Growing NAB and Westpac backed start-up BrickX cuts service fee
Kareene Koh, the new chief executive of NAB and Westpac-backed fractional property investment start-up BrickX, has permanently cut the company’s
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Former St Kilda ruckman Tom Hickey lists Melbourne home ahead of a move to Perth
Two weeks after being traded to the West Coast Eagles, former St Kilda ruckman Tom Hickey (pictured, top) has listed
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Hiap Hoe speculated to be spending more than $100 million on Perth hotel and adjoining office
Singapore’s Hiap Hoe is speculated to be paying more than $100 million for the Aloft Perth Hotel, and an adjoining
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Perth commercial building sells off-market to Malaysian investor for $12.35m
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,
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State Government Approves Laws Allowing Perth Sunday Trading
AFTER some 25 years, the Western Australian state liberal government has approved laws allowing Sunday trading in Perth.
In a move expected to result in a wave of major new retail developments and refurbishments, Premier Colin Barnett, and the opposition, supported the legislation which replaces ad hoc rules that allowed only certain retailers to open.
Sunday trading was the subject of a failed referendum in 2005.
Melbourne-based Myer has been one of the first retailers to praise the move, adding the group would now “move more quickly to refurbish and expand operations in Perth”. The company has refurbished just one of its six Perth stores since 2006 but undertaking numerous major renovations of its east coast outlets since that time.
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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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Major Industrial Leases Signed: Perth, Sydney, Melbourne
THREE major industrial deals have been signed in major Australian cities.
In Perth, K-Craft Builders has agreed to lease 1800 square metres of space previously leased to Alloy Haulage, at 36 Banksia Street in Welshpool. The lease was struck at a gross face rent (pre incentives) of about $93 per square metre.
K-Craft has been headquartered at Welshpool for 30 years, and is expanding. Colliers International brokered the deal.
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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.
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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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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Sydney and Perth Residential Sectors Set to Lead the Nation: Report
THE Sydney and Perth residential sectors may have been the basket case of the country in recent years, but all that is expected to change, according to new research by MacroPlan.
The consultancy expects Sydney and Perth will lead the nation in regard to demand this year, led by increasing incomes, improving business prosperity and a shortage of new residential supply.
MacroPlan also anticipates some regional centres will perform well on the back of the resources boom, population growth and value.
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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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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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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
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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.
Read moreMyer to Open Two Level Outlet at Perth’s Joondalup SC
MYER plans to open a two-level outlet at Perth’s Lakeside Joondalup Shoppping Centre.
A copy of the company’s press release is below.
Monday 17th May 2010
MYER ANNOUNCES A NEW STORE AT JOONDALUP
Myer has today announced plans to build a new store at Joondalup, expanding the number of stores in Western Australia to seven.
Perth Office Rents Take a Battering
THE 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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Peet, Myer, MTAA Super Kick Off Biggest Perth Coastal Development in 50 Years
PERTH’s largest coastal development for more than 50 years has been launched in the Alkimos Eglinton area.
Peet Ltd has unveiled its $1.3 billion Alkimos development, about 40 kilometres north of the CBD. The land mooted for the development abuts another major block which the West Australian government is seeking to develop with a partner.
Combined, about 953 hectares of Perth’s famous coastline will be affected. LandCorp, Delfin Lend Lease, Mirvac and a consortium including Perth based developer Satterley Property Group, are reportedly shortlisted on the government tender to build more housing.
Read morePerth David Jones, Hay Street Mall, Sells For $115 Million
PERTH’s David Jones store in the CBD has sold to the Singapore listed Starhill Global REIT for almost $115 million.
The asset was put to the market by MCS28, a syndicate managed by Centro Properties Group.
The 4-level property on Hay Street Mall was valued at $114.5 million in June (down 13 per cent since last year). It sold on a yield of 7.75 per cent.
Read moreCottesloe Beach Hotel, Western Australia, For Sale
BROOKFIELD Multiplex will sell Perth’s iconic Cottesloe Beach Hotel.
The developer failed to obtain a development permit after several years, and will sell the asset as an investment.
Its plans for a $100 million high rise building on the site seemed doomed in May when the Cottesloe Town Council decided to retain a three-storey height limit in the area.
Brookfield Multiplex paid $17 million for the Marine Parade property in 2003. The asking price this time around his not been disclosed.
Read moreReceiver’s Called in For Developers Of Perth’s Former Emy Brewery Site
RECEIVERS have been called in for the developers of a prominent apartment project on Perth’s western fringe.
Read moreGlobal Research Finds Perth Still Worlds Tightest Office Market
Perth still holds the title of the tightest CBD office market in the world, however Brisbane has slipped down the rankings from number 2 to number 6, according to Colliers International’s biannual Global Office Real Estate Review Midyear 2008.
Read morePerth house prices rise in December quarter
Perth house prices increased by 1.1 per cent in the December quarter 2007.
This follows a 1.3 per cent rise in the September quarter. Together these quarterly increases have clawed back all of the fall in prices experienced in the June quarter.
Read morePerth house prices climbing again
Perth’s resilient property market has bounced back from its modest slump in June, showing 2.4 per cent growth in price for the September quarter.
Data released today by the Real Estate Institute of Western Australia, is expected to show the current median price of $450,000 for the June quarter climbed to around $460,000, up by about $10,000 and marginally below the $465,000 median reached in the March quarter.
Read moreWest Australian Syndicate Buys Six Units at Lend Lease’s Mosaic Development, Docklands
A MYSTERY Western Australian- based syndicate of property investors swooped in to Lend Lease’s Mosaic apartment tower in Docklands last weekend, buying six units and spending $3.5 million.
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ZACD quits strata hotel in the black
Hong Kong listed, Singapore based investment manager, ZACD, has sold a strata titled West Perth hotel after eight years. The
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Gina Rinehart’s Hancock Prospecting proposes $250m business hub, apartments
Hancock Prospecting, owned by Australia’s richest person, Gina Rinehart, is seeking to build a $250 million office and serviced apartment
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Developer outlays $21m for waterfront apartment block
An under-utilised apartment block overlooking the Swan River, in South Perth, has traded for $21 million. A more luxurious residential
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Saracen sheds permit-ready Bunnings site
Saracen Properties has shed a major West Perth site permit-ready for a Bunnings based mixed-use project, planned with the land
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Australian Unity sells mall after 12 years
Locus Property Group and Security Capital Australia have snapped up a neighbourhood shopping centre at Woodvale, north of Perth, for
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IP Generation snares mall stake below valuation
Chris Lock’s IP Generation has snapped up a half stake in south west Perth’s Rockingham Centre for $180 million. The
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Office vacancy hits highest rate since 1996
The office vacancy rate across Australia’s 18 key markets has increased since January to 11.9 per cent – the highest
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Metropolitan office markets outlook, 1H2021: Colliers
Twelve months ago, the Australian office workforce was very much settled into the work-from-home routine and many questions were being
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Capital markets outlook 2021: Colliers
The pandemic has had deep economic ramifications across the globe during 2020. This economic slow-down is evident through the fall
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Beacon buys outlet from landlord
Mair Property Funds has sold a Beckenham bulky goods investment leased to Forty Winks and Beacon Lighting, to the latter.
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Hawaiian and QIC pay $4 million for retail asset adjoining their Claremont Quarter shopping centre
Hawaiian and Queensland Investment Corporation have paid $4 million for a historic building next door to their Claremont Quarter shopping
Read moreANZ Makes $81.5 Million From Sale of 47 National Branches
ANZ executives were laughing all the way to the bank this week, after a portfolio of 47 national ANZ Bank outlets sold for a combined total of $81.53 million.
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Brisbane growth corridor QSR investment collects $8.2m
Griffith Group is the latest developer to sell a new quick service retail investment at a sub six per cent
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ESR sells TradeCoast warehouse
ESR – set to be privatised Friday – has nearly doubled its outlay selling a Pinkenba warehouse investment after eight
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Australian Unity sells Adelaide medical centre, car park
Australian Unity has sold another asset from its Healthcare Property Trust. The group is reaping a speculated $9.65 million for
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Commonwealth Bank sells eight ex-branches
The Commonwealth Bank of Australia has sold eight ex-Bankwest branches – reaping a total $6.195 million. Two of the assets
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IKEA buys store from landlord
Swedish retailer IKEA has bought its fastest growing Australian store from the landlord. The off-market $163.75 million deal for the
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Syndicates swoop on WA medical centre, QSR investment
Barwon Property Funds has sold the Vasse Medical Centre, near Busselton (pictured, top). Local syndicate Optimus Private Equity is the
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Centuria banks $56m from south east Queensland warehouses
Centuria has sold three south east Queesland industrial investments on behalf of single asset funds. The deals for 76 Quinns
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MA Financial snaps up IP Generation
MA Financial Group is buying Chris Lock’s seven year old asset management business IP Generation. In the surprise deal, worth
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WA syndicator buys Ballarat health and LFR hub
HMC Capital has sold a prominent essential services focused large format retail centre in Ballarat’s Wendouree, off-market. On behalf of
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US billionaire buys major Melbourne shed
Centuria, for a mandate backed by Starwood Capital, co-found by US billionaire and global real estate investor, Barry Sternlicht, has
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Argus, Kaipara divest another ex-Masters
Argus Property Partners and Kaipara Property Group have turned another major profit selling a Masters-converted-large format retail centre after a
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Occupiers drop $11.9m for Malaga warehouses
Two sizeable vacant warehouses a couple of hundred metres from each other at Malaga, 10 kilometres north of Perth, have
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Fund managers trade major Adelaide distribution centre
EXCLUSIVE ESR has quietly sold another major industrial investment, this time at Dry Creek, 10 kilometres north of Adelaide. The
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Kelsian sells bus depot portfolio with leasebacks
Kelsian Group – the country’s largest integrated multi-modal transport provider and tourism operator – has sold three Western Australian bus
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Not for profit banks $21.6m for ex-HQ, laboratory
Kids Research Institute Australia has sold the Subiaco headquarters it quit seven years ago. The not for profit banked $21.55
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Woolworths sells Bunbury block to developer
Woolworths’ development arm Fabcot has sold a prominent site with three street frontages at Australind, about 160 kilometres south of
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Fund manager sheds small Sunshine Coast mall
Westbridge Funds Management has quietly sold a Sunshine Coast IGA-backed retail investment after nine years. On behalf of the Diversified
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ESR offloading another business park
Hong Kong listed JD.com Inc, also known as Jingdong Property, is buying an 18 month old fully let business park in
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Aspen spends $45m for WA sites
EXCLUSIVE Land lease, living, lifestyle, over-55 community and tourist accommodation provider, Aspen Group, has bought a major Ravenswood block, south
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Coles to retire two liquor brands, boost another
Coles will retire two liquor brands to focus on a third – a move hoped will better take on Dan
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Australian Unity banks $47m from medical centre
Australian Unity has sold another asset from its flagship Healthcare Property Trust. The 4996 square metre facility in Perth’s ritzy
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Oreana sells year old Melbourne shopping centre
Oreana has sold a year old shopping centre within a Kalkallo estate replacing the Lockerbie sheep station, north of Melbourne.
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Amcor sells enormous Melbourne packaging plant
Amcor has sold a prominent fibre packaging plant in Melbourne’s inner west. The leaseback deal with RF Corval for 512-520
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Theatre turned medical centre collects $9.1m
The historic Beacon Theatre in Fremantle, now a high quality, fully leased medical centre, has traded between private investors. The
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Arise, Barings seal record LFR deal
Barings Real Estate Australia has paid $74 million for Joondalup Square – a record this year for a large format
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Woolworths buys, sells anchored malls
Woolworths has bought and sold shopping centres it anchors east and west of the country. In a significant deal, the
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Banjo Bond fills chunk of homemaker centre
Cosgrove Group has filled a major vacancy at a north east Perth homemaker centre (pictured, top) bought last April. 4WD
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Vicinity, Nick Andrianakos trade another mall stake
Vicinity Centres has quietly divested another retail asset – this time in Adelaide’s north. The half stake of Elizabeth City
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Developer doubles down in Wyndham Vale
Oreana Group has quietly acquired another major Wyndham Vale housing estate site. The 29.6 hectare parcel, 160 Hobbs Road (shaded,
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Banjo Bond, HMC trade another asset
Cosgrove Group has secured another large format retail investment – this time near Newcastle. HomeCo Warners Bay (pictured, top) is
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Stake in landmark mall sells for discount
Vicinity Centres is on track to divesting some $250 million in assets this financial year, starting with a half-stake in
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Acure fund makes maiden NSW investment
Acure Asset Management has added another Quest to a hospitality fund launched last year. The 4.5 star motel at Dubbo
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PTA buys another site
Three weeks after acquiring a Bayswater site for its electric bus fleet, the Public Transport Authority of Western Australia has
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Pharmaceutical society sells vacant office
The Pharmaceutical Society of Western Australia has sold a small Perth office until late last year leased to ally, the
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Government buys site for electric bus fleet
The state government has bought a major north east Perth industrial site to repurpose as a charging depot for its
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Myer Melbourne building stake quietly sells to co-owner
Charter Hall has quietly sold its 16.7 per cent stake in the Myer Melbourne building. Announced in reporting for the
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Unexpected buyer swoops on disaster recovery centre
Westpac has sold a Sydney data centre turned disaster recovery facility for $23.05 million. The five level, 5629 square metre
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Bond family buy back historic hotel
Centuria has sold a historic Fremantle hotel picked up following its Primewest takeover three years ago. In a twist, the
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Arcana swoops on suburban Adelaide office
EXCLUSIVE Arcana Capital, led by ex-Queensland premier Campbell Newman, has swooped on a modern office built for the federal government
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Max Beck, Lindsay Fox lure airline giant to Melbourne
ILG Aviation Australasia, a subsidiary of Delhi based Group Concorde, has chosen a business park being established by billionaires Max
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Fund managers trade Canning Vale warehouse
Harmony Property Investments has bought another Canning Vale asset. The 1.53 hectare holding with a 5642 square metre office/warehouse at
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