Property Industry Foundation opens the door to Victorian youth

The Property Industry Foundation (PIF) with partner Australand, will open the first Victorian PIF House for the Lighthouse Foundation today. Known as ‘PIF House – A Lighthouse Home’ the facility is located in southern Melbourne and will provide a home and support for young people aiming to break the cycle of homelessness. “We are thrilled […]

Shunned Chinese buyers to turn from Canada to Australia

Canada’s government recently made an abrupt decision that could have repercussions for Australia’s already overvalued residential property market. Canadian Finance Minister Jim Flaherty on February 11 announced that a 28-year-old visa scheme designed to attract wealthy foreigners to the country would be axed, effective immediately. Under the now defunct Immigrant Investor Program, as long as you had a […]

Ingenia in $25m three-site play

RETIREMENT village owner and operator Ingenia is poised to buy three manufactured housing parks for more than $25 million. The acquisitions takes the number of the manufactured home parks bought by Ingenia to 15 since it entered the sector almost a year ago. Two of the properties, Town & Country Estate in Sydney’s Marsden Park […]

More pubs tipped to sell as optimism returns

SALES of pubs are expected to pick up around Australia this year although tough lockout laws in NSW could temper the appetite for inner-Sydney watering holes and floats as venues deal with the new rules. Sector specialist Ferrier Hodgson tipped that more freehold pubs would change hands as banks returned to the sector and listed […]

Malaysians most likely to buy property abroad

Affluent Malaysians have the highest rate of overseas property purchases according to a survey by HSBC. Fifty five percent of the Malaysians surveyed purchase property abroad—compared with 45 percent of mainland Chinese and 44 percent of people from Hong Kong—and more than one-third of participants own property in Singapore. At 26 percent, Australia was the […]

GPT wins over Rabobank

THE GPT Wholesale Office Fund-owned Darling Park Tower 3 is about to win the battle for Rabobank’s Australian headquarters, with the Dutch financier close to agreeing on terms to stay at the precinct. Rabobank is poised to lease about 10,000sq m at Darling Park, industry sources say. The deal would involve a restructure of its […]

Law banning auction price guides ‘insane’: McGrath

HIGH-PROFILE real estate agent John McGrath has stepped up his campaign against proposed legislation in Queensland banning agents from suggesting price guides on residential auction properties, claiming the move could destroy the Sunshine State’s auction market. The Property Occupations Bill and the Agents Financial Administration Bill 2013 is now before the Queensland parliament and could […]

State acts to cool concern on assets sale

THE NSW government is expecting $70 million for two sandstone buildings in Sydney’s CBD, but it is fielding concerns from bidders about the lack of car parking and a heritage-listed clock tower that could cause renovation costs to skyrocket. Since its call for expressions of interest closed in December, the state has attracted interest from […]

Sydney towers spark sales surge

SYDNEY office towers have emerged as the nation’s hottest property, with more than $500 million worth changing hands this week. It is not only the heavy volume of deals so early in the year that has the market talking; some of the prices being achieved are likely to prompt revaluations on many of the city’s […]

Market Round-up

Philippines Growing demand from the business process outsourcing industry, rising rents, a construction boom and a substantial increase in foreign remittances are all expected to contribute to an expansion of the property market in 2014. The Philippines’ property market has been buoyed by the country’s strong economic performance. Annual GDP growth hit 7.2 percent last […]

Chinese tourists, lured by beaches and theme parks, are also buying real estate

NICHOLAS Liu came to the Gold Coast just over a decade ago from Beijing when Chinese tourism to Australia was in its early days. He liked the area so much he decided to stay and three years ago set up his own company, Australian Premium Holidays. Now with China’s rising wealth, the falling Australian dollar […]

Asian investors turning to regional centres

THE Sydney and Melbourne residential property markets could be about to lose their pole positions in attracting Asian investment, with more cashed-up Asian buyers looking at Queensland and Canberra, according to research by global bank HSBC. Of the affluent Asian investors looking to buy homes in Australia next year, 25 per cent intend to buy […]

Energy efficiency deals for property owners in the UK extended and upgraded

Changes to the UK government’s Green Deal cash back scheme aimed at getting property owners to improve the energy efficiency of their homes have been announced. The scheme helps people to install energy efficiency measures by providing them with money back on the contributions they make towards improvements. The changes include increases to the amount […]

Survey reveals what puts off buyers the most

Damp stains and poor maintenance top the list of house hunters’ biggest turn offs, followed by bad smells and unfinished building work, new research shows. Damp is the biggest issue that puts off buyers with 70% saying they would not consider a home with damp patches of stained walls or ceilings, according to the survey […]

Even best-laid plans need public relations

THE NSW and Victorian governments both released new strategic plans for Sydney and Melbourne last year. The Newman government will release its vision for Brisbane and southeast Queensland this year. The previous Queensland plan released by the Bligh administration in 2009 was an update of a 2005 plan. These documents set the planning agenda for […]

AMP fund takes full stake in NAB site

AMP Capital Investors’ flagship office fund is moving to take full control of landmark Sydney tower NAB House by buying out 25 per cent holder Brookfield Office Properties in a play valuing the tower at more than $450 million. The purchase of the stake in the building, National Australia Bank’s Sydney headquarters, for a price […]

Goodman portfolio tests market

GOODMAN Group is set to test the depth of industrial property demand by bringing the largest portfolio of the year to market, with its flagship Australian wholesale fund poised to put a $250 million parcel of properties on the block. The industrial property group is assembling a portfolio out of Goodman Australia Industrial Fund and […]

SCA Property in share buyback

WOOLWORTHS property spin-off SCA Property Group has launched a share buyback after producing a solid result for the first half of 2014 and upgrading earnings and distribution guidance for the full year. SCA Property Group posted a net profit of $43 million for the first six months against a $33.3m loss in the prior corresponding […]

Philippines property market to attract more international investors

According to one of the Philippines’ leading media groups, ABS-CBN Publishing Inc, the high quality of real estate products in Manila and key resort destinations around the country is now attracting significantly more interest from overseas investors. Speaking at a press conference to announce the official launch of Property Report Magazine in the Philippines, ABS-CBN […]

Knight Frank ranks Jakarta as the world’s top luxury property market

Indonesian capital Jakarta has topped Knight Frank’s Prime Global Cities Index list of the world’s top thirty luxury markets for the second consecutive year. According to the real estate firm’s fourth quarter report, Jakarta’s luxury home prices rose by 37.7 percent in the last quarter of 2013 from the same period in 2012, when the city […]

James Packer’s Macau investment starts to pay off

James Packer’s Crown Resorts will earn a return on its investment in Macau for the first time, after its joint venture casino operator in the region, Melco Crown, said it would begin to pay a regular dividend. After its fourth quarter results for 2013, in which net income doubled to $US223.2 million, Melco said it […]

Tower just the tip of Leighton’s Asia aims

THE property arm of Leighton Holdings plans to leverage its relationship with Singapore-listed ARA Asset Management, an affiliate of Hong Kong billionaire Li Ka-shing’s Cheung Kong group, as a way of making a foray into Southeast Asia. Last year the ARA-managed Suntec Real Estate Investment Trust acquired the landmark office tower that Leighton Properties is […]

Ponds shopping center, NSW, sells for $39.7 million

Sydney based Commercial Real Estate Agency, Stonebridge Property Group, has announced the successful sale of The Ponds Shopping Centre, The Ponds NSW. Fund manager ISPT, acquired the asset, which is still undergoing development works, from vendor Australand for $39, 700, 000, reflecting an estimated yield of 7.75% on completion of the centre. The sale represents […]

Growth in NZ property prices slows

The increase in New Zealand property values has slowed, suggesting restrictions on high debt lending and looming interest rate rises may have prompted buyer caution. Values increased at a 9.6 per cent annual pace in January, lagging December’s 10 per cent rate, according to state valuer Quotable Value (QV). Nationwide values increased 0.3 per cent […]

Asian buyers eye Miami properties

As South Florida transitions into a major trading centre, growing numbers of Asian investors are looking towards the Miami market. Asian buyers, especially from China and Japan, have been increasingly purchasing residential real estate in top international destinations, such as New York, California, Hawaii and the UK, according to a report in Miami Today. Other […]

RENEWED FAMILY FOCUS FOR MERITON

Meriton, Australia’s largest residential apartment builder, is building more childcare facilities than ever before in the company’s 50 year history. Following Lord Mayor Clover Moore’s call for more childcare places in Sydney, Meriton has confirmed its growing focus on masterplanned communities that offer plentiful and convenient onsite childcare for working families. “Childcare centres are now […]

Tough year at the office as analysts predict even worse conditions

AUSTRALIA’S office markets will face an even bleaker 12 months with analysts tipping conditions will worsen this year, after soft leasing markets in Brisbane and Perth contributed to the lowest national tenant demand on record. National CBD vacancies increased 0.3 per cent from July to 10.4 per cent – the highest since 1999. Vacancies in […]

New UK planning court with specialist judges welcomed by property industry

A new planning court in the UK which will employ specialist judges to deal with disputed property schemes has been welcomed by the property industry which has expresses its dissatisfaction with the current system. The court, part of proposals announced by Justice Secretary Chris Grayling, will work to fixed time limits, in effect fast tracking […]

Iconic arcade on the block

MELBOURNE’S famed Block Arcade has been put on the market with the estate of John Kearney QC expecting to reap $100 million from the art deco retail complex. The mall sits within a portfolio of six properties that the decorated legal eagle amassed over a 14-year period for a little over $40m. If the desired […]

Retail invasion picks up pace: Where to find the foreign brands storming Australian shopping

The invasion of international names in fashion, cosmetics, homewares and department stores is gathering momentum as global brands snap up newly-developed space across capital cities and larger suburban shopping centres. Some, like Spain’s Zara, Britain’s Topshop and Williams Sonoma’s Pottery Barn from the US have already landed, while others, like British icon Marks & Spencer […]

Cate Blanchett buys unit on harbour as investment for sons

Cate Blanchett and her husband, Sydney Theatre Company artistic director Andrew Upton, have spent nearly $2 million on a waterfront apartment in Elizabeth Bay. Sources close to the sale said the purchase is an investment for their three sons, Dashiell, 12, Roman, 9, and Ignatius, 5, which makes the couple part of Sydney’s emerging kippers […]

Two Fairfax properties on the market

Coinciding with the launch of Sydney’s $100 million property Elaine at Point Piper, the Fairfax family is also selling a more affordable option in the once grungy Surry Hills. A five-bedroom home in Collins Street has just hit the market with $2 million price hopes, which Nick Fairfax – eldest son of John B. Fairfax […]

Sydney office market leads investor charge

THE top end of Sydney’s office market is emerging as a key focus for investors this year, with QIC Real Estate calling for submissions from agents on its $400 million Colonial Centre at Martin Place in the CBD. Mirvac Group is already offering a half-stake in the $900 million Westpac Place, and other major assets […]

Gold Coast’s elite homes fail to dazzle

THE Gold Coast prestige home market is expected to lag the recovery of the broader market and struggle for the next 18 months after one of the city’s top luxury auctions finished with barely a sale this week. The Ray White Surfers Paradise Prestige Event was held at the Palazzo Versace on Thursday night. But […]

Packer: ‘I’ve got more money in China than at home’

The fortunes of James Packer are inextricably linked to the growth of China, as the Australian casino mogul says the success of his Macau joint venture means he has more wealth tied up in the Asian economy than his home country. In an interview with Forbes Asia to mark the magazine’s list of the richest […]

Rockspring acquires three assets in Hamburg from Valad

Rockspring Property Investment Managers, on behalf of TransEuropean Property V LP, has acquired three core-plus office and commercial assets in Germany totalling 24,350 sqm, from Valad Europe. The assets are located in Langenhorn, Hamburg and were sold on behalf of Valad´s V+ Germany mandate. All three assets, Essener Bogen 7, Essener Bogen 17 and Essener […]

SEB Asset Management acquires Primegate in Tokyo

SEB Asset Management has acquired Primegate, a ten-storey office and commercial building in Tokyo with a market value of JPY 5.5 billion (approximately €39 million). The property was purchased for SEB Asian Property Fund II SICAV-SIF, an investment fund under Luxembourg law specialising in Asian real estate. The building, which was completed in 2013, is […]

LondonMetric acquires Superdrug Distribution Centre in South Elmsall

LondonMetric Property Plc has exchanged on the acquisition of the Superdrug Distribution Centre in South Elmsall, Doncaster from OLIM Property Limited acting on behalf of BAE Systems Pension Fund. The purchase price is £13.0 million (net of acquisition costs), reflecting a net initial yield of 7.3%. The acquisition is expected to complete in June 2014 […]

Rockspring Hanover Property Unit Trust makes two UK acquisitions totalling £20 million

Rockspring Hanover Property Unit Trust has acquired the Hatch Industrial Park, Basingstoke, and a parade of retail units in Lancaster, Lancashire, for a total of approximately £20 million. The Hatch Industrial Park, located adjacent to the M3 just outside Basingstoke, South East England, was acquired for £9.915 million, reflecting a net initial yield of 7.1%. […]

MENA: Dubai hotels end 2013 with occupancy above 80 percent as rates and profits surge

Hotels in Dubai reported the highest profit levels in the region in 2013 for the fourth consecutive year, according to the latest HotStats survey of full service four and five star hotels in five MENA markets by TRI Hospitality Consulting Middle East. During the month of December, Dubai continued to record strong performance levels reflecting […]

Commercial real estate investment volumes doubled in 2013

In 2013 total investments in commercial real estate in Latvia amounted to more than €331.5 million, which is almost double compared to €176 million invested in 2012. These investment figures include acquisitions of commercial estate, reconstruction objects and land plots for development with a sales price over €0.4 million. This increase of investments in commercial […]

Inquiry, revamped panel to drive nail in construction cartel coffin

THE inquiry that Tony Abbott launches into the construction unions will be different to any previous union inquiry. This one will also look at the management practices of Leighton, Lend Lease, Multiplex and the other big builders that may have allowed their building sites to be abused. I must emphasise in the strongest terms that […]

Aviva seeks takers for Asia arm

AVIVA Investors, the asset management arm of the British insurance giant, has appointed Jones Lang LaSalle’s corporate finance division to offer its Asia-Pacific property platform to institutional players, according to market sources. The off-market process for the Singapore-headquartered business comes as the real estate funds management industry consolidates worldwide and giant private equity players, led […]

Charity regatta to sail into Sydney Harbour for homeless youth

The Property Industry Foundation’s (PIF) Annual Charity Yachting Regatta will be held on 21 March, 2014 and is expected to raise more than $400,000 to help support young people at risk. The Charity Yachting Regatta is sponsored by Colliers International and hosted by Middle Harbour Yacht Club at Mosman. “We are excited to be bringing […]

$6,000 Per Square Foot: Paris Mansion Asks $47.4 Million

La Jolla estate of San Diego newspaper family goes on the market for $28 million; Hamptons home sells for $21 million; Louis Vuitton CEO Michael Burke buys in Miami Beach for $11.7 million A mansion in Paris’ fashionable Sixth Arrondissement has been listed for $47.4 million, according to listing agent Xavier Attal of Immo Best […]

Armani jumps into China’s high-end realty market

Italian luxury goods brand Armani recently announced plans to design a high-end apartment project in Chinese city Chengdu. The move marks Armani’s interior design arm Armani/Casa’s entry into China’s bourgeoning luxury property market and the project is expected to be the first of its kind in the country. Situated in the heart of the Sichuan province […]

Home building in Australia reaches strongest level since 2004

Home building in Australia is recovering with the states of Western Australia, New South Wales and Queensland leading the revival, according to the latest quarterly data from the Australian Bureau of Statistics. There were 163,250 new homes started in the 12 months to September and although this was a fall of 2%, there has been […]

Welcome to Sydney’s new million-dollar suburbs

It is the only club in Sydney where Point Piper residents rub shoulders with the nouveau-riche of Kenthurst, where Mosman meets Matraville and Burwood and Birchgrove are equal. The doors to Sydney’s million-dollar club have been blown open, with 163 suburbs now boasting a seven-figure median house price. Improved confidence and low interest rates underpinned […]

Incomparable here, Elaine is modest by ultra-rich standards

ELAINE, the most expensive home in Australia, is due to hit the market next weekend after four generations of ownership by the Fairfax media dynasty — with a potential asking price of about $100 million The seven-bedroom mansion is on a 7000sq m estate bigger than a football field, right on Sydney Harbour at Point […]

Law Society in Scotland calls for rethink on letting agents regulation

The Law Society of Scotland has today urged Scottish politians to rethink proposals to regulate letting agents as it believes current proposals will create an unnecessary dual regulatory regime for those solicitors who undertake letting agency work. The Housing (Scotland) Bill proposes to require Scottish Ministers to establish and maintain a register of letting agents […]

Pub landlord ALE not worried by new NSW drinking laws

Pub landlord ALE Property says its “sleepy suburban pubs” won’t be hit by new trading hours rules being introduced by the NSW government. ‘‘We own sleepy suburban pubs, mainly in Brisbane and Melbourne that close before midnight,” ALE managing director Andrew Wilkinson told Business Day. The operations of key tenant Woolworths’ bottle shops would also be […]

Australia 108 finds World Class new owner

Singaporean property developer World Class Land, a subsidiary of Aspial Corporation, has confirmed it paid $42.3 million for the Southbank tower Australia 108 hotel and apartment complex. It is the latest sale to overseas interests and agents are expecting more such deals, boosted by the lower Australian dollar and favourable financing conditions. On Wednesday, the […]

Busy year predicted as Chinese group snares Melbourne’s Park Hyatt for $135m

More than $150 million has changed hands in the Melbourne hotel and industrial property sector in the past 24 hours, a figure which experts say is an indication of a busy year ahead. In the largest deal, private Chinese investor Fu Wah International Group has made its first significant foray into the Australian property market […]

Chinese lead the charge on five-star landmarks

CHINESE groups are making the running in the hotel market this year, with Fu Wah International Group snapping up Melbourne’s landmark Park Hyatt hotel for more than $130 million and looking to diversify beyond into other Australian destinations. Chinese players have emerged as a force in Australia’s hospitality and apartment markets in the past year […]

CFS sales steady amid ‘tough environment’

SHOPPING centre landlords will continue to face a challenging operating environment, an analyst has warned, as the sector heavyweight CFS Retail Property Trust yesterday reported steady December quarter sales. CFS Retail headline sales across its portfolio of 28 Australian shopping centres and DFO retail outlet centres were in keeping with expectations. Specialty store moving annual […]

Why retailers with physical stores have the edge despite the rise of online shopping

Retailers with physical store networks have an edge over pure-play online retailers, especially in the crucial December period, new data suggests. Consumer finance start-up Pocketbook analysed the spending patterns of 17,700 consumers and found that Australians doubled their spending at bricks-and-mortar stores in December, while online spending stayed steady. Pocketbook co-founder Bosco Tan says the […]

Business group calls for more to be done to boost the UK rental market

A generation of renters in the UK could be left behind as the housing debate focuses on home ownership, according to the Confederation of British Industry (CBI) which has called for action to boost investment in the rental sector. By 2018 it is estimated that one in five households will live in private rented accommodation […]

Russians follow the sun to investment diversity

RUSSIAN-BORN buyers swept into the Gold Coast’s apartment market in 2005; now they are purchasing houses on Queensland’s Sunshine Coast as well as commercial property in Sydney and Melbourne, in a bid to diversify their property portfolios. “Russians are normal people,” said Russian-born real estate agent Ilana Melnikov. “When they see good developments which are […]

Westfield bid to split hits super hurdle

SHOPPING centre giant Westfield Group is facing mounting opposition to plans to split its Australasian and international operations, with major investors in the domestic-focused Australian real estate investment trust voicing their unhappiness. The largest local investor in Westfield Retail Trust, superannuation giant UniSuper, which has a 7.27 per cent stake, has aired concerns about the […]

Tory peer Alistair McAlpine was attracted to property and art down under

A BRITISH lord with a passion for property development, who “put Broome on the map” and supported the careers of some of Australia’s most talented artists, has died in Italy aged 71. Lord Alistair McAlpine’s friend Tom Stephens described yesterday how the Tory peer liked to find what people could agree on, rather than focus […]