Commercial and residential property news
FUND manager and developer GPT Group has withdrawn from the market its half share of Sydney’s landmark MLC tower.
GPT was firm with its $373.2 million asking price.
As such, it is reported, no bids were received. The AFR reports about 30 international and domestic prospective buyers expressed an interest, however.
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A SECOND work stoppage in three months has plagued the much hyped development of Lend Lease Group’s $6 billion Barangaroo project, on a waterfront piece of the Sydney CBD.
Crumbled asbestos, believed to have been disturbed by trucks or other heavy vehicles accessing the site, are believed to have caused the concern this time. About 40 staff downed tools due to fear about toxic materials.
The Construction, Forestry, Mining and Energy Union (CFMEU) will meet today (June 26) to determine whether it was safe to resume work.
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LEND Lease’s “institutional flagship fund” APPF Commercial has reportedly acquired a small interest within the first two skyscrapers that will form part of the $6 billion Barangaroo project on Sydney Harbour.
It is speculated APPF’s stake is as little as between 7 and 12.5 per cent, which would exclude it from any decision making power on the project. Lend Lease and APPF Commercial declined to comment on the speculation reported by the AFR.
It’s understood major office tenants including Westpac and KPMG are to be announced as tenants in the two towers.
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LAST year, by and large, residential landlords were the investors best able to reap the rewards of a short supply, by boosting their rents.
This year however, may be year of the office landlord.
According to a new report by commercial real estate agency Colliers International, office rental costs are expected to increase in most capital cities, because of a shortage of new supply and an improving economy.
It expects office vacancies to fall in all major CBD office markets expect Brisbane (which already has a high 9.6 per cent vacancy).
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DEXUS Property Group is believed to have found a buyer for its 343 George Street office building, in the Sydney CBD.
A private investor is understood to be in exclusive due diligence to buy the heritage listed 11-storey building for more than $50 million. The negotiation may explain why a public campaign to sell the ASX building at 20 Bridge Street, has been delayed two weeks. That building was expected to sell for about $170 million.
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