Trinity in Negotiations to Sell Portfolio of Four Brisbane Offices

THE Trinity Enhanced Return Fund is believed to be in negotiations to sell a portfolio of four Brisbane CBD office blocks to a private investor.

The four blocks, on Queen and Wharf streets, are reported to be exchanging for about $53 million, substantially less than the $76 million the fund paid for the buildings several years ago.

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Crown International Pays Becton $15 Million For Parramatta Development Site

CROWN International has paid Becton about $A15 million for a major development site in the Sydney transit city of Parramatta.

The 45 Macquarie Street development site includes two heritage buildings which will be retained, and an approval for a 40,000 square metre commercial building. However Crown said its purchase is subject to approval of a revised application, that would also include residential and retail space.

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Trafalgar to Sell Rhodes Site, Sydney, For $19.5 Million, Subject to FIRB Approval

Listed property investment and development group Trafalgar Corporate Group (ASX:TGP), today announced that the TGP/Brookfield Multiplex Rhodes joint venture partners have entered into contracts for the sale of Lot 103, a waterfront lot at its shoreline residential development project for $19.5 million. The sale is subject to Foreign Investment Review Board approval.

Trafalgar’s CEO Braith Williams said “The sale continues our previously stated objective of progressively withdrawing from property development activities by 30 June 2010. The conditional sale is scheduled to settle in December 2009 and proceeds will be used to repay project debt.

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$200 Million College Set For Opposite Queen Victoria Market

A $200 million Business and IT-focussed college, and student accommodation apartment complex will be developed on the prominent City Mazda car dealership, opposite the southern boundary of Melbourne’s popular Queen Victoria Market.

The Melbourne Institute of Technology, headed by Shesh Ghale, has paid $16.2 million for a portion of the dealership, which will make way for a new college campus capable of accommodating 3000 students, and an apartment tower. The development is estimated to have an end value of between $150 million and $200 million.

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Aspen Group to Sell Controversial 48 Hectare Dromana Site

PERTH-based developer Aspen Group has quietly listed for sale a controversial 48 hectare Mornington Peninsula property it acquired as a “green wedge” zoned site two years ago and had rezoned.
 
The Dromana property at 143 Nepean Highway, is a resort development site and will be sold with a permit for an 80-room hotel, a function centre, winery, restaurant, golf driving range and 472-site caravan and camping ground.

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