Tens of thousands of Australian jobs were shed today as businesses plan for losses stemming and set to come from the COVID-19 led economic slow-down, now expected to be a global recession. Mosaic Brands – which controls Autograph, Katies, Millers, Noni B, Rivers and Rockmans, amongst other national marques – announced it would stand downRead more
Public auctions and inspections will be temporarily banned following a national cabinet decision earlier tonight. Service based retailers including beauty therapists, nail salons and tattoo parlours will also be forced to cease trading when social distancing measures come into effect at midnight, Wednesday March 25. Hairdressers can continue to operate provided clients stay a maximumRead more
Citing the difficulty operating its business given social distancing rules, Michael Hill has shut its global network of 304 jewellers indefinitely and let go of 1600 Australian staff. In an Australian Stock Exchange statement, the Brisbane based company said sales have recently been plummeting. The retailer hasn’t traded since last week in Canada – whereRead more
Spotlight Group has pulled Harris Scarfe out of receivership. The Melbourne based, family-owned Spotlight acquired the 170-year old Adelaide-founded department store chain today. Spotlight was shortlisted with three parties by administrator, Deloitte’s Vaughan Strawbridge. Harris Scarfe entered voluntary administration in December, 2019, with 21 outlets across five states closed in January. The retailer now employsRead more
Homewares retailer ISHKA was placed into voluntary administration today. Established in Melbourne’s Glen Iris 49 years ago – the family owned chain employs 500 people and trades from 60 stores. ISHKA owner Tony Darvall said the decision follows a “catastrophic Christmas and summer” of trade. “We realised everything wasn’t right, so we’ve been flat outRead more
It was hoping to hit the ground running – taking on Aldi, Coles and Woolworths – but Kaufland in Australia has crashed before it even took off. The retailer announced this morning that it would cancel its local expansion plans to focus on European operations. The decision comes 20 months since the group appointed JuliaRead more
Jeanswest’s Australia arm is the latest retailer to enter voluntary administration. The casual and maternity clothing company, founded by flamboyant Perth businessman Alistair Norwood in 1972, employs 988 staff and operates out of 146 stores nationally. In 2017 Jeanswest’s local division was acquired by a private Hong Kong company, Howsea Limited, which notes Charles YeungRead more
The Entertainment & Education Group (TEEG) – the largest operator of family entertainment venues in the Asia Pacific – has opened its 300th venue, a Kingpin, at Canberra’s Civic shopping centre. Moreover TEEG – which also owns Timezone and Zone Bowling – intends to trade from 50 more outlets in 2020. The Singapore based companyRead more
Scape Australia is paying $2 billion for a portfolio of student accommodation units in Sydney, Melbourne, Brisbane and Adelaide. The property deal with Urbanest – owned ultimately by the Washington Investment Board care of M3 Capital Partners’ Evergreen Real Estate – is Australia’s biggest this year. It comes less than three months since Scape AustraliaRead more
ESR Cayman Limited will seed an office focused mandate using two wholly owned Sydney business parks, picked up as part of its $723 million takeover of Propertylink in April. The ESR Office Partnership IV (EOP IV), worth $138 million, includes: 15 Talavera Road, Macquarie Park (pictured, right) – which contains 12,630 square metres of lettableRead more
Charter Hall (CHC) is paying petroleum giant BP Australia Pty Limited $840 million for a 49 per cent stake in 225 convenience retail assets. The $1.7 billion portfolio consists of the majority of BP’s owned investments of this type, nationally. It has a weighted average lease expiry (WALE) of 20 years (most of the rentalRead more
Harris Scarfe – one of South Australia’s oldest retail chains – entered voluntary administration today after being put into receivership by a creditor. The move comes less than a month after the company traded to Allegro Funds, a Sydney-based private equity firm known to turn around struggling businesses. In that deal, for an undisclosed sum,Read more
Valuation and advisory firm Landmark White has rebranded as Acumentis. The new name is derived from two Latin words, it described: acumen, meaning insight and sharpness; and mentis, which involves having sound mind, memory and understanding. Australia’s only independent, locally-owned, ASX-listed valuation company – Acumentis had a horrible year, with two data breaches resulting inRead more
Women’s fashion brand Bardot, which is headquartered in a historic Abbotsford warehouse on the banks of Melbourne’s Yarra River, has entered voluntary administration. The clothes maker and retailer employs about 800 staff and trades from 72 Australian stores. Its competitors include local outfits Witchery, Sportsgirl and Country Road – as well as international brands, H&MRead more
The world’s first KFC drive-thru only restaurant opened in the New South Wales regional town of Newcastle on Wednesday. Built on a site the business owns at 80 Lambton Road, Broadmeadow, the concept store is branded Kentucky Fried Chicken. This represents a marketing back-flip: the fast food chain renamed itself KFC globally about 30 yearsRead more
ESR Cayman Limited (ESR) has announced a deal with China Merchants Capital Investments Co Ltd (CMC) to seed a $350 million real estate platform focused on developing and owning Australian logistics investments. The new mandate will be known as the ESR Australia Logistics Trust (EALT). Hong Kong-headquartered ESR will half-fund EALT, using its existing balanceRead more
A Brisbane childcare centre investment listed this month could be the most expensive sold in Australia – smashing the record set last year for a Sydney centre, by some $14 million. The Bowen Hills complex, three kilometres north east of the Queensland capital, is expected to trade for more than $35 million. It forms partRead more
INVESTORS from the United Kingdom are planning a $400 million fund to invest in cotton and wheat properties in eastern Australia.
To be known as Southern Agricultural Resources, and with Derek Shaw as a non executive director, the fund has reportedly identified for purchase 24 properties covering over 100,000 hectares in New South Wales and Queensland.
The fund has “been quietly shuffled around investment circles in the UK and USA” according to the AFR.Read more
LEND Lease arm Abigroup has won a major government contract.
Details of a media statement released today is below:
Abigroup has won a national Defence contract to prepare RAAF airbases around Australia to receive the air force’s next generation of fighter jets.Read more
THE Moreland City Council and developers are battling against the clock to get a contentious Brunswick project out of the ground before mid-2012, when the permit expires, and resident concerns regarding the proposal must then be heard.
The 284 – 294 Albert Street block was the subject of a dispute last June when Brisbane-based owner Citimark proposed a $100 million apartment compound with three towers rising between 10 and 14-levels (impression, right).
Citimark relied on a development overlay introduced in 1994 and specifically for the construction of a supermarket, next door, to bypass third-party appeal rights for its major proposal.Read more