Abacus acquires North Sydney tower for $311 million

Abacus acquires North Sydney tower for $311 million

Abacus Property Group (ASX: ABP) is making a $311 million bet on the revival of North Sydney with its latest acquisition. The group has acquired 99 Walker Street, North Sydney for $311.3 million, reflecting around $16,100 per square metre of net lettable area (NLA). The property is located on the corner of Walker Street and Mount Stre...

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Industrial site sale makes Sunshine Coast history

Industrial site sale makes Sunshine Coast history

Skybound Fidelis Investment Group has made one of the largest ever industrial investments on the Sunshine Coast in Queensland with the purchase of a 7,933sqm freestanding facility for $13.1 million. The site is located within the booming Sunshine Coast Industrial Park at 87-101 Fred Chaplin Circuit in Bells Creek, which is 3km f...

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Work begins on $85 million Adelaide CBD apartment development

Work begins on $85 million Adelaide CBD apartment development

The ground has officially been broken on the Penny Place apartment development in the Adelaide CBD. The $85 million building, expected to generate 150 local construction jobs, is being developed by Flagship Property Holdings. The apartment building will be built on Angas Street near Victoria Square and will comprise 152 apartments, 50...

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Historic Sydney warehouse fetches $38 million

Historic Sydney warehouse fetches $38 million

Knight Frank agent Anthony Pirrottina says a lack of confidence in the market for off-the-plan apartments is prompting developers to look to alternative residential developments. A warehouse in Sydney's inner west that was once part of the Cyclops toy factory has sold for $38 million following a sales campaign that fetc...

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Byron's iconic Beach Hotel to change hands for $100 million

Byron's iconic Beach Hotel to change hands for $100 million

Anyone who has ever set foot in Byron Bay will know the Beach Hotel. The iconic venue is known far and wide as 'that pub at the top of the hill' and has been the crown jewel of Bay Street for more than a quarter century. Moelis Australia (ASX: MOE) has announced its intention to snap up the popular watering hole for a little o...

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Dr Jerry Schwartz buys Ralan Group resort for cheap

Dr Jerry Schwartz buys Ralan Group resort for cheap

Hotel mogul Dr Jerry Schwartz has acquired the Paradise Resort on the Gold Coast at a bargain bin price. The former owner of the hotel, Ralan Group, has been offloading its properties and sites on the cheap after it fell into administration in late July this year. Dr Schwartz, one of Australia's largest private hotel owners, will ...

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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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