Half Share of Perth’s QV1 Tower Selling For More Than $300 Million

AUSTRALIAN Reward Investment Alliance is reportedly in due diligence to buy a half share of Perth’s QV1 Tower for more than $300 million.

The $20 billion fund is believed to be buying the asset with the assistance of Eureka Funds Management. It is being offloaded by the Dexus Property Group, which holds the asset on behalf of superannuation fund STC.

The second half of the building is owned by Investa Property Group.

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Despite Bleak Backdrop, Corporates Pay Top Dollar For Sydney Offices in 2011

CORPORATE heavyweights Bell Potter and Southern Cross Equities, which merged last year, have agreed to lease 3000 square metres of premium grade office space in Sydney’s landmark Aurora Place office building.

The lease, across the 37th and 38th floor, will see Bell and Southern Cross pay rent of about $1300 per square metre, per annum – amongst the highest rent paid for any CBD office in Australia.

Another tenant, Goldman Sachs, has renewed a 5000 square metre lease across three floors at the Grosvenor Phillip Tower, at the corner of Phillip Street and Farrer Place, also in Sydney.

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DWPF Pays CDPI $231 Million For Industrial Portfolio

DEXUS Wholesale Property Fund has paid Colonial Direct Property Investment Fund $231 million for a portfolio of 13 industrial portfolios on Australia’s east coast.

The purchase includes eight properties in Sydney, three in Melbourne and two in Brisbane. Some are income producing investments, while others are development sites.

After the acquisition, DWPF’s portfolio allocation will be 57 per cent retail, 32 per cent office and 11 per cent industrial – though the plan is to boost the industrial allocation.

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Westpac, KPMG to Release Major Melbourne CBD Office Leasing Requirements

CORPORATE tenants Westpac and KPMG are expected to announce major Melbourne CBD office leasing requirements.

Bank Westpac is understood to be in the market for between 16,000 and 18,000 square metres of space. It’s currently based at the Dexus owned 360 Collins Street.

Consultancy KPMG is currently at 161 Collins Street, distinguished in the Melbourne CBD as having one of the largest single-level floorplates available.

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Plan International Australia Leases Southbank Office

HUMANITARIAN group Plan International Australia has leased 1000 square metres at the IBM Tower, at 60 City Road in Southbank.

The undisclosed rent is speculated at about $300 per square metre, per annum.

In June, Dexus Property Group announced plans for a $26 million refurbishment of its Southgate restaurant and retail complex, which is accessible to 60 City Road via a walkway.

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St Kilda Road’s Aviva Building Close to Sale For $55 Million, Apartments Earmarked

A year since coming to the market, Dexus Property Group is believed to be formalising the sale of its huge 509 – 515 St Kilda Road office for about $55 million.
 
Well placed industry sources say a residential-focussed developer is in exclusive due diligence to buy the 7-level, 19,687 square metre office building, which straddles a 6,070 square metre double-sized block near the corner of Commercial Road. 
 
They speculate the office building currently on the site – home to copier and printer giant Fuji Xerox and insurance group Aviva which also leases naming rights – will be demolished to make way for between two to three new high rise towers, flanked by ground floor retail.

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New Expo Technique Used to Market Commercial Property

A NEAR new government-leased office building in central Bendigo and a shopping centre in West Geelong are amongst the assets for sale at a commercial property “expo”, underway at Southbank’s Langham Hotel.
 
The sale technique, which co-ordinator Knight Frank says is the first of its scale in Australia, exhibits about 150 properties – mostly shops, offices, factories and development sites worth less than $10 million.

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