GE to Sell 333 Exhibition Street, Again
GE Real Estate Group is trying its luck to sell a B-grade office building overlooking the Carlton Gardens – again. GE
Read moreYear: 2009
Atari Relocates to St Kilda Road
KROME STUDIOS – the new name for the electronic games giant once known as Atari – has swapped its long
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Northbridge Link to Connect Perth and Northbridge For the First Time in 100 Years
THE final plan for Perth’s Northbridge Link has been announced for a 13.5 hectare site, around Horseshoe Bend.
The $500 million plan will see Perth’s central train and bus station sunk, and a new town square developed on land above. The development will include public gardens, retail, business and residential areas, and will connect Perth and Northbridge for the first time in 100 years.
WA Premier Colin Barnett said work will begin next year, and take four years to complete.
About $250 million of funding will come from the City of Perth council, Federal and State governments.
Read moreWindsor Train Station Refurbishment May Add More Shops to Chapel Street
PLANS to build a large concrete ceiling above the Windsor train station underpass, which would act as a floor to
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Peet, Myer, MTAA Super Kick Off Biggest Perth Coastal Development in 50 Years
PERTH’s largest coastal development for more than 50 years has been launched in the Alkimos Eglinton area.
Peet Ltd has unveiled its $1.3 billion Alkimos development, about 40 kilometres north of the CBD. The land mooted for the development abuts another major block which the West Australian government is seeking to develop with a partner.
Combined, about 953 hectares of Perth’s famous coastline will be affected. LandCorp, Delfin Lend Lease, Mirvac and a consortium including Perth based developer Satterley Property Group, are reportedly shortlisted on the government tender to build more housing.
Read moreChallenger to sell Jam Factory
Eleven months since announcing a $700 million revamp of South Yarra’s iconic Jam Factory, the James Packer backed Challenger group
Read moreFootball Federation Victoria Leaves Thornbury for St Kilda Road
VICTORIA’s state governing body for soccer will relocate from a modest office in the middle of a northern suburb sports complex, to a relatively flash new headquarters in tree-lined St Kilda Road.
Football Federation Victoria has leased 845 square metres at Flight Centre’s 436 St Kilda Road office building, about five months ahead of the opening of the distinctive Rectangular Stadium, under construction on Olympic Boulevard, the new name for the part of Swan Street, west of Punt.
St Kilda Triangle Development Cleared for Redevelopment
ST KILDA’s controversial $300 million “Triangle” site redevelopment has been given the go ahead, after the Victorian Civil and Administrative
Read morePerth David Jones, Hay Street Mall, Sells For $115 Million
PERTH’s David Jones store in the CBD has sold to the Singapore listed Starhill Global REIT for almost $115 million.
The asset was put to the market by MCS28, a syndicate managed by Centro Properties Group.
The 4-level property on Hay Street Mall was valued at $114.5 million in June (down 13 per cent since last year). It sold on a yield of 7.75 per cent.
Read moreRubber Stamp Approval For Black Saturday Bushfire Victims
SURVIVORS of Victoria’s Black Saturday bushfires will be able to rebuild their homes, without a permit, under a “radical planning
Read moreLocal Private Developers Pay $44 Million For Perth’s Holiday Inn City Centre
LOCAL private investors and developers George Atzemis and Constantine Berbatis have been revealed as the buyers to pay Eureka Funds Management $44 million for the Perth’s Holiday Inn City Centre.
The 181-room, 4.5 star hotel is expected to be refurbished.
“We believe the performance f the Holiday Inn in 2008 and 2009 makes it the cream of accommodation hotels in Australia,” Mr Aztzemis told the AFR.
Read moreNew Tram Route For Melbourne’s Docklands
A NEW tram line connecting the CBD to Docklands will be open within three months. The tram, an extension of
Read moreChallenger Wine Trust to Sell $20 Million in Wineries
THE CHALLENGER Wine Trust is understood to be selling about $20 million of dozens of vineyards around the country.
The trust’s manager Nick Gill told The Australian “We are in the process of reducing our gearing, as all property trusts are.”
“They are of varying sizes, all dotted across different parts of Australia, some in premium areas and some in less premium areas”.
Read moreRate Rises Expected Across Victoria
VICTORIANS should brace for an average increase of about $50 in this year’s upcoming council rates. Several councils including Stonnington,
Read moreCottesloe Beach Hotel, Western Australia, For Sale
BROOKFIELD Multiplex will sell Perth’s iconic Cottesloe Beach Hotel.
The developer failed to obtain a development permit after several years, and will sell the asset as an investment.
Its plans for a $100 million high rise building on the site seemed doomed in May when the Cottesloe Town Council decided to retain a three-storey height limit in the area.
Brookfield Multiplex paid $17 million for the Marine Parade property in 2003. The asking price this time around his not been disclosed.
Read moreR.Corporation to Develop South Yarra Stables
AFTER a false start, boutique builder R.Corporation has gone back to the drawing board, proposing to redevelop an historic horse
Read moreBrunswick’s Unique Perforated House Sells For $730,000
THE Brunswick terrace that was a finalist for the 2009 Australian Institute of Architects Victorian Awards sold last week for $730,000.
Perforated House, in Wilson Street, was developed by Kavellaris Urban Design last year on a vacant block at the end of a row of 15 adjoining terraces, in the inner-northern suburb.
Geddes Antiques Shops, Armadale, Being Redeveloped Into Offices
ARMADALE’s ritzy High Street – once considered the best place in Melbourne to shop for Persian rugs and antiques –
Read moreUrbex Buys Out Babcock & Brown For $250 Million Ascot Vale Housing Project
BRISBANE-based developer Urbex has taken full control of a $250 million townhouse development in Ascot Vale, until recently a joint venture with Babcock & Brown Residential Land Partners.
The 17-hectare Ascot Chase project will be developed on a former Orica research centre bound by Doncaster, Stanford, Newsom and Walter streets, about seven kilometres north-west of the city.
Administrators For Allco’s Record Realty Should Reap $95M From Melbourne Offices
ADMINISTRATORS for failed property group Record Realty should make about $95 million from the sale of two Melbourne office buildings,
Read moreCFS Frontrunner to Buy Perth’s Lakeside Joondalup SC For $450 Million
COLONIAL First State Global Asset Management is understood to be in negotiations to buy Perth’s Lakeside Joondalup Shopping Centre in Perth for about $450 million.
The speculated sale price equates to a yield of about 7 per cent, and a markdown of $40 million, from the shopping centre’s $490 million valuation in June.
Other institutions reported as being interesteed in buying the centre include Lend Lease’s Australian Prime Property Fund and the Future Fund, which recently sold a substantial amount of Telstra shares.
Land Behind Geddes Antiques, Armadale, to Become Boutique Apartments
CONSTRUCTION of a boutique apartment building, on what was once land behind the Geddes Antiques stores in High Street Armadale,
Read moreDrapac Sells Leigh Mardon Complex, Highett, For More Than $17 Million
THE massive Highett headquarters of security transaction products giant Leigh Mardon is understood to have sold to developer Hallmarc for more than $17 million.
The 2.13 hectare complex, within walking distance of the Southland Shopping Centre and Highett train station, includes a 4,643 square metre vacant site, which is expected to be developed into a retail, office and apartment complex.
Albany Road Block Sliced and Diced, Now For Sale
A GRAND home in what is considered Melbourne’s best street – is back on the market for sale, after its
Read moreRBA Keeps Interest Rates Unchanged at 3 Per Cent
THE Reserve Bank kept official interest rates unchanged at 3 per cent, at its August meeting.
Below is a statement by RBA governor Glenn Stevens:
Read moreSladen House, Geelong, to be Leased as Luxury Offices
FORMER Geelong wedding reception venue Sladen House is being marketed for lease as luxury offices, after selling at auction last
Read moreDrapac to Sell Southbank Electricity Substation
A MASSIVE and prime located substation which pumps electricity to the inner-southern suburbs is expected to sell for more than
Read moreFinbar Pays $10.6 Million For Altus Site, East Perth
KORDAMENTHA, the administrator for failed property developer Saville Australia, has recovered $10.6 million from the sale of a Perth development site.
The Altus apartment development site in East Perth, has been purchased by a consortium including listed property developer Finbar and its joint venture partner Wembley Lakes Estate of Indonesia.
The developers plan to scale down the major apartment project that was proposed for the Altus site. Its new plans are for a 10-storey development with 220 apartments, to replace a 32-storey proposal with 250 larger apartments.
Read moreReceiver’s Called in For Developers Of Perth’s Former Emy Brewery Site
RECEIVERS have been called in for the developers of a prominent apartment project on Perth’s western fringe.
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Daniel Tzvetkoff’s Gold Coast mansion sold
THE Gold Coast mansion of IT tycoon Daniel Tzvetkoff has sold for $17 million.
The Gold Coast’s Bulletin Report says a local businessman has purchased the nearly-completed mega mansion in Hedges Avenue. The six-bedroom home is reported to need another $500,000 spend on renovation, and cost Mr Tzvetkoff about $28 mllion last year.
The mansion includes underground parking for ten cars and occupies four house blocks on Mermaid Beach.
Sunland Makes Another Development Site Purchase at Gold Coast’s Pacific Pines Estate
DEVELOPER Sunland has settled on a $4 million development site at the Pacific Pines residential estate in the Gold Coast.
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Lang Walker Pays $10 Million For Amcor Petrie Paper Mill, Brisbane
SYDNEY-based property developer Lang Walker has paid a speculated $10 million for a 30 hectare parcel of land, once part of Amcor’s Petrie paper mill, in Brisbane.
The off-market transaction is understood to have occurred in May. It’s reported Mr Walker will develop the estate, about 23 kilometres north of Brisbane, in three stages.
“Demand has already proven strong,” Mr Walker told The Australian. “With very limited marketing, we have already sold a third of the stage of the estate to businesses and investors from the local area.”
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Gold Coast Mansion of Daniel Tzvetkoff Hits The Market
THE luxurious new Gold Coast mansion of former IT entrepreneur Daniel Tzvetkoff has come on the market.
The 6-bedroom home, built on four house blocks between 33 – 39 Hedges Avenue in Mermaid Beach, will be offered for tender in a campaign closing next month.
Mr Tzvetkoff is reported to have paid $28 million for part-built property in early 2008, which was to have been the home of former tourism entrepreneur Tony Smith.
Read moreBrookfield Multiplex Sells Wilsonton Shopping Centre For $36 Million
BROOKFIELD Multiplex has offloaded Queensland’s Wilsonton Shopping Centre for about $36 million, on a yield of almost 7 per cent.
The shopping centre is expected to be revamped, under plans by its new owner, Brisbane-based private developer Kilcor Group.
Brookfield purchased the shopping centre in April 2006.
Read moreBrisbane City Council Pays $16.5 Million For Sherwood Site
AS part of its plan to build a $90 million bus depot, the Brisbane City Council has paid $16.5 million
Read moreFKP Sells Brisbane’s Redbank Plaza Shopping Centre
QUEENSLAND-based developer FKP is understood to be close to selling its Redbank Plaza Shopping Centre, in Brisbane, for between $14
Read moreDevine selling Surfers Paradise site for $22m
Devine Group managing director David Devine is selling a high-profile McDonald’s outlet in Surfers Paradise’s Cavill Avenue. The four storey
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Lend Lease and London Borough of Southwark Agree to Regenerate Elephant and Castle From 2010
SYDNEY based developer Lend Lease today agreed with the London Borough of Southwark (council) to renew the current exclusivity arrangement to regenerate the Heygate Estate and Elephant & Castle shopping centre.
The £1.5 billion (A$2.7 billion) project will now commence with building demolition in February 2010.
Below is a joint announcement from Southwark Council and Lend Lease, released today:
Read moreAbacus Sells Two Queensland Hotels For $34.2 Million
ABACUS Property Group has offloaded two Queensland hotels for $34.2 million to Rydges Hotel’s Amalgamated Holdings Limited.
The hotels include the Rydges Gladstone and Townsville hotels, and were sold by the Abacus Hospitality Fund.
The purchases follow a spending spree last year, in which AHL paid the Raptis Group and City Pacific’s CP1 $56.5 million for the Gold Coast International hotel. It also paid Selpam and FKP $22 million for the Port Douglas Sabaya Resort.
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RBA Lifts Cash Rate 0.25 Per Cent to 3.75 Per Cent at December 2009 Meet
THE Reserve Bank of Australia has given mortgage holders an early Christmas present, by increasing interest rates just 0.25 per cent this week.
The RBA meeting, the last one for what has been a strong year for major residential markets, will see the official cash rate increase to 3.75 per cent. The RBA meets again on February 2, 2010.
It’s the first time the RBA has increased interest rates for three consecutive months. Some analysts were speculating interest rates may increase by more than 0.25 per cent, on the back of strength in the residential sector.
Read moreGPT to Reap About $90 Million From the Homemaker City Fortitude Valley Centre, Brisbane
GPT Group’s Homemaker City Fortitude Valley shopping centre, in Brisbane, is believed to be close to sale for about $90 million.
The complex includes more than a dozen bulky goods outlets, and a 700-bay car park. The centre is believed to be in due diligence to an as-yet-undisclosed purchaser.
The centre was one of seven GPT put to the market last year in Queensland and New South Wales. To date, the Cannon Hill and Windsor Centre in Brisbane have sold for a combined $20 million.
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PCA Appooints Nigel Satterley to Head Residential Development Council
THE director of Australia’s largest, independent, residential land developer – Nigel Satterley – has been appointed by the Property Councl of Australia to head the divisions Residential Development Council.
PCA executive director Caryn Kakas said in a statement “Nigel has made a significant contribution to the RDC board since he joined the membership, and I congratulate him on his appointment as chairman.”
“The RDC plays a critical role in advancing the understanding of issues surrounding the efficient and sustainable delivery of housing options for Australians by promoting public policy solutions to the challenges which threaten to undermine housing affordability.
Read moreTrinity Sells 400 Queen Street, Brisbane, For $15.75 Million
TRINITY Limited has sold Brisbane’s 400 Queen Street office in Brisbane for $15.75 million.
In a statement to the Australian Stock Exchange yesterday, Trinity confirmed it offloaded the 13-level, 3,989 square metre building, which it acquired in April 2007.
“400 Queen Street formed part of an amalgamated group of four adjoining commercial buildings owned by TERF [Trinity Enhanced Return Fund], which are well positioned within the ‘golden triangle’ of the Brisbane CBD”, Trinity said. “The sale follows the divestment of 410 Queen Street for $23.8 million and 20 South Wharf for $5.5 million earlier this year.
Read moreBuxton Family Sells Construction Arm
MELBOURNE’s Buxton family has sold its construction arm to an employee.
Executive Andrew Briggs, who was managing director of the construction company for five years, now has a new role as head of Buxton Constructions.
The deal was announced at a corporate golf day on Monday, in front of corporate financiers, investors, clients and staff.
Leighton to Sell South Tower, Part of HQ Complex, Fortitude Valley, For $95 Million
LEIGHTON Properties will sell a Brisbane office building, for about $95 million. The South Tower, part of a complex on
Read moreRay White Partners Gulshan Properties to Expand Into India
AUSTRALIA’s biggest residential real estate agency is expanding into India.
In a statement released today, Ray White confirmed it had formed a partnership with Indian real estate business Gulshan Properties, reportedly one of the top five real estate agencies in India and the largest provider of apartments and residential housing, in New Delhi, where it is headquartered.
“The Ray White group has expressed an interest in having a partnership in Delhi and the Gulshan Group provide a perfect platform for the growth of the Ray White business model throughout Asia,” Ray White chairman Brian White said in a statement.
Brisbane City Council Approves More Major Projects
BRISBANE City Council approved several high density projects this week, including another public housing block.
One of the biggest approved proposals, is Meriton’s 77-level apartment tower on Herschel Street, in the city’s North Quay precinct.
The council also approved a 15-storey commercial office at 949 Ann Street, in Fortitude Valley, proposed by businessman Kevin Seymour, and a major proposal by Queensland-based Watpac, for more stages of its Waterloo Junction development, being redeveloped on the site of the Waterloo Hotel.
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Federation Square Ranks as One of World’s Ugliest Buildings
IT was designed to replace an eyesore – but Melbourne’s high profile Federation Square site, across from the Flinders Street station, has been dubbed one of the 10 ugliest buildings in the world, according to a Virtual Tourist report.
Fed Square ranks with Kosovo’s National Library, and a US-building inspired by a potato (Virginia’s Markel Building).
Baltimore’s Morris A Mechanic Theatre building was dubbed the ugliest, according to the survey which is into its second year. Images of all buildings are at the bottom of this article.
Other developments to rank in the list include North Korea’s Ryugyong Hotel, Canada’s Royal Ontario Museum, the Petrobras Headquarters in Brazil, the Centre Georges Pompidou in Paris and the Zizkov Television Tower in Prague.
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Surfers Paradise Marriott Resort & Spa Sells to Indonesia’s Rajawali Group For $75 Million
SURFERS Paradise’s Marriott Resort & Spa Hotel has sold to Indonesia’s Rajawali Group for about $75 million.
The hotel was offloaded by the Commonwealth Property Hotel Fund, which will use the funds to settle debt.
The Marriott sale to an Indonesian investor, follows the sale this month of the Pacific Beach site, also on the Gold Coast, to Chinese developers.
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Jodhi Meares buys Hawaii house
Bikini model and businesswoman Jodhi Meares is reported to have purchased a luxury home in Hawaii’s exclusive Pipeline Beach. The
Read moreDevine to Sell French Quarter Development Site, Brisbane, For $90 Million
DEVINE Properties has listed for sale Brisbane CBD residential development site, after abandoning plans to develop a $740 million village there.
The 4,000 square metre site was to make way for French Quarter, an apartment and retail complex bound by Alice, Albert and Margaret streets.
The site, which is being marketed by Ray White Transact’s Rick Bird and Brad Hanson, and Jones Lang Lasalle’s Geoff McIntyre and Seb Turnbull, was last valued at about $90 million.
Read moreNew Board of Directors for LJ Hooker
LJ Hooker’s new executive chairman Leslie Janusz has announced a new Board of Directors for the company he took control of the company from Suncorp on October 15.
According to a statement, the new LH Hooker Board comprises:
· Greg Paramor: founding partner of Equity Real Estate Partners, former Managing Director of Mirvac, and past President of the Property Council of Australia;
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Australand Unveils $160 Million Kangaroo Point Project, Brisbane
AUSTRALAND has unveiled plans for its $160 million Kangaroo Point apartment project in Brisbane.
The controversial project will be developed on Brisbane’s historic Yungaba House site, which was the first property to be put on the state’s heritage register in 1992. The State government sold the site to Australand.
The project will include 68 units in the first stage, and ten luxury homes in the second stage, which will be built into the historic riverfront home.
Read moreBanks Waste no Time Passing on Cash Rate Rise
AUSTRALIA’s major banks wasted no time passing on Tuesday’s Reserve Bank of Australia lift in the cash rate.
ANZ and the Westpac are reported to have increased their variable mortgage rate to 6.31 per cent, while Commonwealth Bank and the NAB rates will rise to 6.24 per cent.
The banks passed on the RBA cash rate increase by the close of business Tuesday. The RBA met at 2:30pm, raising the official cash rate 0.25 per cent to 3.5 per cent.
Read moreMirvac Sells 180 Queen Street, Brisbane CBD, For $22 Million
QUEENSLAND developer Kevin Seymour has paid $22 million for Brisbane’s Country Road building, at 180 Queen Street.
The heritage listed building was offloaded by the Mirvac PFA Diversified Property Trust, which purchased the asset in October 2005. It was last valued on Mirvac’s website in June 2007, at $25.5 million.
The 9-level building once accommodated a banking chamber. The property is on the northern end of the Queen Street Mall between David Jones and the Broadway on the Mall shopping centre. It is also opposite the Wintergarden and Hilton Complex.
Read moreRand Transport Leases Brisbane and Melbourne Warehouses
AUTOMOTIVE Holdings Group’s refrigerated transport division, Rand Transport, has leased two industrial properties in Brisbane and Melbourne.
Rand will occupy a 2.64 hectare site in Parkinson, Brisbane, which will have a 12,000 pallet capacity. It will also occupy a 3.4 hectare site in Melbourne’s western suburb of Derrimut, which allows for a 19,500 pallet capacity.
Construction of both buildings is scheduled for September 2010.
Read moreOffshore Investor Pays $80 Million For Surfers Paradise Supersite
AN undisclosed overseas investor is understood to have outbid several local players, to buy a 1.13 hectare block of land in Old Burleigh Road, Surfers Paradise, for about $80 million.
The disposal is the first since Balmain Trilogy took control of the $630 million First mortgage Fund from the beleagured City Pacific in July. The property, spread over 94 titles, was sold with two first mortgages and caveats, for debts which are expected to be paid off. The property was put to the market in May by mortgagee Fortress Credit.
Read moreStates to Set First Home Owners Grant Limits
From December 31, the Rudd Government will enforce States and Territories to set a cap for recipients of the First Home Owners grant.
A full copy of the statement by Federal Housing Minister is copied below:
Read moreHarry Triguboff’s Meriton Set to Receive Planninng Approval For 77-Level Brisbane CBD Tower
THE Brisbane City Council is expected to approve construction of a 77-level, 250-metre mixed use tower in the CBD’s Herschel Street next week.
The octagonal shaped building will include 422 serviced apartments, 209 traditional “own your own” apartments, 10,197 square metres of office space and an 11-level basement car park with 348 bays. It also is expected to include some form of ground floor retail.
The proposed building is earmarked for a site at 43 Herschel Street in the city’s North Quay precinct, near the corner of George Street.
Read moreSouth African’s Redefine Properties in Talks to Buy a Share of Cromwell
SOUTH African property group Redefine Properties is reported to be in discussions to buy a 25 per cent stake in the Brisbane-based Cromwell Group property trust.
Cromwell revealed it was in talks with the South African company in statements to the market.
“Cromwell is discussing corporate opportunities with a number of parties, includign some potential institutional investors,” the trust said in a market announcement reported by the AFR.
Read moreCBIC Spends $22 Million on Brisbane CBD Office Building
THE controversial new City of Brisbane Investment Corporation has made its first foray into commercial property, paying $22 million for the Brisbane CBD’s 157 Ann Street office building.
The former Flight Centre building measures 6,000 square metres, and was reported to have been last valued in March at $30.1 million. CBIC will lease the building to the Council, while City Hall undergoes a $30 million refurbishment, due for completion in about 2013.
Read moreFederal Government Responds to Senate Select Committee on Housing Affordability in Australia
THE Federal Government today responded to a report by the Senate Select Committee on Housing Affordability in Australia, tabled last June.
The recommendations and responses are copied below.
The report focused on:
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High Density Housing Here to Stay as Bligh Government Releases South East Queensland Regional Plan
QUEENSLAND’s Bligh Government has identified Brisbane including Chermside, Indooroopilly and Cleveland as “high density development” areas, as part of a plan to stop urban sprawl.
The government’s new South East Queensland Regional Plan (link to the report below) has been released, in an attempt to cope with the areas expected surge in population from 2.8 million today, to 4.4 million in 2031.
The plan calls for 138,000 of the 156,000 additional new homes requirement in Brisbane, to be developed within existing growth boundaries, and alongside existing housing.
Read moreSydney-Based Chef Tetsuya Wakuda to Open Second Restaurant, in Singapore
JAPANESE-born, Sydney-based restaurateur Tetsuya Wakuda will open a second restaurant next June – in Singapore.
The chef will open at a Las Vegas style resort currently under construction at Marina Bay Sands in Singapore. He will join international restaurateurs including Wolfgang Puck, Mario Batali and Daniel Boulud from the United States, Guy Savoy from France and Santi Santamaria, from Spain.
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Wayne Carey to Sell $3 Million Gold Coast Mansion
FORMER AFL footballer Wayne Carey has listed for sale a newly built Broadbeach Waters mansion he was to have occupied with his ex-girlfriend.
Agents are expecting about $3 million for the 70 square waterfront home, which includes four bedrooms, a media room, 15 metre tiled lap pool, private beach and 11 metre boat jetty.
Wayne Carey purchased the home in late 2007 for $1.265 million before undertaking a major renovation.
Read moreASIC Issues Proceedings Against Centro Executives
THE Australian Securities and Investments Commission has launched proceedings against current and former officers at Centro.
Executives associated with the Centro Retail Trust and Centro Properties Group will need to defend claims they did not breach their duties of care, related to the accuracy of information in the company’s public financial reports.
A full copy of ASIC’s statement of claim is available at this link:
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Dunk Island, Bedarra Island, Sold to Canadian Humanitarian Group
QUEENSLAND’s Dunk Island, and the smaller Bedarra Island nearby, have been sold to humanitarian group McCall MacBain Foundation for an undisclosed sum.
The two islands were offloaded by Voyages, which has been trying to sell down its portfolio of tourist accommodation assets for about a year.
McCall MacBain Foundation affiliate Pamoja Capital has purchased the islands.
Pamoja – which means “togetherness” in Swahili, undertakes socially responsible global investments within a number of sectors including education, renewable energy and natural resources, life sciences, information technology, real estate and media and communications.
Read moreAustraland CFO Tiernan O’Rourke Quits
Australand chief financial officer Tiernan O’Rourke resigned from the company today (October 15), and it is looking for a replacement.
A copy of the company’s announcement is below:
Read moreColonial First State Makes Loss on 300 Queen Street Office
QUEENSLAND businessman Kevin Seymour will pay $110 million for an office building in the Brisbane CBD.
Vendor Colonial First State confirmed negotiations are underway to sell the 25-level 300 Queen Street office building at a $22 million loss to its $132 million March 31, 2009 book value.
The sale price reflects a yield of 8.35 per cent for Mr Seymour, who is reported to be “a renowned counter-cyclical investor”.
Read moreInstitutions Encouraged to Apply For Third Stage of the National Rental Affordability Scheme
INSTITUTIONAL developers are being encouraged to submit applications, for the third stage of the Federal Government’s National Rental Affordability Scheme.
The scheme gives developers incentives of almost $8,700 per dwelling built, with the properties then rented out at a substantial discount to market rates.
More than successful 10,500 applicants, including groups such as teachers, have already taken advantage of the government hand-out.
Read moreTrinity in Negotiations to Sell Portfolio of Four Brisbane Offices
THE Trinity Enhanced Return Fund is believed to be in negotiations to sell a portfolio of four Brisbane CBD office blocks to a private investor.
The four blocks, on Queen and Wharf streets, are reported to be exchanging for about $53 million, substantially less than the $76 million the fund paid for the buildings several years ago.
Read moreALH Pays $12.5 Million For Two Queensland Pubs
NATIONAL Leisure and Gaming has announced the leasehold sale of two Queensland hotels for $12.5 million.
Woolworths-controlled Australian Leisure and Hospitality Group is understood to have purchased the properties, which include The Blue Pacific Hotel in Bribie Island, and Magnums on Airlie Beach.
Read moreLend Lease Announces Stapling Proposal
Lend Lease today announced a plan to become a stapled entity, with newly created trust: Lend Lease Trust (LLT).
A copy of the announcement is below:
Lend Lease Corporation (“Lend Lease”) today announced a proposal to become a stapled entity (“Stapling Proposal”) on ASX. This will be achieved by distributing units in a newly created trust, Lend Lease Trust (“LLT”) to shareholders on a 1:1 basis and “stapling” each unit and share together so that they trade on ASX as a stapled security.
Read moreQueensland’s LM Investment Disposes More Serviced Apartment Investments
Queensland-based financier LM Investment Management has offloaded 15 self contained serviced apartment suites, occupying one entire floor within the Mantra on Little Bourke hotel, at 471 Little Bourke Street.
A Chinese investor living in Perth has paid $2.8 million for the entire first level of the building, a 27-year old former office converted into hotel suites 11 years ago.
Grocon, Oaktree Capital Management Make Bid for Multiplex Prime Property Fund
THE funds management division of Melbourne-based developer Grocon, and US-based private equity firm Oaktree Capital Management have made an offer for the Multiplex Prime Property Fund, with a $109 million cash and hybrid security offer.
The move would see Grocon take over the management of the fund, and unit holders walk away from a second instalment obligation, due in 2011. Investors would sell their units for 2 cents each, they are currently worth 1 cent.
It’s reported discussions have been underway between the groups since May this year, and that any deal would see the Grocon-Oaktree consortium pay an upfront $45 million to banks, and a further $56 million to pay some of the upcoming second instalment liability.
Read moreFormer Sydney Mortgage Broker Found Guilty of Fraud
From the ASIC website: Former mortgage broker Mr Adrian Camilleri was found guilty today on one count of fraud following
Read moreJapan’s Sumitomo Forestry Buys Half Share of Henley Homes
A HALF share of Australia’s fourth largest home builder – Henley Homes – has been sold to Japanese industrial business Sumitomo Forestry for an undisclosed sum.
The deal comes after a four year negotiation, but the developers have worked together on two projects in Melbourne.
Sumitomo builds about 10,000 houses a year in Japan, and is also involved in projects at Wangaratta, in Victoria, Nelson in New Zealand, China, Korea and the United States.
Read moreDevine Temporarily Defers 145 Ann Street Office Building, Brisbane CBD
QUEENSLAND-based developer Devine Property Group, now backed by Leighton Holdings, has shelved plans for a $300 million office building in central Brisbane, citing the economic downturn.
The 37-level, 33,000 square metre office building was to have started construction in the middle of last year, and be complete in 2011. However evidence is emerging that the once-darling Brisbane CBD office market is oversupplied, meaning the project could be deferred for a long period, or shelved completely.
Read moreRBA Lifts Interest Rates 0.25 Per Cent, to 3.25 Per Cent
The Reserve Bank of Australia lifted official interest rates by 25 basis points today, to 3.25 per cent. The move
Read moreAP Eagers Sells Fortitude Valley Car Park, Queensland, For $21.5 Million
A.P.Eagers Limited has announced the sale of its property at 100 McLachlan Street, Fortitude Valley in Queensland to a subsidiary of Laing O’Rourke, the United Kingdom’s largest privately owned construction firm, for a price of $21.5 million.
The sale contract is unconditional, with settlement due on 22 June 2009.
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