Joint venture success buoys Villa World profit

Joint venture success buoys Villa World profit

Villa World (ASX: VLW) is on track to deliver its full-year forecast profit growth as the company today announced a $17.3 million statutory profit after tax. The property developer upgraded its guidance range to $17-18 million in December following a new joint venture project at Wollert in Victoria has since contributed $5.2 million net p...

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Changes to Australian property market means investors need to 'get smart' to make gains

Changes to Australian property market means investors need to 'get smart' to make gains

Far-reaching changes in Australia's property markets are set to bring an imminent end to a long run of extraordinary returns, requiring investors to become savvier and more sophisticated in choosing where to place their money to capture the best returns, new analysis from BIS Oxford Economics shows. After five years where investors ha...

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Abacus buys CBD fringe properties for $142 million

Abacus buys CBD fringe properties for $142 million

Abacus Property Group has bought into the CBD fringe of Australia's two biggest capital cities, acquiring assets for a combined $142.35 million. Abacus acquired the two properties located at Abbotsford in Melbourne and Alexandria in Sydney for $93.5 million and $48.85 million respectively. The Abbotsford properly is fully tenanted...

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Gold Coast office vacancy declines on market demand

Gold Coast office vacancy declines on market demand

Healthy demand for office space on the Gold Coast has seen vacancy rates fall over the final half of 2017.

The Property Council of Australia's latest Office Market Report, released today, shows that over the last six months of 2017, Gold Coast office vacancy fell from 11.3 to 10.6 per cent off the back of positive market demand and buildi...

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Crown sells off $370m worth of Las Vegas assets

Crown sells off $370m worth of Las Vegas assets

Crown Resorts (ASX: CWN) has sold off 34.6-acres of vacant land in Las Vegas, in a deal worth AU$370 million. It is reported that Crown had once intended to build a casino on the site, located on Las Vegas Boulevard, which it has now sold to a subsidiary of Wynn Resorts Limited. After accounting for minority interests, Crown will pock...

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Hong Kong buyer takes over Fortitude Valley's Emporium Hotel

Hong Kong buyer takes over Fortitude Valley's Emporium Hotel

FORTITUDE Valley's Emporium Hotel has been snapped up by international chain Ovolo Hotels, marking the Hong Kong investor's second foray into the River City market in 12 months. The Anthony John Group, which founded Emporium a decade ago, reportedly sold the property to Ovolo for $40 million. Emporium has garnered a luxury rep...

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Classic Holidays acquires premier resort in Mandurah

Classic Holidays acquires premier resort in Mandurah

CLASSIC Holidays, an Australian resort, club and member management company, has brought one of Western Australia's timeshare resorts under management. Western Australia's Silver Sands Resort, in Mandurah, just south of Perth, has been acquired by Classic Holidays. Silver Sands is the latest Aussie resort to become a part of Cl...

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VILLA WORLD JOINS FORCES WITH SINGAPORE DEVELOPER ON MELBOURNE PROJECT

VILLA WORLD JOINS FORCES WITH SINGAPORE DEVELOPER ON MELBOURNE PROJECT

GOLD COAST-based property developer Villa World (ASX: VLW) has announced a joint venture agreement with Singapore's Ho Bee land that will deliver 285 homes sites north of Melbourne's CBD. The joint venture relates to Villaworld's two previously contracted land sites in the suburb of Wollert, comprising 16 hectares adjacent to ...

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BMW SOUTHBANK SELLS TO MALAYSIAN DEVELOPER AMID EMERGING PROPERTY TREND

BMW SOUTHBANK SELLS TO MALAYSIAN DEVELOPER AMID EMERGING PROPERTY TREND

MALAYSIAN-backed developer Beulah International has bought Melbourne's BMW Southbank in a deal valued at more than $100 million. The sale marks Beulah's most significant acquisition in Melbourne to date, one which the developer plans to turn into a mixed-use space according to principal Jiaheng Chan. "What attracted us to...

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ACCLAIMED RESTAURANT AND ENTERTAINMENT DUO ENLISTED TO THE STAR'S NEW ROOFTOP VENUE

ACCLAIMED RESTAURANT AND ENTERTAINMENT DUO ENLISTED TO THE STAR'S NEW ROOFTOP VENUE

THE Star Gold Coast's new tower The Darling, which is nearing completion, has enlisted high profile Gold Coast identities Simon Gloftis (pictured right) and Billy Cross (pictured left) for its new rooftop restaurant and bar. Acclaimed restaurateur Gloftis and entertainment guru Cross will co-manage the venue, bringing a wealth of home...

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ADELAIDE HOLDEN FACTORY SITE BOUGHT BY MELBOURNE DEVELOPER

ADELAIDE HOLDEN FACTORY SITE BOUGHT BY MELBOURNE DEVELOPER

THE now former General Motors Holden factory site in Adelaide's north has been acquired by Melbourne based property developer Pelligra. The acquisition by Pelligra will see the recently vacated manufacturing plant transformed into a business hub in the Adelaide suburb of Elizabeth. The announcement of Pelligra as the buyer follows...

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STAKE IN ADELAIDE SHOPPING CENTRE SOLD FOR $42 MILLION

STAKE IN ADELAIDE SHOPPING CENTRE SOLD FOR $42 MILLION

A 50 PER cent stake in Adelaide's Churchill North Shopping Centre has been sold for $42 million by Axiom Properties Limited (ASX: AXI). The stake was sold by the ASX listed property manager to Adelaide-based Inheritance Capital Asset Management. The sale price of $42.5 million will result in Axiom receiving approximately $17.5 mil...

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CITIMARK DEFIES THE MARKET, SECURES $200 MILLION TO FUND NEW TOWER

CITIMARK DEFIES THE MARKET, SECURES $200 MILLION TO FUND NEW TOWER

BRISBANE-based Citimark Properties has secured $200 million in funding to add a new gem to the Surfers Paradise skyline. Construction on the 46-level 210 apartment Markwell Residences is due to begin in the new year, and in a remarkable twist, Citimark managing director Angus Johnson revealed that for the first time in Citimark's hist...

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END OF AN ERA FOR ICONIC MELBOURNE EAST END HOTELS

END OF AN ERA FOR ICONIC MELBOURNE EAST END HOTELS

TWO iconic properties in Melbourne's East End have sold for a combined total of $92 million, marking the end of an era for the owners of the two hotels. The Adina Hotel and Duke of Wellington are CBD landmarks in the heart of Melbourne's East End and were developed by the late Andor Schwartz. The same family have held the properti...

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SINGAPORE FIRM SELLS OFF FIVE PROPERTIES ON EAST COAST FOR $720M

SINGAPORE FIRM SELLS OFF FIVE PROPERTIES ON EAST COAST FOR $720M

SINGAPORE-BASED TrustCapital Advisors has sold five office assets in Australia totalling $727.5 million. One of the major sales was of 850 Collins Street (pictured), a 17,337 sqm A-grade building in Melbourne's Docklands precinct which was sold for $156.1 million. Also in Melbourne, at 575 Bourke Street, a 16,152 sqm multi-let, re...

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AVEO BEGINS A SLOW PROCESS OF RECOVERY

AVEO BEGINS A SLOW PROCESS OF RECOVERY

RETIREMENT village operator, Aveo Group (ASX: AOG) has shown signs of improvement following in the four months since a takedown by ABC's Four Corners and two threats of class action law suits. The listed retirement home operator has reaffirmed its full-year earnings guidance as its sales continue to improve. The improvement follow...

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VILLA WORLD LAUNCHES ITS BIGGEST QUEENSLAND PROJECT

VILLA WORLD LAUNCHES ITS BIGGEST QUEENSLAND PROJECT

NATIONAL residential developer Villa World has unveiled its largest Queensland project to date with the launch of the 1502-lot Covella masterplanned community at Greenbank in Logan City, near Brisbane.

Developed as a joint venture with Ron and Tony Perich's Greenfields Development Corporation, Covella will rise on a 153-hectare semi-rural...

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ICONIC RETAIL ASSETS CHANGE HANDS IN AUSTRALIA'S BIGGEST PROPERTY DEAL OF 2017

ICONIC RETAIL ASSETS CHANGE HANDS IN AUSTRALIA'S BIGGEST PROPERTY DEAL OF 2017

THE biggest retail property deal of the year has been carried out with mall landlord Vicinity Centres (ASX: VCX) and Singaporean wealth fund GIC swapping assets worth $1.1 billion.

Vicinity has entered into contracts to exchange a 49 per cent interest in Chatswood Chase Sydney for 50 per cent interest in GIC's Sydney CBD centres. ...

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MCGRATH SHARES IN FREEFALL ON PROFIT DOWNGRADE

MCGRATH SHARES IN FREEFALL ON PROFIT DOWNGRADE

SHARES in listed real estate company McGrath Limited (ASX: MEA) have plunged sharply after it announced a 25 per cent profit downgrade on analysts' expectations.

At around midday (AEDST), McGrath shares were down more than 17 per cent to $0.50 on the back of a release of figures which show a weaker-than-expected first four months of tradi...

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QUEST CONTINUES INTERNATIONAL EXPANSION WITH UK DEAL

QUEST CONTINUES INTERNATIONAL EXPANSION WITH UK DEAL

QUEST Apartment Hotels has announced it will develop its first property outside of the Australasian market in the UK city of Liverpool as part of its global expansion.

The $17 million development of Quest Liverpool City Centre will see an existing commercial office building transformed into a 100-room apartment hotel building when it opens fo...

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