Singapore’s Hiap Hoe is speculated to be paying more than $100 million for the Aloft Perth Hotel, and an adjoining office building, in Western Australia. The Rivervale hotel (pictured, top) is one of numerous assets belonging to the late construction tycoon Len Buckeridge, which is being sold down by his family. The Buckeridge estate, asRead more
Woolworths has sold a retail complex in Perth’s outer northern suburb of Aveley for $27 million to a private investor. Woolworths Aveley (pictured top, left and bottom) is trading on a market yield of 5.8 per cent. Built in 2016, and with depreciation benefits, the asset was offered with a 12-year lease to Woolworths. AlcoholRead more
Vicinity Centres has sold 11 shopping centres spread across Victoria, New South Wales, Queensland and Western Australia, for a total of $631 million. One asset, the Belmont Village shopping centre in Geelong, and worth $58 million, sold in a deal which settled last month to a Sydney-based investor, the Geelong Advertiser reports. Ten more assetsRead more
Hawaiian and Queensland Investment Corporation have paid $4 million for a historic building next door to their Claremont Quarter shopping centre, in west Perth. The consortium acquired 21 Bay View Terrace (pictured, top) in Claremont from private investors which previously occupied the building. The double-storey retail asset includes 340 square metres of lettable area, whichRead more
A Singaporean investor has made their first foray into the Perth commercial property market, paying $33 million for an office opposite Kings Park and Dumas House. The building, 1 Havelock Street, West Perth, was offloaded by WA-based Ascot Capital Limited, an investment house directed by David Van Der Walt, Greg King and Peter Agostino. TheRead more
A Malaysian investor is buying a double-storey, mixed-use asset with redevelopment potential in Perth’s ritzy south-west. Following an off-market deal, 22 St Quentin Avenue, Claremont (pictured, top), which is fully leased, is trading for $12.35 million, a yield of 4.6 per cent. Opposite major shopping centre, Claremont Quarter, the St Quentin Avenue holding covers 1952Read more
The Perth property which until recently accommodated an incomplete, distinctive mansion which became dubbed around the world as the Taj on Swan, appears to have found a buyer. The Peppermint Grove site, pictured above and left, and advertised during its most recent public sale campaign as “the most famous block in Australia”, is speculated byRead more
LEND Lease Retail Partners 3 Fund has paid $46.5 million for the Northgate Shopping Centre in Geraldton, Western Australia. Supermarket giant Coles, and variety store Target anchor the large centre which also includes 36 specialty shops. The closed ended fund now has five assets in its portfolio,worth a total of $411 million, according to theRead more
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
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
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 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
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
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
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
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
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
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
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.
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 siteRead more