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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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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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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John Fish to Sell Queensland Development Site

GOLD Coast property developer John Fish can expect to make about $35 million from the sale of a 68,000 square metre development site at Hope Island.

The site includes the Marina Quays Tavern.

Paul Smerdon, a spokesman for developer the Fish Group, told the AFR the project would be better suited to someone with more experience at running mixed use sites.

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Perth Office Rents Take a Battering

PerthTHE see-saw property market that is Perth, may be set for another battering.

A week after a controversial super-tax threatens to end many West Australian mining projects, comes news office rents in the city have collapsed 27.4 per cent over the past year.

Average rents are now $696 per square metre, per annum, according to CB Richard Ellis, which issued the report on occupancy cost drops across 176 global markets.

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Sydney Nations Least Affordable City, Again

New research by the HIA shows housing affordability hasn’t improved in Sydney.

Below is a statement released by the group this week:

Housing affordability nose-dived at the end of 2009 due to a combination of higher house prices, increased interest rates, and the winding-down of the first home buyers’ boost according to the latest HIA-CBA First Home Buyer Affordability Report.

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Vanilla Property Investments Pays $27.5 Million for Perth Shopping Centre

PERTH-based syndicate Vanilla Property Investments, an arm of the Vicus Group, has paid $27.5 million for Perth’s Lifestylezone Ocean Keys shopping centre.

The three-year old centre, in Clarkson, has 19 tenancies in two buildings measuring 14,004 square metres.

The Good Guys, Bedshed, SupaCheap Auto and Beacon Lighting are amongst the centre’s biggest tenants, the AFR reports.

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WA Government Appoints Delfin Lend Lease Preferred Developer For Alkimos Community Development

THE West Australian government has named Delfin Lend Lease as the preferred developer for the first stage of the 710 hectare Alkimos Community development, 40 kilometres north of Perth.

Alkimos will be Delfin Lend Lease’s first major project in WA, despite establishing in the state two years ago.

Perth based Satterley Property Group and Mirvac were also shortlisted to buy the site, the AFR reports.

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