Property Focus

 

AMP moves to second stage of $1b revamp at Circular Quay

Carolyn Cummins 5:27 PM   More cranes are set to enter Sydney's skyline, as the $1 billion revamp at Circular Quay moves to its next stage.

Property pooling reaches new heights in Melbourne

An artists impression of the six towers in Normanby Road.

Simon Johanson 5:19 PM   Six Melbourne property owners have taken the idea of pooling neighbouring properties to make one large development site to a new level by banding together to create a masterplan for half a dozen 40-level skyscrapers.

Telstra cans $950m Melbourne office tower

Exchange Centre at 288 Exhibition Street, Melbourne, owned by Telstra.

Carolyn Cummins   Telstra has decided to ice its plans to develop a $950 million-plus office tower at 288 Exhibition Street, Melbourne.

Collection of Style calls Martin Place home

The former CBA, money box bank at 120 Pitt Street, now known as 5 Martin Place.

Carolyn Cummins   The sophisticated sister of fast-fashion Swedish retailer H&M, COS, (Collection of Style), has arrived in Sydney, snapping up a lease in the former Commonwealth Bank "money box" chamber, as part of the new-look 5 Martin Place development.

First Sydney, now Tokyo: Chinese descend on Japan's property market, pushing up prices

Tokyo apartment prices have risen 11 per cent in two years, and are set to climb further as Chinese buyers are boosting demand.

Kathleen Chu and Katsuyo Kuwako   The trend has already hit Sydney, Vancouver and the US. Now it's happening in Japan: busloads of real estate buyers from China coming in, buying up homes and pushing prices higher.

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Goodman looks to new projects

The Coles Chilled Distribution Centre, Eastern Creek, is being sold to Mapletree Investments.

Carolyn Cummins   Goodman Group is selling its share in the Coles distribution centre for $253 million.

Office market showing solid demand

400 George Street, part of the sought after Investa portfolio.

Carolyn Cummins   The merged Commonwealth Government's amalgamated tribunal  has signed a lease at 83 Clarence Street, managed by DEXUS Property  – a further indication that the office leasing and sales market is showing solid growth, according to agents.

Lipsticks at 10 paces

Makeup at  Mecca Cosmetica.

Carolyn Cummins   Makeup brands are in major expansion mode.

Grocon's Spring Street tower project denied

Grocon's original plan for 85 Spring Street, which planning minister Richard Wynne refused.

Clay Lucas   Grocon and Planning Minister Richard Wynne are nearing agreement on a controversial apartment tower plan at 85 Spring Street - but Melbourne City Council has opposed the project at the last minute.

Omni-channel shopping for food

A fresh food vending machine, has made its debut at Melbourne's Westfield Doncaster mall. FuD is a dispensary food retailer, made of recyclable materials and provides healthy salads and snacks.

Carolyn Cummins   Food, like fashion, has become very fast in this time poor world.

Kestelman stakes another claim to South Yarra

The former Phoenix Biscuit Factory at 41 Grosvenor Street in Abbotsford.

Marc Pallisco   Larry Kestelman's burgeoning LK Property Group is speculated to be paying about $10 million for the 970-square-metre block in Claremont Street in a pocket of South Yarra known as Forrest Hill.

Futureproof design for precious seeds

Australian Grains Genebank in Horsham designed by H20 Architects sits seamlessly in the landscape.

Stephen Crafti   The Australian Grains Genebank is cleverly designed to ensure an optimum temperature for seed storage.

Initiatives boost large-format retailers

Officeworks is one of the many large-format retail sector stores that will benefit from the 2015 federal budget.

Philippa Kelly   Budget stimulus measures are likely to benefit large-format retailers, but NSW lags the rest of the country in its planning rules, writes Philippa Kelly.

Leasing ladder

Glass house: Bally has leased a 146-sq m office suite at 99 Elizabeth Street from Tackelly No.8. The lease term is five years.

Carolyn Cummins   Who's leased what, where and for how long.

House prices bubbling - but what will make them pop?

"Housing is showing some bubble-like features, but it lacks a trigger to pop it near-term.": UBS senior economist George Tharenou.

Rose Powell   Australian property prices are in a bubble and heading towards a correction in the next two or three years, says a leading investment bank.

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Eureka Fund settles $170.1m deal in Parramatta

The Parramatta Justice Precinct has been completed with Eureka Funds Management paying $170.1 million for the freestanding A grade commercial property at 160 Marsden Street.

Carolyn Cummins   Eureka Funds Management has settled its $170.1 million acquisition of part of the NSW Government's Parramatta Justice Precinct, which incorporates the two adjacent, freestanding properties at 160 Marsden Street and 4 George Street.

360 Capital extends ANI bid

Fife Capital's York & George residential project.

Carolyn Cummins   The long-running battle for control of Fife Capital's $225 million Australian Industrial REIT has taken another turn, with predator 360 Capital extending its offer into the new financial year.

Forum Partners eye Aussie property

Darling Park, Sydney, where the CBA is said to be looking to expand.

Carolyn Cummins   Global private equity firm Forum Partners has earmarked Australia as one of its growth centres, and plans to double its exposure across mixed-use and residential assets to about $500 million in the next three years.

Fishermans Bend site sells for $18 million

An artist's impression of what a developed Fishermans Bend will look like.

Marc Pallisco   The change of state government does not appear to have slowed demand for Fishermans Bend property with an investor paying nearly $18 million for a 3260-square-metre block that cannot be developed for at least 10 years.

Forum Partners ramps up investments

Melbourne, where Forum Partners will seek to invest.

Carolyn Cummins   Global private equity firm Forum Partners has earmarked Australia as one its growth centres, and plans to double its exposure across mixed-use and residential assets to about $500 million in the next three years.

Crescent Wealth pays $30.75m for Dorcas Street site

10-16 Dorcas Street, South Melbourne, bought by Crescent Wealth for $30.75 million.

Nicole Lindsay   Australian Islamic investment fund Crescent Wealth has made its first foray into direct property investment, paying $30.75 million for a South Melbourne office building offloaded by Cromwell Property Group.

Market Wrap: Historic Thornbury motor shop sells

This historic High Street building dating back to the late 1800s has sold for $5.4 million.

Simon Johanson   A historic High Street building which dates back to the late 1800s has sold for $5.4 million.

Mum and dads shop for retail amid high home prices

A shop at 297-299 Hampton Street has sold for $2.751 million.

Simon Johanson   The increase in mum and dad investors has resulted in unprecedented levels of inquiry for retail spots.

Housing estates worth $1.5b to transform industrial sites

Chinese developer Sterling Global is finalising a concept plan for a quarry site in South Oakleigh, Melbourne.

Nicole Lindsay   State governments have encouraged development of so-called "brownfield" sites as it creates new homes where infrastructure exists.

$10m couldn't bring in public servants

Still largely empty: 2 to 6 Bowes Street, Phillip (formerly known as Penrhyn House) was refurbished last year to attract new tenants.  Quintessential Equity directors Shane Quinn, left, and Harry Rosenberg and head of property Russell Bullen.

Phillip Thomson   Owners say Woden "is a pretty challenging leasing environment" because of the outflow of employees to Civic.

Propertylink snaps up $303 million in assets

320 Pitt Street, bought by Propertylink for $200 million.

Carolyn Cummins   More than $300 million worth of office and industrial property assets have changed hands in a deal between Propertylink and the US real estate investment trust Equity Commonwealth, led by billionaire businessman Sam Zell.

Barangaroo South moves to next stage

The view from the top of  Tower 2 of the Barangaroo South Lend Lease construction site in Sydney.

Carolyn Cummins   The $6 billion Barangaroo South project, on Sydney's Darling Harbour, is nearing its next completion stage, with the Barangaroo Point Reserve due to open by the end of August.

Stokes beats China to Kangaroo Island farm

Woodlana Station on Kangaroo Island bought by Kerry Stokes for $4.7 million.

Simon Evans   Billionaire Kerry Stokes has beaten a string of Chinese investors to acquire a farm stretching across 2823 hectares on South Australia's Kangaroo Island. He's bought Woodlana Station for $4.7 million. It takes his total holdings in SA to more than 10,000 hectares.

Mirvac restructures for cost savings

Aerial image of Harold Park in Sydney being developed by Mirvac.

Carolyn Cummins   Mirvac has revamped its business to unlock up to $15 million in annual cost savings, but it will come at the expense of about 75 jobs.

Retail assets back in the black

425 Victoria Avenue, Chatswood, is being sold through Knight Frank.

Carolyn Cummins   Chatswood is emerging as a strong contender as the fastest growing area in Sydney's north, as commercial and residential assets prove attractive.