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Business

Property Focus

Ming Long appointed as new head of Investa Office Fund

CAROLYN CUMMINS 5:59pm Investa Office Fund announces that Ming Long has been appointed Fund Manager of 

Bourke Street Bakery, Toby's Estate and Campos make a beeline for Barangaroo

New plans for the public domain at 
Barangaroo South.

CAROLYN CUMMINS 5:25pm Bourke Street Bakery and Gelato Messina along with Toby's Estate and Campos Coffee are the latest to announce they will take set up shop at Barangaroo – adding to the retail mix which will position the waterfront development as one of the best places to work, live and visit in Sydney.

Retail

Telstra takes on rivals with Discovery Store model

Aiming high: the 400 George Street premises will also house Telstra's Sydney HQ.

CAROLYN CUMMINS 1:28am Telstra has opened a $112 million technology hub in the heart of Sydney's CBD and has plans to open more such stores throughout Australia to capitalise on rapid growth in the digital services market.

Offices

Charter Hall reaps tax benefit at Moonee Ponds Junction

Marc Pallisco - Capital Gains - dink - dinkus

MARC PALLISCO Charter Hall has sold a suburban office near the Moonee Ponds Junction for a speculated $83 million – $3 million more than the asset's book valuation four months ago.

CBD landlords cash in on unused space with catchy retail ideas

Shopping opportunity

Leif Olson Using empty foyers and sparking interest in their properties with eyecatchers means landlords are making more of their investment.

The latest leasing deals for commercial property in Sydney

Commercial property.

CAROLYN CUMMINS Dr Gary Donald McKay has leased a 58-sq m retail site at Shop 1, 38 Pacific Highway from Ambiance Group Pty Ltd.

Investing

Student digs are the new investment trend

Artist's impression: The Parramatta Square project for UNWS.

CAROLYN CUMMINS As student numbers grow, investor and tenant demand for suitable accommodation is increasingly rapidly.

Cosmetic retailer Sephora set to shake up local stores

Sephora beat: A general view is seen outside the soon to be opened Sephora store on Pitt Street .

CAROLYN CUMMINS It's going to be lipsticks at 10 paces when the giant cosmetics retailer Sephora opens in Australia, with the new entrant tipped to have more impact on local department stores than any of the new fashion labels, experts have warned.

Suburban pubs are in hot demand

Hotel Bondi, Campbell Parade, Bondi.

CAROLYN CUMMINS Investors and private operators are piling cash into suburban pubs as the sector is seen as providing capital growth in the bricks and mortar, and a resurgence of patrons avoiding the city

Investments

Visa for the wealthy fuels house price fears

The new visa program is likely to boost investment, but much of this could go into property, adding to the heat in the nation's housing market.

Agnes King, Su-Lin Tan and Lisa Murray Advisers have cheered the creation of a $15 million fast track to permanent residency for wealthy foreigners, in a move by the Abbott government to harness Asia's wealth to boost economic growth and job creation. But the push has also sparked concerns much of this investment will flow into Australian property, driving prices up even further.

David Jones opens first new Sydney store in seven years

David Jones brand ambassadors Emma Freedman, Jason Dundas and Jessica Gomes along with David Jones group executive for merchandise Donna Player officially open the new David Jones store at Macquarie Centre in North Ryde.

CAROLYN CUMMINS David Jones has opened its first new Sydney store in seven years and the first since its sale to South Africa’s Woolworths Holdings.

Property

One in six homes bought by foreigners

Local investors, rather than foreign buyers, are crowding buyers out the market for established properties, NAB reports.

Foreign buyers are flocking to buy Australian property, snapping up one out of every six new homes.

Property

Frank Lowy and sons inject $177m into Westfield Corporation

Buyers: Frank Lowy, centre, with sons Steven, left, and Peter.

CAROLYN CUMMINS Westfield founder Frank Lowy and his sons Peter and Steven have injected $177.3 million of their own money into their newly created overseas empire, taking the family's private holding to just under 10 per cent.

Dymocks hunts for more property

Dymocks has reported sales growth approaching double digits, thanks largely to data analytics.

SIMON JOHANSON Dymocks Properties which recently purchased an office tower in St Kilda Road on Melbourne's CBD fringe is on the hunt for more assets with another $150 million in capital and an eye on the Brisbane market.

Deague family's APG plans major new developments in Box Hill and Brisbane

Reach for the sky: The Vue on King William Street will be Adelaide's tallest residential building.

Phillip Hopkins The Deague family's Asian Pacific Group (APG) has embarked on a $260 million project at Box Hill in Melbourne's east and a river hotel on a Brisbane heritage site that will be "a flagship of the group".

Market Wrap

LIAM MANNIX Market wrap

New owners’ corporation rules pave way for less dispute between owners, managers

Long-overdue changes to Owners' Corporation laws will make it easier for bodies corporate to change their managers and free up an industry that has made it a free kick for under-performing managers, says strata consultant David Lin.

TAC sale makes an impact

 Investment Group have acquired the headquarters of the Transport Accident Commission (TAC) in Geelong.

SIMON JOHANSON Recent start-up Impact Investment Group is proving one of Melbourne's most active property investors, sealing an off-market deal Tuesday to acquire the headquarters of the Transport Accident Commission (TAC) in Geelong.

Melbourne's CBD transactions reach $2.02 billion

Melbourne CBD

Nicole Lindsay Melbourne's CBD transactions have reached the $2.02 billion mark during 2014, with heated competition pushing down yields for both prime and secondary buildings.

Office construction in Melbourne to take a break

Rents are expected to rise in the city as white-collar employment increases.

Nicole Lindsay Melbourne's city office construction cycle will take a breather in 12 months as nearly 200,000 square metres of space is completed and a year goes by before another building opens its doors and cranks up its lifts.

From B-grade to premium development site

Adjoining Collins Street buildings are expected to appeal to developers.

SIMON JOHANSON Two B-grade offices may become Collins Street's next A-list tower as their owners chase a developer's premium.

Property

Dexus kicks off share buy back

Australia Square building in George Street, Sydney.

CAROLYN CUMMINS DEXUS Property has kicked off a 5 per cent share buy backs scheme.

State strata laws updated

New rules will make it easier to change body corporate managers.

Michael Bleby Long-overdue changes to owners' corporation laws will make it easier for bodies corporate to change their managers and free up an industry that can provide a free kick for underperforming managers, says strata consultant David Lin.

Media

REA in $15 million deal for Hong Kong business Squarefoot

JARED LYNCH REA Group has hived off its Hong Kong business, Squarefoot, in a deal worth $15 million.

Foreign buyers face tougher penalties for breaching real estate laws

At present, the harshest penalty for real estate breaches is seen by some as a slap on the hand.

SIMON JOHANSON Foreign buyers face tough new penalties for flouting property ownership rules, as well as capital gains losses and cross-matching with immigration records, under likely recommendations by a parliamentary inquiry.

Melton Library and Learning Hub offers exciting benchmark in urban design

Glass and timber combine to create a dramatic building, inside and out.

Stephen Crafti The five-star green building has proved a community hit.

Freemasons make a lucrative Little deal

Marc Pallisco - Capital Gains - dink - dinkus

MARC PALLISCO Two years since hosting a luncheon event with "special guest speaker" Paul Little, men's guild Freemasons Victoria has formalised a deal with the millionaire to co-develop two historic eastern suburb sites.

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