Commercial and residential property news
Macquarie CountryWide Trust (ASX: MCW) today announced a 2.5 per cent increase in distributable earnings to A$97.7 million for the six months to 31 December 2007, representing 7.35 cents per unit. Earnings before losses on asset sales were 7.76 cents per unit. The Trust distributed 7.80 cents per unit to investors on 22 February 2008.
Read morePelorus Property Group (ASX Code: PPI), which has initiated a bid to take over management of one of Centro’s unlisted property syndicates, Centro MCS16, has today released its half year results.
Read moreAspen Announces Strong Half Year Result
Aspen Group (ASX: APZ) is pleased to report a strong performance for the half year to 31 December 2007, with the Group’s underlying net profit after tax up 63% at $19.0 million. Contributions across all business divisions have combined to produce this result, leaving the Group well placed to record a strong full year performance.
Read moreGalileo Japan Funds Management Limited (‘GJFML’), the responsible entity for the Galileo Japan Trust (the Trust) is pleased to provide details of the Trust’s interim result for the period ended 31 December 2007.
Read moreDB RREEF Trust (ASX: DRT) today announced it had acquired Deutsche Bank’s 50% interest in its management company, DB RREEF Funds Management Ltd, and rebranded to DEXUS Property Group.
Read moreStockland Halladale, the recently established diversified property group created through the acquisition of Halladale Group plc by Stockland, announces it has agreed to purchase 3-8 St Andrew Square, Edinburgh, for £21.25M.
Read moreExecutives at Melbourne-based listed property group Australian Public Trustees will be on every agent’s Christmas card list this year, with speculation the relatively unknown fund manager is formalising a $230 million purchase of at least three east coast office buildings, being sold by the recently delisted Investa Property Group.
Read moreThe Board of Investa Property Group is pleased to announce today the appointment of John Thomas as Investa’s new Chief Executive Officer and Managing Director.
Read moreBECTON Property Group has sold its funds management business to Sydney-based 360 Capital Group, in a deal speculated to be worth no more than $5 million.
Below is a statement Becton released about the transaction:
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CHAPEL Street’s Jam Factory is set to lose two of its biggest retailers, with music store Virgin, and American coffee giant Gloria Jeans quitting their prominent tenancies.
The Virgin store, which occupies store T9 at the Jam Factory, occupies 938 square metres – or about the size of seven standard shops.
CB Richard Ellis’ executive Max Cookes, who is marketing the space with Travis Osborne, said the space would ideally be suited to an international retailer looking for a Chapel Street flagship store.
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IT was one of the highest profile commercial properties to hit the market during the economic downturn, but with the
Read moreMACQUARIE Goodman Industrial has bought 72 hectares of industrial land in two separate deals worth about $41 million.
Read moreAUSTRALAND has paid $45 million for the former Australian Stock Exchange building at 357 Collins Street. The vacant 22,000 square
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AUSTRALIAN Unity is understood to have made about $20 million from the sale of its Footscray Plaza complex, at a busy intersection, in the burgeoning western suburb.
Private development company Banco Group, headed by Mario Lo Guidice, confirmed he purchased the 13,968 square metre plaza, at the busy corner of Paisley and Albert streets.
Coles and K-Mart are the two biggest tenants in the centre, occupying about 84 per cent of Gross Lettable Area.
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BOVIS Lend Lease is starting construction of a $363 million redevelopment of the Melbourne Park sports stadium.
The first stage, a $20 million “works package”, was announced today, by the Sydney-based developer.
A Lend Lease statement about the redevelopment is below:
Read moreFormer Mirvac managing director Robert Hamilton should be patting himself on the back.
In January 2004, the businessman who co-founded the Mirvac development empire 35 years ago, dared criticise what was becoming a growing trend by listed property trusts in Australia – to target property assets internationally, particularly in the United States where high property yields made them attractive, relative to local property asset offerings.
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CONSTRUCTION of the controversial $300 million Melbourne Wholesale Fruit, Vegetable and Flower Market is one step closer to starting, after Bovis Lend Lease anounced it signed the final contract today.
The decision will mean substantial tracts of land in West Melbourne, between the CBD and Footscray, is now, effectively, earmarked for redevelopment.
Below is a statement from Bovis Lend Lease about the project:
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AS reported in The Age last year, CBUS Property has confirmed it is the mystery buyer of a half share interest in Melbourne’s 171 Collins Street development.
CBUS has paid Sydney-based owner Charter Hall $15.5 million, to take its share in the $280 million office development, which challenged a previous planning precedent, restricting height around the “Collins Street spine”.
It’s understood the developers are targeting the National Australia Bank which has a 40,000 to 60,000 square metre requirement in the market at the moment.
Read moreING Real Estate Healthcare Makes Huge Profit Selling Half Interest in East Melbourne Hospital For $14 Million.
ING Real Estate Healthcare Fund (IHF) has made $14 million from the sale of a half share freehold interest, in the Epworth Freemasons Private Hospital in Clarendon Street, East Melbourne.
The Epworth Foundation (Epworth), which has been a tenant in the building, has bought the other half, at the buildings December 31 2009 book value.
Read moreThe ASX-listed Australian Property Growth Fund will undertake a $30 million capital raising, to continue its push buying more commercial property assets.
Read moreHENKELL Brothers has paid $34 million for a Melbourne CBD-fringe office building, opposite Flagstaff Gardens.
The 383 King Street building, in West Melbourne, last sold for $41.2 million in 2006, to two Trinity Groups entities, according to the AFR which reported the sale.
The 12,975 square metre office is leased to the National Australia Bank until 2013, but offers redevelopment potential with CBD views that will never be built out.
Staff at developer FKP may be walking around their Hawthorn offices a little slower this week, after returning from a 9 day trek of the Kokoda Trail in Papua New Guinea.
Read moreThe ANZ Rabinov Property Management has purchased a 14,000 square metre distribution facility in the western suburb of Derrimut, leased to tyre manufacturer Bridgestone Australia, in a deal worth an estimated $16 million.
Read moreMelbourne is experiencing a surge in speculative office development, with more than 140,000 square metres of new supply expected to come on line in the city and suburbs over the next 18 months.
Read moreChallenger could sell a St Kilda Road “problem building” it bought just five years ago, if the price is right.
Read moreBECTON Investment Management has quietly offloaded a CBD building it purchased at the peak of the market two years ago.
The 446 Collins Street office building is speculated to have sold for about $21 million, reflecting an approximate 7.1 per cent yield, based on the building’s annual net income of about $1.5 million.
Allard & Shelton directors Patrick Barnes and Joseph Walton marketed the 11-storey, 5,543 square metre office, but declined to elaborate on a buyer or price.
Minister for Planning Justin Madden, and executives at developer MAB Corporation smudged themselves a permanent footprint in Bundoora this week.
Read moreINDUSTRY Superannuation Property Trust has made $16.75 million from the sale of a prominent office building in Melbourne’s inner eastern
Read moreA Macquarie trust is believed to have paid just over $25 million for the former Zurich office building at 71 Queens Road.
Read moreDevelopers of strata office suites have been given something to smile about, with two of the biggest developments under construction in the CBD and suburbs selling out during construction.
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