GDI Property Group to acquire $98m Perth portfolio

GDI Property Group to acquire $98m Perth portfolio

GDI Property Group (ASX: GDI) may be listed in Sydney, but Perth is the future as far as its latest investments are concerned. The company has entered into a call option to acquire a $98 million portfolio of 17 properties in the Western Australian capital, to be funded through the establishment of a new unlisted trust. The properties ...

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ASIC launches Federal Court inquiry into Worrells partner

ASIC launches Federal Court inquiry into Worrells partner

The man behind the liquidation of the Members Alliance Group of companies is in the crosshairs of the Australian Securities and Investment Commission (ASIC). As part of the Commonwealth's Serious Financial Crime Taskforce efforts, ASIC filed an application with the Federal Court seeking an inquiry into the conduct of Jason Bettles. ...

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Sunland Group's Mermaid Waters apartments receive green light

Sunland Group's Mermaid Waters apartments receive green light

A $240 million luxury lakefront apartment development in Mermaid Waters has received planning approval, allowing developers Sunland Group to commence the build. Early woks have already commenced, with two tower cranes already on site to construct the four apartment buildings. The Lanes Residences is Sunland's first apartment devel...

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Moelis Australia to make SA's largest ever retail transaction

Moelis Australia to make SA's largest ever retail transaction

In what will be South Australia's largest ever retail transaction Moelis Australia has entered into an agreement to acquire 50 per cent of Westfield Marion. The agreement will see Moelis, fully capitalised by Singapore exchange listed SPH REIT, acquire a 50 per cent interest in the Marion Shopping Centre for $670 million from Lendleas...

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REA Group sees spike in property enquiries and auction clearance rates

REA Group sees spike in property enquiries and auction clearance rates

REA Group (ASX:REA) has reported encouraging signs for property enquiries and auction clearance rates, even though they weren't fully reflected in financial results for the first quarter. The company reported a nine per cent year-on-year drop in revenue to $202.3 million and a 14 per cent decline in EBITDA to $114.9 million. Natio...

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St Kilda Road office tower sold for $18 million

St Kilda Road office tower sold for $18 million

A partially refurbished and mostly vacant office tower in Melbourne's St Kilda Road precinct has sold for close to $18 million. The property, at 1 Bowen Crescent, was originally built by trucking magnate Lindsay Fox as offices for his Linfox company. The seven-level building last changed hands in 2017 when it was sold on behalf of...

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A merged AVID and Villa World is a force to be reckoned with

A merged AVID and Villa World is a force to be reckoned with

Last week AVID Property Group and Villa World tied the knot, establishing the pairing as one of the top 10 land developers in the country. The $410 million acquisition of Villa World by AVID, completed last week, will see AVID's portfolio increase from 10 to 37 projects and more than 12,000 residential lots, securing a gross revenue p...

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Vicinity divests two malls for $200 million

Vicinity divests two malls for $200 million

Shopping centre operator Vicinity Centres (ASX: VCX) has divested two malls for a total of $195.5 million. The two centres are both suburban malls, with the Mt Ommaney Centre in Queensland selling for $94.5 million while the Corio Central mall near Geelong sold for $101 million. The total $195.5 million received in the divestment of t...

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Hold your horses: Body Corporate ban on Airbnbs unlikely to impact most Queenslanders

Hold your horses: Body Corporate ban on Airbnbs unlikely to impact most Queenslanders

A landmark legal decision upholding a ban on Airbnbs in certain strata title complexes is unlikely to impact the broader industry. For the first time in Queensland, a by-law banning short-term letting or Airbnb within a Gold Coast community has been successful. The decision in the case of Fairway Island GTP v Redman and Murray is cert...

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John Bond's $100m Primewest IPO to list on Friday

John Bond's $100m Primewest IPO to list on Friday

A national property fund manager co-founded by Alan Bond's son is set to list on the ASX this Friday, following an oversubscribed $100 million initial public offering (IPO) from existing investors and institutions. Perth-based Primewest, which has been in operation for 24 years and now has more than $3.9 billion in assets across ...

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Ralan Group's Surfers Paradise site goes on sale

Ralan Group's Surfers Paradise site goes on sale

Following the collapse of NSW-based property developer Ralan Group in late-July one of the defunct group's major Gold Coast development sites has been put up for sale. That site, named The Sapphire development, is now on the market, with vendor Frank Knight making the best out of a bad situation for Ralan. The Sapphire development was...

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Charter Hall property trust announces trio of acquisitions and $242 million equity raise

Charter Hall property trust announces trio of acquisitions and $242 million equity raise

Three major acquisitions and a $242 million equity raise will boost the portfolio of Charter Hall's (ASX: CHC) real estate investment trust (ASX: CLW). The trust has entered into agreements to acquire interests in two office buildings located in Melbourne and Sydney, and a Bunnings Warehouse site in Darwin. In total, the three acq...

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Ze Pickle sets sights on Sunshine Coast

Ze Pickle sets sights on Sunshine Coast

A Gold Coast burger institution that has spread it wings to Brisbane and Sydney now has a new destination in its sights - Noosa. Founded in Burleigh Heads by Nathan Zuckerman, Aaron Wilson and Joey Day in 2012, Ze Pickle prides itself on craft beer, good "unpretentious food" and quality beats. It's a formula that sa...

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Developer continues hot streak in Perth CBD

Developer continues hot streak in Perth CBD

Apartment developer Finbar Group (ASX: FRI) has sealed the deal on a joint venture to acquire a prime site in Perth's CBD. The significant construction project envisioned for 240 Adelaide Terrace is a 28-level tower, to house 115 apartments, with an estimated end value of around $71 million. Finbar Group will tackle the project al...

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Aspen acquires Perth residential property portfolio for $20 million

Aspen acquires Perth residential property portfolio for $20 million

Listed accommodation provider Aspen (ASX: APZ) has acquired a portfolio of 84 residential properties in Perth for $20 million. The properties are located in the high population growth corridors of Rockingham in the southern beaches and Swan in the north east. The purchase price of $20 million equates to approximately $238,000 per dwel...

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Improved residential property market a boon for Stockland

Improved residential property market a boon for Stockland

An improved residential property market has paid off for property developer Stockland (ASX: SGP) at the first quarter of FY20. The beginning of this financial year has seen improvement in residential sales and an increase in comparable retail growth for the group. Stockland managing director and CEO Mark Steinert says the property mar...

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Elanor to launch commercial property IPO

Elanor to launch commercial property IPO

Elanor Investors Group (ASX: ENN) has announced preparations are underway for an initial public offering (IPO) of its commercial property fund. The Sydney-based company says after the IPO the Elanor Commercial Property Fund (ECPF) will own six investment-grade commercial properties valued at approximately $306 million in Queensland, ...

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Ingenia to raise $131 million for future acquisitions

Ingenia to raise $131 million for future acquisitions

Lifestyle and holiday property group Ingenia Communities (ASX: INA) is on the precipice of further expansion following the announcement of a $131.1 million capital raise. Once completed, Ingenia hopes to acquire six new assets, including three established lifestyle communities, which have a total purchase price of $102.7 million. The ...

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Fastbrick Australia enters into strategic partnership with WA home builder

Fastbrick Australia enters into strategic partnership with WA home builder

Robotic wall building company FBR Australia (ASX: FBR) has announced its latest play in Western Australia, partnering with a leading home builder in the state. The group's joint venture with Brickworks Building Products called Fastbrick Australia has entered into a building pilot program with Summit Homes Group. It follows two sim...

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Sydney's Central Park divests retail assets for $175 million

Sydney's Central Park divests retail assets for $175 million

The final three retail assets in the $2 billion Sydney CBD Central Park development have been sold for $174.5 million. A consortium comprising Fortius Funds Management and SC Capital Partners Group acquired the three assets: Central Park Mall, DUO Retail and Park Lane Retail. Central Park Mall, the largest of the three retail assets, ...

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