Withers family banks $77.9 million from sale of 15 7-Eleven outlets

Melbourne’s Withers family today sold a national portfolio of 7-Eleven outlets for a total of $77.915 million. The 15 properties, offered as sale and leaseback investments with starting 12 year terms, exchanged on passing yields of between 3.82-6.07 per cent. An outlet in Melbourne’s northern suburb of Campbellfield was the most valuable – trading for

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iProsperity, ZACD Group buy AccorInvest portfolio of 23 hotels for $212.6 million

iProsperity Group (iPG) and Singapore-based fund manager ZACD Group have acquired a portfolio of 23 hotels from AccorInvest for $212.6 million. The investments – 17 real estate assets and six lease interests – provide 3046 rooms across Sydney, Melbourne, Canberra, Brisbane, Perth and major regional cities (a full list of the portfolio is at the

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Third time lucky for Starwood Capital with $480 million bid for Australian Unity Office Fund

It may be third time lucky for Starwood Capital in its attempt to buy the Australian Unity Office Fund. Following failed bids in March and July, the US-based investment group is offering $2.95 per unit – equating to $480 million – for the fund which controls nine assets across the country. The latest offer represents

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Ousted PM Malcolm Turnbull lists Canberra penthouse for sale

The month after being replaced as the leader of the federal Liberal Party, Malcolm Turnbull is selling his Canberra penthouse. The two-level dwelling offers “the most sensational views over Lake Burley Griffin” and is “lightly lived in” according to the online advertisement posted by the marketing agents, Berkely Residential’s Peter Salapatas and Bill Lyristakis. It

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AXA Investment Managers acquiring four hotels on Australia’s east coast for a speculated $330 million

Paris-based AXA Investment Managers is continuing a national real estate spending spree, entering due diligence to buy four hotels on the east coast for around $330 million. The assets include: • Novotel Sydney Olympic Park (pictured, top) with 177 rooms • Pullman at Sydney Olympic Park (218 rooms) • Ibis Sydney Olympic Park (144 rooms)

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Singapore’s Soilbuild REIT enters Australia with two acquisitions costing a total of $116.25 million

Perth-based Ascot Capital has sold a poultry plant in South Australia and an office building in the Australian Capital Territory for a total of $116.25 million. Both sites were purchased by Singapore-based Soilbuild REIT – which has established a wholly owned management investment trust called Soilbuild Australia for its maiden local purchases. Following these acquisitions,

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QIC to Develop $350 Million Canberra Complex

QUEENSLAND Investment Corporation will build a $350 million mixed use development in the Canberra city centre.

The proposed development will replace a car park, and include an 11-storey office with 41,500 square metres of space, as well as a 13-level apartment building with some 300 flats. According to the AFR, it will also include a 12,600 square metre shopping centre and more car parking.

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Costco Chooses Canberra For Third Australian Store

COSTCO will open its third Australian outlet in Canberra, and retail giant Woolworths is right behind it.

Costco has chosen the Majura Park shopping centre adjoining the Canberra Airport to open its second NSW store. Majura Park is the new name for the collapsed Airport Brand Depot discount outlet.

Only two stores within the previous shopping centre remain: Toys ‘R’Us and Babies ‘R’Us.

Woolworths has also leased space within the revamped centre, and will open an 8000 square metre Big W, a 400 square metre Dick Smith and a 4800 square metre supermarket.

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Emboss Capital Pays $55 Million For Civic Office, Canberra

EMBOSS Capital has paid $55 million for a Canberra office building – its second major transaction on Australia’s east coast recently.

The A-grade, six-level, 9000 square metre office, in the suburb of Civic, was sold with a long lease to the federal government.

According to the selling agencies, Colliers International and Jones Lang LaSalle, the building sold on a yield of 7.4 per cent.

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Department of Climate Change Leases Major Canberra Office

THE Department of Climate Change and Energy Efficiency has leased a 21,000 square metre office in Canberra, paying a whopping annual rent of between $420 and $450 per square metre.

The government employers will work from picturesque space adjacent to Lake Burley Griffin, at a $550 million development being built by the Molonglo Group on the site of the former Hotel Acton.

The government body’s headquarters will be known as the New Acton Nishi office.

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Major Canberra Housing Proposal Rejected

THE NSW Land & Environment Court has rejected a major development application near the Canberra Airport, which may have helped solve some of the affordability issues of the city.

The 4685-block, 130-hectare Tralee proposal has been fought since 2002 by developer Village Building Corporation, and the Canberra Airport, which has argued residents would be exposed to aircraft noise and complain, if the development went ahead.

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Westpac Makes Loss From Sale of Canberra Office Building

THE Westpac Office Trust has made a huge loss on a Canberra office building it bought in late 2006.

The 221 – 227 Anzac Parade office in Kensington sold for $35.5 million reflecting a yield of 7.6 per cent based on the building’s annual income.

Westpac paid $41 million for the building on a 6 per cent yield a little under three years ago.

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Canberra’s Maritime Safety Authority Building Sells For $44 Million

CANBERRA’s near new Australian Maritime Safety Authority building has sold for $44 million to an undisclosed private investor.

The 82 Northbourne Avenue office, which was completed last July, sold on a yield of 7 per cent.

The building measures seven levels and was sold with a 15-year lease to the government, paying a high $430 per square metre (high compared to similar quality offices in Sydney and Melbourne).

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