National

National 

Ray 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.

Read more

Federation Square
National 

Federation Square Ranks as One of World’s Ugliest Buildings

, , , ,

Federation SquareIT 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.

Read more
National 

New 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;

Read more
National 

Banks 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 more
National 

Rand 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 more
National 

South 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 more
National 

Sydney-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.

Read more
National 

ASIC 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:

Read more
National 

Institutions 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 more
National 

Lend 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 more
National 

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 more
National 

Japan’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 more
National 

Billionaire 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 more
National 

Lend 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:

**

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 more
National 

Translator 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.

Read more
National 

Sanity 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 more
National 

REIA 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 more
National 

H&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 more
National 

Wayne 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 more
National 

Receivers 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”.

Read more
Kevin Rudd
National 

Experts Warn Senate Inquiry Mortgage Holders Will Pay For Rudd’s $315 Billion Stimulus Spend

, ,

Kevin RuddAUSTRALIANS 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 more
National 

Stockland 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 more
National 

Investment 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 more
National 

Woolworths 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 more
National 

Trinity 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.

Read more
Tanya Plibersek
National 

Public Housing Building Boom Underway in Australia

, , , , , ,

Tanya PlibersekThe 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 more
National 

Property 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 more
National 

Property 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.

Read more
Glenn Stevens
National 

RBA Leaves Rates Unchanged at 3% For Sixth Month in a Row

Glenn StevensAT 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:

Read more
Babyco
National 

Babyco Goes Into Voluntary Administration

BabycoNURSERY 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 more
National 

ALE 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 more
National 

Australian 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 more
Crocodile
National 

Australian House Prices Surge 5.9 Per Cent in 2009

CrocodileDARWIN 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 more
National 

Mirvac 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 more
National 

Woolworths 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.

Read more
Mike Smith
National 

Banks May Lift Interest Rates Independent of RBA, ANZ Warns

AMike SmithNZ 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.”

Read more
Ben & Jerry's
National 

Ben & Jerry’s Coming to Australia

Ben & Jerry'sETHICAL 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.

Read more
National 

Coles, 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 more
National 

GPT 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 more
Michael Cameron
National 

GPT May Split Oz and European Assets, as Part of New Strategy

, ,

Michael CameronTHE 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 more
Aldi
National 

Aldi to Build 500 More Australian Stores

, ,

AldiGERMAN 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 more
National 

Squatters 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 more
Commonwealth Bank
National 

ACCC Condones Commonwealth Bank’s Actions Despite Warnings it Could Disadvantage Consumers

,

Commonwealth Bank
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 more
Ronald McDonald
National 

McDonald’s to Open More than 150 Stores in The Next Five Years

Ronald McDonald
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 more
Al Gore
National 

Al Gore to Launch Safe Climate Australia Initiative in Melbourne Next Week

Al GoreENVIRONMENTAL 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 more
National 

Macquarie 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 more
National 

Charter 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
National News 

New 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 more
National 

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.

Read more
242 Exhibition Street
National 

Investa to sell Two CBD Offices Worth $600 Million

,

242 Exhibition Street
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 more
Kevin Rudd
National 

$28 Billion Rudd Bank Rejected in Federal Parliament

, , ,

Kevin RuddTHE 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 more
National 

GPT 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 more
National Australia Bank
National 

Westpac, NAB Follow CBA and Lift Interest Rates

, , ,

National Australia BankTHREE 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 more
National 

Worst 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.

Read more
National 

New 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.

Read more
National 

Interest 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 more
National 

Number 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.

Read more
Peter Garrett
National 

Federal Government Shelves $8000 Solar Roof Panel Rebate Early

,

Peter GarrettTHE 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 more
171 Collins Street
National 

Grocon to Develop Two CBD Offices in Castlereagh St Sydney and Collins Street Melbourne

,

171 Collins Street
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 more
Tanya Plibersek
National 

More Than 78,000 Australians Take Up First Home Owners Boost

,

Tanya PlibersekNew 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 more
National 

More 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 more
National 

Lend 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 more