Commercial and residential property news
Scentre Group is paying AMP Capital Diversified Property Fund (ADPF) $575 million for a half share, and the management rights,
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EXCLUSIVE In a surprise and strategic move, Charter Hall Group and Coles have extended tenancy terms for major distribution centres
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Mair Property Funds (MPF) has spent $27.55 million on commercial assets in Adelaide and Perth – its fourth and fifth
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A vacant hotel on a 1697 square metre Perth CBD plot has sold to Western Australia’s largest apartment developer, Finbar,
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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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Two weeks after being traded to the West Coast Eagles, former St Kilda ruckman Tom Hickey (pictured, top) has listed
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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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.
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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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’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 moreBROOKFIELD 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 moreRECEIVERS have been called in for the developers of a prominent apartment project on Perth’s western fringe.
Read morePerth 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 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’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.
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