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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Off-the-plan units drive housing recovery

THE boom in off-the-plan apartment construction in 2013 has driven a recovery in new home building, with 163,250 homes begun in the year to September, an increase of 6.5 per cent. Experts say the figures show a sustained recovery in residential building after it hit a trough in 2012. Even higher figures are expected this […]

Djerriwarrh seeks shelter from turbulence

DJERRIWARRH Investments plans to increase put option coverage on its $1 billion Australian stocks portfolio if there are further rises in the market as it seeks protection against subdued economic conditions. With public companies struggling to grow revenue and share prices driven higher by yield-hungry investors, Djerriwarrh managing director Ross Barker said he wanted to […]

Seymour offloads university car park for $12m return

LEIGH Seymour, the daughter of Queensland property tycoon Kevin Seymour, has sold a Melbourne car park for $40 million, just over two years after buying it for $28m. The Victoria University car park, at 300 Flinders Street, was sold to a mainland Chinese investor, Southlin Holdings, whose child had been to university in Melbourne. The […]

Mirvac to sell stake in Westpac tower

THE offer of a half-stake in Mirvac Group’s $900 million Westpac Place is expected to set a bullish tone for office tower values this year, with the competition for assets rising as property investors jostle for stock. The impending takeover of the Commonwealth Property Office Fund by a Dexus Property Group consortium has prompted concerns […]

REA buys rental group for $15m

REAL estate website powerhouse REA Group has purchased Melbourne-based online tenants application service 1Form.com for a price of $15 million. 1 Form, started in 2006, has 2.3m registered tenants in Australia and New Zealand, according to a statement to the Australian Securities Exchange today from REA, owner of realestate.com.au. Outgoing managing director Greg Ellis said […]

Gavin Rubinstein, of Ray White Double Bay on stand out residential sales of 2013 and star listings for 2014

With many an award under his belt for outstanding residential sales performance, Gavin Rubinstein of Ray White Double Bay in Sydney’s Eastern Suburbs, talks through his stand-out sales of 2013 and star listings for 2014. MP: What made you first get into property? Gavin: Being a people based industry was what most appealed to me about Real […]

Dexus wins CPA bid battle after GPT says no higher offer

DEXUS Property Group and partner Canada Pension Plan Investment Board have won the battle for the Commonwealth Property Office Fund (CPA) after the rival bidder for the $4 billion office property fund, GPT Group, bowed out today. GPT ruled out lifting its off-market takeover offer for the fund, which is run by a unit of […]

Goodman Group eyes dual-listing

INDUSTRIAL property powerhouse Goodman Group could be among the heavyweights of the real estate investment trust sector that look to dual-list on an international stock exchange, according to Morgan Stanley analysts. Westfield is likely to be first to dual-list as its international business is rebranded as Westfield Corporation and the Australian and New Zealand business […]

Westfield split faces stiff opposition

The Lowy family’s efforts to split up the domestic and international arms of its global shopping mall empire face a crucial test in coming weeks as senior Westfield executives embark on a charm offensive to sell the deal to investors. They are in for a hostile reaction, reports The Australian Financial Review. Several big institutional […]

Gilbert & Tobin to be first legal firm to move to Lend Lease towers

LAW firm Gilbert & Tobin has made its much mooted move to the office towers at Sydney’s Barangaroo South development, becoming the first legal firm and the fourth company to agree to move to the Lend Lease towers. Gilbert & Tobin will occupy more than 9500sq m of space in Tower Two, the central structure […]

Fund in $494m UK mall purchase

SUPERANNUATION giant AustralianSuper has spent $494 million to acquire a half stake in London’s The Centre: MK Mall, blazing the trail for homegrown superannuation funds to invest in offshore property. In its first direct property investment, the $65 billion fund acquired 50 per cent of the 400,000sq m centre with Hermes Real Estate Investment Management, […]

CPA directors reject GPT bid

THE independent directors of the Commonwealth Property Office Fund have rejected a $3 billion takeover bid from GPT Group in favour of a higher bid from Dexus Property Group and Canada Pension Plan Investment Board. They said GPT’s bid for the office fund, which is known as CPA and owns a $3.9bn portfolio of office […]

Hooker chief’s iProperty move

LJ HOOKER chief executive and managing director Georg Chmiel is stepping down to take on the role of CEO of the largest operator of real estate advertising portals in Southeast Asia, iProperty Group, where he is currently a non-executive director. The former REA chief financial officer said he was “more than excited” about joining iProperty. […]

Farewell to the $5bn man: REA shares plunge as chief Greg Ellis resigns

REA Group, which owns the real estate classifieds portal realestate.com.au, has lost its long-standing chief executive. Greg Ellis announced his resignation on Tuesday morning. The company told the ASX that Ellis was leaving to pursue “an overseas appointment at a non-competitive organisation”. There is little doubt he will be sorely missed. REA shares lost around […]

Big deals tell the story of 2013

It seems like the year has flown by. It started with GPT Group looking at a bid for Australand and has ended with GPT Group making an offer for Commonwealth Property Office Fund. Dexus has come back with a new offer and suggestions are GPT could match it. In between, we had a change of […]

Mansion sets sales for luxe new year

LIQUOR baron John Piven-Large has relisted his Point Piper mansion on Sydney Harbour with price expectations of more than $30 million. The listing comes ahead of a flood of eastern suburbs trophy properties hitting the market early next year, from prized blocks of apartments to mortgagee-in-possession luxury homes. New listing agents McGrath and Richardson & […]

Sydney real estate queens set for showdown

Rumours of an all-out feud between two of Sydney’s real estate queens have kept the eastern suburbs buzzing with claims of espionage and sabotage, including real estate agents’ names and numbers being mysteriously removed from billboards in the dead of night. Things are set to get competitive as former real estate partners Pauline Goodyer and […]

Get real, Walker tells the critics

WALKER Corporation chairman Lang Walker has lashed out at negative commentary about the state of the office leasing market after signing accounting firm KPMG to anchor a new tower at his $2 billion Collins Square development in Melbourne last Friday. Mr Walker said some commentators “really don’t drill down into the facts nearly as well […]

The ‘Aussie mafia’ doing billion-dollar deals

FORMER Lend Lease executive Justin Louis was tapped on the shoulder two years ago by Canada Pension Plan Investment Board to join its executive team and more specifically, to hunt down opportunities in Australia for the investment behemoth. The Hong Kong-based Louis has since been involved in three large deals in Australia, the latest being […]

SYDNEY OPERA HOUSE TILES UP FOR ‘VIRTUAL’ SALE

The Sydney Opera House has come up with a novel new way to raise funds and boost the building’s profile by selling “virtual” ownership of the tiles on its tallest sail. On Monday, 125,000 of the tiles went on sale, with Hollywood star Hugh Jackman among the first to put his money behind the initiative […]

CEL Australia buys office building in St Kilda Road for $45.28 million

The Australian subsidiary of a large Singaporean property developer has bought a 12-level office building in St Kilda Road for $45.28 million. CEL Australia, an offshoot of Singapore-listed Chip Eng Seng, sealed the deal this week for the large, mirror-clad building on the corner of Kings Way and St Kilda Road. The transaction caps a […]

BROOKFIELD MULTIPLEX COMPLETES $210 MILLION PETER DOHERTY INSTITUTE FOR INFECTION AND IMMUNITY

Brookfield Multiplex has completed the $210 million Peter Doherty Institute for Infection and Immunity on behalf of the University of Melbourne, which owns the building. Located on the corner of Royal Parade and Grattan Street, Parkville, Melbourne the state-of-the-art bio-medical institute will accommodate around 700 expert scientists, researchers, clinicians, academics, staff and students. Designed by […]

Servcorp again denies report of UK takeover

GLOBAL serviced office provider Servcorp has again hosed down speculation that it has entered into an agreement to sell the business to British group Regus. Servcorp was responding to reports in the British trade press that its founder, Alfred Moufarrige, and major shareholders would soon announce that they had agreed to a pound stg. 400 […]

Sunland hit with court costs

SUNLAND has been ordered to pay costs of $6.82 million to two Australian property executives, Angus Reed and Matthew Joyce, by the Supreme Court of Victoria. The court made the order after finding against Sunland’s claim that the pair had duped the company during a property deal gone wrong in Dubai. A Dubai court last […]

Buyers have upper hand in festive run-up as Melbourne property market cools

John Khoury, a business associate of Mick Gatto, made a tidy profit at the weekend, flipping a large Princes Hill property he had owned for six months. Four bidders pushed the price to $3.85 million in front of a crowd of about 150 people, many of them neighbours keen to spot the new owners. Mr […]