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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Coronada Pays $4.8 Million For Alexander Heights Site, Perth

CORONADA Investments has paid $4.8 million for a 2.23 hectare residential development site in Perth’s Alexander Heights. The Perth-based company paid $217 per square metre for the land which is zoned to include around 33 residential lots. The property, at 67 Goldworthy Entrance, was sold by a private landholder. Jones Lang LaSalle marketed the site

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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.

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Ric Stowe’s Bullsbrook Mansion to be Sold, Perth

THE palatial Perth mansion of businessman Ric Stowe is expected to be auctioned in May.

Bullsbrook (right), on Perth’s outskirts, is expected to sell for some $70 million.

The estate includes a frass field cut into a hillside, a polo clubhouse and two helipads. It has reportedly been host to royalty.

Bullsbrook was one of several assets recently seized by receivers.

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Cromwell Sells Only Western Australian Asset For $8.6 Million

CROMWELL Property group has sold its only West Australian asset.

The Coffee Source has paid $8.6 million for the Cannington property at 78 Mallard Way (pictured, right).

The asset includes a 12,438 square metres of warehouse, and land for expansion. It’s book value was $8.4 million, according to the AFR which reported the sale.

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Things Looking Rosier in Perth

THE value of apartments within inner-city Perth is set to surge this year, linked to stronger corporate profits.

Research group MacroPlan says slowing growth in corporate profits in 2008 and 2009 led to the cancellation or deferral of some mining construction work, and that as a consequence, commercial and residential development also slowed.

In its Outlook for Perth Housing Construction report, analyst Jason Anderson says this trend should be reversed as demand for construction contractors and professional services firms increases. Several major Western Australian mining projects are back on the cards, too.

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Steve Price Buys South Yarra Terrace Mansion

PROMINENT radio broadcaster Steve Price and his partner, Wendy Black are understood to have purchased a luxurious historic terrace in South Yarra’s most exclusive pocket near the Royal Botanic Gardens.

The program director and breakfast presenter at new Melbourne talkback radio station MTR is believed to have paid more than $2.5 million for the double-storey four-bedroom terrace.

The home is walking distance to the MCG, where Price’s AFL team the Tigers play. It’s also near the Swan Street Richmond studio from where MTR broadcasts.

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Brookfield Multiplex Pays Aspen $25.3 Million for Perth Development Site

WESTERN Australian based developer and fund manager Brookfield Multiplex has paid $25.3 million for a commercial development site in the City Square development site.

Brookfield is expected to build a 14-level office on the site, which was also reportedly competed for by the Charter Hall Group.

Aspen Group also reportedly conducted due diligence on the site.

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Yanchep Site, Perth, Expected to Sell For Near $13 Million

A MAJOR residential development site in Yanchep, a precinct of Perth once known as a weekend getaway destination, has hit the market for the second time in three years.

The 10,000 square metre block, divided into four titles, were purchased by boutique Perth developer Match for $13.2 million at the peak of Perth’s real estate market in 2007.

Colliers International’s head of department project residential, land marketing and tourism, Nick DiLello said the site may achieve that price again, now the market has recovered somewhat from the downturn.

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WA Government Announces Treasury Building Redevelopment, Perth

The West Australian government has announced a $580 million redevelopment of Perth’s old Treasury building. The redevelopment will include a 35-level office building, most of which will be leased back to the government, a hotel, library and public plaza. It will however include the demolition of adjacent Law Chambers buildings. Mirvac and CBus Property have

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Satterley Pays $94 Million for Heron Park Development Site, Perth

DEVELOPER Satterley has paid $94 million for a 104 hectare residential development site in its home town of Perth.

The land is able to yield 1200 lots, and is located in the city’s south-east.

“At a time when a land shortage is looming, this is a very important big picture buy,” Satterley founder Nigel Satterley told the AFR.

The new estate abuts Satterley’s Heron Park estate.

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