Queensland 

Abacus Sells Two Queensland Hotels For $34.2 Million

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ABACUS Property Group has offloaded two Queensland hotels for $34.2 million to Rydges Hotel’s Amalgamated Holdings Limited.

The hotels include the Rydges Gladstone and Townsville hotels, and were sold by the Abacus Hospitality Fund.

The purchases follow a spending spree last year, in which AHL paid the Raptis Group and City Pacific’s CP1 $56.5 million for the Gold Coast International hotel. It also paid Selpam and FKP $22 million for the Port Douglas Sabaya Resort.

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Victoria 

Stockland Highlands Shopping Centre Opens, Craigieburn

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SYDNEY based developer has opened its Stockland Highlands Shopping Centre in the outer northern Melbourne suburb of Craigieburn.

A copy of Stockland’s announcement re: the opening is below:

November 23:

Craigieburn residents will benefit from a convenient new neighbourhood shopping experience, following the opening of the Stockland Highlands Shopping Centre on Thursday 17 November 2011.

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Glenn Stevens
National 

RBA Lifts Cash Rate 0.25 Per Cent to 3.75 Per Cent at December 2009 Meet

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Glenn StevensTHE Reserve Bank of Australia has given mortgage holders an early Christmas present, by increasing interest rates just 0.25 per cent this week.

The RBA meeting, the last one for what has been a strong year for major residential markets, will see the official cash rate increase to 3.75 per cent. The RBA meets again on February 2, 2010.

It’s the first time the RBA has increased interest rates for three consecutive months. Some analysts were speculating interest rates may increase by more than 0.25 per cent, on the back of strength in the residential sector.

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Queensland 

GPT to Reap About $90 Million From the Homemaker City Fortitude Valley Centre, Brisbane

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GPT Group’s Homemaker City Fortitude Valley shopping centre, in Brisbane, is believed to be close to sale for about $90 million.

The complex includes more than a dozen bulky goods outlets, and a 700-bay car park. The centre is believed to be in due diligence to an as-yet-undisclosed purchaser.

The centre was one of seven GPT put to the market last year in Queensland and New South Wales. To date, the Cannon Hill and Windsor Centre in Brisbane have sold for a combined $20 million.

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Nigel Satterley
National 

PCA Appooints Nigel Satterley to Head Residential Development Council

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Nigel SatterleyTHE director of Australia’s largest, independent, residential land developer – Nigel Satterley – has been appointed by the Property Councl of Australia to head the divisions Residential Development Council.

PCA executive director Caryn Kakas said in a statement “Nigel has made a significant contribution to the RDC board since he joined the membership, and I congratulate him on his appointment as chairman.”

“The RDC plays a critical role in advancing the understanding of issues surrounding the efficient and sustainable delivery of housing options for Australians by promoting public policy solutions to the challenges which threaten to undermine housing affordability.

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Queensland 

Trinity Sells 400 Queen Street, Brisbane, For $15.75 Million

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TRINITY Limited has sold Brisbane’s 400 Queen Street office in Brisbane for $15.75 million.

In a statement to the Australian Stock Exchange yesterday, Trinity confirmed it offloaded the 13-level, 3,989 square metre building, which it acquired in April 2007.

“400 Queen Street formed part of an amalgamated group of four adjoining commercial buildings owned by TERF [Trinity Enhanced Return Fund], which are well positioned within the ‘golden triangle’ of the Brisbane CBD”, Trinity said. “The sale follows the divestment of 410 Queen Street for $23.8 million and 20 South Wharf for $5.5 million earlier this year.

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Victoria 

CFS, Gandel Propose $500 Million Hotel and Office Redevelopment at Chadstone Shopping Centre

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THE biggest shopping centre in the southern hemisphere is about to undergo its highest profile redevelopment, some 51 years after it opened (pictured, right).

The owners of the complex now known as Chadstone – The Fashion Capital, are negotiating with the Stonnington City Council to build two glass skyscrapers, each of about 12 levels, at the easternmost edge of the complex near Dandenong Road.

If approved, one tower will accommodate a hotel, and the other, an office.

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New South Wales 

Private Investors Spend $87.5 Million on Two Eastern Seaboard Homemaker Centres

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TWO major homemaker centres in east coast Australia have sold for a combined $87.5 million.

Colonial First State sold the Homeworks Caringbah complex in Sydney’s south for $49 million. The 14 year old complex on a 2.055 hectare site is anchored by Harvey Norman and a Nick Scali furniture, and is 98 per cent occupied.

In Queensland, Mirvac sold the Morayfield Supa Centre for $38.5 million. The single level complex about 40 kilometres north of Brisbane is anchored by a Spotlight and Fantastic Furniture.

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National 

Ray White Partners Gulshan Properties to Expand Into India

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AUSTRALIA’s biggest residential real estate agency is expanding into India.

In a statement released today, Ray White confirmed it had formed a partnership with Indian real estate business Gulshan Properties, reportedly one of the top five real estate agencies in India and the largest provider of apartments and residential housing, in New Delhi, where it is headquartered.

“The Ray White group has expressed an interest in having a partnership in Delhi and the Gulshan Group provide a perfect platform for the growth of the Ray White business model throughout Asia,” Ray White chairman Brian White said in a statement.

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Queensland 

Brisbane City Council Approves More Major Projects

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BRISBANE City Council approved several high density projects this week, including another public housing block.

One of the biggest approved proposals, is Meriton’s 77-level apartment tower on Herschel Street, in the city’s North Quay precinct.

The council also approved a 15-storey commercial office at 949 Ann Street, in Fortitude Valley, proposed by businessman Kevin Seymour, and a major proposal by Queensland-based Watpac, for more stages of its Waterloo Junction development, being redeveloped on the site of the Waterloo Hotel.

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Federation Square
National 

Federation Square Ranks as One of World’s Ugliest Buildings

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Federation SquareIT was designed to replace an eyesore – but Melbourne’s high profile Federation Square site, across from the Flinders Street station, has been dubbed one of the 10 ugliest buildings in the world, according to a Virtual Tourist report.

Fed Square ranks with Kosovo’s National Library, and a US-building inspired by a potato (Virginia’s Markel Building).

Baltimore’s Morris A Mechanic Theatre building was dubbed the ugliest, according to the survey which is into its second year. Images of all buildings are at the bottom of this article.

Other developments to rank in the list include North Korea’s Ryugyong Hotel, Canada’s Royal Ontario Museum, the Petrobras Headquarters in Brazil, the Centre Georges Pompidou in Paris and the Zizkov Television Tower in Prague.

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Surfers Paradise Marriott
Queensland 

Surfers Paradise Marriott Resort & Spa Sells to Indonesia’s Rajawali Group For $75 Million

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Surfers Paradise MarriottSURFERS Paradise’s Marriott Resort & Spa Hotel has sold to Indonesia’s Rajawali Group for about $75 million.

The hotel was offloaded by the Commonwealth Property Hotel Fund, which will use the funds to settle debt.

The Marriott sale to an Indonesian investor, follows the sale this month of the Pacific Beach site, also on the Gold Coast, to Chinese developers.

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Victoria 

Australian Unity Sells Prahran Medical Centre For $18.7 Million

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AFTER retaining it for five years, the Australian Unity Investments’ Healthcare Property Trust has sold an inner-city medical complex in a prime residential area to a syndicate of private investors.

The Victoria House Medical Centre and Victoria Clinic complexes at 314 – 324 Malvern Road in Prahran (pictured, right) sold for $18.7 million, reflecting a yield of 8.3 per cent based on the asset’s annual rental income of $1.55 million.

Australian Unity paid $17.53 million for the Residential 1 zoned asset in 2006, on a yield of 7.8 per cent.

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Queensland 

Devine to Sell French Quarter Development Site, Brisbane, For $90 Million

DEVINE Properties has listed for sale Brisbane CBD residential development site, after abandoning plans to develop a $740 million village there.

The 4,000 square metre site was to make way for French Quarter, an apartment and retail complex bound by Alice, Albert and Margaret streets.

The site, which is being marketed by Ray White Transact’s Rick Bird and Brad Hanson, and Jones Lang Lasalle’s Geoff McIntyre and Seb Turnbull, was last valued at about $90 million.

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National 

New Board of Directors for LJ Hooker

LJ Hooker’s new executive chairman Leslie Janusz has announced a new Board of Directors for the company he took control of the company from Suncorp on October 15.

According to a statement, the new LH Hooker Board comprises:

· Greg Paramor: founding partner of Equity Real Estate Partners, former Managing Director of Mirvac, and past President of the Property Council of Australia;

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Yungaba House
Queensland 

Australand Unveils $160 Million Kangaroo Point Project, Brisbane

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Yungaba HouseAUSTRALAND has unveiled plans for its $160 million Kangaroo Point apartment project in Brisbane.

The controversial project will be developed on Brisbane’s historic Yungaba House site, which was the first property to be put on the state’s heritage register in 1992. The State government sold the site to Australand.

The project will include 68 units in the first stage, and ten luxury homes in the second stage, which will be built into the historic riverfront home.

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New South Wales 

Grocon Consortium Gets Started Building Sydney CBD’s Next Skyscraper

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EXECUTIVES met at a big pile of dirt in the Sydney CBD, to mark the site which will become that city’s next major skyscraper.

Grocon plans to build an $800 million, 43-level, 54,000 square metre building at the site – which it was announced would have two addresses: 161 Castlereagh Street, and 242 Pitt Street.

Law firm Freehills will access the Castlereagh Street entrance, while bank ANZ will occupy Pitt Street.

The building will be owned by GPT’s Wholesale Office Fund, Grocon and LaSalle Asia Opportunity Fund III, upon completion.

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National 

Banks Waste no Time Passing on Cash Rate Rise

AUSTRALIA’s major banks wasted no time passing on Tuesday’s Reserve Bank of Australia lift in the cash rate.

ANZ and the Westpac are reported to have increased their variable mortgage rate to 6.31 per cent, while Commonwealth Bank and the NAB rates will rise to 6.24 per cent.

The banks passed on the RBA cash rate increase by the close of business Tuesday. The RBA met at 2:30pm, raising the official cash rate 0.25 per cent to 3.5 per cent.

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Queensland 

Mirvac Sells 180 Queen Street, Brisbane CBD, For $22 Million

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QUEENSLAND developer Kevin Seymour has paid $22 million for Brisbane’s Country Road building, at 180 Queen Street.

The heritage listed building was offloaded by the Mirvac PFA Diversified Property Trust, which purchased the asset in October 2005. It was last valued on Mirvac’s website in June 2007, at $25.5 million.

The 9-level building once accommodated a banking chamber. The property is on the northern end of the Queen Street Mall between David Jones and the Broadway on the Mall shopping centre. It is also opposite the Wintergarden and Hilton Complex.

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National 

Rand Transport Leases Brisbane and Melbourne Warehouses

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AUTOMOTIVE Holdings Group’s refrigerated transport division, Rand Transport, has leased two industrial properties in Brisbane and Melbourne.

Rand will occupy a 2.64 hectare site in Parkinson, Brisbane, which will have a 12,000 pallet capacity. It will also occupy a 3.4 hectare site in Melbourne’s western suburb of Derrimut, which allows for a 19,500 pallet capacity.

Construction of both buildings is scheduled for September 2010.

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Queensland 

Offshore Investor Pays $80 Million For Surfers Paradise Supersite

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AN undisclosed overseas investor is understood to have outbid several local players, to buy a 1.13 hectare block of land in Old Burleigh Road, Surfers Paradise, for about $80 million.

The disposal is the first since Balmain Trilogy took control of the $630 million First mortgage Fund from the beleagured City Pacific in July. The property, spread over 94 titles, was sold with two first mortgages and caveats, for debts which are expected to be paid off. The property was put to the market in May by mortgagee Fortress Credit.

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Victoria 

VicUrban Poised to Seize CSIRO Highett Site, Melbourne

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THE state government’s development arm is poised to seize control of a highly-anticipated infill site within a south-eastern suburb that may soon have its own skyline.

Well placed industry sources say VicUrban is negotiating to acquire the CSIRO’s outgoing Land and Research Highett Laboratory some 16 kilometres south-east of town near the Southland Shopping Centre and an as-yet-undeveloped train station.

The CSIRO laboratory has been anticipated as a residential development site for years but particularly since 1996 when council rezoned land in Highett, and neighbouring Sandringham and Cheltenham from Industrial 1 to Business 3, and increased height limits to 14 metres to allow for the construction of commercial premises.

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Queensland 

Harry Triguboff’s Meriton Set to Receive Planninng Approval For 77-Level Brisbane CBD Tower

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THE Brisbane City Council is expected to approve construction of a 77-level, 250-metre mixed use tower in the CBD’s Herschel Street next week.

The octagonal shaped building will include 422 serviced apartments, 209 traditional “own your own” apartments, 10,197 square metres of office space and an 11-level basement car park with 348 bays. It also is expected to include some form of ground floor retail.

The proposed building is earmarked for a site at 43 Herschel Street in the city’s North Quay precinct, near the corner of George Street.

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Victoria 

Flinders Street Development Site Sells After Auction

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A PROBLEMATIC city development site with a permit sold after auction on Thursday for an as-yet undisclosed price.

The 556 – 560 Flinders Street property, at the north-west corner of Downie Street, has been earmarked over the years for a variety of developments, of varying heights.

At one stage a scheme was prepared for a 33-level commercial tower with 25-levels of strata office suites. Another proposal would have seen 101 apartments squeezed onto the 291 square metre block, opposite the new Northbank Place complex, between Spencer and King streets.

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National 

South African’s Redefine Properties in Talks to Buy a Share of Cromwell

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SOUTH African property group Redefine Properties is reported to be in discussions to buy a 25 per cent stake in the Brisbane-based Cromwell Group property trust.

Cromwell revealed it was in talks with the South African company in statements to the market.

“Cromwell is discussing corporate opportunities with a number of parties, includign some potential institutional investors,” the trust said in a market announcement reported by the AFR.

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Queensland 

CBIC Spends $22 Million on Brisbane CBD Office Building

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THE controversial new City of Brisbane Investment Corporation has made its first foray into commercial property, paying $22 million for the Brisbane CBD’s 157 Ann Street office building.

The former Flight Centre building measures 6,000 square metres, and was reported to have been last valued in March at $30.1 million. CBIC will lease the building to the Council, while City Hall undergoes a $30 million refurbishment, due for completion in about 2013.

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Victoria 

Kew’s Shalom Lodge to be Redeveloped as Esque Apartment Tower

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FORMER aged care facility Shalom Lodge is the victim of the medium-density apartment boom taking place around Kew, about six kilometres east of town.

A historic building at 4 Willsmere Road that occupied the nursing home is being marketed as a ritzy apartment complex, Esque.

The 1350 square metre Kew site was offered for sale in July 2010 with a permit for a 12-unit development.  The site’s asking price was $2.98 million.

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Anna Bligh
Queensland 

High Density Housing Here to Stay as Bligh Government Releases South East Queensland Regional Plan

Anna BlighQUEENSLAND’s Bligh Government has identified Brisbane including Chermside, Indooroopilly and Cleveland as “high density development” areas, as part of a plan to stop urban sprawl.

The government’s new South East Queensland Regional Plan (link to the report below) has been released, in an attempt to cope with the areas expected surge in population from 2.8 million today, to 4.4 million in 2031.

The plan calls for 138,000 of the 156,000 additional new homes requirement in Brisbane, to be developed within existing growth boundaries, and alongside existing housing.

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Victoria 

Skyscraper Approved Behind 420 Spencer Street, Site Now For Sale

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ONE of the inner-city’s most distinctive art deco commercial buildings – on a gateway site connecting West Melbourne to the CBD – will be retained and form the entrance of a major apartment skyscraper.

Planning minister Matthew Guy has approved the development of a 32-level, 368 unit apartment tower on land behind the Streamline Moderne building at 420 Spencer Street, near the Flagstaff Gardens, at the north-west tip of town and within an area that is quickly becoming a development hot-spot.

Constructed in 1930 as the headquarters and showroom for Australian Glass Manufacturers, and extended in 1937, 420 Spencer Street (pictured) was until recently occupied by retailer Nightingale Electrics. The building, recognised by the National Trust, used materials such as metal window door frames in its then-modern design.

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National 

Sydney-Based Chef Tetsuya Wakuda to Open Second Restaurant, in Singapore

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JAPANESE-born, Sydney-based restaurateur Tetsuya Wakuda will open a second restaurant next June – in Singapore.

The chef will open at a Las Vegas style resort currently under construction at Marina Bay Sands in Singapore. He will join international restaurateurs including Wolfgang Puck, Mario Batali and Daniel Boulud from the United States, Guy Savoy from France and Santi Santamaria, from Spain.

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Wayne Carey
Queensland 

Wayne Carey to Sell $3 Million Gold Coast Mansion

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Wayne CareyFORMER AFL footballer Wayne Carey has listed for sale a newly built Broadbeach Waters mansion he was to have occupied with his ex-girlfriend.

Agents are expecting about $3 million for the 70 square waterfront home, which includes four bedrooms, a media room, 15 metre tiled lap pool, private beach and 11 metre boat jetty.

Wayne Carey purchased the home in late 2007 for $1.265 million before undertaking a major renovation.

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Victoria 

Penthouse Within Sydney’s The Cove Tower Lists With $15 Million Price Expectations

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A PENTHOUSE within Harry Seidler’s Sydney CBD apartment tower, The Cove, has hit the market with price expectations of about $15 million.

The penthouse with views of the Sydney Opera House and Darling Harbour (image, right) is being offloaded by UK entrepreneur Graham Hellier, who has reportedly spent several million on a refurbishment. It was previously owned by another business identity Koyelan Bangaru.

The penthouse includes four bedrooms, an office and media room and several living zones.

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National 

ASIC Issues Proceedings Against Centro Executives

THE Australian Securities and Investments Commission has launched proceedings against current and former officers at Centro.

Executives associated with the Centro Retail Trust and Centro Properties Group will need to defend claims they did not breach their duties of care, related to the accuracy of information in the company’s public financial reports.

A full copy of ASIC’s statement of claim is available at this link:

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Dunk Island
Queensland 

Dunk Island, Bedarra Island, Sold to Canadian Humanitarian Group

Dunk IslandQUEENSLAND’s Dunk Island, and the smaller Bedarra Island nearby, have been sold to humanitarian group McCall MacBain Foundation for an undisclosed sum.

The two islands were offloaded by Voyages, which has been trying to sell down its portfolio of tourist accommodation assets for about a year.

McCall MacBain Foundation affiliate Pamoja Capital has purchased the islands.

Pamoja – which means “togetherness” in Swahili, undertakes socially responsible global investments within a number of sectors including education, renewable energy and natural resources, life sciences, information technology, real estate and media and communications.

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Victoria 

Springvale Homemaker Centre Opens, Melbourne

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THE massive Springvale Homemaker Centre has opened in Melbourne’s outer-south east.

The 205,000 square metre (gross) complex, a joint venture between Harvey Norman and IKEA (Sweden) has been in the works since 2006.

The double storey complex and 2800 car parks (impression, right) is anchored by the two retailers: Harvey Norman occupies a 10,000 store, while IKEA will trade from a huge 36,000 square metre facility.

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New South Wales 

Dee Why Grand SC Sells For $68 Million

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DEE Why’s Grand Shopping Centre in Sydney has sold to a private investor for $68 million.

The 10,000 square metre centre, with 30 specialty stores on Sydney’s northern beaches, was offloaded by grocery wholesaler John David and hotel owner the Bayfield family.

Institutions including Charter Hall, Colonial First State, the Future Fund and Lend Lease reportedly threw their hat in the ring for the centre, which sold on a yield of between 7.5 and 8 per cent, based on a fully let income.

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Queensland 

Colonial First State Makes Loss on 300 Queen Street Office

QUEENSLAND businessman Kevin Seymour will pay $110 million for an office building in the Brisbane CBD.

Vendor Colonial First State confirmed negotiations are underway to sell the 25-level 300 Queen Street office building at a $22 million loss to its $132 million March 31, 2009 book value.

The sale price reflects a yield of 8.35 per cent for Mr Seymour, who is reported to be “a renowned counter-cyclical investor”.

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Victoria 

26-Level Tower Approved For Site Near St Kilda Junction

VICTORIAN planning minister Matthew Guy has approved the construction of a 26-level, 272 unit apartment complex near the frantic St Kilda Junction, in Melbourne’s inner-south.

Set to be developed on a 2845 square metre block at the intersection of St Kilda Road and Barkly Street, the proposed building (artist impression, right) will also include triple storey townhouses, a pedestrian walkway and a podium garden.

A ground floor artist studio and gallery space which will be made available for local artisans. One bedroom units will range in size between 37 and 47 square metres.

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New South Wales 

Land Rezoned in Sydney’s North West

ENOUGH land for more than 15,000 homes has been rezoned in Sydney’s north-west – but bureaucracy might mean it’s a while before construction begins.

The New South Wales government are pushing to see development in the Riverstone and Alex Avenue precincts, two of 16 areas targeted in the state’s North West Growth Centre Plan.

It’s expected 45,000 additional people will call the area home. Six schools and recreation facilities will also be developed.

The Opposition planning spokesman Brad Hazzard told the AFR the “fragmented ownership of land in the precincts meant that it would be nigh on impossible to get a cohesive development plan and the necessary infrastructure to support housing”.

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National 

Institutions Encouraged to Apply For Third Stage of the National Rental Affordability Scheme

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INSTITUTIONAL developers are being encouraged to submit applications, for the third stage of the Federal Government’s National Rental Affordability Scheme.

The scheme gives developers incentives of almost $8,700 per dwelling built, with the properties then rented out at a substantial discount to market rates.

More than successful 10,500 applicants, including groups such as teachers, have already taken advantage of the government hand-out.

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Victoria 

Phillip Island’s Isle of Wight Pub Site Listed For Sale

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SIXTEEN months after it was destroyed by fire – which was a month after it was permitted for demolition – the waterfront site where Phillip Island’s popular Isle of Wight hotel once stood is for sale.

The prominent and elevated property – which stares down the Cowes Jetty – measures 9197 square metres and runs behind many shops on the western side of Thompson Avenue, which is the sleepy hamlet’s main retail strip.

The Bass Coast council controversially approved the historic pub (pictured, above) be demolished in April 2010, despite it being recognised as one of South Gippsland’s most significant landmarks. The site is for sale with a permit for a nine-level resort and retail development with hotel rooms and apartments.

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New South Wales 

Prominent North Sydney Site to be Developed

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PLANS to develop a $291 million office, retail and hotel development in central North Sydney, have been given the green tick by the New South Wales government.

Planning Minister Tony Kelly approved the controversial project after the height was reduced.

The site, on the corner of Walker and Berry streets, will see a 32-level commercial tower rise at 77 – 81 Berry Street, and a 33-level, 200-room hotel, open at 88 Walker Street.

The developer Eastmark Holdings, headed by Jin Yong Park, had originally planned to develop a 37-level office.

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National 

Lend Lease Announces Stapling Proposal

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Lend Lease today announced a plan to become a stapled entity, with newly created trust: Lend Lease Trust (LLT).

A copy of the announcement is below:

Lend Lease Corporation (“Lend Lease”) today announced a proposal to become a stapled entity (“Stapling Proposal”) on ASX. This will be achieved by distributing units in a newly created trust, Lend Lease Trust (“LLT”) to shareholders on a 1:1 basis and “stapling” each unit and share together so that they trade on ASX as a stapled security.

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Queensland 

Queensland’s LM Investment Disposes More Serviced Apartment Investments

Queensland-based financier LM Investment Management has offloaded 15 self contained serviced apartment suites, occupying one entire floor within the Mantra on Little Bourke hotel, at 471 Little Bourke Street.
 
A Chinese investor living in Perth has paid $2.8 million for the entire first level of the building, a 27-year old former office converted into hotel suites 11 years ago.

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Victoria 

Federal Government to Offload CSIRO Highett Site Soon

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ENDING years of speculation, the federal government is readying to sell one of the south-eastern suburb’s most anticipated development sites.

Under the guidelines of the Commonwealth Property Disposals Policy, the 9.5 hectare CSIRO Land and Research Highett Laboratory is expected to be offered for sale this financial year.

Bayside City Council held a meeting with the federal government late last month to pitch its thoughts for the site which runs between Highett and Bay roads, near the Highett train stations, about 16 kilometres from the CBD and near the more exclusive suburbs of Hampton and Sandringham.

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New South Wales 

Penrith’s Glenmore Park SC Sells For $40 Million

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AMP Capital Investors has offloaded its Glenmore Park shopping centre near Penrith for a reported $40 million.

The purchasers, a family syndicate called Village Fair Group, plan to expand the centre to include a discount department store and about 30 specialty shops.

The 4.5 hectare site includes as tenants: Woolworths, McDonald’s, ANZ and Australia Post.

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National 

Grocon, Oaktree Capital Management Make Bid for Multiplex Prime Property Fund

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THE funds management division of Melbourne-based developer Grocon, and US-based private equity firm Oaktree Capital Management have made an offer for the Multiplex Prime Property Fund, with a $109 million cash and hybrid security offer.

The move would see Grocon take over the management of the fund, and unit holders walk away from a second instalment obligation, due in 2011. Investors would sell their units for 2 cents each, they are currently worth 1 cent.

It’s reported discussions have been underway between the groups since May this year, and that any deal would see the Grocon-Oaktree consortium pay an upfront $45 million to banks, and a further $56 million to pay some of the upcoming second instalment liability.

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Victoria 

CR Kennedy Site, South Yarra, Relisted For Sale

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ONE of last year’s biggest development site sales has fallen through forcing the asset to be relisted for sale this week.

The South Yarra property at 661 – 669 Chapel Street is one of the last undeveloped sites within a former industrial precinct known as Forrest Hill that is being rebuilt by various builders as a new village with residential and office skyscrapers.

Occupied and still owned by photographic distributor CR Kennedy, the 3537 square metre site was reported to have sold for $25 million last December to design practice Metier3, which had just offloaded its interest in a Docklands office worth $240 million. It was expected Metier3 would exploit the South Yarra site’s 65 metre frontage to Chapel Street with an apartment-based village.

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Woolloomooloo Bay
New South Wales 

FKP Buys Sydney’s Eye and Ear Hospital Site

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Woolloomooloo BayFKP Property Group has purchased Sydney’s eye hospital site in the inner-city suburb of Woolloomooloo, for an as yet undisclosed amount.

FKP executive general manager Evian Delfabro confirmed the purchase of the site from the Tieck family which paid $15 million in 2002.

The 1986 square metre site on Sir John Young Crescent was reported to have been worth about $25.5 million in 2008.

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National 

Japan’s Sumitomo Forestry Buys Half Share of Henley Homes

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A HALF share of Australia’s fourth largest home builder – Henley Homes – has been sold to Japanese industrial business Sumitomo Forestry for an undisclosed sum.

The deal comes after a four year negotiation, but the developers have worked together on two projects in Melbourne.

Sumitomo builds about 10,000 houses a year in Japan, and is also involved in projects at Wangaratta, in Victoria, Nelson in New Zealand, China, Korea and the United States.

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Queensland 

Devine Temporarily Defers 145 Ann Street Office Building, Brisbane CBD

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QUEENSLAND-based developer Devine Property Group, now backed by Leighton Holdings, has shelved plans for a $300 million office building in central Brisbane, citing the economic downturn.

The 37-level, 33,000 square metre office building was to have started construction in the middle of last year, and be complete in 2011. However evidence is emerging that the once-darling Brisbane CBD office market is oversupplied, meaning the project could be deferred for a long period, or shelved completely.

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Victoria 

Westfield Sells Site Abutting Doncaster Shoppingtown

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SYDNEY based shopping centre giant Westfield has sold an open-air car park abutting the Doncaster shopping centre’s north-east boundary.

The 5457 square metre site with a street address of 1 Grosvenor Street is believed to have sold for about $10 million after a public marketing campaign.

Westfield offered the site with a permit for a 185-unit apartment complex penned by boutique architect firm Rothelowman. The site, which backs onto the Saxon Reserve, was marketed by Knight Frank Glen Waverley’s Ken Smirk, Paul Henley and Todd Schaffer who declined to comment when contacted by The Age.

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