Gay Group Buys Remainder of $450 Million Gold Coast Project, off Macquarie

THE Gay Group of Companies has paid development partner Macquarie Group and Urban Pacific an undisclosed sum for its remaining interest in a $450 million Gold Coast residential development.

The Gay Group and Macquarie consortium were marketing the final blocks within its River Links project in Coomera, a 500+ block residential village under construction on what was once a dairy farm. The developers purchased the farm in 1998. The Gay Group will now resume full control of the project.

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Control of Noosa Resort Seized by Receivers

RECEIVERS McGrath Nicol has been appointed to seize control of a major, high profile resort developed by two major, high profile property institutions.

Suncorp Bank is seeking that a $43 million line of credit be repaid by Viridian Noosa Pty Ltd.

Viridian controls a $300 million resort by the same name, and operated by Outrigger. Leighton Properties and Macquarie Real Estate developed the five star resort which was completed last year.

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Macquarie to Sell Majority of Management Business to Charter Hall

MACQUARIE Group Limited will sell the majority of its Australian real estate business to the Sydney-based Charter Hall.

Macaquarie will sell the management of two listed trusts – Macquarie Office and Macquarie Countrywide – and three unlisted real estate funds including the Macquarie Direct Property Fund.

Details of the deals are in the Macquarie Group Limited statement below:


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Melbourne’s Riverside About to Undergo Apartment Building Boom

RIVERSIDE Kew and Hawthorn residents share a phenomenon with Williamstown and Footscray residents – whereby eyesore factories on prime waterfront sites are tolerated because “they are better than flats”.

While remediation may prevent redevelopment of some western suburb industrial sites, however, plans are advanced to build new residential villages on former commercial blocks along the Yarra River, and particularly in Abbotsford.

Macquarie Capital is the latest developer to capitalise on the imminent riverside building boom, offering for sale a 5264 square metre block at 16 Flockhart Street with a permit for a 310 unit skyscraper village within a 12-storey complex (pictured, right).

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Hong Kong Listed Developer Far East Consortium to Sell Controversial Melbourne Development Site

HONG Kong based developer Far East Consortium is selling a controversial development site, so that it can concentrate on another one.

Far East, which has been listed on the Hong Kong stock exchange since 1972, can expect about $6.25 million for the former AMF Bowling Centre at the north-east corner of Victoria Road and Separation Street in Northcote.

It paid Macquarie $5 million for the 4716 square metre site in early 2009, before pushing ahead with a major residential proposal.

Macquarie acquired the asset in 2004 when it paid AMF Bowling Centres $67.4 million for its Australian portfolio.

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Macquarie Office Trust to Sell 71 Queens Road Office, Melbourne

71 Queens RoadMACQUARIE Office Trust is about to test drive the performance of the commercial property markets, listing for sale an office investment overlooking the challenging Schumacher and Piquet bends of the F1 Albert Park race track.

It was just three years ago, but toward the peak of the commercial property market, that MOT paid $26.26 million for the 11-level, 8400 square metre B-grade office previously known as the Zurich building.

Now known as SMEC House, 71 Queens Road is expected to sell this time around for about $23 million, sources say reflecting a yield of about 9.5 per cent based on the asset’s annual income of just over $2.2 million.

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Readings Cinema to Sell Major Burwood Development Site, Melbourne

MACQUARIE Capital Investors has been appointed to sell a 50 acre Burwood asset, in Melbourne, acquired by cinema group Reading in the mid 1990s.

The Burwood Square development site, approved by the Whitehorse Council in 2008, is reported to be worth about $46.7 million on Reading’s books.

The development proposal provides housing for more than 1000 residents on one part, according to the AFR. A mixed use residential, office and retail complex, and a 17-screen cinema is earmarked for another part.

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CBUS Buys Half Share in 171 Collins Street Development

171 Collins StreetAS 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.

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