Commercial and residential property news
Developer Stephen Roche has been left with a swag of property in the village of Penguin, Tasmania, after failing to sell a package of development sites – effectively the whole central business district of the picturesque but sleepy town.
Read moreLend Lease Corporation Limited (“Lend Lease”) today announced that its subsidiary, Bovis Lend Lease Limited (“Bovis Lend Lease”), has been appointed Managing Contractor by the Department of Finance and Deregulation for the design and construction of a new central office building for the Australian Security Intelligence Organisation.
Read moreAs previously advised Lend Lease Corporation (“Lend Lease”) is not a forced seller of assets and has no intention of selling assets at sub optimal values. Given current market conditions Lend Lease does not believe it is appropriate to sell certain assets, including some equity investments in Public to Private Partnership projects in the UK this financial year. Revised guidance after the removal of these items and other adjustments for the year ending 30 June 2009 is Net Operating Profit after Tax of circa A$300 million.
Read moreMany Australians are unaware that the vast majority of lenders now require loan applicants to provide evidence of regular, genuine savings and at least a 5% deposit outside of any grants or other incentives*.
Read moreMacquarie Leisure Trust Group (ASX:MLE) today announced unaudited total revenue and earnings results by division for the nine month period ended 31 March 2009.
Read moreMacquarie CountryWide Trust (ASX:MCW) today announced it has signed unconditional contracts for two disposals in Australia totalling A$14.7 million. A further settlement has also occurred on the US portfolio sale to an affiliate of Inland Real Estate Acquisitions Inc (Inland), with the completion of the sale of eight assets for US$144.1 million (A$198.9 million), bringing the total value of this transaction to US$264.1 million (A$380.8 million).
Read moreThe Reserve Bank of Australia (RBA) has announced today that the Official Cash Rate will remain unchanged this month. Therefore the Official Cash Rate continues at 3.00%.
Read moreAustraland has secured approvals from three domestic banks for a total of $350 million which, subject to documentation and together with existing undrawn facilities, will provide the Group with sufficient capacity to repay the $563 million CMBS facility maturing on 25 June 2009. Existing undrawn facilities and cash at bank as at 31 March 2009 was in excess of $560 million. Commitments have also been secured to renew $100 million of the existing $150 million of unsecured facilities expiring in 2009.
Read moreONE OF the world’s biggest companies – and land owners – General Electric, has called for the Rudd Government to fix a loophole in the proposed $30 billion taxpayer-funded Australian Business Investment Partnership, otherwise known as the “Rudd Bank”.
Read moreLEND LEASE managed Australian Prime Property Fund has sold a half share of Melbourne’s 1 Spring Street office building in the Melbourne CBD for about $65 million, reportedly to a high net worth private investor.
Read moreFederal Shadow Minister for Housing and Local Government, Scott Morrison, said today’s official housing finance figures for February show the banks have increased their market share of new housing loans to the highest level on record, creating a new low point for competition in our home mortgage market.
Read moreTHE RESERVE Bank of Australia has decreased Australia’s official interest rate by 25 basis points, to 3 per cent, its lowest rate since March 1960.
Read moreThe beleagured General Property Trust has sold three assets for $47 million.
Read moreSYDNEY-based home builder Wincrest Homes has resumed construction of almost 200 homes, after going into voluntary administration on January 2 this year.
Read moreLend Lease Corporation Limited (“Lend Lease”) has today announced the execution of a new contract with BP International Ltd (“BP”). The new contract continues Bovis Lend Lease’s 12 year alliance with BP to provide project management services for the construction and maintenance of BP’s retail network across 10 European countries.
Read moreTHE RESERVE Bank of Australia said strict lending conditions by Australian Banks, will prevent Australia’s housing market following the same southward direction of major countries overseas.
Read morePERTH is the world’s strongest performing hotel market, according to a new global survey from adviser Deloitte.
Read moreFORMER ST George Bank executive Michael Cameron has emerged as the possible next chief executive of the beleagured General Property Trust group. The Australian Financial Review reports GPT wants to appoint someone to the position before the groups’ annual general meeting in May.
Read moreDESPITE the gloomy economic backdrop, Australians spent more than $14 billion within the country’s top 20 centres last year, considered a strong result.
Read moreCity Pacific Limited (City Pacific or the Company) today announced a net loss of $74.3 million for the half year ended 31 December 2008.
Read moreTHREE agricultural properties have sold recently, including New South Wale’s Gundy farm and homestead, which sold to local farmers for $5 million.
Read moreTHE RECEIVERS of failed child care operator ABC Learning Centres have been given another month to settle a $US100 million dispute with US developer RCS Capital Developments.
Read moreAUSTRALIA’s population is expected to hit at least 30 million by 2056, even using the most conservative estimates from the Australian Bureau of Statistics, latest Social Trends reporting has found.
Read moreHARVEY NORMAN founder Gerry Harvey said he will not revalue the company’s $1.25 billion Australian property portfolio, despite evidence values in the commercial property sector have fallen.
Read moreMacquarie CountryWide Trust (ASX:MCW) today announced it has entered into unconditional contracts with various parties for the sale of five assets (four in Australia and one in the US) for A$92.6 million [1], reflecting an average initial yield of 7.7%. The sale proceeds will be used to reduce debt and position the Trust to meet its refinancing obligations in the second half of 2009.
Read moreCB Richard Ellis’s former Auckland Managing Director Warren Hutt has relocated to Sydney to head the company’s Asset Services division in the Pacific Region.
Read moreTELSTRA has renewed its office leases at three major office buildings on Australia’s east coast.
Read moreSTOCKLAND DECEMBER 2008 HALF YEAR RESULTS
Read moreA GROWING number of distressed property assets are the focus of Colliers International in 2009 who have stepped in to manage portfolio’s savaged by the global financial crisis.
Read moreThe Reserve Bank of Australia has reduced the country’s cash rate by 100 basis points to 3.25 per cent at its February meeting. This sees the cash rate hit a 45 year low. The next RBA meeting is scheduled for March 3.
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