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.
Read moreIn the latest release from the ABS for the September quarter 2008, the overall trend is a widespread fall in occupancy in Australia’s hotel markets.
Read moreMortgage Choice hopes to restore some consumer confidence in the New Year with top tips to help Australians take charge of, and better manage, their mortgage in 2009.
Read moreStockland today announced the conditional sale of four retail development sites to a private development group for a total consideration of $44 million.
Read moreThe Board of Macquarie DDR Management Limited, Manager of the Macquarie DDR Trust (ASX:MDT) today announced it will initiate a strategic review of MDT with the specific objective of seeking to maximise unitholder value, which may include realising assets and returning capital to unitholders.
Read moreThe Reserve Bank of Australia (RBA) today announced the Official Cash Rate will drop 100 basis points.
Read moreHIA, Australia’s largest building association and RP Data, Australia’s leading property information service have formed an alliance to produce a new land report that will help fill the gap in understanding of vacant land markets across Australia.
Read moreThe Receiver of ABC Learning Centres Ltd, Mr Chris Honey of McGrathNicol, has written to ABC parents and staff today confirming that a majority of the Group’s child centres will continue operating in 2009.
Read moreStockland has acquired a 12.7% strategic stake in GPT Group at a volume weighted average price (vwap) of $1.07.
Read moreMariner Financial Limited will ask investors at an Extraordinary General Meeting on November 7 to vote ‘yes’ and install Real Estate Capital Partners (ReCap) as the responsible entity for three of its funds.
Read moreStockland has today acquired a 5% stake in FKP stapled securities via a share placement and will acquire a stake of up to around 13% through the partial sub-underwriting of a rights issue.
Read moreHIA, Australia’s largest building association has welcomed the decision to triple the First Home Owners Grant (FHOG) for purchases of new housing.
Read moreLend Lease Corporation Limited (“Lend Lease”) today announced that Chief Operating Officer, Ross Taylor, will step down from his role and will be leaving the corporation later this year. He will resign from the Board as an Executive Director effective immediately. The Board has also decided that the role of Chief Operating Officer will not be filled pending resolution of the current CEO search process which was announced to the market on 21 August 2008.
Read moreAt its meeting today, the Board decided to lower the cash rate by 100 basis points to 6.0 per cent, effective 8 October 2008.
Read moreEight months after Octaviar shares were suspended from trading on the Australian Stock Exchange, and the company was rebranded from MFS, the troubled investor and funds manager has gone into voluntary administration.
Read moreThe Rudd Government today launched its five-year, $512 million housing affordability fund in Canberra.
Read moreThe Brookland Greens estate in Cranbourne Victoria is managed and marketed by Peet Limited on behalf of the Peet & Co Casey Land Syndicate Limited.
Read moreThe Mortgage Choice/REIA Real Estate Market Facts released today has reported that the Australian weighted average median house price increased from $458,977 in the March quarter 2008 to reach $459,216 in June quarter, an increase of 0.05% over the quarter, and an increase of 6.0% over the year.
Read moreAt its meeting today the Board decided to lower the cash rate by 25 basis points to 7.0 per cent, effective 3 September.
Read moreAustralia’s third biggest home builder, Metricon Homes, has warned that the house design industry will be the loser in a decision by the High Court to refuse an application to appeal against a 2007 ruling that found the builder copied part of its home design from rival Porter Davis Homes.
Read moreIt started as a one-off coffee table book and has since become a much- anticipated annual series.
Read moreThe Real Estate Institute of Australia (REIA) has announced the appointment of its new Chief Executive Officer, Mr Neil Fisher. Mr Fisher was appointed after an extensive nationwide selection process and REIA President Noel Dyett has welcomed his appointment.
Read moreReal Estate Institute of Australia CEO Bryan Stevens has resigned his position after almost seven years of service as CEO of Australia’s national association for the real estate profession. Mr Stevens will take up an appointment as CEO of the Pharmaceutical Society of Australia.
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‘The Senate Committee on Housing Affordability has produced a well-argued report on many of the issues driving housing affordability problems in Australia,’ says Real Estate Institute of Australia (REIA) President Noel Dyett.
Read moreThe Australian weighted average median prices for houses and other dwellings have experienced their largest quarterly fall compared with previous quarters for the past five years, according to the Mortgage Choice/REIA Real Estate Market Facts released today. The Australian weighted average median house price decreased from $471,300 in the December quarter 2007 to reach $458,488 in March quarter 2008, a decrease of 2.7% over the quarter. The Australian weighted average other dwelling price also decreased by 2.7% over the quarter to $355,297.
Read more‘The release of the Green Paper on Financial Services and Credit Reform by the Government is welcome, but it’s now time for action on property spruikers. The result of this consultation process must not be yet another report to be filed away on dusty parliamentary library shelves. Consumers need action to be taken on the regulation of property spruikers,’ says Noel Dyett, President of the Real Estate Institute of Australia (REIA).
Read moreLast week, the Deposit Power/REIA Housing Affordability Report published data showing that home loan affordability was at an all-time low with 38% of median weekly family income required to meet loan repayments on new home loans. It will be with much relief that new borrowers greet the news that official interest rates will remain unchanged for the moment.
Read moreMacquarie CountryWide Trust (ASX:MCW) today announced it maintained a high portfolio occupancy rate of 96.9% during the three months to March 2008 and achieved an average rental rate growth of 11.6% on the global portfolio leased during the period. These results reflect the Trust’s continued emphasis on securing long term income streams across its global portfolio.
Read moreSt Hilliers Funds Management Limited has raised $200 million of equity with two of Australia’s major superannuation funds investing in its fourth property fund, a development to core fund.
Read moreRiparian Plaza was announced the Overall Winner of the 2008 Property Council of Australia / Rider Levett Bucknall Innovation and Excellence Awards held on Saturday 24 May 2008 at the Crown Casino Complex, Melbourne.
Read moreBluescope Buildings Award for Business or Industrial Parks
Winner: Optus Centre, Macquarie Park (NSW)
Highly Commended: Brindabella Business Park (ACT)
‘Renters and buyers are feeling the fallout from consecutive interest rate rises,’ says Noel Dyett, President of the Real Estate Institute of Australia (REIA). ‘The Deposit Power/REIA March quarter 2008 Housing Affordability Report shows a deterioration in both rental and home loan affordability across Australia.’
Read moreStockland today announced changes to its executive management team and organisational structure, as it focuses on delivering growth in its portfolio and further strengthening its capital partnering initiatives.
Read moreSteve Mann, head of Stockland’s Office and Industrial business today announced that he would be leaving Stockland.
Read moreThe Melbourne office of architect firm Woods Bagot have received a double dose of good news, after a $150 million office building it designed for a prominent Abu Dhabi site, will now be built as a twin tower project.
Read moreExecutives at Macquarie Countrywide Trust are licking their wounds after only two of ten supermarkets they put to auction yesterday, sold.
Read moreMacquarie Office Trust (ASX: MOF) today announced an unconditional contract had been entered into for the sale of 505 Little Collins Street, Melbourne for A$83 million at a significant premium to book value. The transaction represents a significant return for the Trust and reinforces Management’s commitment to realising assets and repaying debt with the view to enhancing unitholder value.
Read moreBuilding approvals went nowhere in February as the run of weak updates for the new home building sector continued.
Read moreThe Trust’s proactive asset management approach has delivered strong leasing performance across its global portfolio over the three months to 31 March 2008.
These results have been achieved during challenging capital market conditions and highlight the sound underlying fundamentals of the Trust’s assets.
At its meeting today, the Board decided to leave the cash rate unchanged at 7.25 per cent.
Read moreArchitects at Porter Davis Homes are celebrating after another win in court, this time against smaller rival Carlisle Homes.
Read moreCrown Casino executives say they don’t yet know which river promenade restaurant will have to “f*ck off” to make way for swearing celebrity chef Gordon Ramsay, who plans to open a restaurant in Melbourne later this year.
Read moreCB 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.
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.
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”
Dear 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.
Read moreArchitects at Porter Davis are celebrating another win in court, this time against smaller rival Carlisle Homes.
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.
DEXUS Property Group today announced it has expanded its Executive Committee and reorganised its management structure with three new appointments representing its three property sectors:
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.
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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