhum Hills.

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Major Macquarie Park Project Should Start Construction Soon, Sydney

CONSTRUCTION of a major new 561-unit apartment complex in Sydney’s Macquarie Park should start by the end of this year.

Global property group LaSalle Investment Management has teamed with Sydney’s Toga Group to develop the regional centre in Sydney’s north.

All planning approvals for the first stage of the project are in place, according to the AFR which reported the new development arrangement.

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Parmalat Foods Leases Frenchs Forest Warehouse

PARMALAT Food, a dairy group whose brands include Pauls Milk, has signed a 10-year lease for 1281 square metres of space at Frenchs Forest in Sydney’s north.

The group is reportedly paying rent of almost $180 per annum per square metre to occupy the warehouse at unit 1, 4 – 6 Aquatic Drive.

The deal, co-ordinated by Jones Lang LaSalle’s Ryan Carey on behalf of Nelia, will see fixed rental reviews of 4 per cent.

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Australand, LaSalle Pay $35 Million For Clemton Park Development Site, South-West Sydney

LISTED institution Australand Property Group with partner LaSalle Investment Management, have paid about $35 million for a 5.5 hectare development site in Sydney’s south.

The Clemton Park site (aerial of the suburb, right) sold with a permit. It’s expected to deliver about 700 dwellings over a five to six year period.

Construction company Parkview sold the site, some 15 kilometres south-west from the Sydney CBD and near Earlwood, Kingsgrove and Campsie and not far from the city’s international airport.

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