Lend Lease wins $250m BER contract
Lend Lease has won a $250 million Building Education Revolution contract. Below is a published statement: Lend Lease Corporation Limited
Read moreYear: 2009
$28 Billion Rudd Bank Rejected in Federal Parliament
THE AMBITIOUS $28 billion “Rudd Bank” – designed to protect the commercial property sector from the global financial crisis – was rejected in federal parliament this afternoon.
The Liberal party and the Greens voted down the fund, officially known as the Australian Business Investment Partnership, which was being lobbied by several property unions and bodies.
Read morePlans to Build Massive Glasshouse in NSW Stall
PLANS to develop Australia’s biggest environmentally friendly “glasshouse” near Nowra on the New South Wales south coast have stalled, because of the recent bleak economic environment.
The glasshouse was expected to be twice the size of the Geelong-based Costa Group’s tomato growing complex on the NSW Northern Tablelands.
It would use excess carbon dioxide and waste water from a Manildra Group-owned ethanol plant nearby, to enhance growth of its products.
Read moreGPT Completes Entitlement Offer
The GPT Group (“GPT”) is pleased to confirm the allotment of 718,294,466 stapled securities under the Retail Entitlement Offer today.
The Retail Entitlement Offer Shortfall was approximately 210 million stapled securities (or approximately $73 million), comprising 4.7% of the offer as a whole. All Retail Securityholders who applied for Additional New Securities, up to a cap of 25% of their entitlement, received the Additional New Securities they applied for, raising a total of approximately $27 million. Trading of these new securities will commence on 17 June 2009. The Retail Entitlement Offer which comprises both the New Securities allotted today and those allotted on 27 May 2009 raised approximately $300 million. The total number of stapled securities on offer following completion of the equity raising will be 9,277,584,743.
Read moreFormer Coffs Harbour Zoo Sold For $3.5 Million
The former Coff’s Harbour Zoo has sold to a private Sydney family for $3.5 million.
The 125-hectare property includes 1.2 kilometres of beachfront reserve, and is spread over five titles.
Vendor Kazal Bros purchased the property for $2.4 million in late 2006.
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Westpac, NAB Follow CBA and Lift Interest Rates
THREE DAYS after banking giant Commonwealth Bank announced a surprise increase of its fixed interest rate, rival banks Westpac and National Australia Bank have followed suit.
Westpac yesterday informed its mortgage holders of interest rate increases of between 0.1 per cent and 0.5 per cent, for most of its loans. The bank’s four and five year loan rates have ballooned from 6.69 per cent to 7.19 per cent.
Westpac was followed by the National Australia Bank, which also lifted rates on its four and five year loans, by between 0.15 and 0.4 per cent.
Read moreStarwood to Sell Sydney’s Sheraton on the Park Hotel
STARWOOD Hotels & Resorts is continuing to offload its major assets, this time putting Sydney’s five-star Sheraton on the Park hotel on the market.
Starwood will sell the asset a long-term management agreement for the 557-room Elizabeth Street hotel, which overlooks Hyde Park.
The group has put a number of its hotel investments globally on the market, but Starwood says it is not compelled to sell if pricing and other requirements are not met.
Read moreWorst May Be Over For Australia’s Residential Real Estate Markets
AUSTRALIA’s residential real estate markets are heading into a sustained recovery period, with average values expected to rise between 11 and 19 per cent in all major capitals, according to a new research report.
Sydney, Melbourne and Adelaide will lead the property price rise charge, according to the report, with values expected to increase 19 per cent between 2009 and 2012.
Darwin – currently Australia’s second most expensive capital city with a median house price of $470,000, is expected to record the slowest growth, rising just 11 per cent over the same period.
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$100 Million Darlinghurst Cancer Centre Objected by Lord Mayor
PLANS to build a $100 million cancer centre in Sydney’s ritzy inner-eastern suburb of Darlinghust are in jeopardy, after a group of local residents and Lord Mayor Clover Moore, said the development would “cannibalise” their suburb.
Mr Moore said the proposed 11-storey building – which was launched by singer Delta Goodrem last October – risks blocking sunlight to nearby homes, and will also cause traffic chaos.
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GPT’s Rouse Hill Town Centre takes top PCA honour
Rouse Hill Town Centre has taken top honour at the 2009 Property Council of Australia Rider Levett Bucknall Awards for
Read moreTake Photos of Your Property Pre-Road Construction, Rozelle Residents Warned
BUILDING inspection giant Archicentre has warned residents in Sydney’s inner-west to take digital photos of their properties, ahead of major new roadworks nearby, which threaten to damage of their properties.
“At the very least all home owners should be taking a digital photographic record of their homes and its condition inside and out with a date stamp on the shots to record the conditions of their home for any legal disputes in the future,” Archicentre state manager Angus Kell told the Daily Telegraph.
He added if this was not possible, residents should commission reports on their homes detailing any damage caused.
Read moreNew Expo Technique Used to Market Commercial Property
A NEAR new government-leased office building in central Bendigo and a shopping centre in West Geelong are amongst the assets for sale at a commercial property “expo”, underway at Southbank’s Langham Hotel.
The sale technique, which co-ordinator Knight Frank says is the first of its scale in Australia, exhibits about 150 properties – mostly shops, offices, factories and development sites worth less than $10 million.
$69 Million Upgrade For NSW Supreme Court Building
Premier Nathan Rees today announced that $69 million will be spent upgrading NSW Supreme Court building in Queens Square, creating 350 jobs over four years.
Mr Rees said the upgrade of the Law Courts Building would preserve the Supreme Court’s status as the preferred forum for commercial litigation in Australia.
“This is an important project, which will not only bring business to NSW, but will provide 350 jobs, both on and off-site, as construction work takes place,” Mr Rees said.
Read moreInterest Rates Rise For First Time Since Last July: CBA Statement
The Commonwealth Bank today announced that although its standard variable home loan interest rate will increase by 0.10 per cent per annum, its rate is still the lowest of the major banks.
Ross McEwan, Group Executive Retail Banking Services said, “This is a decision the Bank has made reluctantly. During most of the past 18 months, Commonwealth Bank customers have had the benefit of the lowest standard variable home loan rate on offer from the major banks. However, given our increasing funding costs, it has become necessary to make this increase.”
Read moreCrown International Pays Becton $15 Million For Parramatta Development Site
CROWN International has paid Becton about $A15 million for a major development site in the Sydney transit city of Parramatta.
The 45 Macquarie Street development site includes two heritage buildings which will be retained, and an approval for a 40,000 square metre commercial building. However Crown said its purchase is subject to approval of a revised application, that would also include residential and retail space.
Read moreNumber of First Home Buyers Dip, as Lenders Want to See Savings
Mortgage Choice, Australia’s largest independently owned mortgage broker, is not surprised by the April 2009 Australian Bureau of Statistics (ABS) housing finance figures, which show a decrease in the number of first homebuyers at the same time as activity from investors and owner occupiers increased.
However, the value of new housing loans across all categories – first homebuyers, owner occupiers and investors-fixed loans – all rose significantly. In fact, first homebuyers as a total of the value of commitments hit a record 28%, from 27.3% in March 2009.
Energy Australia Pays Investa $50 Million For Sydney CBD Site
ENERGY Australia has paid Investa Property Group more than $50 million for a Sydney CBD office building and development site.
Energy Australia will build a substation on the city site, after which Investa will be able to develop a 21,000 square metre office building on the property.
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Federal Government Shelves $8000 Solar Roof Panel Rebate Early
THE FEDERAL Government has abruptly ended its $8000 rebate for roof-top panels, three weeks before the scheme was to expire.
Environment Minister Peter Garrett said the government has already spent $700 million on the initiative, more than four times the $150 million it indended when it announced the scheme as part of the governemnt’s $58 billion second stimulus package earlier this year.
Read moreOrchard Puts 233 Castlereagh Street on the Market
MONTHS after listing its 350 Collins Street office for sale in Melbourne, Orchard Funds Management has put a Sydney CBD building on the market, in a deal which could be worth $130 million.
Orchard is selling its 31-level 233 Castlereagh Street building in Sydney, three years after buying it for $120 million with joint venture partners Leighton Properties and Lend Lease Real Estate. The office building is now 95 per cent occupied, returning about $9 million per annum. This compares to 40 per cent when the consortium bought the building in 2006.
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Grocon to Develop Two CBD Offices in Castlereagh St Sydney and Collins Street Melbourne
MELBOURNE builder Grocon is expected to unveil itself as the owner of two prominent city development sites, one in Melbourne and one in Sydney.
Grocon is expected to confirm it will pay between $35 million and $40 million for the former “shop of shops” experiment at 171 Collins Street, in the Melbourne CBD. That site is earmarked for a controversial 17-level, $260 million office building which needed to be approved by the Victorian Civil and Administrative Tribunal last year.
VCAT’s approval ended a long-serving Melbourne CBD planning arrangement, whereby buildings around the Swanston Street core would be height restricted.
Read moreAbacus Frontrunner For 343 George Street
THE ABACUS Property Group is believed to be in advanced negotiations to Sydney’s 343 George Street office building.
Following a $24.4 million cash injection by South African businessman Nathan Kirsh earlier this year, the fund manager is believed to be paying more than $50 million for the office, which was last valued at $56.4 million in September last year.
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More Than 78,000 Australians Take Up First Home Owners Boost
New figures show that the Rudd Government’s Nation Building Economic Stimulus Plan is continuing to support jobs in the housing sector with more than 78,000 Australians taking up the First Home Owners Boost by the end of April.
April saw the highest take-up so far of the First Home Owners Boost – 18,736.
ABS Building Approvals figures out today show the seasonally adjusted total dwelling units approved rose by 5.1 per cent in April to a level of 11,402. This is the third consecutive monthly rise.
Read moreSecond Sydney Airport Mooted For Former Richmond RAAF Site
THE Federal Government has identified a former RAAF base as a possible site for a second Sydney airport.
Transport Minister Anthony Albanese said projected growth in traffic to 427,000 annual aircraft movements by 2029, makes the case for another Sydney airport one of “national interest”.
The state government is teaming with Mr Albanese, to conduct a joint study identifying possible airport sites. It’s believed the Bankstown Airport, which recently came onto the market for sale; and a site at Badgerys Creek, have been disqualified as possibilities.
Read moreMore Concerns About $30 Billion “Rudd Bank” bail-out
KEVIN RUDD’s controversial $30 billion “Rudd Bank” – formally known as the Australian Business Investment Partnership (ABIP) – has been questioned again, this time by a commercial agency-based research department.
ABIP – a joint venture between the major banks and the federal government which would finance the gap between what a developer is able to borrow for a new project, and the actual cost of the project – was first proposed earlier this year.
Read moreNSW Chamber of Commerce Response to 2009-2010 NSW State Budget
2009-10 NSW State Budget
• NSW in recession in 2009-10 (negative growth of 0.50%)
• Unemployment increasing to an average of 8.5% in 2010-11
• No new taxes – payroll tax reduction plan continues
• Continuation of record $62.9 billion infrastructure
Barnaby Joyce and Nick Xenaphon Call For Changes to Protect Retail Tenants
NATIONALS senator Barnaby Joyce (pictured, right) has called for stronger unconscionable conduct laws to protect retail tenants from their wealthy landlords.
Mr Joyce says the tendency for shopping centre owners whereby “the small shop owner goes in, is wringed out, and then spat out” is unfair.
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Dexus Close to Selling 343 George Street
DEXUS Property Group is believed to have found a buyer for its 343 George Street office building, in the Sydney CBD.
A private investor is understood to be in exclusive due diligence to buy the heritage listed 11-storey building for more than $50 million. The negotiation may explain why a public campaign to sell the ASX building at 20 Bridge Street, has been delayed two weeks. That building was expected to sell for about $170 million.
Read moreDrop in the Number of $1 Million Dollar Suburbs in Australia
THE NUMBER of Australian suburbs with a median house price of more than $1 million has fallen from 152 to
Read moreGiant Football Academy Still on Track For Former Liverpool Golf Course
PLANS to develop a giant football academy on a former golf course, in the south-western Sydney suburb of Liverpool are still on track, despite banks putting the property on the market for $6 million as a mortgagee in possession.
Property developer Eddie Parilio said he expects to pay out money owed on the property, before the end of the property’s marketed tender. A repayment would give him back clear possession of the property, and allow him to proceed with redevelopment plans.
Read moreInfrastructure gets $8.5b boost
The federal government has allocated almost $8.5 billion for major infrastructure projects. The Building Australia Fund – worth $20b last
Read moreFrasers Property Gets Moving to Redevelop Sydney’s Former CUB Site
SINGAPORE-based developer Frasers Property is preparing to redevelop Foster’s former Sydney CUB Brewery into a $500 million mixed use project.
The new proposal will include two office towers, two apartment buildings and will be flanked by ground floor retail. Frasers has appointed an architect to design the proposal, and has started lodging applications with the NSW Department of Planning.
Read moreLend Lease to Defer Asset Sales
As previously advised Lend Lease Corporation (“Lend Lease”) is not a forced seller of assets and has no intention of selling assets at sub optimal values. Given current market conditions Lend Lease does not believe it is appropriate to sell certain assets, including some equity investments in Public to Private Partnership projects in the UK this financial year. Revised guidance after the removal of these items and other adjustments for the year ending 30 June 2009 is Net Operating Profit after Tax of circa A$300 million.
Read moreRecovery ahead: HIA
Residential building approvals in NSW increased for the third consecutive month in April to reach their highest level since last
Read moreGenuine Savings Now Required For Most Mortgages
Many Australians are unaware that the vast majority of lenders now require loan applicants to provide evidence of regular, genuine savings and at least a 5% deposit outside of any grants or other incentives*.
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Watpac Awarded Cochlear HQ Project Development at Sydney’s Macquarie University
ASX-listed construction and property group Watpac Limited (ASX:WTP) has been awarded the contract to construct the new Global Headquarters building for Australian hearing implant specialist Cochlear.
The $80 million Global Headquarters and manufacturing facility will be based in the emerging Hearing Precinct of Sydney’s Macquarie University.
The project involves the construction of a six-storey building with a nett lettable area of approximately 24,000m2, in close collaboration with Cochlear to meet their unique requirements.
Read moreMacquarie Leisure Delivers Solid Third Quarter Trading Results
Macquarie Leisure Trust Group (ASX:MLE) today announced unaudited total revenue and earnings results by division for the nine month period ended 31 March 2009.
Read moreBiggest IKEA in Southern Hemisphere Planned For Former Sydney Rubbish Tip
IKEA is set to build a 37,000 square metre megastore at Tempe, in Sydney’s south.
Read moreMacquarie CountryWide Sells Assets in Australia and the USA
Macquarie CountryWide Trust (ASX:MCW) today announced it has signed unconditional contracts for two disposals in Australia totalling A$14.7 million. A further settlement has also occurred on the US portfolio sale to an affiliate of Inland Real Estate Acquisitions Inc (Inland), with the completion of the sale of eight assets for US$144.1 million (A$198.9 million), bringing the total value of this transaction to US$264.1 million (A$380.8 million).
Read moreRBA Holds Official Cash Rate at May 2009 Meeting
The Reserve Bank of Australia (RBA) has announced today that the Official Cash Rate will remain unchanged this month. Therefore the Official Cash Rate continues at 3.00%.
Read moreDouble Bay Residents Protest 20-Level High Rise Towers
RESIDENTS of ritzy Double Bay, in Sydney’s eastern suburbs, were out in force on Sunday May 3, opposing the development of twin 15-storey towers, on the site of the Stamford Plaza Hotel in Cross Street.
Read moreAustraland Secures Refinancing Approvals
Australand has secured approvals from three domestic banks for a total of $350 million which, subject to documentation and together with existing undrawn facilities, will provide the Group with sufficient capacity to repay the $563 million CMBS facility maturing on 25 June 2009. Existing undrawn facilities and cash at bank as at 31 March 2009 was in excess of $560 million. Commitments have also been secured to renew $100 million of the existing $150 million of unsecured facilities expiring in 2009.
Read moreGE Voices Concerns at Rudd Bank Loophole
ONE OF the world’s biggest companies – and land owners – General Electric, has called for the Rudd Government to fix a loophole in the proposed $30 billion taxpayer-funded Australian Business Investment Partnership, otherwise known as the “Rudd Bank”.
Read moreWork to Start on 20,000 Social Houses
Federal Minister for Housing, Tanya Plibersek and NSW Premier Nathan Rees today announced that work can begin on the construction phase of the Rudd Government’s Nation Building Economic Stimulus Plan for an extra 20,000 social houses.
Read more$170 Million in Commercial Property Transactions This Week, Perth and Melbourne
LEND LEASE managed Australian Prime Property Fund has sold a half share of Melbourne’s 1 Spring Street office building in the Melbourne CBD for about $65 million, reportedly to a high net worth private investor.
Read moreTop Ten Complaints of Apartment Living, New South Wales Office of Fair Trading Analysis
A bedroom-based trout farm, a horse kept in an apartment, and an owners’ corporation deadlocked over taking action against a nudist neighbour – these are just a few of the strangest complaints received by the Office of Fair Trading about strata living in NSW.
Read moreBanks Not Passing Interest Rate Falls on, Because They Have Increased Market Dominance Recently
Federal Shadow Minister for Housing and Local Government, Scott Morrison, said today’s official housing finance figures for February show the banks have increased their market share of new housing loans to the highest level on record, creating a new low point for competition in our home mortgage market.
Read moreStockland Sells Sydney North Shore Development Sites to Meriton, at a $7 Million Loss
PROMINENT Sydney-based developer Harry Triguboff has paid $17.15 million for a residential development site on Sydney’s North Shore.
Read moreRBA Drops Official Interest Rate by 25 Basis Points, to 3 Per Cent, at April Meet
THE RESERVE Bank of Australia has decreased Australia’s official interest rate by 25 basis points, to 3 per cent, its lowest rate since March 1960.
Read moreRudd relief plan welcome but old news: Hockey
Borrowers with Australia’s top four banks are eligible for repayment relief to deal with the Global Financial Crisis, prime minister
Read moreGPT Sells Three Assets Including Tasmania’s Cradle Mountain Lodge
The beleagured General Property Trust has sold three assets for $47 million.
Read moreLiquidators Called For Miller Homes, But Wincrest Homes Back in Business
SYDNEY-based home builder Wincrest Homes has resumed construction of almost 200 homes, after going into voluntary administration on January 2 this year.
Read moreRecord Funds Management Limited enters receivership
Record Funds Management Limited, manager of the Record Realty Trust, has entered receivership. Its debts are speculated at $1.8 billion.
Read moreLend Lease Wins Major Property Contract with BP International
Lend Lease Corporation Limited (“Lend Lease”) has today announced the execution of a new contract with BP International Ltd (“BP”). The new contract continues Bovis Lend Lease’s 12 year alliance with BP to provide project management services for the construction and maintenance of BP’s retail network across 10 European countries.
Read moreUDIA calls for everyone to get grant
The Urban Development Institute of Australia has called for all new home buyers to receive the $14,000 government grant. At
Read moreAustralian House Prices Unlikely to Collapse, RBA Says
THE RESERVE Bank of Australia said strict lending conditions by Australian Banks, will prevent Australia’s housing market following the same southward direction of major countries overseas.
Read moreAustralian Hotels Dominate in Global Survey
PERTH is the world’s strongest performing hotel market, according to a new global survey from adviser Deloitte.
Read moreGPT May be Close to Appointing New CEO
FORMER ST George Bank executive Michael Cameron has emerged as the possible next chief executive of the beleagured General Property Trust group. The Australian Financial Review reports GPT wants to appoint someone to the position before the groups’ annual general meeting in May.
Read morePassengers up, quality down: ACCC on airports
Passenger numbers at Australia’s major airports increased for the 2008 financial year, an Australian Competition and Consumer Commission report said.
Read moreChadstone Beats Several Westfield Contenders to Remain Country’s Best Performing Shopping Centre
DESPITE the gloomy economic backdrop, Australians spent more than $14 billion within the country’s top 20 centres last year, considered a strong result.
Read moreCity Pacific Posts $74.3 Million First Half Loss. Releases Financial Results.
City Pacific Limited (City Pacific or the Company) today announced a net loss of $74.3 million for the half year ended 31 December 2008.
Read moreThree Agricultural Properties Sell
THREE agricultural properties have sold recently, including New South Wale’s Gundy farm and homestead, which sold to local farmers for $5 million.
Read moreABC Learning Centre Given a Month to Mediate $100 Million US Dispute
THE RECEIVERS of failed child care operator ABC Learning Centres have been given another month to settle a $US100 million dispute with US developer RCS Capital Developments.
Read moreAuction Clearance Rates Fall in Sydney and Melbourne, according to APM
AUCTION clearance rates fell in both Sydney and Melbourne this weekend, according to new research from Australian Property Monitors.
Read moreAustralia’s Population Could Reach 42.5 Million by 2056
AUSTRALIA’s population is expected to hit at least 30 million by 2056, even using the most conservative estimates from the Australian Bureau of Statistics, latest Social Trends reporting has found.
Read moreGerry Harvey Cancels Property Revaluations
HARVEY NORMAN founder Gerry Harvey said he will not revalue the company’s $1.25 billion Australian property portfolio, despite evidence values in the commercial property sector have fallen.
Read moreMacquarie CountryWide Trust Sells Five Assets For $92.6 Million
Macquarie CountryWide Trust (ASX:MCW) today announced it has entered into unconditional contracts with various parties for the sale of five assets (four in Australia and one in the US) for A$92.6 million [1], reflecting an average initial yield of 7.7%. The sale proceeds will be used to reduce debt and position the Trust to meet its refinancing obligations in the second half of 2009.
Read moreCB Richard Ellis Appoints New Director Asset Services
CB Richard Ellis’s former Auckland Managing Director Warren Hutt has relocated to Sydney to head the company’s Asset Services division in the Pacific Region.
Read moreTelstra Renews Office Leases in Sydney and Melbourne
TELSTRA has renewed its office leases at three major office buildings on Australia’s east coast.
Read moreStockland December 2008 Half Year Results
STOCKLAND DECEMBER 2008 HALF YEAR RESULTS
Read moreDistressed Sales on the up, Colliers Says
A GROWING number of distressed property assets are the focus of Colliers International in 2009 who have stepped in to manage portfolio’s savaged by the global financial crisis.
Read moreRBA Drops Cash Rate by 1 Per Cent at February 2009 Meeting
The Reserve Bank of Australia has reduced the country’s cash rate by 100 basis points to 3.25 per cent at its February meeting. This sees the cash rate hit a 45 year low. The next RBA meeting is scheduled for March 3.
Read moreStockland Sells Non-Core Commercial Assets
Stockland today announced the sale of three commercial office buildings for a total of $95.1 million. The sale includes: •
Read moreOccupancy down in key Australian hotel markets: ABS
In the latest release from the ABS for the September quarter 2008, the overall trend is a widespread fall in occupancy in Australia’s hotel markets.
Read moreTips to Take Charge of Your Mortgage
Mortgage Choice hopes to restore some consumer confidence in the New Year with top tips to help Australians take charge of, and better manage, their mortgage in 2009.
Read moreStockland Sells Four Shopping Centre Sites For $44 Million
Stockland today announced the conditional sale of four retail development sites to a private development group for a total consideration of $44 million.
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Barristers’ Chambers buys Owen Dixon Chambers West
IT may have taken 23 years, but Barristers Chambers Limited has finally got its hands back on a prominent CBD property at the centre of Melbourne’s court precinct.
BCL, which is owned by the Victorian Bar Council, has paid $54 million, plus GST, for the Owen Dixon Chambers West office building at 525 Lonsdale Street, which it has occupied since 1986.
The purchase marks the end of a tumultuous 30-year association between the site, and BCL, which amongst other things, aims to provide members of the Bar with accommodation in close proximity to the Courts.
Fund to sell out of $40 million Phillip Island project
AMP Capital Investors is selling out of a $40 million mixed-use village, earmarked for former farmland near Phillip Island’s town centre of Cowes.
The Sydney-based fund manager can expect to make around $9 million from the 26 hectare Ventnor Road development site, which will be sold with a permit for a 90-bed aged care facility, 195 independent living units, a retail conference centre and a 128-lot subdivision.
An AMP spokeswoman said the property is held by a closed-end fund which has a set period of time in which to invest and then sell its properties.
VCAT to Decide High Rise Prahran Apartment Tower
PLANS to redevelop Prahran’s former Royal Victorian Institute for the Blind office into a nine-level apartment building have been rejected by the Stonnington City Council, and will be decided by the Victorian Civil and Administrative Tribunal.
The prominent 85 – 97A High Street office will be demolished and replaced with a $25 million, 108-unit complex, under a proposal by the site’s new owner.
The project would be the tallest apartment tower in Prahran, outside of public housing complexes at the Bangs and Horace Petty estates, which soar 16 levels.
‘Mitcham Monster’ to be developed at last
Mitcham residents may have won a five year battle to prevent the development of two high rise apartment towers opposite
Read moreCentral Equity Pays Crown Casino $13.1 Million For Southbank Site
MAJOR apartment developer Central Equity has purchased Crown Casino’s outgoing training college in City Road, Southbank.
The former ASX-listed developer, now commandeered by directors Eddie Kutner, Dennis Wilson and John Bourke, paid $13.5 million for the site this week.
The property includes two historic buildings between 141 and 155 City Road, and sits on 2,527 square metres of land. Sources expect the site to be redeveloped into at least two apartment towers, but this could not be confirmed with a Central Equity representative, who was unavailable for comment. CB Richard Ellis marketed the site.
