Maxcon appointed for $85 million Adelaide development

Maxcon appointed for $85 million Adelaide development

Building company Maxcon has been appointed to construct the new $85 million Penny Place apartment development in the Adelaide CBD. Located on Angas Street near Victoria Square, Penny Place will comprise 152 apartments, car parking, and a bike store. There will also be a ground floor lobby, residential lounge and kitchen, and a space f...

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Mayfair 101 to revitalise Mission Beach with Dunk Island acquisition

Mayfair 101 to revitalise Mission Beach with Dunk Island acquisition

Australian investment group Mayfair 101 intends to pump over $1.6 billion into Queensland's Mission Beach region over the next 15 years following its acquisition of Dunk Island. The group acquired the Queensland island for $31.5 million, meaning the tourist destination will remain in Australian hands. Dunk Island Resort was put up...

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Centuria to buy Sydney and Perth office properties for $381m

Centuria to buy Sydney and Perth office properties for $381m

Centuria Capital Group's (ASX: CNI) shopping spree continues with the purchase of two office properties in Sydney and Perth for $380.5 million, both in fringe CBD locations with proximity to key transport infrastructure and retail. After acquiring an office building in Adelaide's CBD for $127 million in June, Centuria has now ente...

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Ralan receivers to offload Ruby Apartments

Ralan receivers to offload Ruby Apartments

The collapse of property developer Ralan Group has triggered the sale of management rights for one of the most recent builds on the Gold Coast. Ruby Apartments, a 30-level apartment complex in Surfers Paradise completed less than a year ago, was one of several developments that was left in the lurch by the Sydney-based company's downf...

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Feros Group buys south Sydney property for $15m

Feros Group buys south Sydney property for $15m

Hospitality company Feros Group will soon go from tenant to owner of Highfield Caringbah in south Sydney, following an expressions of interest campaign run by Ray White Commercial NSW. Feros already operates the venues Public House Highfield, The Botanical, Ugly Pizza and Huxley's on the 32 Banksia Rd property, which it recently ...

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$250m property development gets green light from Brisbane City Council

$250m property development gets green light from Brisbane City Council

Brisbane's future commercial property supply has been given boost after the council approved the development application for a $250 million project due to start construction in mid-2020. Consolidated Properties Group says the 15-level office tower will be the first large scale A-grade commercial building planned for the...

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Brisbane's Gambaro family to sell namesake hotel and restaurant

Brisbane's Gambaro family to sell namesake hotel and restaurant

The Brisbane hotel made famous globally for hosting German Chancellor Angela Merkel as a guest during the G20 Summit is now up for sale. Owned by one of the river city's most well-known hospitality families, the 5-star boutique Gambaro Hotel opened in 2014 on the city's lively Caxton Street and was designed by Hirsch Bedner. W...

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The Agency hungry for more acquisitions after Top Level takeover

The Agency hungry for more acquisitions after Top Level takeover

Real estate group The Agency (ASX: AU1) plans to keep expanding despite its latest acquisition raising some financial red flags. The group has announced a capital raise of approximately $4.5 million, which is just higher than the $4.2 million loss it posted in FY19.   Of the amount raised $1.5 million will go toward potentia...

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The Agency defies real estate gloom with revenue boost

The Agency defies real estate gloom with revenue boost

If the results of real estate giant McGrath and industry e-rag Domain are anything to go by, the sector is going through some major turbulence. But that certainly hasn't impacted The Agency (ASX: AU1) which defied the odds in FY19. In spite of the doom and gloom real estate sector that resulted in McGrath posting a $15.6 million l...

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Property market slams McGrath with $15.6 million loss

Property market slams McGrath with $15.6 million loss

A difficult property market has put a strain on real estate group McGrath, posting a net loss after tax of $15.6 million at the end of FY19. Company revenue was down 17 per cent to $82.7 million, and underlying EBITDA came in within guidance at negative $6.4 million. McGrath has blamed its results on "difficult market conditions&...

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How to invest in properties to maintain your wealth

How to invest in properties to maintain your wealth

With the housing market and current tax laws creating attractive investment opportunities across most Australian capital cities, conditions may be perfect to look at increasing your portfolio or investing for the first time. Australian banks and lenders have curated a swathe of investment mortgages that can help you increase your asset ba...

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Cromwell to pay $525m for Brisbane CBD property

Cromwell to pay $525m for Brisbane CBD property

After announcing plans to spend $1 billion on new assets in June, real estate investor and manager Cromwell Property Group (ASX:CMW) has today slated more than half that amount for buying 400 George Street in Brisbane. The company has exchanged contracts to buy the property for $524.75 million, with funds to be used from the recent $...

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Stockland profits smashed by devaluations

Stockland profits smashed by devaluations

While developer Stockland (ASX: SGP) may have added $505 million to its cash balance from retail town centre divestments in FY19, the company suffered devaluations to its current portfolio that were approaching that figure. The Sydney-headquartered group recorded a 4 per cent increase in funds from operations (FFO) for FY19 to $897 millio...

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Lendlease profit dives 40 per cent during "difficult" trading year

Lendlease profit dives 40 per cent during "difficult" trading year

Property project developer Lendlease (ASX: LLC) has capped off a tough FY19 with a 40 per cent dive in profits, down to $467 million from $793 million. The financial year was a rough one for the developer, with class actions being thrown at it by Phi Finney McDonald and Maurice Blackburn, and an ailing engineering and services business dr...

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Dexus buys big in office markets, but revaluations hit profit

Dexus buys big in office markets, but revaluations hit profit

Dexus (ASX: DXS) secured a $3.1 billion pipeline of acquisition opportunities over the past financial year, however lacklustre revaluations hit the property group's profit margin. Net profits dropped 25.9 per cent to hit $1.28 billion which was primarily due to lowered net revaluation gains on Dexus' investments. In FY19 the c...

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Vicinity axes plans for property fund on 72 per cent profit drop

Vicinity axes plans for property fund on 72 per cent profit drop

Impacted by a year of heavy divestments and a "challenging retail environment", Vicinity Group's (ASX: VCD) profit has dropped almost 72 per cent. The shopping centre giant reported a net profit after tax of $346.1 million, down from an FY18 result of $1.218 billion. Managing director and CEO Grant Kelley admits the weak...

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Acquisitions lift Centuria real estate asset values by 33%

Acquisitions lift Centuria real estate asset values by 33%

Centuria Capital Group (ASX: CNI) expects to qualify for the S&P ASX 300 index this quarter after an acquisition drive helped lift its market capitalisation in FY19. The Sydney-based company's share price has risen 62 per cent since the start of the year with leadership holding a bullish outlook for the office, industrial and heal...

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Harvey Norman divests interest in The Byron at Byron Resort

Harvey Norman divests interest in The Byron at Byron Resort

Harvey Norman (ASX: HVN) and its founder Gerry Harvey have sold their stake in The Byron at Byron Resort for $41.7 million. The luxury hotel has been acquired by Syrian entrepreneur and billionaire Ghassan Aboud. Harvey established the hotel in 2005 in partnership with his listed retail business Harvey Norman. The resort is highly...

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Charter Hall and Abacus buy $630 million Sydney office tower

Charter Hall and Abacus buy $630 million Sydney office tower

Fund manager Charter Hall (ASX: CHC) has partnered with property group Abacus (ASX: ABP) to acquire a major Sydney CBD office tower. The expected purchase price for 201 Elizabeth Street is $630 million. Charter Hall will acquire 68 per cent of the building, with Abacus acquiring the remaining 32 per cent of tenants in common. The ...

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Mirvac stacks up $1 billion profit for fourth straight year

Mirvac stacks up $1 billion profit for fourth straight year

Mirvac (ASX: MGR) has topped a ten-figure statutory profit margin for its fourth year in a row, buoyed by a string of leasing deals and high-performing CBD office markets. While the $1.019 billion statutory profit result is a $70 million drop from last year, Mirvac managed to deliver at the top end of its guidance. Revaluation uplifts...

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