industry news

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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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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National 

New Board of Directors for LJ Hooker

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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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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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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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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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National 

Australia’s Largest Builders Grab a Bigger Share of New Home Market: HIA

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Australia’s largest builders have grabbed a bigger share of the new home market thanks to the tripling of the First Home Owner Grant.

Despite a 6.5 per cent slide in new home starts by the largest builders, the rest of the market fell by a much harder 17 per cent, enabling the HOUSING 100 to boost their dwelling starts to 38 per cent of Australia-wide commencements in 2008-09, up from 34 per cent the previous year.

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National 

Billionaire James Packer Sells Sunland Shares For $28 Million

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BILLIONAIRE James Packer has sold his interest in Gold Coast based developer Sunland, for $28 million.

It is reported Sunland purchased about half of the 35 million shares, which were valued at 80 cents each.

Mr Packer held a near 12 per cent stake in the developer, whose portfolio includes developments in Australia and the Middle East.

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National 

Property Council of Australia Relaunches yourbuilding.org Portal

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The Property Council of Australia has relaunched yourbuilding.org, a portal to the best advice on greening the performance of commercial property.

Originally launched in September 2007, Your Building was developed by the CRC for Construction Innovation for the Federal Government.

The Property Council purchased the Your Building IP in February 2009 and took responsibility for the site in August 2009. With a network of 55,000 property industry professionals, the Property Council is ideally placed to enhance and propagate the Your Building site.

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National 

Property Council of Australia Releases New Guide to Corporate Responsibility

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The Property Council and its members have developed a new guide to corporate responsibility reporting that will transform the way the property sector records its performance.

Launched on June 17 by Assistant Treasurer Senator Nick Sherry, A Guide to Corporate Responsibility Reporting in the Property Sector is the only property-specific template available anywhere in the world.

This Guide will revolutionise corporate responsibility (CR) reporting in the property industry and ensure non-financial performance is transparent, meaningful and comparable.

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National 

Australian Chamber of Commerce and Industry Calls For Retention of Current ABCC Powers, in the Building and Construction Industry

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The Australian Chamber of Commerce and Industry (ACCI), Australia’s largest and most representative business organisation, has used its appearance this morning before a Senate Committee inquiry into proposed Australian Government changes to industrial relations arrangements in the building and construction industry, to call for the retention of current Australian Building and Construction Commission (ABCC) powers.

Whilst the current workplace relations environment is not perfect, the work of the ABCC over the past 5 years has had a dramatic effect on the industry.

The genie is, in large part, “back in the bottle” and business is greatly concerned about legislative changes that may put that situation at risk and create the potential for a return to the bad old days.

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Victoria 

RACV Calls For New Thoroughfare to Connect Melbourne’s East and West

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AS PLANNERS continue to approve major new housing estates in Melbourne’s (until-recently-forgotten) western suburbs, a powerful state motoring body has called on the new state government to build a new major road thoroughfare, for what will be an imminent surge in car traffic.

The RACV forecasts 20,000 extra car trips will be travelled based on residential development at one new western suburb proposal alone, recently announced by Lend Lease (refer link below).

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Victoria 

Victorian Female Contestants Make Their Mark in Australasian Auctioneering Competition

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A HEALTHY number of female real estate agents are competing to represent Victoria in an Australasian competition seeking the region’s best auctioneer.

For the first time, this year, ladies have chosen to compete in the Real Estate Institute award, where auctioneers must sell themselves, to a panel of judges.

Contestants will field questions from the audience, and must run an entertaining auction, while also being fully conversant about the laws.

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Victoria 

Australian Renters Not Protected if Landlord Defaults

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AUSTRALIAN renters risk being kicked out of their homes, if their landlord owners default on home loans.

Tenants Union of Victoria spokesman Toby Archer described renters as “the forgotten victims” of rising incidences  of mortgage stress, and rising interest rates.

Mr Archer is appealing for the ALP State government to extend its notice time for tenants to vacate from 28 days, to 90.

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