Qantas flags national property consolidation including relocating Jetstar HQ

Qantas is conducting a group wide review of its rented space, particularly corporate offices. The airline is headquartered at a 49,000 square metre facility at Sydney’s Mascot while its Jetstar arm is based in Melbourne’s Collingwood. Property occupied for flight simulator centres – the group again isolating the south eastern capitals – as well as

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Clean Energy Finance Corporation invests in flagship Charter Hall logistics trust

In its first pure play industrial outlay, the federal government’s Clean Energy Finance Corporation will invest $50 million with Charter Hall’s flagship logistics trust. The green bank has been seeking a foothold into the sector, which chief executive officer Ian Learmonth said contains some 35 million square metres of “largely untapped” roof space – a

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KUBA takes Napoleon Perdis out of Priceline and into David Jones

KUBA Investments is making good on its promise to reposition the Napoleon Perdis business it acquired last April – replacing Priceline with David Jones as a key stockist nationally. The chemist, controlled by ASX-listed Australian Pharmaceutical Industries, previously claimed the makeup was one of its best sellers. The product will instead this month be launched

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Metcash makes $57m bid for 70pc stake in Total Tools; plans to buy balance within four years

Metcash is expanding its hardware sector presence with a $57 million bid for a 70 per cent stake in middleweight national chain Total Tools. The agreement, which the Australian Competition and Consumer Commission has been reviewing since June 30, allows for the purchaser to buy the balance of the business within four years. If approved,

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Wesfarmers to close up to 75 Target Australia outlets and re-brand 92 as Kmart

Wesfarmers will undertake a major restructure of its Target business, close up to 75 stores and re-brand another 92 as Kmart. An announcement today also spells the end of Target Country. The discount department store traded from 289 outlets nationally and employed 13,000 people. A “significant” reduction in the business support office – which only

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Government temporarily bans public auctions and inspections, part of updated social distancing measures

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 maximum

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Michael Hill closes 304 stores, lets go of 1600 Australian staff, because of coronavirus

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 – where

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Spotlight Group buys Harris Scarfe

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 employs

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Timezone, Kingpin owner TEEG opens 300th venue with plans for 50 more next year

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 company

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Scape pays $2 billion for Urbanest’s Australian student accommodation portfolio

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 Australia

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ESR seeds office mandate with two wholly owned business parks worth $138 million

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 lettable

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Harris Scarfe for sale after being put into receivership and entering voluntary administration

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,

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