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Costco to Enter Lucrative Australian Petrol Market

costco

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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Australia’s Population Boom Continues, We’re Now at 22.5 Million

crowd

AUSTRALIAN Bureau of Statistics show the nation’s population surged 1.4 per cent last year to 22.5 million.

Victoria led the population surge recruiting 75,000 new residents in the way of immigration, more babies and a net increase from other states. The state now has 5.6 million people.

Mining states Western Australia (which gained 67,400 residents) and Queensland (66,500) were the next fastest growing states.
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YTL Group Buys Country’s Largest Ever Hotel Property Portfolio: $415 Million For Marriott Sydney, Melbourne and Brisbane

ytl group

MALAYSIA’s YTL Corp has paid a reported $415 million for a portfolio of three major hotels on the eastern seaboard.

The three hotels – the Sydney Harbour Marriott at 30 Pitt StreetCircular Quay, the Melbourne Marriott at the corner of Exhibition and Lonsdale streets and the Brisbane Marriott at 515 Queen Street – represent what is believed to be the country’s largest ever hotel property portfolio measured by value.

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Offshore Funds Cash up For Australian Farming Assets

farmland

INVESTORS from the United Kingdom are planning a $400 million fund to invest in cotton and wheat properties in eastern Australia.

To be known as Southern Agricultural Resources, and with Derek Shaw as a non executive director, the fund has reportedly identified for purchase 24 properties covering over 100,000 hectares in New South Wales and Queensland.

The fund has “been quietly shuffled around investment circles in the UK and USA" according to the AFR.
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NIMBYs Might Win Fight Against Major Brunswick Proposal, Melbourne

294 albert street brunswick

THE Moreland City Council and developers are battling against the clock to get a contentious Brunswick project out of the ground before mid-2012, when the permit expires, and resident concerns regarding the proposal must then be heard.

The 284 – 294 Albert Street block was the subject of a dispute last June when Brisbane-based owner Citimark proposed a $100 million apartment compound with three towers rising between 10 and 14-levels (impression, right).

Citimark relied on a development overlay introduced in 1994 and specifically for the construction of a supermarket, next door, to bypass third-party appeal rights for its major proposal.
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Move Over Simcity, New Internet-Based Property Development Game Arrives

simcity

REAL estate hobbyists will be able to play the part of a property entrepreneur, as part of a new internet-based computer game set to hit the market soon.

Property Mogul will allow players to acquire, sell and manage properties to build a portfolio. Players start with $1 million, and can utilize real estate agent help to advice on game based purchasers. Agents will be represented with an online avatar.

“Property Mogul is an entertaining and interactive game where players buy, sell and manage real estate, allowing them to apply real life principles to achieve virtual property tycoon status,” said Century 21 Australia chairman and owner Charles Tarbey. The agency has developed the game with Engaging Communications.
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Charter Hall Disposes of $34.65 Million in Assets

spinifex house

CHARTER Hall today announced its Diversified Property Fund (DPF) has contracted to sell Spinifex House at 46 – 50 Kings Park Road (pictured, right), West Perth to a private syndicator for $28.25 million, or $6900 per square metre.

The sale price reflects a premium price of 6.3 per cent to the assets June 30, 2011 value.

Charter Hall has also sold a smaller office building at 22 – 28 Compark Circuit, in the south-east Melbourne suburb of Mulgrave. This asset sold for $6.4 million to an owner occupier.
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