Commercial and residential property news
CB Richard Ellis has thrown its weight behind this year’s expanded Earth Hour campaign.
More than 150 CBRE-managed buildings Australia and New Zealand will participate in this weekend’s World Wildlife Fund initiative to help combat climate change.
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A PROMINENT Docklands development site has hit the market after years of frustration from real estate agents, who claim never to have been given the opportunity to offer the site to their clients.
Victoria’s new planning minister Matthew Guy has ordered VicUrban list for sale a major 2 hectare ste at the corner of Collins and Flinders streets.
VicUrban had previously give nmanagement control of the site to developer Sama Dubai, but a proposed $1.5 billion redevelopment, which was to have included a 60-level tower, was never marketed. The site abuts Lang Walker’s precinct of the multi-billion Docklands redevelopment.
Read moreCentro MCS today expressed disappointment and surprise that Pelorus have purported to cancel a series of meetings of Centro MCS investors with little warning and immediately prior to the first meeting scheduled for Monday. Centro MCS Manager is considering whether this purported cancellation is effective and urges investors to check for any updates in relation to the meeting on its website at centro.com.au.
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ANOTHER year, and MAB Corporation is releasing another major Docklands project.
This time, the development – The Quays – will include two towers.
A south tower will rise 32 storeys and include 275 units. It will be the tallest building in MAB’s 5.3 hectare Docklands pocket.
A north tower will include 230 flats. At ground level, a walkway aims to create a new retail laneway, with cafes and shops.
The project (artist impression, right) will also include 95 serviced apartments. Residents within The Quays will be able to utilise hotel functions like a spa, pool, sauna, health club, gym and yoga studio.
Read moreName change
�� MFS to transfer and assign to Massachusetts Financial Services of Boston,USA its Australian registered trademark “MFS”
– Resolves ongoing litigation between the parties
– MFS to receive a payment from Massachusetts of a confidential amount
�� World branding agency was used to develop the new name “Octaviar”
– New brand and corporate imagery to be launched following today’s shareholder approval
– ASX Code to change to “OCV”
ESTABLISHMENT family the Smorgon’s have sold a Melbourne CBD office for $16.35 million.
The Katherine Place complex at 517 – 537 Flinders Lane was developed in the 1980s by the Becton Group and includes two buildings, known as 517 – 525 Flinders Lane (rising four levels and with 5609 square metres) and 533 – 537 Flinders Lane (a smaller four-level 1556 square metre office).
Both assets are flanked with ground floor retail. Private investor Brendan Sullivan has been reported as the buyer, purchasing the asset on a low yield of 6.2 per cent.
Read moreDear Investor,
Rescheduling of Meetings for Centro MCS 16, 19NZ/I and 11
Attached are notices with respect to meetings (Meeting) of unit holders of Centro MCS 16, Centro MCS 19 NZ/I and Centro MCS 11 (Syndicates). The notices advise unit holders that the meetings in relation to the Syndicates have been rescheduled to 20 May 2008.
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ONE of the Melbourne CBD’s few remaining ghost towers has sold to a Chinese developer for $45 million.
The 21-level Communications House at 199 William Street (right) includes a 19,500 square metre office that has been vacant for more than ten years. The asset was offloaded by another Asia based investor with the registered company name Memo Corporation.
The building’s site area is 3318 square metres and the building is in the heart of what is known as the Melbourne CBD legal precinct. It’s residential redevelopment potential was touted throughout marketing.
Architects at Porter Davis are celebrating another win in court, this time against smaller rival Carlisle Homes.
Read moreCHALLENGER Diversified Property Group has paid $81 million for an A-grade office at 31 Queen Street in the Melbourne CBD.
The purchase price equates to a yield of 8.17 per cent. FKP sold the 27-level, 19460 square metre office.
A copy of Challenger’s statement about the transaction is copied below.
Read moreBovis Lend Lease LMB, Inc. (“Bovis Lend Lease”), a US subsidiary of Lend Lease Corporation Limited, is a defendant to proceedings brought against the City of New York and a number of other parties who, like Bovis Lend Lease, responded to the World Trade Center emergency and assisted with the rescue, recovery, and
debris removal following the terrorist attacks of 11 September 2001.
MELBOURNE based developer Grocon has unveiled plans for a carbon neutral apartment complex built entirely from timber.
The complex, Delta (pictured, right) will be developed on the former Carlton United Brewery site, on the Carlton-CBD suburb border.
Delta will include 50 flats, and be one storey taller than a similar tall timber structure, the Stadthaus in Hackney, East London, which currently holds the title as the tallest building of its type in the world.
Copied below is a Grocon statement about Delta:
Read moreDEXUS Property Group today announced it has expanded its Executive Committee and reorganised its management structure with three new appointments representing its three property sectors:
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WESFARMERS owned retail giant, Coles Group, is expected to make about $100 million from the sale of a prominent Bourke Street retail complex in the Melbourne CBD.
Coles will sell the 1982 Target Centre building (pictured, right) with a 20 year lease to Target. The complex also includes speciality retail stores, currently leased to Jetstar and Monash University.
Coles is expected to spend funds raised from the sale into its supermarket operations.
Read moreThe number of homes put to the market for sale has surged 79 per cent on the same time last year, according to new research by RP Data.
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GOVERNMENT owned goods and services provider Australia Post is offloading its most prized Melbourne asset – the former Australia Post Mail Centre on the south-west corner of Spencer and La Trobe streets.
The 1.2 hectare property, with a 10,400 square metre building, is being offered with vacant possession after a reported lease to hardware chain Bunnings last August did not proceed.
Wesfarmers controlled Bunnings is moving to multi-level inner city sites as part of a strategy to boost its inner-city presence, and outmuscle new Woolworths controlled rival, Lowes.
Read moreDear Investor
I write to you on behalf of MFS Investment Management Limited (‘MFSIM’), as Responsible Entity of the MFS Premium Income Fund (‘the Fund’) to provide an update on the recent events and the MFSIM Board’s strategy and proposals for the management of the Fund subsequent to our last letter.MFSIM understands the significance of these decisions and the impact on investors. Given current market conditions and the position of the Fund, MFSIM, in the interests of all unit holders, has sought to preserve the capital value of the Fund.The MFSIM Board and its advisors are now focused on exploring initiatives to improve liquidity and allow the payment of income to unit holders and expect significant progress to be made before the end of the financial year 2008. Below we set out the key issues facing the Fund at this time. We will continue to update unit holders on developments with the Fund on a regular basis.
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MOUNT Macedon is no longer a town without beer.
The abandoned Mount Macedon Hotel, described by Macedon Ranges councillor Helen Relph as the soul of the mountain, sold for $1.74 million at auction on Thursday to a local who plans to re-open it as a drinking hole.
The pub closed in 2005 when its license holder Xavier David Holden was suspended for breaching the Liquor Control Act.
At 694 – 696 Mount Macedon Road, the 2.15 hectare property includes a hotel, accommodation sheds, a three bedroom home, and land for redevelopment.
Read moreThe National Australia Bank will increase its main home loan interest rate today by 0.09 per cent, to 9.36 per cent – higher than the Commonwealth Bank and Westpac, but slightly lower than the ANZ and Bendigo Banks.
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FIVE months after paying ING a speculated $22 million for the prominent Cheltenham office it was renting (pictured), the City of Kingston council has snared one of Australia’s biggest tour providers as a tenant.
Australian Pacific Touring – more commonly known as APT – has quit its 36-year headquarters at Hampton Street, Hampton, and will move to the 1230 Nepean Highway office known for years as the Fujitsu building.
APT, which established locally in 1920, will lease 3200 square metres of B-grade offices space, paying a speculated $200 per square metre, per annum in rent.
Read moreAquisitive fund manager Charter Hall is reported to have changed its mind regarding the purchase of Channel Nine’s outgoing studios in Willoughby, Sydney and Richmond, Melbourne.
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WEATHERING the rise of what it called (in a 1993 Age feature) the “big boy” retailer – boffin retailer The Little Bookroom has leased space on the same block its bullish rival, Angus & Robertson may soon be moving out of, after going into administration last week.
The Little Bookroom has leased a 30 square metre shop in Degraves Street, one of Melbourne’s most popular and expensive laneway retail strips.
In doing so The Little Bookroom returns to town after a six year hiatus.
Read moreMelbourne CBD office rents are amongst the country’s cheapest according to new JLL research. For premium product, the agency said,
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IT’S bad enough if the site next-door to the one you just bought gets listed for sale, targeting developers.
It’s worse when you just spent $21 million of taxpayer money, and if the redevelopment next door robs the million dollar views you planned to exploit in your own marketing.
Sadly this is what’s happening on the Footscray waterfront right now.
Read moreANZ 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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ONE of Melbourne’s bigger mid-suburban office sales this year has quietly taken place in Cheltenham.
Property investment group Forza Capital has paid private developer Glenuc $14 million for 294 Bay Road, which includes a new 4,772 office building, and 4900 square metre adjoining development site.
The office is leased to service provider iSelect and will initially accommodate 320 of its employees. iSelect has an option to occupy a 10,000 square metre office earmarked for the vacant block.
Read moreThe record price paid for a home in Australia has been smashed, after an undisclosed Asian family is believed to have splashed out $32.4 million to buy a Sydney home once owned by disgraced stockbroker Rene Rivkin.
Read moreADVANCE to Clyde-Five Ways Road, about 45 kilometres from town, if you want to know where Melbourne’s south-east suburbs have sprawled to – and will soon overrun.
A swag of farms and major homestead estates listed for sale along the soon-to-be-major road last year, sold over the festive break.
The “farm sale” trend is not novel to the south-east, where large parcels are also selling around Langwarrin, Pearcedale and Skye.
Read moreDear Investor,
CITY PACIFIC FIRST MORTGAGE FUND (FIRST MORTGAGE FUND/FUND)
Amidst recession fears in the USA and difficult local market conditions which have caused havoc in the banking and financial services sectors there has been a substantial increase in the level of redemptions by our investors in the First Mortgage Fund.
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MELBOURNE’s next unique office – which will in this case be configured as a laboratory and classrooms – starts construction
Read moreNew York, NY – March 5, 2008 – For the seventh year in a row, CB Richard Ellis has been named the leading global brand in commercial real estate, according to a survey of real estate professionals from around the world. CB Richard Ellis has been named the top brand every year since the survey’s inception in 2002.
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GERMAN based SachsenFonds is hoping to break-even from the sale of a major inner-city office it bought three years ago for $137 million – $22 million more than its then book value.
The 11-level glass office at 209 Kingsway (pictured), on the south-east corner of Dorcas Street is built on the site of the South Melbourne tram depot.
Private investor Clement Lee purchased the entire tram depot site from the Kennett government in 1997 for $18 million.
The day after settlement, Mr Lee famously sold a portion to residential developer Central Equity for $18 million. The 9,632 square metre balance sold to Multiplex for $20 million.
Read moreMacquarie Countrywide is expected to reap around $100 million from the portfolio sale of ten supermarket assets around Australia.
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BINKS Ford, which has been trying to offload various commercial sites in Melbourne’s west, has paid $1.35 million for an industrial unit in Geelong Road, West Footscray.
The vacant 1000 square metre showroom warehouse is on a 1250 square metre block and sold after an auction.
About two years ago Binks listed a major car dealership in Footscray, in Melbourne’s inner west. That site was expected to sell for about $8.5 million.
Read moreSt Hilliers Funds Management Limited has confirmed the successful winding-up of the St Hilliers Enhanced Property Fund No.1 (the Fund), the first in its series of closed-end unlisted property funds.
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PROPERTY giant Lend Lease is expecting about $120 million from the sale of an as-yet-incomplete office in Melbourne’s Docklands – a near new city, effectively, on disused industrial land abutting the western edge of the CBD.
The 17,000 square metre office recently secured engineering firm Aurecon as an anchor tenant for 9500 square metres. Aurecom was formerly known as Connell Wagner
The building is due for completion in the second half of 2012.
Read moreDevine Limited advises that two senior managers of its Construction Division, Devine Constructions, had their employment with the company terminated on Friday 29th February 2008. This action resulted from clear evidence of breaches of the company’s policies in relation to “Ethical Code of Conduct” and “Conflicts of Interest” and evidence that both have undertaken fraudulent activities in respect of the Devine Group.
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THE Kew home of embattled AFL player manager Ricky Nixon reportedly sold off-market last week for $2.2 million. The sale
Read moreNEW IDENTITY UNDERLINES POSITION AS ONE OF AUSTRALASIA’S LEADING DIVERSIFIED PROPERTY ORGANISATIONS
Read moreSYDNEY based Stockland has sold a West Perth office building for $30 million.
The fully leased office, at 1 Havelock Street, traded on a yield of 8.2 per cent.
Stockland paid $28.8 million for it in 2008. In June last year, the asset had a book value of $31.2 million.
Read moreAt its meeting today, the Board decided to increase the cash rate by 25 basis points to 7.25 per cent, effective 5 March 2008.
Read moreMELBOURNE’s next unique office – which will in this case be configured as a laboratory and classrooms – starts construction in Bundoora this month.
La Trobe University’s $93 million La Trobe Institute of Molecular Science (LIMS) project will rise six levels from Science Road, at its Bundoora campus, about 17 kilometres north of town.
The biotechnology and nanotechnology education facility is due for completion late next year.
Read moreThe Reserve Bank of Australia (RBA) has announced today that the Official Cash Rate will increase 25 basis points. The
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QUEENSLAND-based property developer David Devine is wasting no time getting back into the Melbourne development scene.
Four months since retiring from the listed development giant he established in 1983 – now known as Devine Limited – Mr Devine’s newest incarnation, Metro Property Development, has paid $10.2 million for an eight hectare site in Doreen.
The land, at 60 Orchard Road, on the corner of Garden Road, will be subdivided into about 150 lots and carry an average block price of about $200,000. Assuming homes worth $250,000 are developed on each block, Metro’s Doreen project could have an end value of close to $70 million.
Read moreThe Australian Government today formally established a significantly expanded National Rental Affordability Scheme.
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HOME builder Swenrick Constructions is offloading its south-east Melbourne headquarters ahead of a relocation.
The 6738 square metre Springvale supersite, with street addresses of 782 – 794 Princes Highway and 2 – 4 Hillside Street (image, right), is used by Swenrick as offices and display suites. It’s spread over nine adjoining titles.
It’s expected to sell for between $4 and $4.5 million, and be redeveloped into a medium density townhouse or apartment project with an end value of about $50 million.
Read more"Another severe blow was dealt to home buyers in the December quarter 2007, with interest rate rises biting hard and home loan affordability deteriorating across Australia, except in Western Australia," says Noel Dyett, President of the Real Estate Institute of Australia, in Canberra.
FORMER Geelong footballer and larrikin media personality Billy Brownless is close to offloading his hilltop hood. The five bedroom home,
Read moreI refer to the ASX’s letter dated 26th February 2008. A.B.C. Learning Centres Limited (“Company”) sets out below its responses to the specific queries raised in your letter.
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AND so all eyes turn to 50 Albert Road, in South Melbourne, after the decision this week by new planning minister Matthew Guy to reject a 29-level, 88-metre proposal across the road at #35, based on height.
Hamton Property Group is planning to build a 28-level, 89-metre tower on its site at 42 – 50 Albert Road, having marketed the project, Fifty Albert, since the middle of last year.
Both the Asia-based owner of 35 Albert Road, and Hamton, paid about $15.5 million for their respective South Melbourne sites last April.
Hamton’s site was purchased with a permit for a 220-dwelling apartment complex. However it shrunk the size of the units so that 294 flats could fit within the approved building’s shell.
The Victorian Civil and Administrative Tribunal approved that major amendment last August.
By comparison the owner of 35 Albert Road proposed 420 apartments within an 88 metre tower. Another tower of similar height is proposed at 60 Albert Road, too.
Read moreLend Lease delivers strong half year profit result amid tough market conditions
* Statutory Profit After Tax up 49% to A$259.6m
* EPS on Operating Profit up 60% to 65.5 cents
* Net Operating Profit After Tax up 61% to A$262.8m Interim dividend up 23% to 43 cents a share
A former Flinkier’s Motors car dealership has hit the market. At 390 – 396 Dynon Road in West Melbourne, near
Read moreHalf Year Results – “Disciplined strategy leads to improving opportunities”
ING Office Fund (IOF or the Fund), today announced an operating profit of $140.4 million for the six months ended 31 December 2007.
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VicRoads has listed a 31.3 hectare mixed-use development site at what is presently Melbourne’s northern outskirts, but will soon be
Read moreThe Westfield Group (ASX:WDC) today announced its full year results, reporting operational segment earnings for the year ended 31 December 2007 of $1.79 billion, up 11.6% over the prior year. This represents 96.12 cents per security, an increase of 6.0% on a constant currency basis.
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ONE of the northern suburb’s most controversial residential development sites has sold for $6.7 million.
The vacant AMF Northcote Bowl complex at 166 – 174 Victoria Street, on the north-east corner of Separation Street, was listed for sale by Hong Kong based conglomerate Far East Consortium last October.
It paid Macquarie $5 million for the 4716 square metre site in early 2009, and shortly after, convinced VCAT to approve a permit which would see the distinctive centre demolished and replaced with 73 flats and 18 townhouses.
One of the proposal’s criticisms was that the busy intersection, with thin roads, would be even more overrun with cars. Others argue the site’s previous use as a bowling centre would have contributed somewhat to the traffic in the area.
Read more* Solid performance from diverse operations across 13 countries
* Proven funds platform, raising A$1.2 billion of equity and debt in 2H08
* AUM of A$20.5 billion, diversified by sector, geography and business line
* Continued focus on integration and consolidation of Australasian, European and UK platforms
DESPITE fears Melbourne’s $4.3 billion regional rail link might be shelved, Australia’s biggest developers are exploiting last year’s Urban Growth Boundary changes, continuing to quietly snap up farmland in Melbourne’s mid-west.
This time, in Plumpton, Sydney-based Delfin Lend Lease has paid about $30 million for an approximate 63 hectare site on Beattys Road.
The land was included within the revised UGB last year, and was understood to have been sold by Oliver Hume director – special projects, Peter Vassallo, who was unavailable for comment.
Toni Mills, head of Delfin Lend Lease, told The Saturday Age’s Capital Gain it planned to undergo a planning and community consultation process to determine the most appropriate vision for the site.
Read moreMacquarie CountryWide Trust (ASX: MCW) today announced a 2.5 per cent increase in distributable earnings to A$97.7 million for the six months to 31 December 2007, representing 7.35 cents per unit. Earnings before losses on asset sales were 7.76 cents per unit. The Trust distributed 7.80 cents per unit to investors on 22 February 2008.
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RECENTLY retired Collingwood footballer Brodie Holland, and his wife, model, Sarita Stella-Holland, are set to outgrow their Moonee Ponds terrace.
The couple are expecting twin boys later this year, and with nine month old daughter Stevie, are looking for something bigger.
Their outgoing home, in Normanby Street, in Moonee Ponds, is now for sale with agency Nelson Alexander Essendon.
A twilight auction at 7:30pm on Thursday March 3 will be managed by selling agent John Matthews.
Read morePelorus Property Group (ASX Code: PPI), which has initiated a bid to take over management of one of Centro’s unlisted property syndicates, Centro MCS16, has today released its half year results.
Read moreAspen Announces Strong Half Year Result
Aspen Group (ASX: APZ) is pleased to report a strong performance for the half year to 31 December 2007, with the Group’s underlying net profit after tax up 63% at $19.0 million. Contributions across all business divisions have combined to produce this result, leaving the Group well placed to record a strong full year performance.
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AFTER canning plans to develop a ritzy hotel, local development family the Deague’s are selling a petrol station-turned residential development site in Prahran.
The small site, at the south-west corner of High and Thomas streets, is opposite Swinburne University’s Prahran campus, and walking distance to retail mecca Chapel Street – which commands the highest retail rents of any inner-city shopping strip.
The Deagues purchased the 118 High Street site about four years ago with plans to build a hotel, the Larwill, as part of its “art” series chain.
However, like many projects by the Deague family’s Asian Pacific Building Corporation, it’s been canned. The site is expected to sell at a premium given it now has a permit – prompting speculation the wealthy family is property speculating.
Galileo Japan Funds Management Limited (‘GJFML’), the responsible entity for the Galileo Japan Trust (the Trust) is pleased to provide details of the Trust’s interim result for the period ended 31 December 2007.
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TRILOGY Funds Management is expecting about $17 million from the sale of a riverside office asset occupied as the global headquarters of travel publisher Lonely Planet.
The prime located site at 90 Maribyrnong Street includes a 7293 square metre office, 86 car spaces, and will be sold with a new six year lease to Lonely Planet, which pays a current annual rent of $1.53 million.
Lonely Planet relocated to the converted Footscray building in 2000, from Hawthorn.
Read moreDB RREEF Trust (ASX: DRT) today announced it had acquired Deutsche Bank’s 50% interest in its management company, DB RREEF Funds Management Ltd, and rebranded to DEXUS Property Group.
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AFTER sitting unoccupied for almost a decade, recently refurbished office space at Lonsdale Street’s historic Askew House has hit the market for rent.
The art deco building at 364 Lonsdale Street sold to its current owners in June 2001 for $4.05 million and has recently undergone a major refurbishment.
A new sixth level, with a large balcony on three sides, has been added to the 1937 building.
Askew House is widely recognised by one of its ground floor tenants, the JB Hi Fi DVD Video Superstore outlet.
Read moreCentro Properties Group (Centro) announced today that its financiers both in Australia and the US have further extended finance arrangements as follows:
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FABRIC store retailer Lincraft has paid $6.5 million for an office warehouse building at Derrimut’s Gilbertson Industrial Estate.
The 2.53 hectare site at 60 Fulton Drive includes a 9114 square metre office warehouse, and was sold with a short term lease to distribution company Axima.
Lincraft, which was in receivership just six years ago, before being bought out, will owner occupy the western suburb site, ending a search that saw it hem office warehouse all around metropolitan Melbourne.
“It’s been many years since a property of this quality was offered for sale to an owner occupier within the Gilbertson Estate,” said Colliers International agent Nathan Bingham, who sold the site with Tony Iuliano.
Read moreCopyright of home designs will come under scrutiny this year in the courts, after Australia’s eleventh biggest home builder, Porter Davis, launched another round of legal action against the third biggest, Metricon.
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AS PART of its push to ensure there is a 20 – 25 year supply of land available for residential development, the new state government’s development agency, VicUrban, has outmuscled developers for one of the western suburb’s most prominent future development sites.
VicUrban is believed to be paying about $21 million for the outgoing Le Mans Toyota car dealership, overlooking the banks of the Maribyrnong River and at the suburb border of Footscray and West Melbourne.
The 1.3 hectare site is opposite the Hopetoun Bridge, which connects Hopkins Street to Dynon Road, near Melbourne’s Market precinct.
Read moreAustraland today announced a strong result for the year ended 31 December 2007, delivering a statutory profit of $269.2 million, including unrealised gains in property revaluations.
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SYDNEY-based billionaire property developer Lang Walker is hoping to achieve about $200 million from the sale of a near new shopping centre, in a near-new suburb, in Melbourne’s west.
Funds from the sale of the Point Cook Town Centre will go toward funding the development of Australia’s largest single office development – Collins Square, in Docklands.
Collins Square will include five office buildings, flanked by a lower level shopping centre, exploiting the 200 metre frontage of Mr Walker’s Docklands site. All up the project is expected to add 185,000 square metres of high end office space to the Melbourne market.
Read moreBeleaguered property developer MFS Living and Leisure group is expected to quietly sell the Melbourne Aquarium in Flinders Street, as well as aquariums on the Sunshine Coast, Bangkok, Shanghai and Busan, as it struggles to boost its balance sheet and survive a fallout from its parent company, MFS Limited.
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DOCKLANDS next major skyscraper should start appearing on city skylines later this year.
Sydney-based developer Mirvac has just started construction of its latest waterfront apartment tower, Yarra Point, on the corner of Lorimer Street and Point Piper Crescent.
Upon completion in 2013, the $200 million tower will soar 31-levels and include 201 flats.
When the project was launched last October, entry level apartments started at a staggering $500,000. Four bedroom “sky residences” have fetched $2.5 million.
Read moreFINANCIAL HIGHLIGHTS
* Half year net profit after tax of $388.4 million, an increase of 86.4 per cent
* Half year operating profit after tax of $215.0 million, an increase of 41.2 per cent
* Half year distribution of 16.45 cents per stapled security, an increase of 3.1 per cent
* 5.8 per cent rise in NTA per stapled security to $4.02 from $3.80 as at 31 December 20061
* Activities under control increased from $26.3 billion at 30 June 2007 to $27.8 billion
* Gearing reduced to 29.8 per cent2
A spectacularly located waterfront penned by the same architect that designed James and Erica Packer’s Vaucluse home, has hit the
Read moreLeading Australian property finance and investment group, Ashe Morgan Winthrop, has announced the appointment of two new senior executives directly supporting the managing director, Michael Rothner.
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REMEMBER when a walk around Balwyn North used to be an enchanting experience? When classic 50s, 60s and 70s family homes sat back on established manicured gardens, which at times meshed into the leafy streets?
The turn of this century will be remembered for many controversial decisions regarding Melbourne planning, among them, the rebuilding of Balwyn North.
Agents say developer interest in the past decade has been rampant, with modest cottage homes increasingly replaced with townhouses or monolith mansions, which prove particularly attractive when onsold to offshore based buyers.
Read more�� Confirms FY08 guidance of 5% EPS growth
Stockland delivered a strong performance for the half year ended 31 December 2007
(1H08), recording a net profit attributable to security holders of $672.5 million, including
property revaluations and other non-operating items.
HEADLINE RESULTS
�� Operating profit* increased by 10.7% to $324.6 million.
�� Earnings per security* increased by 4.2% to 22.4 cents
�� Dividend/distribution per security increased by 5.1% to 22.6 cents#
* (before certain significant items)
