Two Senior Executives Quit Valad Property Group
VALAD Property Group has announced the resignation of two senior executives. In a brief statement to the ASX yesterday, Valad’s
Read moreYear: 2009
Drapac Believed to Have Bought Queensland Farm For Agriculture Fund
MELBOURNE-based developer Drapac is understood to be in negotiations to buy a large Queensland farm.
Read moreAustralia’s biggest builders getting bigger: HIA
Australia’s largest builders have grabbed a bigger share of the new home market thanks to the tripling of the First
Read moreSt Hilliers Contracted Appointed to Build Kyko Group’s $150 Million Mon Komo Project, Queensland
St Hilliers Contracting has been appointed to construct one of southeast Queensland’s $150 million mixed-use Mon Komo project, on the Redcliffe Peninsula.
Read moreBillionaire James Packer Sells Sunland Shares For $28 Million
BILLIONAIRE James Packer has sold his interest in Gold Coast based developer Sunland, for $28 million.
It is reported Sunland purchased about half of the 35 million shares, which were valued at 80 cents each.
Mr Packer held a near 12 per cent stake in the developer, whose portfolio includes developments in Australia and the Middle East.
Read moreSkateboard Champion Stephen Hill Sells Nobby Beach Mansion to Bruce Mathieson For $18 Million
SKATEBOARD king Stephen Hill is reported to have sold his Nobby Beach home to Melbourne-based pokies king, Bruce Mathieson, for an estimated $18 million.
Read moreLend Lease to Acquire Balance of Lend Lease Primelife Group
Lend Lease today announced a bid to acquire almost 57 per cent of the Lend Lease Primelife Group.
A copy of the announcement is below:
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Lend Lease Corporation (“Lend Lease”) today announced that it has entered into a Scheme Implementation Agreement (“SIA”) with Lend Lease Primelife Group (“Primelife”) under which Lend Lease will acquire all of the securities it does not already own in Primelife for A$0.31 per security. Lend Lease currently owns 43.2% of the securities in, and is the manager of, Primelife.
Read moreQRL Buys Wadham Park For $20 Million
MELBOURNE business identity Peter Rowsthorn has sold a horse racing property in Queensland for about $20 million.
Read moreTranslator Service For Online Property Listings Could be Australian First
BURGEONING demand from overseas investors, has resulted in developer and agency TS2 creating a translation service for its online property listings.
In what director Richard Luff believes is a first of its kind in the country, users select one of ten flags to translate the website into different languages, including Arabic, Chinese, French, Italian, Japanese and Korean.
Mr Luff said overseas investors are learning our markets beyond the traditional blue ribbon heartland of Toorak, and there is clear evidence of demand for new and old homes in suburbs including Balwyn, Brighton, Canterbury, Kew, South Yarra and Templestowe.
NAPCO to Sell Roxborough Downs Cattle Farm For $10 Million
A 208,000 hectare cattle station in Queensland’s Channel Country is expected to make more than $10 million for vendor the North Australian Pastoral Company.
Read moreSanity Entertainment, Owner of Virgin, HMV, Sells to Management Team for Undisclosed Sum
SANITY Entertainment has been sold to its management team for an undisclosed sum, signalling the end of the retail music business for entrepreneur Brett Blundy.
Sanity Entertainment, established 17 years ago by Blundy’s Brazin Group and later becoming part of the Brett Blundy Retail Capital (BBRC) fund is reported will now focus on music, and movies, going forward.
Sanity Entertainment includes 238 stores around the country, branded as Sanity, Virgin and HMV.
Read moreCromwell Offers Stake in Brisbane Property
Property trust and funds manager Cromwell Group (ASX: CMW) has launched a PDS to raise up to $91 million in its new unlisted Cromwell Riverpark Trust. The Trust has entered into conditional agreements with FKP Property Group to acquire the site at 33 Breakfast Creek Road Newstead, Brisbane on which construction of a 30,904 sqm, A-Grade commercial office and retail building has commenced.
Read moreREIA Criticises AHURI Housing Report, Likening Suggestions to Treating a Headache With a Hammer
In responding to the Australian Housing and Urban Research Institute (AHURI) and Brotherhood of St Laurence Tax Expenditures &Housing Report, the Real Estate Institute of Australia (REIA) says that the research fails to address the problem of housing supply.
“This report does not deal with housing supply and assumes that by addressing the demand side that this will solve the problem for many aspiring home buyers,” said REIA President, Mr David Airey.
“You cannot penalise current home owners by adding Capital Gains Tax (CGT) or Land Tax to solve the problem of a lack of supply,” continued Mr Airey.
Read moreCBRE Appoints Bruce Baker as New Queensland Managing Director
CB Richard Ellis had recruited leading property professional Bruce Baker to take on the role as Senior Managing Director of the firm’s Queensland operations.
Read moreFirst home grant ends in September
The first stage of the phasing out of the First Home Owners Grant Boost (FHOG Boost) will happen on September
Read moreH&M Asian Expansion Brings Retailer One Step Closer to Australia
HENNES & MAURITZ, known as H&M – the Swedish fashion giant popular throughout Europe, is expanding its reach throughout Asia.
The company revealed this week it planned to expand its China store network by 30 per cent by the end of 2010, in a move suggesting the retailer will open in Australia, within the medium term.
“It (Asia) could be the newest and biggest market for H&M in future, because there is so much potential if you look at Asia,” H&M Greater China country manager Lex Keijser told Reuters. “We’ve just started in Hong Kong, mainland China, Japan and Korea. We are still a baby, but a fast growing baby.”
Read moreWayne Swan Opens Country’s First Australian Made Concept Store, at Sydney Airport
THE country’s first “Australian Made” concept store opened earlier this week within the walls of Sydney’s International terminal, at the airport.
Treasurer Wayne Swan launched the store, identified by the distictive Australian Made triangle logo with a golden kangaroo, and a green background.
Mr Swan described the logo and concept to reporters as “being at the very core of our future prosperity and success in the global economy”.
Read moreSuncorp to Sell LJ Hooker to the Grandson of the Agency’s Founder For $67 Million
LISTED property giant Suncorp is believed to be selling its LJ Hooker real estate agency chain, to Janusz Hooker, the
Read moreReceivers For Ryan Hotel Group List Queensland Pubs For Sale
RECEIVER McGrath Nichol will sell two Queensland pubs, on behalf of the Ryan Hotel Group.
Up for grabs is the Del Plaza at Southport, and the Grinning Dog Tavern at Maroochydore. Earlier this year, six other Ryan Hotel Group hotels were put to the market including the Woombye, Maryborough and Roma. Ryan collapsed in July. The properties are distressed sales, and the prices are undisclosed.
Director of advisory firm and agency Power Jeffrey, Peter Power, told The Australian “there haven’t been many good quality hotels on the market for the past 18 months, and as valuers we are having great difficulty because we have no (sale result) evidence to work off”.
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Experts Warn Senate Inquiry Mortgage Holders Will Pay For Rudd’s $315 Billion Stimulus Spend
AUSTRALIANS will pay higher borrowing rates than they need to, and any economic recovery may be slower than it could be, as a result of Rudd government’s recent $A315 billion spending spree.
RMIT University economists Steven Kates and Sinclair Davidson have joined a chorus of experts at a Senate inquiry warning the Labor Government’s decision to control fiscal policy, now puts it at odds with monetary policy, with mortgage holders one of the big losers expected to pay, moving forward.
The amount of public debt incurred by the Labor government’s program is unjustified, and the stimulus money is being spent on goods and services “that will give no economic momentum”, Professor Kates told the inquiry.
“[Interest] Rates will go up because we’ve taken our national pool of savings and we’ve spent it”.
Read moreStockland to Double Retirement Portfolio, Appoints New Head
SYDNEY-based developer Stockland is continuing to ramp up its potentially lucrative retirement living division, appointing former management consultant David Pitman to the new role of group strategy head.
Mr Pitman said he wants to double the group’s retirement portfolio to about 8,000 units over the next five to six years, which would boost department earnings from the current 7 per cent it contributes to Stockland’s total coffers.
Read moreInvestment Purchases Fill The First Home Buyer Gap
Below is a statement from the REIA, regarding the latest ABS Housing Finance Figures:
The latest Australian Bureau of Statistics (ABS) Housing Finance figures present no surprises, according to the Real Estate Institute of Australia (REIA).
“As buyers have been responding to the improved affordability brought about by cuts in official interest rates since October last year, we are seeing a slowdown in the rate of growth of finance commitments,” said REIA CEO, Mr Neil Fisher.
Total finance commitments increased by 0.5 per cent in July; the lowest growth since August 2008.
Read moreWoolworths to Sell $100 Million in Australian Property Assets
SUPERMARKET giant Woolworths will try to sell more than $100 million in assets for sale, as it prepares to ramp up its resources for its new Australian hardware sector partnership with US-based Lowes Group.
Woolworths has listed for sale sell three shopping centres, including Sydney’s Thornleigh Marketplace and Pemulway Marketplace – expected to reap about $50 million combined – and one in Queensland’s Caloundra.
Read moreTrinity Offloads $51m In Offices
QUEENSLAND-based property group Trinity has offloaded three commercial office buildings for more than $51 million.
The sales include Brisbane’s 410 Queen Street which sold to a private investor for $23.8 million, and a small wharf building which sold for $5.26 million. Trinity also offloaded an office building in King William Street Adelaide for $21.75 million.
Trinity announced to the ASX earlier this week it recorded a $225 million loss with $46 million attributed to devaluations.
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Public Housing Building Boom Underway in Australia
The Federal Government yesterday released this statement, related to the development of more national public and community housing:
The Australian Government today announced that it has approved over $5 billion worth of projects under the Nation Building Economic Stimulus Plan Social Housing Initiative.
The $4.546 billion allocated as Stage Two follows $692 million of projects approved under Stage One in April.
These projects are the biggest ever investment in social housing in Australia.
Read moreProperty Council of Australia Relaunches yourbuilding.org Portal
The Property Council of Australia has relaunched yourbuilding.org, a portal to the best advice on greening the performance of commercial property.
Originally launched in September 2007, Your Building was developed by the CRC for Construction Innovation for the Federal Government.
The Property Council purchased the Your Building IP in February 2009 and took responsibility for the site in August 2009. With a network of 55,000 property industry professionals, the Property Council is ideally placed to enhance and propagate the Your Building site.
Read moreProperty Council of Australia Releases New Guide to Corporate Responsibility
The Property Council and its members have developed a new guide to corporate responsibility reporting that will transform the way the property sector records its performance.
Launched on June 17 by Assistant Treasurer Senator Nick Sherry, A Guide to Corporate Responsibility Reporting in the Property Sector is the only property-specific template available anywhere in the world.
This Guide will revolutionise corporate responsibility (CR) reporting in the property industry and ensure non-financial performance is transparent, meaningful and comparable.
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RBA Leaves Rates Unchanged at 3% For Sixth Month in a Row
AT its September 2009 meeting, the Reserve Bank of Australia has left the official cash rate unchanged at 3 per cent, for the sixth month in a row.
The decision to keep rates on hold was expected, but many analysts anticipate the RBA will start increasing the official cash rate before the end of the year. Most of the major banks have already started increasing fixed and variable interest rates independent of the RBA over the last few months.
The next RBA meeting is scheduled for October 6.
Below is the statement by RBA governor Glenn Stevens:
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Babyco Goes Into Voluntary Administration
NURSERY furniture and baby products retailer Babyco has gone into voluntary administration, casting doubt over its 22 national stores, which employs about 70 staff.
Deloitte executive Tim Norman, who is managing the administration with Sal Algeri and Simon Cathro, said four stores will remain open including Wetherill Park in New South Wales, Rowville in Victoria, Underwood in Queensland and St Marys in Adelaide.
Administrators are investigating options to restructure the business, with a view to selling it off, Mr Norman was reported as saying in the Daily Telegraph.
Read moreALE Property Group to Sell Seven Australian Hotels, as Part of $120 Million Asset Divesting
ALE Property Group has earmarked for sale seven hotels in Queensland, South Australia and Victoria in the first tranche of a strategic asset sales program targeted to divest $120 million worth of assets over the next 12 months.
CBRE Hotels and Burgess Rawson have been appointed to steer the sales process, which involves landmark hotels leased to Australian Leisure & Hospitality Group (ALH), which is 75% owned by Woolworths Limited.
The sale follows the highly successful June 2009 auctions of five ALE hotels in Sydney and Melbourne, which were sold under the hammer for a combined $27.8m at yields as low as 5.05%.
Read moreAustralian Chamber of Commerce and Industry Calls For Retention of Current ABCC Powers, in the Building and Construction Industry
The Australian Chamber of Commerce and Industry (ACCI), Australia’s largest and most representative business organisation, has used its appearance this morning before a Senate Committee inquiry into proposed Australian Government changes to industrial relations arrangements in the building and construction industry, to call for the retention of current Australian Building and Construction Commission (ABCC) powers.
Whilst the current workplace relations environment is not perfect, the work of the ABCC over the past 5 years has had a dramatic effect on the industry.
The genie is, in large part, “back in the bottle” and business is greatly concerned about legislative changes that may put that situation at risk and create the potential for a return to the bad old days.
Read moreValad Sells St Leonards Office Building at a Discount, For $19 Million
VALAD Property Group has recorded a huge loss from the sale of a seven-level office building on Sydney’s North Shore.
The 39 – 41 Chandos Street office sold to fund manager Markham Corp for $19.05 million in September, after previously being valued this year at $20.9 million.
Valad paid just over $24 million for the office in late 2007.
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Australian House Prices Surge 5.9 Per Cent in 2009
DARWIN has been Australia’s best performing capital city this year, in regard to home value growth, according to the latest survey by research group RP Data.
The Northern Territory city reported a 10.8 per cent increase in home values for the first seven months of 2009, to $466,903.
This makes Darwin more expensive than Melbourne (where values surged 8.5 per cent to $454,524) and Brisbane (up 3.8 per cent to $437,175), but not as pricey as Sydney (up 6.6 per cent to $537,396) or Canberra (up 5.4 per cent to $477,627).
The two worst performing capital cities were Perth, where RP Data says home values increased 2.5 per cent to $481,493, and Adelaide, where values rose just 1.9 per cent to $402,681.
Read moreANZ Stadium corporate box asking $155k pa
A 20-person corporate box on the third floor of Sydney’s ANZ Stadium is for lease at $155,000 per annum. For
Read moreWestfield Delivers Half Year Results, Posts $708 Million Loss
Westfield joint managing director Peter Lowy said the company performed better than expected, announcing the company’s six-months earnings.
Below is a copy of the group’s half year operational earnings, and full-year forecast:
Read moreColonial First State opens $185 Million Extension of its Chatswood Chase Centre, Sydney
COLONIAL First State last week opened a new 11,000 square metre, $185 million extension of its Chatswood Chase shopping centre in Sydney’s north.
The new 62,000 centre is now valued at about $700 million, and ranks among the top five shopping centres in the company’s portfolio, CFS fund manager Michael Gorman said.
The extension includes a new Coles, and upmarket retailers including Hardy Brothers jewellers, Saas & Bibe, Trenery (a Country Road offshoot) and Zimmerman.
Read moreMirvac Posts $1.08 Billion Net Loss
SYDNEY-based property giant Mirvac has posted a statutory $1.08 billion net loss after tax for the 12 months ended 30 June 2009.
The company said it was impacted by property revaluations of $487.2 million, and the net loss in a range of joint ventures, which attributed $158 million to the company’s bottom line. Goodwill, management rights and other intangible assets were reduced by $273.6 million.
But net operating profit after tax was $200.8 million, down 43 per cent on the previous corresponding period. Revenue for the year was $1.79 billion, down down 16 per cent. Mirvac’s full distribution was 8 cents.
Read moreMoran Group Pays $42 Million For Aged Care Facility and Land, Little Bay, Sydney
AGED care service provider The Moran Group has paid $42 million for a facility at Little Bay, about 14 kilometres south-east of Sydney.
The purchase price includes $33.5 million attributed to a new 137-room centre, and $8.1 million for an adjoining block of land with redevelopment potential on Brodie Avenue.
Moran Group is developing another facility at Sylvania in Sydney.
Read moreWoolworths to Enter Lucrative Australian Hardware Market
BUNNINGS, Mitre 10…or Woolworths?
The supermarket giant this week announced it entered into an equity agreement with US-based Lowe’s Companies Inc, to buy Australia’s second largest hardware retailer Danks Holdings, which controls brands like Thrifty Link and Home Hardware.
The move, which is subject to regulatory approval and a minimum 90 per cent acceptance from shareholders, will see Woolworths enter the lucrative Australian hardware sector.
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PIF Reaps $38 Million From City Beach Development, Wollongong
THE Premium Income Fund has reaped $38 million from the sale of a partially completed hotel and apartment complex south of Sydney.
Harbour Street Developments, controlled by Queensland developer George Callianiotis and Rockhampton retailer Solly Stanton, have reportedly agreed to purchase the City Beach development, south of Wollongong, which includes 168 hotel rooms, 75 apartments and 10 penthouses.
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Banks May Lift Interest Rates Independent of RBA, ANZ Warns
A
NZ Banking Group chief executive Mike Smith has warned mortgage holders that bank funding costs, and not the Reserve Bank of Australia’s position on official rates – will be the big influence affecting bank’s position on rates, moving forward.
Mr Smith told a crowd at the Australian British Chamber of Commerce function in Sydney: “I think that banks will have to raise rates if their (wholesale) funding rates get higher.”
“If that’s out of cycle, that’s out of cycle. It could happen.”
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Carlyle paying c$685m for Aurora Place
Sydney’s Aurora Place office is reportedly close to sale for about $685 million. South Korea pension and equity firm Carlyle
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Ben & Jerry’s Coming to Australia
ETHICAL ice-cream giant Ben & Jerry’s will open its first Australian store in Sydney next month, with plans to have its products available nationally over the next two years.
The 31-year old company will team with Mission Australia to provide training and jobs for prospective employees, and will donate all proceeds from locally developed ice cream flavours to the charity.
Ben & Jerry products are initially expected to appear in about 200 selected delicatessans in Sydney and Melbourne.
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Lachlan Murdoch buys Bellevue Hill’s Le Manoir
THE eldest son of News Corporation chairman Rupert Murdoch, Lachlan, has paid $23 million for Le Manoir, in Sydney’s east
Read moreColes, Woolies Fail to Reply to ACCC Questions
SUPERMARKET giants Coles and Woolworths have not yet responded to the Australian Competition and Consumer Commission, regarding claims they restrict competition by blocking rival supermarkets opening nearby. The ACCC uncovered the potential breaches of the Trades Practices Act as part of the 2008 grocery inquiry.
Coles has not responded to repeated requests by the ACCC, while Woolworths is referring its question to the National Retailers Association, a Woolies spokeswoman telling the AFR “We’re not going to be commenting and we’re referring all comment to the retailers’ association…because this is regarding retailers’ leases and there are many retailers.”
Read morePRC, Russell Crowe, Tipped to Bid For $15 Million Bellevue Hill Mansion, Sydney
THE People’s Republic of China is expected to take on New Zealand actor Russell Crowe, in bidding for a $15 million Sydney mansion, once used by the French government as a consulate.
The Victoria Road estate, Le Manoir, will be auctioned this evening at an invitation-only event in which prospective buyers have to make a refundable $50,000 deposit, just to make a bid.
Read moreGPT sells more resorts
THE GPT Group is continuing to offload its major hospitality assets, with resorts in Western Australia’s Kimberley region and the Northern Territory confirmed as sold.
United States based Delaware North has purchased GPT’s Great Barrier Reef resorts on Lizard Island, Heron Island and Wilson Island, as well as the Kings Canyon Resort in the Northern Territory and the El Questro Wilderness Park in Western Australia. Melbourne-based businessman Paul Van Min has snapped up the Silky Oaks Lodge in Queensland’s Daintree Forest.
Read moreStockland Close to selling 234 Sussex Street For $40 Million
STOCKLAND is believed to be making about $40 million from the sale of its 234 Sussex Street office, in the
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GPT May Split Oz and European Assets, as Part of New Strategy
THE giant GPT Group is understood to be entertaining a plan to split its commercial property assets into two separate vehicles, designed to make the group look more appealing to investors, and improve the group’s negotiation position with banks.
The proposal will see Australian owned office towers and shopping centres managed by one fund, and a swag of “toxic” European assets (owned with failed investment group Babcock & Brown), managed by another fund.
The decision follows capital raisings to the tune of more than $1.7 billion, since GPT’s new chief executive and former banker Michael Cameron took the helm on May 1. In total the group has raised about $3.3 billion in the past 18 months.
Read moreSingaporean Investor Pays $75 Million For 20 Hunter Street, Sydney
A SINGAPOREAN investor is believed to have paid about $75 million for an office at 20 Hunter Street in Sydney.
Read moreBusiness confidence up in June: NAB
National business confidence rose in the June quarter. The NAB Business Confidence Index increased 20 per cent to -4, an
Read moreChallenger sells George Street Cinema
CHALLENGER Financial Services has made $85 million from the sale of its George Street Cinema complex in the Sydney CBD.
Private investors Coombes Property Group has purchased the 505 -523 George Street property, which includes a seven-storey cinema building, and sits on a 4,300 square metre block. The sale price is believed to translate to an approximate 8.25 per cent yield.
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Aldi to Build 500 More Australian Stores
GERMAN supermarket giant Aldi plans to open about 500 new supermarkets on Australia’s east coast, bringing its national total to more than 700.
In Victoria, new supermarkets are earmarked for Abbotsford, Albury, Caroline Springs, Maryborough and Strathdale. By the end of the year, the state will have 75 Aldi supermarkets, up from 69 now. It’s been reported new stores are also earmarked for Geelong’s Newcomb, Hamilton, Horsham, Morwell, Preston, Sebastapol, Swan Hill and Warragul.
Read moreGPT Sells Four Points by Sheraton For $185 Million
AN as yet undisclosed south-east Asian investor has paid $185 million for GPT’s unrenovated ‘Four Points by Sheraton’ hotel, in Sydney.
The hotel sold at a 10 per cent discount to its June 2009 valuation of $206 million. In December last year it was valued at $236 million.
Based on the asset’s current annual rent, the hotel sold on a yield of 8.8 per cent.
Read moreSquatters Live Rent Free in London’s Billionaire Row, While Renovating Mansion
WORK is underway to renovate a rundown property in the ritzy North London Hampstead street dubbed “billionaires row”.
Four tradespeople are living rent-free at the rundown 8-bedroom, 3-storey home in The Bishops Avenue, a street which is also home to the Saudi and Brunei royal families and steel magnate Lakshmi Mittal.
The home has been vacant for about ten years, London’s The Sun newspaper reports, and is being lived in rent-free by the tradespeople which includes three Romanians and a Frenchman.
Read moreCostco to open at Auburn next year
Costco is proposing a $55.4 million store and office at a site in Sydney’s western Auburn. Expected to open late
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ACCC Condones Commonwealth Bank’s Actions Despite Warnings it Could Disadvantage Consumers
The Commonwealth Bank has been accused of using its market dominance to try and reduce competition in the $700 billion home lending market.
In a move condoned by the Australian Competition and Consumer Commission, the CBA has told 8000 mortgage brokers they won’t be able to offer the bank’s home loans in future, if they fail to write enough business for them.
In a letter sent from the CBA to Queensland mortgage broker Wayne Ormond last month, the bank insists each of his company’s mortgage brokers must now submit four home loans per quarter. Mr Ormond’s company, Refund Home Loans employed 270 brokers, meaning the bank expected about 4,320 applications per year.
Read moreAustraland Sells Crest Hotel, Kings Cross, For $72 Million
PROPERTY giant Australand has offloaded the Crest Hotel, in Kings Cross, Sydney, for $72 million.
Property developer Michael Sanchez is reported to have purchased the 227-room hotel, with plans to convert the old building into luxury apartments.
Australand paid Coogee Bay Hotel owner Chris Cheung $63 million for the hotel two years ago. The hotel has been unused since June, when the Constellation Group vacated.
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McDonald’s to Open More than 150 Stores in The Next Five Years
FAST food giant McDonald’s expects to open 36 new restaurants in Australia this year, up from 21 new restaurants it opened last year.
McDonald’s chief executive Peter Bush said it planned to open more than 30 stores a year from 2010, a mix of company-owned and franchised stores.
By the end of this year, McDonald’s is expected to operate out of 815 retailers nationally.
Read moreTopshop to Open in Sydney’s Oxford Street, Paddington
UNITED Kingdom based fashion label Topshop will open its first Sydney store next month.
The fashion shop will lease the second level of Incu’s 256 Oxford Street store, in Paddington.
To be known as Incu Presents Topshop, the retailer will stock the same range available throughout a 340-strong network in Britain.
Read moreGrant Thornton appointed for eco village
Grant Thornton is seeking a development partner to complete a $170 million eco village at Foster, on the New South
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Al Gore to Launch Safe Climate Australia Initiative in Melbourne Next Week
ENVIRONMENTAL activist Al Gore will launch the Safe Climate Australia initiative in Melbourne next week.
VicSuper chief executive Bob Welsh has invited the former US president candidate to Australia to launch the initiative at a breakfast on Monday.
Mr Welsh is one of the biggest investors in Generation Investmnet Management, a London-based fund manager which Mr Gore chairs.
Read moreSydney’s Lane Cove Tunnel For Sale at $600 Million
THE high profile owners of Sydney’s Lane Cove Tunnel are preparing to sell the asset for around $1 billion less than what it cost to build.
ABN Amro’s Diversified Infrastructure Trust, Leighton Holdings, Mirvac, REST and Hong Kong’s Li Ka-shing are amongst the owners of the 3.6 kilometre tunnel, which is expected to sell for about $600 million.
The asset will generate an income until 2037.
Read moreMacquarie Leisure Trust Sells $11 Million in Assets
Macquarie Leisure Trust Group (ASX: MLE) announced today that contracts for the sale and leaseback of AMF properties at Frankston, Woodville and Norwood, with total proceeds of $11.1 million, are now unconditional and are expected to settle in July 2009.
MLE also announced that as part of its intra group funding arrangements, a wholly owned subsidiary of Macquarie Leisure Operations Limited has issued Exchangeable Notes to Macquarie Leisure Trust to repay inter-company loans totalling $32.5 million.
Read moreHedley Gaming & Leisure Sells Three Sydney Pubs
SYDNEY’s Canterbury Hotel is believed to be close to sale for about $8.85 million, while the Lidcombe Hotel – also in the city’s west – is believed to be selling for about $6.6 million.
The hotels, being offered by the Hedley Gaming & Leisure Fund, are part of a $400 million portfolio of assets believed to be on the market.
A third Sydney pub, the Bridgeview Hotel in Willoughby, near the Channel Nine studio, is also believed to be close to sale, for about $7.5 million.
Read moreCharter Hall Offloads Almost $170 Million in Assets
SYDNEY-based fund manager and developer Charter Hall is continuing its selling spree, offloading $170 million of office and industrial property this week.
The Core Plus Office Fund has made $60.2 million from the sale of the Victorian College of Pharmacy building at Monash University, which sold to an overseas investment group.
Other sales including Bunnings stores and a Harvey Norman, are detailed in the Charter Hall announcement below:
Read more$200 Million Resort Planned For NSW Central Coast Town of Morisset
PLANS for a $200 million resore in the NSW Central Coast town of Morisset, have been approved by the state planning department.
The Trinity Point Marina Resort will include 150 apartments, some of which will be hotel rooms, conference and function facilities, a 180 berth marina and 550 square metres of office space.
Construction of the resort is expected to start next year, or six years after the property was gazetted a tourist site.
Read moreValad Enters Deal with Bank of Scotland
SYDNEY: Valad Property Group (“Valad” or the “Group”, ASX: VPG) announced it has just signed agreements with Bank of Scotland plc (“BoS”) necessary to create the Diversified UK and European (“DUKE”) property joint venture, which has a term of three years. A small number of subsidiary documents remain to be executed and these are expected to be signed shortly.
Read moreSydney’s Australian Securities Exchange Building Close to Sale For $140 Million
HONG Kong-based CLSA Asia Pacific Markets is reported to be formalising the purchase of Sydney’s Australian Securities Exchange building, at 20 Bridge Street.
The speculated $140 million sale is expected to be finalised later this month, and would translate to a low 7 per cent yield if the building were fully occupied, which it is not.
CLSA is a brokerage and investment arm of French bank Credit Agricole, which focuses on the Asia region.
Read moreNew home sales drop but still strong: HIA
Victorian new home sales dropped by 9 per cent in May, following months of increased sales resulting from the boosted first home buyer grants.
Overall Victoria’s new home sale market is still performing impressively, with detached home sales increasing by 16 per cent over the three months to May 2009, according to the Housing Industry Association’s survey of the state’s largest builders.
“Along with other leading indicators, the figures point to a healthy new home building market in Victoria in 2009,” said HIA Victorian Executive Director Gil King.
Read moreRelease of CBD Metro Environment Plan The Beginning of a Transport Revolution For Sydney
Below is a statement from the Sydney Chamber of Commerce, regarding Sydney’s CBD environment metro plan:
The Sydney Chamber of Commerce said that the release of the environmental assessment plan for the CBD metro was the next step towards the beginning of a transport revolution for Sydney.
“Sydneysiders have rightly complained for years about the inadequacy of Sydney’s transport network, the CBD metro will be the first significant investment in many years to begin to deal with our transport congestion issues in this city,” said Patricia Forsythe, Executive Director of the Sydney Chamber of Commerce.
New Management at HIA
Housing Industry Association veteran Ron Silberberg, the man who lobbied the federal government to expand Australia’s social housing stock as part of the Nation Building Economic Stimulus Package, has decided he will retire as managing director on November 30.
After 30 years, Dr Silberberg will hand control of the organisation to HIA deputy managing director Shane Goodwin, who has been with the HIA for more than a decade.
Court Overturns Frank Sartor’s Controversial Bayside Projects
THE New South Wales Land and Environmental Court has made void a development permit for the state’s biggest housing development, saying its approval was affected by “a reasonable apprehension of bias” by former ALP planning minister Frank Sartor.
Justice David Henry Lloyd overturned the approval of almost 800 homes in southern Lake Macquarie, because the planning minister at the time, the Labor Party’s Frank Sartor – “might not have been impartial and unprejudiced in his decision” about the project.
Read moreOff the plan sales in jeopardy: HIA
Off-the-plan sales could be at risk, and jobs could be lost, because of a Supreme Court decision that buyers can
Read moreNSW Home Repossessions Down 30 Per Cent Since Last Year
NEW figures from the New South Wales Sheriff’s office show home repossessions in the state have fallen substantially since last year.
The office figures show between January and July 2009, home repossessions were 30 per cent lower than during the same period last year. In total 300 fewer homes were forcibly taken from their owners.
The one big difference to the economic backdrop, is interest rates which have successively and sharply fallen over the past twelve months to be at record lows.
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Investa to sell Two CBD Offices Worth $600 Million
UNLISTED property giant Investa has put up for sale two more CBD office buildings for sale, one in each of Sydney and Melbourne.
In Sydney, the group will sell a 32-level office building at 312 – 322 Pitt Street. The 29,159 square metre, A-grade building includes 29 levels of offices, ground floor retail and a shared loading dock with a neighbouring building.
The Pitt Street building is expected to sell for about $200 million.
Read moreSydney’s Landmark Aurora Tower Expected to Fetch $700 Million
SYDNEY’s landmark Aurora Place office building has been listed for sale and is expected to sell for about $700 million.
The 41-level tower, built in 2001 on a former State Office Block at 88 Phillip Street, is owned by the Commonwealth Property Investment Trust, a Colonial First State wholesale fund. The largest tenants in the premium quality, 49,730 square metre building include the Royal Bank of Scotland, which also leases naming rights, and Minter Ellison.
The building was sold to CPIT by developers Lend Lease and its partner East Asia Property Group for $485 million in February 2001.
Read moreStockland Announces Changes to Residential Business
Stockland today announced changes to its Residential organisational structure and management team.
The business will be separated into two operating units: the Residential business comprising Residential Communities & Apartments, and Retirement Living which will become a stand alone business unit.
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Developers Shave $1.35 Million From Price of Unsold New Birchgrove Apartment
THE developers of the luxury Louisa Road apartment project in the inner-western Sydney suburb of Birchgrove, have shaved $1.35 million from the asking price of a unit that failed to sell during construction.
SJB Architects, which has developed the 36 Louisa Road building with Queensland-based Sunland Property Group, has two apartments left to sell in the six-unit project, which offers residents westerly views over Cockatoo Island (pictured) toward Drummoyne.
Read moreING Office Fund to Raise $415 Million
ING Office Fund (“IOF”) today announced an equity raising of up to $415 million at an offer price of $0.45 per unit (the “Offer”) to strengthen and enhance its balance sheet.
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