Commercial and residential property news
SALTA Properties is reportedly now in negotiations to sell its industrial portfolio to Singaporean government investment group GIC, for about $220 million.
The GIC offer replaces an earlier reported deal made by Korean pension fund Ikogest Asia.
Salta is selling eight separate logistics facilities in Victoria, New South Wales and Queensland.
Before news of a private sale, the portfolio was expected to be floated.
Read moreCHANGED Foreign Investment Review Board restrictions affecting foreign ownership of real estate in Australia, has resulted in a surge of Malaysian investors, catching the attention of “The Malaysian Inside” today.
Developers in Australia, and the United Kingdom have been “actively wooing” Malaysian investors for various inner-city apartment projects, including the Lumiere Residences in Sydney.
The Australian Trade Commission says Malaysians invested $A4.9 billion in Australian property in 2008, and before the boom of international investors arrived, into 2009.
Read moreA SINGAPOREAN investor is believed to have paid about $75 million for an office at 20 Hunter Street in Sydney.
Read moreAN as yet undisclosed south-east Asian investor has paid $185 million for GPT’s unrenovated ‘Four Points by Sheraton’ hotel, in Sydney.
The hotel sold at a 10 per cent discount to its June 2009 valuation of $206 million. In December last year it was valued at $236 million.
Based on the asset’s current annual rent, the hotel sold on a yield of 8.8 per cent.
Read moreHONG Kong-based CLSA Asia Pacific Markets is reported to be formalising the purchase of Sydney’s Australian Securities Exchange building, at 20 Bridge Street.
The speculated $140 million sale is expected to be finalised later this month, and would translate to a low 7 per cent yield if the building were fully occupied, which it is not.
CLSA is a brokerage and investment arm of French bank Credit Agricole, which focuses on the Asia region.
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ONE of the Melbourne CBD’s few remaining ghost towers has sold to a Chinese developer for $45 million.
The 21-level Communications House at 199 William Street (right) includes a 19,500 square metre office that has been vacant for more than ten years. The asset was offloaded by another Asia based investor with the registered company name Memo Corporation.
The building’s site area is 3318 square metres and the building is in the heart of what is known as the Melbourne CBD legal precinct. It’s residential redevelopment potential was touted throughout marketing.
A CHINA-based developer is believed to be paying more than $100 million for what is the biggest development site put to the Melbourne market in recent years.
The offshore group is expected to be announced within weeks as the buyer of Doncaster’s massive 47 hectare Eastern Golf Course, about 15 kilometres east of town.
The 86-year old course is expected to be redeveloped into a $1 billion village of shops, offices, and apartments, after the club relocates to an as-yet-unbuilt development in about 2013.
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TWO major development sites around the Shrine of Remembrance have sold, in deals expected to see low rise office buildings replaced with skyscraper apartment towers, with a potential end value of around $250 million.
In the biggest deal, an Asia-based developer is believed to have paid about $15.5 million for a 2274 square metre site at 35 Albert Road.
A 3096 square metre office building at the address is expected to be replaced with an apartment tower, which some speculate could soar higher than 30 levels and have an end value of about $130 million.
Meanwhile across the road, boutique developer Hamton has made one of its biggest forays into the high-density residential sector.
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DEVELOPER Morry Schwartz has sold a residential development site he couldn’t get developed, at the top end of the Melbourne CBD.
Singapore-based construction and property giant Chip Eng Seng Corp is reported to have paid $20.2 million for the 1857 square metre site at 27 – 39 Mackenzie Street, which had a permit for a 32-level, 388 unit apartment complex (pictured).
Morry Schwart’z company Pan Urban paid $10.8 million for the site in 2008, then subsequently marketed a complex, before eventually listing it for sale.
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