Half Share of Perth’s QV1 Tower Selling For More Than $300 Million

AUSTRALIAN Reward Investment Alliance is reportedly in due diligence to buy a half share of Perth’s QV1 Tower for more than $300 million.

The $20 billion fund is believed to be buying the asset with the assistance of Eureka Funds Management. It is being offloaded by the Dexus Property Group, which holds the asset on behalf of superannuation fund STC.

The second half of the building is owned by Investa Property Group.

Read more

Alan Bond’s Former Dalkeith Mansion Sells for $39 Million, Perth

The former home of controversial Perth businessman Alan Bond has sold for $39 million.

The Dalkeith property (pictured, far right) is the second most expensive home sale to take place in Perth recently. In 2009, mineral resources director Chris Ellison paid $57 million for the Mosman Park home of mining heiress Angela Bennett.

Mr Ellison’s colleague, Steve Wyatt, founding shareholder in mining services company Mineral Resources, is the buyer of Mr Bond’s former home. It was offloaded by former goldminer Barry Patterson, according to the AFR.

Read more

Leighton Holdings May Anchor 28,000 Sqm Perth CBD Office Building

PROPERTY fund manager Charter Hall Group is reported to have snared construction giant Leighton Holdings as a tenant for a major Perth CBD office project.

Leighton is said to be considering a 28,000 square metre campus style office, part of Charter Hall’s new Workzone development at 202 Pier Street, on the Perth CBD’s northern tip (image of a building within the project, right)

The site, held by the Charter Hall Opportunity Fund No 5 (CHOF5), is due for completion in 2013, subject to pre-commitments.

Read more

Developer Brookfield Applies to Build Second Office Tower, City Square, Perth

DEVELOPER Brookfield will push ahead with a second office tower on the site of its City Square project, in Perth.

Brookfield’s proposal is for a 16-level, 30,000 square metre tower which will stand alongside a 45-level tower under construction, and leased to BHP Billiton (artist impression of this tower, right).

Perth’s CBD office vacancy rate is a low 6.6 per cent.

Brookfield Office Properties Australia chief executive Brian Kingston said construction could start by October.

Read more

Development Site Near Perth International Airport Sells For $20 Million

A 12.1 hectare parcel of land near Perth Airport sold to a private owner for $20 million.

The leasehold land, which has 90 years left to run on a lease, is owned by the Westralia Airport Corporation – the private company that operates Perth’s international and domestic airports.

A private owner reported to be Michael Hodgson has purchased the site, but this could not be confirmed by the AFR which reported the deal. Mr Hodgson is the director of several property companies. He also owns Perth’s Botanica Bar, in Innaloo.

Read more

BHP’s Plans to Move its Headquarters to Perth Delayed

MINING giant BHP Billiton looks unlikely to relocate its headquarters to Perth any time soon, according to news reports.

In 2008 Perth mayor Lisa Scaffidi labelled a new building BHP was occupying at City Square as “BHP’s new national headquarters” raising speculation the giant will leave its long-time home in Melbourne.

The mayor told a council meeting BHP’s Melbourne operations would be “significantly downgraded” in what was “a major boon” for Perth.

Read more

Mining Heirs to Sell Perth Development Site Owned by Family For 65 Years

A DEVELOPMENT site overlooking the West Australian government’s Northbridge Link project in Perth is to be sold by the heirs to a mining fortune.

Angela Bennett and Michael Wright, the children of the late Peter Wright who discovered many of Western Australia’s iron ore deposits with business partner Lang Hancock, are selling the 1383 square metre site, currently leased to Wilson Parking.

Read more

Luke Saraceni Seeks to Get Busselton Project Moving, WA

PERTH-based property developer Luke Saracini is looking for new financial backer to help get a 900-unit mixed use redevelopment in the Busselton area moving.

The Vasse Newtown project (aerial, right) has been largely on hold, because Mr Saraceni told the AFR, he “couldn’t agree on a price” with another local investor the Perron Group.

Mr Saraceni owns 49 per cent of the project while a syndicate of largely wealthy West Australian families owns the balance.

Read more

Sleepy Geraldton About to be Short of Homes Care of Mining Developments

THE sleepy Western Australia coastal town of Geraldton is about to undergo a population explosion – and maybe an apartment development boom – on the back of major mining projects including the $5 billion Oakajee Port venture.

However it may face a housing shortage within three months because of a fear by developers to adopt a large-scale development in the area, 240 kilometres north of Perth. Earthwork restrictions limiting the clearing of blocks to within six months (March to September) is also turning prospective developers off.

Read more

WA Residential Building Boom Too Fast For Bureaucrats to Handle

WESTERN Australia’s residential building boom seeks to be choking on itself.

According to builder Alcock-Brown Neaves Group, the state is being plagued by rising staff and material costs, falling migration and tax uncertainty, as well as red tape burdens and delays.

He said the state’s housing market risks suffering “death by a thousand cuts” unless it becomes proactive, and acts.

Read more

Brookfield Proposing New Office Development Abutting its City Square Asset, Perth CBD

THE Australian arm of the Canadian private equity company Brookfields plans to build an office building in Perth, abutting another development it already owns – in effect creating a twin-tower complex.

Upon completion, the twin-office development’s end value is forecast will be more than $1 billion.

Brookfield told The Australian it was also considering redeveloping other sites it owns – the Bishop See North asset, also in the Perth CBD, and another office tower proposal in Melbourne.

It paid West Australian property investor Ric Stowe $25.3 million for the site adjoining City Square, and is reportedly planning a 15-level, 30,000 square metre office, which will be integrated into the neighbouring complex.

Read more

Receivers to Sell Luke Saraceni Perth Site

RECEIVERS are about to seize control of a sixth site controlled by embattled property developer Luke Saraceni (right).

The seizure, for a hotel site at 18 The Esplanade, in Perth, comes as Saraceni prepares to test in court whether his $500 million Raine Square office tower project can be completed.

Financiers have also seized control of an office tower at 251 St Georges Terrace, in Perth, owned by Saraceni’s business partner, developer Hossean Pourzand. The Bank of Scotland and Bankwest called in the receivers, according to reports.

Read more
error: Content is protected !!