Dexus to snap up $230m worth of Melbourne CBD properties

Dexus to snap up $230m worth of Melbourne CBD properties

Sydney-based real estate investment trust Dexus (ASX: DXS) is on track to making $230 million in transactions for two adjoining properties on Collins Street in Melbourne's CBD. The company today announced it had exchanged contracts to acquire 60 Collins Street for $160 million, and had also entered into an agreement to buy the ad...

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The Agency set to acquire Top Level on $13.4m capital raising

The Agency set to acquire Top Level on $13.4m capital raising

The Agency Group (ASX: AU1) is going ahead with its acquisition of Top Level Real Estate, after securing $13.4 million in new equity. The Agency emerged from a trading halt this morning to announce that it will acquire the fast-growing Sydney firm upon raising $8.4 million from a share placement and $5 million from converting Top Level...

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The Agency yet to turn a profit after doubling revenue

The Agency yet to turn a profit after doubling revenue

A solid pace of real estate agent recruitments and acquisitions has led to a near doubling of sales revenue for The Agency (ASX:AU1), but one-off set up costs continue to impact the tearaway group which posted a marginally higher bottom-line loss for FY18. The Agency, formed two years ago by a handful of McGrath's (ASX:MEA) top agents...

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Residential revenue lifts REA Group profit

Residential revenue lifts REA Group profit

A new digital home loan service offering from realestate.com.au also turned a profit, while the company's $130 million acquisition of property data specialist Hometrack Australia is forecast to boost results in the 2019 financial year.  Despite a slight decline in Australian property prices last quarter, online real estate advert...

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SCA Property Group falls victim to tough retail conditions

SCA Property Group falls victim to tough retail conditions

In what marks yet another sign that the Australian retail environment continues to struggle, commercial landlord Shopping Centres Australasia Property Group (ASX: SCP) has reported a 45.2 percent profit fall, down to $175.2 million. The retail trust has blamed its lacklustre result on stunted property value growth compared to its prior ye...

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Gen Y the new boomers for housing market, says BIS

Gen Y the new boomers for housing market, says BIS

Generation Y may have been Generation Boom for the apartment market over the past 15 years, but according to new research they're more likely to be leading a house-and-land surge over the next decade.

BIS Oxford Economics has forecast big changes in the residential demands of ageing Gen Y buyers will lead to slower growth for the apa...

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Construction heading for 'worst crash since GFC'

Construction heading for 'worst crash since GFC'

After years stimulating the economy, the construction industry could become a major drag on activity as it faces the worst downturn since the GFC, says BIS Oxford Economics. The economic analyst and forecaster predicts the latest downturn is likely to be driven by a 50 per cent slump in the apartment market over the next two years. Ac...

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Cedar Woods sells third Melbourne office building

Cedar Woods sells third Melbourne office building

The market for Melbourne office space continues to burgeon as new developments continue to sell like hotcakes. Cedar Woods (ASX: CWP) announced on Thursday morning that it has sold its third office building in Williams Landing, an emerging area in Melbourne's west. Cedar Woods sold the office space to Hellenic Property Investments...

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Dècor's Melbourne headquarters sold for $16 million

Dècor's Melbourne headquarters sold for $16 million

The corporate headquarters of homeware giant Décor, in Melbourne's eastern industrial hub of Scoresby, has sold for $16.25 million. Purpose built for Décor in 1979, the facility has been acquired by Ascendas REIT Australia. The property has undergone several upgrades and changes over the past four decades, but its on...

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EG sells Melbourne CBD office for $93.8 million

EG sells Melbourne CBD office for $93.8 million

After receiving high levels of unsolicited interest from domestic and foreign buyers, real estate fund manager EG has sold its 12-storey office building in Melbourne for $93.8 million. The property, located at 277 William Street, was snapped up by an undisclosed Hong Kong investor in a deal jointly managed by CBRE and JLL. During the ...

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Sunland's latest Melbourne acquisition to support $100 million development

Sunland's latest Melbourne acquisition to support $100 million development

Sunland Group (ASX: SDG) has snapped up a prime site south-east of the Melbourne CBD, earmarking the location for a development end-valued at $100 million. The Gold Coast property developer acquired the 5.1-hectare site in Carrum Downs for $13 million and unveiled plans to turn the area into a community comprised of 185 terrace homes. ...

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Watpac secures $49m Melbourne Uni student accommodation contract

Watpac secures $49m Melbourne Uni student accommodation contract

Watpac will build a 13 level student accommodation building for the University of Melbourne after securing a $49 million contract. The listed construction company will build the 123-135 Bouverie Street student accommodation centre in Carlton for Cedar Pacific, which will be operated by UniLodge. The purpose-built facility will house 6...

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Charter Hall to buy Victorian shopping centre for $117 million

Charter Hall to buy Victorian shopping centre for $117 million

Charter Hall Retail REIT (ASX: CQR) has teamed up with Charter Hall Prime Retail Fund to form a new joint venture to acquire a prominent Victorian shopping centre. The joint venture will allow Charter Hall to enter an unconditional contract to acquire buy Gateway Plaza in Leopold for a total consideration of $117 million. Charter Hall...

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Vicinity to sell $1bn of assets to enhance portfolio

Vicinity to sell $1bn of assets to enhance portfolio

Listed property developer Vicinity Centres (ASX: VCX) will sell off $1 billion of its assets to reinvest the money in more value-accretive opportunities. The group will sell off sub regional and neighbourhood centres to focus on new investments which it calls "destinations" and "entertainment experiences". Grant Ke...

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After 60 years, legacy property in Melbourne CBD sells for $95m

After 60 years, legacy property in Melbourne CBD sells for $95m

One of the largest office buildings on St Kilda Road in Melbourne has changed hands for the first time in six decades. A subsidiary of Abacus Property Group and Wing Tai Holdings bought the property known as VACC House, an eight-level building at 464 St Kilda Road, for $95.38 million. The building includes more than 13,800sqm of offic...

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Melbourne beats Sydney as the top Australian city for investment

Melbourne beats Sydney as the top Australian city for investment

Melbourne has been named the number two city in the APAC region for investment for commercial property investors, coming second only to Toyko. According to CBRE's 2018 Asia Pacific Investor Intention Survey the Victorian capital moved up from eight place in 2017 to second place this year. Melbourne toppled Sydney which fell from f...

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CBD squeeze piquing hotelier interest in regional Australia

CBD squeeze piquing hotelier interest in regional Australia

A trend is growing in the Australian hotel market as investors forgo expensive assets in capital cities to favour a more regional approach. CBRE Hotels' Andrew Jackson says buyers are becoming more attracted to the diversity of regional assets, especially as they are being edged out of capitals due to expensive pricing and lack of ass...

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Co-working spaces and retail here to stay, say property analysts

Co-working spaces and retail here to stay, say property analysts

The future of Australia's property market looks bright with co-working spaces here to stay and retail set to change dramatically according to analysts. CBRE's annual Australian Market Outlook conference held last week revealed optimism about the future of Australia's property market. One of the key outtakes at the event sh...

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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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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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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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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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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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PROMINENT MELBOURNE BUSINESS PARK BUILDING SELLS FOR $18.08 MILLION

PROMINENT MELBOURNE BUSINESS PARK BUILDING SELLS FOR $18.08 MILLION

THE headquarters of Melbourne's Country Fire Authority (CFA) has sold for $18.08 million following a competitive expressions-of-interest campaign. The site, in Burwood East, was sold to the private arm of Teo Tong Lim, the group managing director of Singapore-based Tong Eng Group. The group recently acquired 5 Queens Road in Melbo...

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ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like within the century. Research conducted by IKEA Australia in its People & Planet Positive Report shows that the headcount is likely to reach 70 million in the next hundred years, but only a fraction of the current population ...

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RESIDENTIAL COLLAPSE TO LEAD SHARP BUILDING MARKET DECLINE, BIS SAYS

RESIDENTIAL COLLAPSE TO LEAD SHARP BUILDING MARKET DECLINE, BIS SAYS

THE Australian building market is set to decline by 17 per cent over the next three years led by a collapse in residential starts, according to BIS Oxford Economics.

National building commencements peaked in 2015/16 at $107.3 billion, up by 22 per cent in real terms from the end of the resources investment boom in 2012-13, but is expected...

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SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neighbour: SkyCity. SkyCity Entertainment today announced it will commit to a $330 million expansion of the Adelaide Casino, revamping the Festival Plaza precinct. The expansion will include a boutique hotel, signature restaura...

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