CBA First to Pass on RBA Interest Rate Rise, and Then Some
The latest interest rate rise, the fourth in the last six months and eleventh straight since 2002, will add about $100 a month to my mortgage repayments.
Read moreWhat to do with St Kilda Road…
St Kilda Road will always be remembered as the precinct to pioneer high rise apartment living in this city. Dotted in amongst the retained mansions, and tired old office buildings, are some of the most prominent apartment towers in Melbourne – including the Kingstoun, Yve – and Melburnian.
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Administrators to Recover Just Half of Mowbray’s Debts From Campus Sales
ADMINSTRATORS for defunct western suburb private college Mowbray are likely to recover just half of the school’s $18 million debts from the sale of its three campuses alone.
In what is described as a complicated sale campaign in which value will depend on potential land usage and in particular if the sites can be rebuilt as residential projects – the three school campuses are speculated to be worth a total of about $9 million.
The largest school – the 17.75 hectare Patterson campus in Melton is expected to sell for about $6 million, according to sources. Two smaller campuses in Caroline Springs, including the 1.25 hectare Residential 1 zoned Town Centre Campus at 183-191 Caroline Springs Boulevard, and the 1.06 hectare Brookfield campus at 5 Stevenson Crescent are expected to each reap about $1.5 million.
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Masterplan Approved For New $3.3 Billion Township: Caloundra South
PLANS for a $3.3 billion new community, known as the Caloundra South project, have advanced with the Queensland Urban Land Development Authority approving the master plan.
The project will be developed over the next 20 to 30 years by Sydney based developer Stockland.
It will include a new commercial centre with about 650,000 square metres of space. It will also include up to 20,000 dwellings capable of accommodating some 50,000 people.
The master plan includes infrastructure, environmental protection, open space, community facilities, commercial uses and housing. It will also include a new town centre, three district centres, six neighbourhood centres and an industrial zone.
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Hilton to Build 8-Level, Upmarket Hotel in the Pilbara
RESIDENTS won’t have to put up with “sub-standard” accommodation around the Pilbara, in Western Australia, with the international Hilton Hotel announcing plans for a $65 million upmarket hotel in central Karratha.
The first Double Tree by Hilton Hotel will include 144 suites, 20 own-your-own apartments, bar, restaurant, fitness centre, pool and car parking.
The proposed eight level building (artist impression, below), in Karratha’s central commercial area will also include three function rooms.
“Today’s announcement is yet another example about how, not the government but the private sector, is embracing the opportunities of the Pilbara,” said minister for regional development and lands, Brendon Grylls.
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GPT Withdraws Half Share of MLC Tower After Failing to Draw a Bid
FUND manager and developer GPT Group has withdrawn from the market its half share of Sydney’s landmark MLC tower.
GPT was firm with its $373.2 million asking price.
As such, it is reported, no bids were received. The AFR reports about 30 international and domestic prospective buyers expressed an interest, however.
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YTL Group Buys Country’s Largest Ever Hotel Property Portfolio: $415 Million For Marriott Sydney, Melbourne and Brisbane
MALAYSIA’s YTL Corp has paid a reported $415 million for a portfolio of three major hotels on the eastern seaboard.
The three hotels – the Sydney Harbour Marriott at 30 Pitt StreetCircular Quay, the Melbourne Marriott at the corner of Exhibition and Lonsdale streets and the Brisbane Marriott at 515 Queen Street – represent what is believed to be the country’s largest ever hotel property portfolio measured by value.
Read moreFormer Royal Saxon Hotel, Melbourne, May be Replaced With Major Apartment Tower
ANOTHER proposal has been lodged that is so large that decision-making power bypasses council to rest with Planning Minister Matthew Guy.
This time, on land behind the historic former Royal Saxon Hotel at 441-447 Elizabeth Street, and affecting an adjoining property at 449 Elizabeth Street, a developer plans to develop a 50-level residential tower with 306 flats but just 119 car park bays.
The property was recently identified in the Melbourne City Council’s central heritage review as worthy of protection, being one of the oldest surviving buildings of its type.
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Department of Climate Change Leases Space at Canberra Building Owned by ATO
THE Australian Taxation Office will play landlord, leasing a large chunk of a Canberra office building it owns to the Department of Climate Change and Energy Efficiency.
The department will pay nearly $1.3 million per annum to lease 2940 square metres of space at the office, on the corner of Akuna and Bunda streets.
It has leased the space – three levels of the building – for one year and nine months, which assumes the Gillard government will serve its full term.
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Langhorne Creek Vineyard, South Australia, Sells For $6.2 Million
BULK wine producer Yellow Tail is reportedly the purchaser of a 310 hectare vineyard at Langhorne Creek in South Australia.
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Paperlinx Quietly Sells Wesley Vale Manufacturing Plant, Tasmania
PAPER manufacturer Paperlinx is selling its Wesley Vale manufacturing mill, in northern Tasmania, as part of plans ceasing manufacturing in that state.
The ASX-listed company can expect some $5 million, sources say, for the 56.1 hectare block which includes a vacant 30,000 square metre manufacturing facility built in the late 1960s.
Knight Frank agents Andrew Macqueen and Rob Dixon are expecting the site to arouse interest from owner occupiers, or an institution which may redevelop the site into an industrial park. The site is near the Devonport Airport, sea ports, and the docking station for the Spirit of Tasmania, which commutes to Station Pier, Port Melbourne.
Read moreKylie Minogue reportedly pays $A25 Million for One Hyde Park apartment
MELBOURNE-born pop star Kylie Minogue is reported to have paid about $A25 million for an apartment within the London complex dubbed as being the most expensive apartment building in the world.
Minogue is reported to have bought a three bedroom flat at the One Hyde Park project, according to various British media. The complex being developed by the Candy Brothers will include a private cinema, 21-metre swimming pool, private sauna, gym, golf simulator, wine cellar and squash courts.
Residents will be able to order room service from the neighbouring Mandarin Oriental Hotel in Knightsbridge.
Read moreNew Plans to be Lodged to Redevelop Darwin’s Former Bunnings Site
Revised plans will be lodged to redevelop Darwin’s old Bunnings site.
New plans will include more offices, and fewer apartments, and are expected to be ready for review by April, according to NT News.
The original design for 58 apartments will be reduced to 42.
Renovating, and Building Equity in Your Home: Tips For Owner-Builders
HOME renovation is one of the soundest investments an owner-builder can make. But with about a quarter of makeovers estimated to be done by owner-builders, you have to do it right.
Renovation-related television shows, magazines and seminars are inspiring would-be renovators and making people realise that investing in real estate does not necessarily mean buying an investment property. Many are unlocking potential in the family home and benefiting from the tax-free windfall.
“Property renovation is one of the soundest investments you can make,” says Robert Caulfield, managing director of Archicentre, which provides pre-purchase and renovating advice to home buyers, builders and renovators. “When done properly, it can make you money – and have you living in style.”
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Sell or Extend?
ACCOUNTANTS say it can make financial sense to reinvest in your home, than buying another – particularly if you are in a good suburb.
Agents agree, saying the value of property goes up by more than the sum of its parts when owners reinvest in extensions, kitchen and bathroom renovations, paint and flooring. Coupled with the fact the tax office does not impose capital gains tax on an owner’s main place of residence, investing in your own home sometimes make more sense than buying another.
An extension has the potential to add the greatest value to your home, particularly if it creates a larger open-plan living area or increases the number of bedrooms.
Read moreDingley Village and Springvale South Suburb Profile
Dingley Village is wedged between Dandenong and the Moorabbin Airport, about 30 kilometres south-east of the CBD, along the Princes Freeway.
Read moreWhen to Bump Rent up and by How Much
Despite being a landlord for four years, Ive never actually had to impose a rent rise on a tenant.
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Iconic Campari Restaurant For Sale, Melbourne
THE Dubai-based investors who in 2009 paid about $4.8 million for landmark city restaurant Campari, are relisting the asset for sale.
The renovated 800 square metre, four-level retail space at 23-25 Hardware Lane opened as Campari in 1968 but closed for a period before opening again in August 2009.
The vendors purchased the site from restaurateur Nick Zampelis, who paid $1.46 million for it in 2000. Mr Zampelis operated from the premises for a couple of years before leasing it to other occupiers. The current tenants, Australian Pacific Hospitality Management are behind other local dining institutions including Scusa Mi in Southbank.
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The Tivoli, Fortitude Valley, For Sale
POPULAR music venue The Tivoli in Fortitude Valley, Brisbane, will be auctioned next month. The Brisbane business and freehold is
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Toxic Material Fears Stop Work at $6 Billion Barangaroo Project Again
A SECOND work stoppage in three months has plagued the much hyped development of Lend Lease Group’s $6 billion Barangaroo project, on a waterfront piece of the Sydney CBD.
Crumbled asbestos, believed to have been disturbed by trucks or other heavy vehicles accessing the site, are believed to have caused the concern this time. About 40 staff downed tools due to fear about toxic materials.
The Construction, Forestry, Mining and Energy Union (CFMEU) will meet today (June 26) to determine whether it was safe to resume work.
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Rottnest Island Resort Fails to Sell Again
PLANS to lease and redevelop the struggling Rottnest Island resort in Perth have fallen over for the second time in three years.
This month, businesswoman Marilynne Paspaley said stalled negotiations over agreements were the reason her company, Pinctada Hotels and Resorts is pulling out of a venture to control the asset.
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Stockland to Outsource Management
SYDNEY based developer and fund manager Stockland has outsourced the management of its office and industrial assets to California-based CBRE.
A copy of Stockland’s announcement to the ASX is below:
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27-Level Tower Approved for Adelaide’s Grand Medina Treasury Hotel Site
A NEW skyscraper will dot Adelaide’s city skyline, after the South Australian government’s Development Assessment Commission approved a 27-level tower that will be the city’s fourth tallest.
Toga Group of Companies plans to develop a 100 metre, $80 million tower on its Grand Medina Treasury Hotel site in the Adelaide CBD (image, right).
The tower was approved despite warnings from heritage advocates and the Adelaide City Council. The proposed tower will overshadow the adjacent Pilgrim Uniting Church.
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Canberra Airport Redevelopment Underway
PLANS to make Canberra Airport “the best small airport in the world” are advancing.
As part of a $420 million redevelopment, a $185 million terminal has started construction.
ACT chief minister Katy Gallagher laid the first stone for the Western Concourse Terminal in early August. The project is due for completion in mid 2012.
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World’s First $A1 Billion Home Nearly Complete
ANTILLA, the $1 billion family home of wealthy Indian businessman Mukesh Ambani, is due for completion this month.
The home, which Forbes ranks as the world’s first billion dollar home, is spread over 27 levels and includes a health club, gym, dance studio, a ballroom, guest rooms, lounge rooms, a 50 seat cinema and at least one pool.
The home also includes three helicopter pads, a four level hanging garden and a basement car park with 160 bays.
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Cromwell Sells Hobart’s Village Cinema Complex For $15.9 Million
QUEENSLAND based Cromwell Group will sell Hobart’s Village Cinema Centre for $15.9 million.
The 5743 square metre centre, on a 6118 square metre block at 179 – 183 Collins Street is within the pocket of Hobart known as the Commonwealth Government precinct.
The Retirement Benefits Fund Board is a major tenant within an office component of the complex.
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Master Planned Community Mooted For the Hunter Valley
PLANS to build a $1.5 billion master planned community in the Hunter Valley are on the table.
The Kahlbetzer family and Perth based LWP Property Group will reportedly team to build 7500 dwellings in Huntlee.
Mr Kahlbetzer already owns about 40,000 hectares of land according to the AFR which reported the planning development.
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Peter Garrett Defers Decision to Ban Uluru Rock Climbing
TOURISM operators in Alice Springs have been delivered good news, after Federal Environment Minister Peter Garrett deferred a decision which would have banned people from climbing Uluru, which used to be called Ayers Rock.
It’s claimed the speculated 100,000 climbers per month were littering and defecating on the rock, during the climb, which also risks eroding the 348-metre rock.
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Owning Property to Live Off, Rather Than Live in
AT A RECENT auction in Prahran, a family of four was bidding against a single, first-time home buyer for a one-bedroom apartment close to Prahran train station, the trendy Boutique nightclub on Greville Street and Swinburne University.
The apartment included a modest living room, big enough for a couch, armchair and four-seat dining table, a compact kitchen, a small bedroom able to fit a queen-size bed and two side tables, and an ensuite bathroom. Hardly big enough to accommodate the growing family.
Eventually, the family of four outbid the prospective first-home buyer, in what is becoming an increasingly familiar series of events all around Melbourne.
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Spring 2009 Property Review: Melbourne
IT’s difficult not to draw parallels between the current Spring selling season, and that of 2007 when Melbourne was heading into a boom.
Now, like then, weekly clearance rates are over 80 per cent where they have been for months.
Auctions are well attended, too, and properties are consistently selling for more than their reserve prices – in part because of low interest rates luring prospective buyers to the market.
Diamond Creek Suburb Profile
Diamond Creek is located about 28 kilometres north-east of the Melbourne CBD, past Heidelberg, Rosanna and Greensborough.
Read moreWill buyers be forced into apartment living?
Anyone who played (or plays) the computer game Simcity would understand the predicament Melbourne planners are in right now.
On the one hand, Melbourne’s population is growing – with some more ambitious estimates suggesting by 1000 people a week. New residents are coming from interstate (particularly Sydney and Brisbane) and overseas (New Zealand, United Kingdom). Many new residents are professional, high income earning professionals who may see Melbourne’s real estate market as relatively affordable.
Read moreLoan Comparison Calculator
Want to compare different loans? This simple to use loan comparison calculator can help show you the real differences!
Prominent Fitzroy Site Set to Become Major Mixed Use Village, Melbourne
A SUPERSIZED block in bohemian Fitzroy is expected to make way for an $80 million-plus mixed use development after selling off-market to a developer.
On the north-east corner of Johnston and Gore streets, the 2122 square metre site sold for more than $8 million reflecting a land rate per square of some $4000.
Close to the corner of the Smith Street retail strip the former warehouse at 239-247 Johnston Street have been occupied in recent years by retail users including homewares and replica furniture store, The Dogs Breakfast Trading Company.
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Major Japan Builder Announces Eco-Friendly Coolum Residences, Sunshine Coast
HOMES which promise to provide “the most advanced eco-friendly design elements ever built in Australia” is being launched on the Sunshine Coast in Queensland.
The Coolum Residences will include photovoltaic roof tiles, insulated windows, wall ventilation and energy monitoring systems.
An announcement about the proposal and the developer – Japan’s largest home builder, Sekisui House, is copied below:
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Lend Lease Wins $315 Million Contract to Widen West Motorway, Sydney
LEND Lease has secured the $315 million contract to widen the M5 West Motorway in Sydney.
It will design and construct the upgrade which include interlink roads. Two lanes will be extended to three in each direction from Camden Valley Way, Prestons to King Georges Road, Beverly Hills.
Lend Lease’s construction business, Abigroup, has been working on the proposal since February 2010. Completion of the project is expected in December 2014.
Lend Lease announced the contract to the ASX this afternoon (June 26):
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Lend Lease buys Geraldton shopping centre
Lend Lease Retail Partners 3 has paid $46.5 million for Geraldton’s Northgate Shopping Centre. Coles and Target are the anchors.
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Offshore Funds Cash up For Australian Farming Assets
INVESTORS from the United Kingdom are planning a $400 million fund to invest in cotton and wheat properties in eastern Australia.
To be known as Southern Agricultural Resources, and with Derek Shaw as a non executive director, the fund has reportedly identified for purchase 24 properties covering over 100,000 hectares in New South Wales and Queensland.
The fund has “been quietly shuffled around investment circles in the UK and USA” according to the AFR.
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Lend Lease Wins Contract to Redevelop Adelaide Oval
LEND Lease has been unveiled the preferred “proponent for construction work” for the Adelaide Oval redevelopment.
The Adelaide Oval Stadium Management Authority with the Department of Transport, Energy and Infrastructure selected Lend Lease and its subsidiary, Baulderstone to design and construct a new stadium with a 50,000 person capacity (image of proposal, right).
A copy of Lend Lease’s announcement is below:
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QIC proposes $350m Canberra project
QUEENSLAND Investment Corporation will build a $350 million mixed-use project beside its Canberra Centre. The proposal will replace a car
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Lend Lease applies to replace Channel Nine studio
Channel Nine’s outgoing Bendigo Street, Richmond, studio will be replaced with a 550 unit apartment-based village with towers rising eight
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Mohamed al-Fayed Reaps $A2.5 Billion From Harrods Sale
MOHAMED al-Fayed has reaped about $A2.5 billion from the sale of one of the world’s most famous shops, Harrods, in Britain.
The sale ends 25 years of ownership by Mr al-Fayed, who paid <!– /* Font Definitions */ @font-face {font-family:”Cambria Math”; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 415 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-520092929 1073786111 9 0 415 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:””; margin-top:0cm; margin-right:0cm; margin-bottom:10.0pt; margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:”Calibri”,”sans-serif”; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} .MsoPapDefault {mso-style-type:export-only; margin-bottom:10.0pt; line-height:115%;} @page Section1 {size:595.3pt 841.9pt; margin:72.0pt 72.0pt 72.0pt 72.0pt; mso-header-margin:35.4pt; mso-footer-margin:35.4pt; mso-paper-source:0;} div.Section1 {page:Section1;} –> £615.
The new owner is the Qatari royal family.
Harrods includes seven levels of retail space and includes 300 department stores attracting some 15 million shoppers a year.
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New 97-Dwelling Housing Project for Department of Defence, Larrakeyah Barracks, Near Darwin
THE Department of Defence has approved a new 97-dwelling housing project, to be developed at the Larrakeyah Barracks.
The Rudd Government will replace 61 existing homes for the Australian Defence Force and their families.
It’s expected the project will cost about $52.4 million.
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Maximising Technology to Sell Your Home
YOU KNOW you are well and truly in a new century when selling your home requires a web designer and domain name administrator.
Many new campaigns – including that of the $18 million Melburnian penthouse, and Clinton Casey’s outgoing $21 million Avon Court mansion – incorporate movies and require the expertise of a production company!
The advent of gadgetry such as portable MP3 players, 3G-capable mobile phones and satellite navigation systems is changing the way real estate is bought, sold and leased in Australia. It’s not just about the internet or SMS alerts any more. Today, the traditional print media campaign is backed by podcasts and interactive TV.
Read moreVillage of Penguin, Tasmania, For Sale
Developer Stephen Roche has been left with a swag of property in the village of Penguin, Tasmania, after failing to sell a package of development sites – effectively the whole central business district of the picturesque but sleepy town.
Read moreDelahey, Sydenham and Taylors Lakes Suburb Profile
Delahey, Sydenham and Taylors Hill are relatively new suburbs located about 25 kilometres north-west of the CBD, along the Tullamarine, then Calder Freeways.
Read moreIs underquoting rife in the market? Do agents consider preventative legislation a ‘toothless tiger’?
"Quote it low, watch it go. Quote it high, watch it die”
It’s one of the oldest adages in real estate, and is effective for agents, because it exploits so many vulnerabilities owner occupiers experience when hunting for a home.
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Bendigo’s Largest Ever Single Capital Works Project Complete
BENDIGO’s largest ever single capital works project opened on time and on budget late last month. The $14.9 million Edward
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Woollahra Council Approves Lachlan Murdoch’s $11.6 Extension, Bellevue Hill
THE Woollahra Municipal Council earlier this month approved the $11.6 million renovation of a Bellevue Hill home, lodged by Channel
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Australia’s Biggest Council Blames Carbon Tax For Chunk of Upcoming Rate Rises
THE federal Labor government’s carbon tax has been blamed for a spike in rates, to be passed on by Australia’s largest council next financial year.
Brisbane Lord Mayor Graham Quirk said the average ratepayer will face an increase of $54.62 per annum – reflecting a 4.5 per cent jump.
Mr Quirk said this rate could have limited to $31.48 a year (representing 2.6 per cent) if the carbon tax was removed.
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Masters Home Improvement opens first Australian store in Melbourne
Woolworths with US hardware giant Lowe’s launched the first of its highly-anticipated Masters Home Improvement outlets in Melbourne’s western suburbs
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Half Share of Perth’s QV1 Tower Selling For More Than $300 Million
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.
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IKEA Adelaide Airport For Sale, Expected to Fetch $50 Million
ADELAIDE’s IKEA store is for sale, with a price tag of some $50 million.
The store at 397 Sir Donald Bradman Drive at the Adelaide Airport is being offloaded by direct property fund LEX Retail Property Trust. Unit holders agreed to sell the asset at a meeting last October.
The asset includes 24,500 square metres of area over two levels. The complex was built in 2006 and also includes a cafeteria, office, warehouse, loading dock and car park.
Colliers International’s director of investment services Alistair Mackie is marketing the property, which is on a prime corner adjacent to Adelaide’s principal entry – a developing commercial, retail and industrial hub.
Costco Chooses Canberra For Third Australian Store
COSTCO will open its third Australian outlet in Canberra, and retail giant Woolworths is right behind it.
Costco has chosen the Majura Park shopping centre adjoining the Canberra Airport to open its second NSW store. Majura Park is the new name for the collapsed Airport Brand Depot discount outlet.
Only two stores within the previous shopping centre remain: Toys ‘R’Us and Babies ‘R’Us.
Woolworths has also leased space within the revamped centre, and will open an 8000 square metre Big W, a 400 square metre Dick Smith and a 4800 square metre supermarket.
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New Phone App Describes Evolving History of Melbourne’s Yarra River
PLANNING history and residential property development appear prominently in a new multimedia initiative released this month by the Melbourne City Council.
Transforming the Yarra is a walking tour application which examines the evolution of Melbourne’s Yarra River precinct since the 1980s, and after the Cain-Labor State government released a strategy to make it Melbourne’s central focus.
The application, which is downloaded as an MP3 file for mobile phones, or as an audio stream from the web, discusses urban design and architectural principles adopted at various riverfront sites.
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New Michael Jackson Memorial Planned For Gary, Indianna
A memorial complex possibly including a golf course and amusement park with characteristics of the Neverland Ranch, have been mooted as a proposal to honour the late Michael Jackson.
The proposal, for 100 acres of city owned vacant land along Interstate 64 in Gary, Indiana, is yet to be approved.
It will be additional to another memorial – ten acres of city owned land in Gary, where Michael Jackson was born – will make way for a museum, performing arts centre and 300-room hotel, according to the Daily Telepgraph.
Read moreTower Planned For Car Park Next Door to Darwin’s Novotel Hotel
PLANS for a 14-level, $50 million apartment block have been earmarked for a site next door to the Novotel Hotel in Darwin.
The new tower, proposed by property developer John Halikos, will see the hotel car park converted into a building containing 21 one-bedroom apartments, 54 two-bedroom units and 36 three-bedroom units. The development would include three levels of car parking, including two built into a basement.
Hakinos paid $24 million for the 4-star Novotel hotel in September (refer previous article below).
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What to Expect When Buying a Home
BUYING a property is a complicated process. There’s more to it than scouring websites and newspapers for sale prices, or knowing what your neighbour’s house sold for last week. A large part of it is getting your finances right – and knowing what the legal processes are.
Below are some tips on what to expect when buying:
Read moreDandenong and Dandenong North Suburb Profile
Dandenong is a satellite city and major industrial hub located about 36 kilometres south-east of the CBD, and accessed either by the Princes Highway or Monash Freeway.
International Entertainment Giant Told to Sell Prominent Former Moonee Ponds Market Site, Melbourne
MOONEE Valley City Council has demanded international entertainment giant Reading Cinema sell a prime piece of Moonee Ponds land after it “wasted a one in 100 year building boom”.
The former Moonee Ponds Market in Hall Street, now an open air car park, was permitted in the mid-1990s to become a major $40 million cinema-based complex and shopping centre. So big was the proposal, rival Hoyts which manages cinemas at the nearby Highpoint Shopping Centre, challenged in court to halt the development.
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TAL Leases 10,500 Sq m in Sydney CBD
THE life insurer formerly known as Tower, and now, TAL, will relocate across from Sydney’s north to the CBD after committing to lease 10,500 square metres at 363 George Street, near Martin Place.
TAL will leave Milsons Point and Albert Street which it has called home for 40 years. The move will bring together the company’s 850 staff – including some currently located at another Martin Place office.
It’s new George Street office will spread across 12 levels. It fills part of 60,000 square metres being vacated by the Commonwealth Bank (which is moving to the Darling Quarter).
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Sentinel Spends $15.6 Million on Mackay Bulky Goods Complex, Queensland
SENTINEL Property Group has paid $15.6 million for the Northpoint Homemaker Centre in Mackay, Queensland.
The purchase is the second bulky goods complex acquired by the group in the state after it paid $25.75 million last December for The Zone complex at Rothwell.
The Mackay investment occupies a 29,191 square metre site, and has 11,407 square metres of net lettable retail area. It is leased to ten retailers including the listed Super Retail Group and The Good Guys.
The vendor according to the AFR which reported the deal was the 360 Capital Retail Fund.
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Abigroup Wins Department of Defence Contract
LEND Lease arm Abigroup has won a major government contract.
Details of a media statement released today is below:
Abigroup has won a national Defence contract to prepare RAAF airbases around Australia to receive the air force’s next generation of fighter jets.
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Alan Bond’s former Dalkeith mansion sells for $39m
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.
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Defence Housing Australia Spends $150 Million Amassing Adelaide Streets
DEFENCE Housing Australia has spent more than $150 million on some 500 houses in Adelaide’s northern suburbs.
The properties have been acquired since 2008 and are concentrated in housing developments near Edinburgh including Playford Alive, Blakes Crossing and around Gawler (train station pictured, right).
DHA has purchased an entire street in the Playford Alive development at Munno Para West.
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Emboss Capital Pays $55 Million For Civic Office, Canberra
EMBOSS Capital has paid $55 million for a Canberra office building – its second major transaction on Australia’s east coast recently.
The A-grade, six-level, 9000 square metre office, in the suburb of Civic, was sold with a long lease to the federal government.
According to the selling agencies, Colliers International and Jones Lang LaSalle, the building sold on a yield of 7.4 per cent.
Read moreBesen Family Pays $67 Million For 1 Spring Street Half Share
MELBOURNE’s Besen family has spent $67 million buying a half share interest in one of the CBD’s most distinctive “gateway” buildings, 1 Spring Street.
Daniel Besen, the son of shopping centre magnate Marc, purchased a 50 per cent stake in the 28-level 1 Spring Street office on the corner of Flinders Street, on a yield of 7.5 per cent.
Record Realty was the vendor.
Read moreNew York’s Skinniest House Sells For $US2.1 Million
THE home dubbed New Yorks skinniest house has sold for $US2.1 million (A$2.27 million). The three metre Bedford Street home,
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Understanding your rates notice: a guide
THERE’S a sad day each year when home owners are delivered what might be their most misunderstood bill – the council rates notice.
Council rates are calculated using your property’s valuation and a rate in the dollar your council has budgeted as your contribution. Statewide (Victoria), the average rates bill for all properties -residential, commercial, industrial or farming – was $1135 two years ago.
Read moreHalikos Group Buys Darwin’s Novotel Atrium Hotel For $24 Million
DARWIN’s Novotel Atrium Hotel, at 100 The Esplanade on Darwin Harbour, has sold to private investors the Halikos Group for $24 million.
The 140-room, 4.5 star hotel was offloaded by Tourism Property Investment Group, and was sold with a 17-year management agreement to Accor, according to selling agents Colliers International.
Halikos Group managing director Shane Dignan said the purchase was “in line with a strategy to refresh the group’s property portfolio and seek prudent investments in the Northern Territory.”
Read moreCroydon, Croydon Hills, Croydon North & Croydon South Suburb Profile
Croydon is a quiet suburb located about 35 kilometres east of Melbourne, at the foothills of the Dandenongs.
Read moreSharemarket Volatility May Drive Another Surge of Investors to Property. But has the market peaked?
On January 1 2007, tens of thousands of like-minded investors suddenly made the decision that they would invest in property – driving them to the market in droves.
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FKP Opens Up Prominent Melbourne CBD Corner
QUEENSLAND born, Sydney based property developer and investor FKP has opened up the ground retail level of a CBD office building occupying the prominent south-west corner of Lonsdale Street and Hardware Lane.
After being used as a non-retail break-out area by students at Taylors College for years, the 280 square metre space, formerly identified in the street by its dark tinted window-film, has been sub-leased to a unique new business which hopes to make an impact on Hardware Lane, considered one of the city’s highest character strips.
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Half a Billion Invested Around Brisbane’s Queen Street Mall This Year
HALF a billion has been invested around Brisbane’s Queen Street Mall this year.
ISPT has been the biggest player, spending $100 million refurbishing the Wintergarden Shopping centre which included building a colourful thatched façade. The Melbourne based company also purchased a half share of the Myer Centre for $366 million, and invested another $60 million on the Broadway on the Mall complex.
Toward the casino the Blackstone owned Balad is selling 60 Queen Street for an expected price of between $30 million – $40 million.
The Brisbane City Council is looking to replicate Melbourne’s successful laneway retail concept with the Burnett Lane complex.
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NIMBYs Might Win Fight Against Major Brunswick Proposal, Melbourne
THE Moreland City Council and developers are battling against the clock to get a contentious Brunswick project out of the ground before mid-2012, when the permit expires, and resident concerns regarding the proposal must then be heard.
The 284 – 294 Albert Street block was the subject of a dispute last June when Brisbane-based owner Citimark proposed a $100 million apartment compound with three towers rising between 10 and 14-levels (impression, right).
Citimark relied on a development overlay introduced in 1994 and specifically for the construction of a supermarket, next door, to bypass third-party appeal rights for its major proposal.
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Leighton Holdings May Anchor 28,000 Sqm Perth CBD Office Building
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.
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San Remo Pasta Pays $8 Million For Adelaide Industrial Property
PASTA manufacturer San Remo has paid just over $8 million for an industrial property in Dry Creek, in Adelaide’s north.
The deal is Adelaide’s largest industrial transaction for three years. The site was sold by pipe manufacturer Rocla.
It’s reported San Remo will redevelop the 5.8 hectare site after Rocla vacates after a short-term lease back.
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ISPT To Reap About $35 Million From Sale of 474 St Kilda Road
Industry Superannuation Property Trust can expect to make between $30 million and $35 million from what might be the most under-utilised property in St Kilda Road.
The Clemenger House office building, at # 474, is spread over two blocks and three streets.
Given the shifting attitude in recent years to convert St Kilda Road offices into high rise apartment skyscrapers, 474 St Kilda Road is expected to arouse interest from residential developers.
Read moreDepartment of Climate Change Leases Major Canberra Office
THE Department of Climate Change and Energy Efficiency has leased a 21,000 square metre office in Canberra, paying a whopping annual rent of between $420 and $450 per square metre.
The government employers will work from picturesque space adjacent to Lake Burley Griffin, at a $550 million development being built by the Molonglo Group on the site of the former Hotel Acton.
The government body’s headquarters will be known as the New Acton Nishi office.
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Telstra to Float Chinese Real Estate Website Soufun
TELSTRA will float major Chinese real estate website Soufun.
Telstra, which is not commenting further because it is uncertain where Soufun would be listed, paid $US254 million for a 51 per cent stake in SouFou in August 2006, under the directorship of Sol Trujillo.
It is one of seven Chinese investments for Telstra, which also owns websites for cars, electronics and mobile phone services.
In a statement, Telstra said “Subject to regulatory requirements, further details will be provided as the process proceeds”.
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