Commercial and residential property news
MORE tenants have been announced as leasing space within the Majura Park project in Canberra.
Due to open on March 29, the developer, Canberra Airport, has announced Rockmans, Crossroads, Trendbags, Ally Fashion, EB Games, Subway, Michel’s Patisserie, Oporto and Payless shoes have leased space within the $150 million complex.
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A NEWLY formed consortium including Woolworths and hotel industry veteran Arthur Laundy have made their first major property play in southern Sydney.
The consortium is reportedly paying $40 million for the Caringbah Inn, at 343 Port Hacking Road and a few kilometres from the bayside suburb of Cronulla.
The pub includes strong food and beverage earnings, poker machines, and a bottle shop which may be rebranded as Woolworths trademark Dan Murphys.
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TWO of Australia’s biggest property players, Westfield Group and Lend Lease (which controls the Australian Prime Property Fund), are planning to sell the Cairns Central shopping centre they own together.
The complex was at the centre of a legal dispute that Westfield and Lend Lease eventually took to court.
It includes about 180 stores including major tenants Myer, Target, Coles, Bi-Lo (which like Coles is part of the Wesfarmers Group) and a Birch, Carroll and Coyle cinema.
AHEAD of the federal government introducing new gaming regulations, retail giant Woolworths is believed to be in discussions with a burgeoning pub operator, to own a joint venture portfolio which would give it control of even more pokie machines.
It’s reported Woolworths has approached one of New South Wales largest publicans, the Laundy Hotel Group, which owns about 47 hotels and is considering proceeding with a $330 million purchase of another 20 hotels being sold the National Leisure & Gaming and Redcape Property Fund.
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WOOLWORTHS has launched a campaign to sell 31 Australian shopping centres and three development sites.
Most of the centres are anchored by Woolworths, as service stations, supermarkets, Big W, BWS and Dan Murphy liquor outlets.
Twenty of the assets have been developed already. Another 11 are under construction and three are blocks of land with permits and Woolworth related lease agreements in place.
Read moreBUNNINGS, Mitre 10…or Woolworths?
The supermarket giant this week announced it entered into an equity agreement with US-based Lowe’s Companies Inc, to buy Australia’s second largest hardware retailer Danks Holdings, which controls brands like Thrifty Link and Home Hardware.
The move, which is subject to regulatory approval and a minimum 90 per cent acceptance from shareholders, will see Woolworths enter the lucrative Australian hardware sector.
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YARRAWONGA’s prominent Pigdon Motors site may be redeveloped into a relatively major shopping centre with a speculated end value of about $20 million.
The Moira Shire Council is reviewing an application to develop a 3,500 square metre supermarket, which would be leased to Woolworths, and 11 specialty shops, totaling 1170 square metres, on the site at the southern edge of the town centre.
Planning Minister Justin Madden recently approved an amendment to a planning scheme, allowing land to be rezoned to commercial use, in keeping with the Yarrawonga Strategy – 2005.
Read moreABBOTSFORD’s prominent green Terminus Hotel has sold to an owner occupier for a price speculated to be about $5.5 million.
The pub, often touted as being in Richmond because it sits at the suburb border (Victoria Street) was sold by Jones Lang LaSalle’s Mathew George in an off-market campaign.
The Terminus is the latest in a string of pubs to be put up for sale recently.
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FOUR Melbourne hotels have changed hands at auction today, in deals worth $29.85 million.
Glen Waverley’s Mountain View Hotel sold for $10.9 million, on a yield of 6.95 per cent, while the Eltham Hotel at Eltham sold for $7.9 million (on a 6.43 per cent yield).
Essendon’s Royal Hotel sold for $6.785 million (6.27 per cent yield) while the Westmeadows Tavern, also in Melbourne’s north-west, sold for $4.4 million on a 6.2 per cent yield.
Read moreUNINVITING inner-city retail strip Victoria Street, at the suburb border of Abbotsford and the precinct known as North Richmond has attracted a second major retail tenant.
Woolworths this week confirmed a 20-year, 4,000 square metre retail lease at Hive, a $50 million shopping centre and residential project, being developed on a 5,000 square metre site on the north-west corner of Nicholson Street.
Woolworths will join rival Aldi, a large pharmacy, and 22 specialty retailers at Hive, which is due to open in February.
AUSTRALIAN Leisure and Hospitality Group is reported to have paid $19 million for the St Albans Hotel in Melbourne’s west.
ALH, which is three quarter owned by Woolworths, is expanding its portfolio in light of new Victorian government requirements that a single operator owns no more than 35 per cent of the State’s gaming machines, by 2012. ALH, which owns more than that, is expected to sell off properties and machines within its portfolio, before that time.
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Woolworths has lodged plans to build a new supermarket and shopping centre on a prominent Phillip Island caravan park it bought as a development site about two years ago.
The Boomerang Caravan Park site at 121 Thompson Road in the island’s main township of Cowes, is expected to close in May 2011 when an existing lease arrangement between Woolworths and the park operator lapses.
Sources say the proposed new development will include a 3,200 square metre Safeway supermarket, and about nine specialty shops totaling 1,408 square metres. It’s understood the project could have an end value of more than $20 million, but this could not be confirmed with a Woolworths representative, who failed to return calls.
