Rental vacancies back above 1%
Adelaide’s tight rental market is continuing through to the colder months with April recording a low residential vacancy rate of 1.01%.
Read moreTen suburbs to watch this spring
THE Spring sale season has begun!
And with real estate prices just shy of their 2001 peak, Spring 2006 might be the season for new records.
Where do industry insiders say we should be looking?
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Bunnings to build apartments in Doncaster
ANOTHER Wesfarmers subsidiary is playing “reluctant” property developer, by substantially improving the profitability of a prominent Doncaster site it bought to build a Bunnings warehouse.
The 1.1 hectare development site, abutting the massive Westfield Shoppingtown complex, may now be replaced with a $200 million mixed use complex including a multi-level Bunnings store, car park, and 350-unit residential tower, it is speculated could rise some 20 levels.
Bunnings paid $25 million for the collection of adjoining properties bound by Doncaster Road, Tower and Council streets in 2011, saying at the time the supersite would only be replaced with a hardware store, to complement the shopping centre next door.
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New $42 Million Apartment Compound at Bennelong Displayed For Public Comment
PLANS for a new $42 million, three-tower apartment compound in the Sydney suburb of Bennelong, are being displayed for public comment.
The development of a site between Neild and McLachlan avenues and New South Head Road, is being proposed by Sydney property group Lindsay Bennelong Developments. The three buildings will rise between six and nine levels with 112 flats. It will be flanked by ground floor retail.
The developer has recently completed a $180 million project next door, Advanx (pictured). That project, which replaced the Advanx Tyre & Rubber site, was delayed about six months because of a planning dispute.
The Reject Shop and API Have Major Ipswich Distribution Centres Flooded
THE Reject Shop and Australian Pharmaceutical Industries have been forced to close major Queensland distribution centres, because flood waters have engulfed their facilities.
The Reject Shop put a trading halt on its shares earlier this week, saying it needed a couple of days to assess damage at its six-month old Ipswich distribution centre.
The $16 million warehouse distributes to 90 of The Reject Shops 211 stores, nationally. When it opened last year, managing director described the complex as the “cornerstone” of that group’s investment in Queensland.
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Federal Government Continuing to Buy Commission Flat Sites
THE federal and state governments are continuing to buy development sites and vacant properties that it can convert into public housing.
It has recently acquired two prominent properties in the seaside hamlet of Wonthaggi, about 132 kilometres south-east of Melbourne.
In the highest profile deal, the government outmuscled developers and operators for the former Golf Links Hotel, which is set to be redeveloped into a major rooming house.
At another site at 7 Mortimer Street, near the Wonthaggi town centre, a vacant block offering picturesque views over the Wonthaggi Golf Course and Bass Strait is also set to make way for a new commission flat complex.
Read moreCFS Frontrunner to Buy Perth’s Lakeside Joondalup SC For $450 Million
COLONIAL First State Global Asset Management is understood to be in negotiations to buy Perth’s Lakeside Joondalup Shopping Centre in Perth for about $450 million.
The speculated sale price equates to a yield of about 7 per cent, and a markdown of $40 million, from the shopping centre’s $490 million valuation in June.
Other institutions reported as being interesteed in buying the centre include Lend Lease’s Australian Prime Property Fund and the Future Fund, which recently sold a substantial amount of Telstra shares.
Land Behind Geddes Antiques, Armadale, to Become Boutique Apartments
CONSTRUCTION of a boutique apartment building, on what was once land behind the Geddes Antiques stores in High Street Armadale,
Read moreBeaumaris Suburb Profile
The bayside suburb of Beaumaris is located about 23 kilometres south of the Melbourne CBD, around the 115 hectare Ricketts Point Marine Sanctuary and Beaumaris Bay – a small part of Port Phillip Bay.
Read moreInterest rates on hold
Homeowners have survived the first half of 2007 without an interest rate rise after the Reserve Bank of Australia left rates unchanged at its June meeting.
Read moreWhat Half a Million Buys You in the City, Coast and Country
It’s a magic number, really.
Tell a real estate agent that you have $500,000 to spend, and they should be able to find you a house in any part of Victoria – Hawthorn to Hamilton.
We tell you what bang for your buck you get in the city, coast and country.
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LaTrobe University to Sell Former Mayday Hills Hospital, Beechworth
LA TROBE University is readying to sell one of country Victoria’s most charming, historic rural properties.
The former Mayday Hills Hospital is spread over 100 hectares near the centre of Beechworth, and includes heritage gardens, and many classified buildings dating back to the 1860s.
Built as the Beechworth Lunatic Asylum in the 1860s, and originally stretching a half-kilometre from end-to-end, the Beechworth estate, and another in Ararat, were built to cope with over-crowding at the state’s then only mental institution at Yarra Bend (Kew).
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North Sydney Office Sell-Off in First Quarter
NORTH Sydney’s office investment market has recorded several major sales in the first quarter of this year.
In the most recent deal, Colonial First State Global has offloaded 50 Berry Street for about $30 million to local investment company Kingsmede. The 14-level office was marketed by Chesterton International.
Elsewhere in North Sydney, 90 and 100 Mount Street sold to Laing O’Rourke for about $50 million, according to the AFR. The site is set to be redeveloped into an A-grade office tower. It was sold by Winten Property Group with plans for a $157 million tower.
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Struggling Gold Coast Market to be Tested at Portfolio Auction
SOME 10 per cent of properties scheduled for auction on the Gold Coast on January 28 will be mortgagee in possession sales.
All up 150 properties will be auctioned at the Ray White Surfers Paradise auction weekend, now into its 18th year.
The portfolio campaign includes 20 per cent more properties than scheduled, and will expand to include luxury boats for the first time.
Values for Gold Coast properties have fallen 50 per cent since 2008, because of a fall in tourism, and the collapse of high profile projects.
Read moreGIC Latest Favourite to Buy Salta Portfolio
SALTA Properties is reportedly now in negotiations to sell its industrial portfolio to Singaporean government investment group GIC, for about $220 million.
The GIC offer replaces an earlier reported deal made by Korean pension fund Ikogest Asia.
Salta is selling eight separate logistics facilities in Victoria, New South Wales and Queensland.
Before news of a private sale, the portfolio was expected to be floated.
Read moreDrapac Sells Leigh Mardon Complex, Highett, For More Than $17 Million
THE massive Highett headquarters of security transaction products giant Leigh Mardon is understood to have sold to developer Hallmarc for more than $17 million.
The 2.13 hectare complex, within walking distance of the Southland Shopping Centre and Highett train station, includes a 4,643 square metre vacant site, which is expected to be developed into a retail, office and apartment complex.
Albany Road Block Sliced and Diced, Now For Sale
A GRAND home in what is considered Melbourne’s best street – is back on the market for sale, after its
Read moreThe Rise, Fall and Rise of Geelong
Spirits are high in downtown Malop Street at the moment, and it’s not just because the Geelong Football Club won the 2007 AFL Premiership Cup (though history has shown that when the Geelong economy is doing well, so too is its football club).
Read moreProperty taxes buoy State Budget but no relief for buyers
The Real Estate Institute of SA said they were disappointed that no taxation relief had been offered to homebuyers in this year’s State Budget, particularly for those hoping to buy their first property.
Read moreMaking Your Home Your Main Investment
YOUNGER home owners call it a bonus.
The baby boomer generation call it a rescue.
Accountants call it an opportunity.
Astronomical growth in house prices over recent years, has armed home owners with tens of thousands, sometimes hundreds of thousands of dollars of unlocked equity in their homes.
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Tiny Southbank Site Earmarked For Major Tower
A SLIVER of Southbank land, about the same size as would accommodate a standard inner-city terrace house, has sold for $1.23 million because of its redevelopment potential.
The 168 square metre site at 11-13 Hancock Street sold at auction this week before 45 observers. Savills directors Nick Peden and Clinton Baxter represented the vendors who constructed a workshop on the site in the 1940s.
The block is some 900 metres from the CBD, between the Crown Casino and Clarendon Street shopping strip. Sold with vacant possession, it is expected to make way for an apartment complex. Savills directors Nick Peden and Clinton Baxter were the marketing agents.
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Perisher Marrtiz Alpine Chalet to be Auctioned
PERISHER’s Marritz Alpine Chalet will be auctioned on May 16, as part of a settlement for the divorce of property tycoon Warren Anderson, and soon-to-be-ex wife, Cheryl.
The 25-suite Snowy Mountains lodge with a pool, bar and restaurant is expected to fetch about $3 million. The ski lodge fell into the hands of receivers KordaMentha in February and will be sold as a going concern.
Another property, the landmark Fernhill estate which includes an 1842 mansion, in Sydney’s outskirts, is expected to sell after Easter.
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Costco and BAC in Discussion for New Brisbane Store
RETAILING giant Costco is reportedly in talks with Brisbane Airport Corporation to purchase a major chunk of land.
Costco is in the market for warehouses of around 14,000 square metres.
Its Docklands store in Melbourne is considered hugely successful, and the group is also reportedly looking for more sites in that city, and Sydney, Brisbane, Adelaide and Canberra.
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Boom in Korean Based Investors
KOREAN-based investors have emerged as one of the biggest buyers of Australian commercial real estate since the 2008 economic downturn.
In one of the most recent moves, Ikogest Asia, a Luxembourg-based, Korean-backed pension fund, reportedly made an offer to pay about $200 million for the industrial holdings, and part of a float being offloaded by Melbourne-based developer Salta Properties.
Singapore’s GIC is now reportedly investigating that portfolio.
Read moreRBA Keeps Interest Rates Unchanged at 3 Per Cent
THE Reserve Bank kept official interest rates unchanged at 3 per cent, at its August meeting.
Below is a statement by RBA governor Glenn Stevens:
Read moreSladen House, Geelong, to be Leased as Luxury Offices
FORMER Geelong wedding reception venue Sladen House is being marketed for lease as luxury offices, after selling at auction last
Read moreRental shortage eases slightly
Adelaide’s tightest rental market in decades is showing signs of easing after the month of May recorded a vacancy rate of 1.44%, according to the Real Estate Institute of SA (RESIA).
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Old Transformers nightclub for sale
The syndicate which repositioned Bentleigh’s Transformers nightclub into a mixed-use complex is selling up. The five level building at the
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Late Michael McGurk’s Cremorne home for sale
THE luxury Sydney home outside which business Michael McGurk was murdered in 2009 has hit the market.
The 1916 built Californian bungalow in Cremorne has been on the market since Sunday with price expectations of about $4.75 million.
Mr McGurk paid $1.65 million for it in 2000.
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Charter Hall, Telstra Super Pay $300 Million For Brisbane Square Office
THE Brisbane Square office building has sold for $300 million to a consortium including Charter Hall Group’s wholesale Core Plus Office Fund, and Telstra Super.
The duo purchased the asset from WA super group Westscheme.
Measuring 57,300 square metres, the A-grade office sale is due to settle by mid November.
A Charter Hall statement is copied below:
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Student Accommodation Sector Under Threat
AUSTRALIA’s lucrative student accommodation sector is at risk, with cash strapped United States universities said to be preparing to open their doors to more foreign graduates in the wake of the economic downturn.
A cheaper US dollar, scores of student accommodation and faster visa approval times than Australia, should give the United States an edge, according to a report in The Australian’s Higher Education section.
“The obvious implication is the market for foreign students will become more competitive because you will have a lot of large and high-prestige universities competing for students,” he said.
Read moreDrapac to Sell Southbank Electricity Substation
A MASSIVE and prime located substation which pumps electricity to the inner-southern suburbs is expected to sell for more than
Read moreSA real estate hits national stage
The Real Estate Institute of SA (REISA) was pleased to host the national Institute today to talk about national real estate issues and the strength of the South Australian market.
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Major Industrial Development Sites in Truganina Expected to Fetch $12 Million
RECEIVERS for the owners of a versatile 555-hectare Truganina property, the largest asset measured by area to hit the market last year, are selling down the property in smaller chunks.
After failing to sell for a total $100 million in separate campaigns in 2010, and 2011, four industrial development sites, each measuring about 42 hectares are now for sale, in a campaign being managed by Biggin Scott Commercial’s Andrew Egan and Frank Nagle.
Accessed via Hopkins Road, the blocks are expected to sell for about $3 million each.
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Annandale Hotel for sale
Annandale Hotel is for sale. Matt and Dan Rule said the west Sydney property includes a permit allowing for a
Read moreLend Lease Pays $27 Million For Queensland Industrial Asset
LEND Lease Real Estate Investments has paid a reported $27 million for a major property on Boundary Road, Richlands. The
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BER Waste Being Uncovered
THE levels of waste being uncovered as part of the Rudd government’s Building the Education Revolution are continuing to come to light with a report in The Australian showing school canteens built by the Catholic school system under the controversial $16.2 billion program, are up to five times cheaper than those delivered by the government.
Geraldton’s St Lawrence Primary School at Bluff Point has developed a 10m x 7.5 m canteen for $4043 per square metre.
By comparison, the governments “unusable” small NSW canteens, measuring 8.47m x 3.1 m, costs $23,000 per square metre.
Read moreFinbar Pays $10.6 Million For Altus Site, East Perth
KORDAMENTHA, the administrator for failed property developer Saville Australia, has recovered $10.6 million from the sale of a Perth development site.
The Altus apartment development site in East Perth, has been purchased by a consortium including listed property developer Finbar and its joint venture partner Wembley Lakes Estate of Indonesia.
The developers plan to scale down the major apartment project that was proposed for the Altus site. Its new plans are for a 10-storey development with 220 apartments, to replace a 32-storey proposal with 250 larger apartments.
Read moreNew financial year off to good start
Homeowners have had a welcome start to the new financial year with interest rates remaining unchanged in July, the Real Estate Institute of South Australia (REISA) said today.
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Lower Density Design to Replace Site Abutting Melbourne’s Tower of Power
SOME of Melbourne’s most influential businessmen, including active Liberal Party supporters, have defeated a developer’s plan to build a 29-level skyscraper which would have blocked Port Phillip Bay views enjoyed from apartments they own or occupy in a prestigious complex next-door.
New images affecting a site at 35 Albert Road, and to be marketed as The Emerald, Melbourne, show a 19-level, 282 unit residential project (pictured, above), which will rise no higher than 60 metres.
The proposal replaces a higher density, 420-unit application (pictured, above, right) which was the subject of a high profile development dispute in 2010.
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Jacqui O to Sell Paddington Terrace For $3 Million
TELEVISION and radio personality Jacqui O has outgrown her inner-city Sydney terrace (right).
The new mum has listed the four-bedroom Elizabeth Street, Paddington home for sale with price expectations of about $3 million.
Jacqui with husband Lee Henderson will make a permanent tree-change to a new home they have constructed at Kangaroo Valley, on the NSW south coast. A studio will be developed at that home where the broadcaster will work from.
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Price of Land at Noosa Estate Dropped
RESIDENTIAL land blocks at a Noosa estate have been reduced, two years after the project was placed in receivership.
Blocks within the Beach Road estate at the $200 million Noosa North Shore project started at $1.4 million but have been reduced to $810,000.
The agent, Tom Offermann of Tom Offermann Real Estate said the revised price is expected to attract a different demographic to the area. It’s expected the move will generate another $20 million in sales for receives of the Petrac Group, Ferrier Hodgson.
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Woolworths to 31 Retail Assets
WOOLWORTHS has launched a campaign to sell 31 Australian shopping centres and three development sites.
Most of the centres are anchored by Woolworths, as service stations, supermarkets, Big W, BWS and Dan Murphy liquor outlets.
Twenty of the assets have been developed already. Another 11 are under construction and three are blocks of land with permits and Woolworth related lease agreements in place.
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 moreStrong rural economies support real estate growth
South Australia’s regional housing markets have continued their strong growth, according to the latest real estate statistics released today by the Real Estate Institute of SA (REISA).
Read moreWhich Coast and Country Regions Have Yet to Peak?
Picking which one of Victoria’s coast and country townships will excel is no easy task, reports Marc Pallisco.
With Victoria’s coast and country real estate markets performing so well for so long, one could be forgiven for thinking the boom hasn’t ended.
Not so.
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Monash City Council Sells Former Aged Care Facility, Oakleigh South
MONASH City Council has sold a spectacularly located development site opposite the Huntingdale Golf Club to a developer for $3.76 million.
The 6712 square metre, Residential 1 zoned block at 1213 – 1217 Centre Road on the north-east corner of Huntingdale Road, in Oakleigh South, was until recently known as the Clarinda Centre For The Aged.
Next door to a former quarry, the site is expected to make way for a medium density apartment project, but was not sold with a permit.
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10 Wylde Street, Potts Point, Sells for $17-$20 Million
A POTTS Point residential development site has sold for between $17 and $20 million.
The property at 10 Wylde Street, is a hotel, but was to have become a luxury residential development.
Before the economic downturn a penthouse apartment in the proposed $70 million complex reportedly sold for a speculated $20 million before “falling through” after the publicity died down.
Read moreQueensland Government Appoints Builder For $7 Million Whitsunday Coast Airport Terminal Redevelopment
THE Queensland government has appointed commercial builder TF Woollam & Sons to undertake a $7 million upgrade of the Whitsunday Coast Airport terminal and passenger airport.
A government statement is copied below:
Minister for Infrastructure and Planning The Honourable Stirling Hinchliffe
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Class Action as a Result of Bungled Home Insulation Program
TAXPAYERS will flip the costs defending the Rudd government against an expected 800 class action law suits, as a result of the bungled $2.5 billion home insulation program.
Insulation companies are seeking to recover costs associated with materials, training and other expenses incurred had the program continued until next December, as planned.
The insulators will also seek to be compensated for potential lost profits, until that time.
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 moreAdelaide’s real estate market returns to boom conditions
The Adelaide real estate market is red hot with no signs of abating, according to the latest June quarter housing figures released today by the Real Estate Institute of SA (REISA).
Read moreRental Crisis Spurs Property Investor Boom
Melbourne’s 284,000 renting households are finding themselves caught between a rock and a hard place.
On the one hand vacancies for rental properties are at an all time low 1.7% – and landlords know it. This is especially true in inner city suburbs such as Carlton, Richmond and South Yarra, where vacancy is just 1.5%.
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Residential Developer Buys Camberwell Site Until Recently Earmarked to Become Offices
A PROMINENT Camberwell development site opposite the suburb’s Town Hall and until recently earmarked to become a $50 million office building, has sold for $7.7 million to residential developer, Trenerry Property Group.
The site at 347 Camberwell Road, north-west of the busy Camberwell Junction, sold with a permit for a four-level, 8277 square metre office.
However given the recent success apartment projects in the area recently, including Aerial at the Camberwell Junction, the vendor, local developer CGA Bryson, was pursuing another permit for a residential based project with just 1000 square metres of office space, and 112 flats.
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Toga Group Buys Kings Cross Hotel for $16.75 Million
THE Mansions hotel, in Sydney’s inner-city Kings Cross, has sold to developer Toga Group for $16.75 million.
The property, which currently trades as a pub, is expected to be converted into an apartment complex. Toga purchased the site on terms subject to this redevelopment being approved. The Mansions soars five levels. It was one of the last controlled by the Landmark Leisure Group which went into receivership in 2009.
Other sites owned by LLG included the Vegas Hotel, which like The Mansions is also in Kings Cross. Other assets include Darlingsford’s Oxford Hotel and the peakhurst Inn.
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FKP Signs Iveco Australia to Rocklea Warehouse, Brisbane
SYDNEY-based developer FKP has signed trucking company Iveco Australia to a 10 year lease at an industrial facility in Rocklea Brisbane.
The 5.3 hectare property deal gives Iveco expansion space throughout the next decade, if required.
Read moreBills to Increase up to 25 Per Cent After Proposed Mining Tax
MORTGAGE holders face a 25 per cent increase in power bills as a result of the Rudd Government’s proposed 40 per cent tax on the mining industry.
La Trobe University tax lecturer Tony Anamourlis said the tax will “chew away substantial profits…thus affecting the prices of electricity and gas, which will skyrocket prior to its implementation (in July next year)”.
He estimates residential power bills will increase between 10 and 25 per cent.
Read moreHouse prices flat – rents up; REIWA releases data for the Dec quarter of 2007
Preliminary data by the Real Estate Institute of WA suggests Perth’s housing market was flat-lining in the December Quarter of 2007, with no movement either up or down for the last three months of last year.
However, REIWA President Rob Druitt said he expected the data to show a small overall increase once final settlements are processed.
Rental market stabilising
Adelaide’s rental vacancy rate has stabilised at 1.34% for the month of June, according to the Real Estate Institute of SA’s monthly survey.
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Major Tower Earmarked To Replace Coburg Church
PLANS are afoot to redevelop a prominent former Church abutting the Coburg train station.
At 146 Bell Street, Coburg, the triangle-shaped site is near the corner of Sydney Road, the Pentridge Village redevelopment, and several council-owned sites which form part of the $1 billion Coburg Initiative, one of the largest urban renewal projects outside of central Melbourne.
A council spokesman said the Coburg Initiative will still take place despite the ending of a joint venture agreement with local developer Equiset last year. The project may have included sinking the Coburg train station opposite 146 Bell Street to develop a new apartment-based village above.
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Control of Noosa Resort Seized by Receivers
RECEIVERS McGrath Nicol has been appointed to seize control of a major, high profile resort developed by two major, high profile property institutions.
Suncorp Bank is seeking that a $43 million line of credit be repaid by Viridian Noosa Pty Ltd.
Viridian controls a $300 million resort by the same name, and operated by Outrigger. Leighton Properties and Macquarie Real Estate developed the five star resort which was completed last year.
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Stockland Considering Selling Brisbane’s Waterfront Place Office as a Whole
SYDNEY based developer and fund manager Stockland is reportedly considering to sell all of its Waterfront Place office building in Brisbane, after failing to offload a half share since April.
The 36-level building with lower level retail has become tired, and institutional purchasers were said to be turned off by the idea of redeveloping the office and retail components, with a joint venture partner.
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DFO Buyer Close
THE hugely successful Direct Factory Outlets property portfolio looks likely to be heading overseas, with British Based Pradera Asset Management reportedly the frontrunner to buy the assets.
It’s believed the group will pay more than $1.2 billion for DFO’s eight centres.
DFO is owned by Austexx, a company directed by Melbourne businessman David Goldberger and David Weiland, which develops and owns commercial and to a lesser extent residential property assets.
Read moreAgents call for patience as rental crush resurfaces
Real estate agents and property mangers are urging prospective tenants to be patient as the annual rental crush resurfaces in Perth.
President of the Real Estate Institute of Western Australia, Rob Druitt, said seasonal factors and the low vacancy rate for accommodation was causing stress with many over worked agencies struggling to keep up with enquiries.
Read moreHigher interest rates to put pressure on homebuyers
Homeowners will be forced to tighten their belts in the wake of this month’s interest rate rise, the Real Estate Institute of South Australia (REISA) said today.
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Read moreBaby Boom Spurs Demand For Middle Ring Suburbs
It’s official – Australia is in the midst of a mini baby boom – and one that is causing a grand old game of musical chairs in Melbourne’s inner and middle ring suburbs.
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Scene of the Great Bookie Robbery For Sale
OPEN Universities Australia is selling its former head office, which was also the scene of the 1976 Great Bookie Robbery.
The online tertiary education facility can expect to make about $4.4 million for its strata office, which includes levels one and two of the historic 131 Queen Street building. Connected by an internal staircase, and with a restored grand boardroom, each level measures 675 square metres.
For years the building was owned and occupied by the Victoria Club. DTZ agent Craig Hembrow said the robbery was perpetrated in the former Club boardroom on the first level (pictured).
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Leighton, LaSalle Team to Build Major Erskineville Housing Estate
LEIGHTON Holdings has teamed with property fund manager LaSalle Investment Management to build a new housing estate in Sydney’s Erskineville.
The project will include 300 apartments and townhouses, and be developed on a former light industrial site, set to be rezoned to Mixed Use under the City of Sydney’s Draft Local Environment Plan (LEP).
The project is earmarked for a 1.6 hectare site at 36 Coulson Street, a site which also has frontage to MacDonald and Bridge streets. The development consortium paid Investa Property group’s Investa Enhanced Fund $21 million for the site.
It’s part of the Ashmore Precinct, identified by both the NSW state government and council as a precinct set for residential development.
One bedroom units in the new complex are expected to start at about $450,000, according to the AFR.
Read moreBrisbane City Council Leases 8000 Square Metres at Brisbane Transit Centre
THE Brisbane City Council will lease 8,000 square metres of office space at the Transit Centre.
The council will fill Telstra space which has sat vacant for six months, and is contributing to the Brisbane CBD’s high office vacancy rate of 10.9 per cent.
Owners GPT Group and the Lend Lease managed Australian Prime Property Fund recently upgraded the 30,000 square metre office from B grade, to A grade quality.
Read moreDowner EDI Reaps $16.4 Million From Sale of Australian Portfolio
ENGINEERING firm Downer EDI has sold seven industrial sites across Australia, reaping a total of about $16.4 million.
In the biggest sale, a Somerton laboratory with a 15-year leaseback to Downer, sold for $7.6 million to a private investor. The sale price equates to a 9.3 per cent yield.
In Geelong an engineering plant sold for $2.23 million on a 7.4 per cent yield.
Read moreInterest rate rise unwelcome in WA
The Real Estate Institute of Western Australia said today’s lift in the official cash rate by the Reserve Bank was not surprising but was disappointing.
REIWA President Rob Druitt said the WA property market was ‘cool and stabilising’ after the boom and did not require any further brakes applied to it.
Read moreRelief in Adelaide’s rental market
REISA President Mark Sanderson said that winter had brought some much-needed relief to struggling tenants with the vacancy rate at 1.4% for the month of July.
Read moreMore Women Buying Property
Footloose and fancy free female seeks accountant, bank lender and real estate agent – for date with financial security.
That’s right, girl power is ripe in Melbourne’s real estate game, and it’s a trend that doesn’t look like slowing any time soon.
Agents say the days of women waiting for a man to get into the property market are gone. Waiting for blokes, especially those that have their act together, costs money – and smart girls aren’t waiting around to watch opportunity pass them by.
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Stonington being sold down again
Part of Malvern’s Stoningon estate in Malvern – once the Governor General’s residence and which many Melburnians believe should never
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Stratham Family Quietly Market $490 Million NSW Rural Holdings
PRIVATE family the Stratham’s are quietly selling two major rural holdings in northern New South Wales.
Keytah, west of Moree, measures 25,000 hectares, while Sundown near Armidale is 16,500 hectares.
The holdings are being offered globally via PwC and are expected to sell for about $490 million.
“The time has come at the age of 76 years to offer my life’s dream to purchasers or investors and trust they experience the same satisfaction, enjoyment and financial gain,” the family patriarch Neil Stratham told the AFR.
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US Businessman Pays $23 Million For Sunshine Coast’s Sirocco Plaza Complex
A UNITED States businessman has paid $23 million for Sunshine Coast’s Sirocco Plaza shopping centre. The Mooloolaba property was offloaded
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