'It takes time to turn this business around', McGrath CEO says

'It takes time to turn this business around', McGrath CEO says

Collapsing sales volumes and the departure of key sales agents and franchisees have hit real estate group McGrath Limited (ASX: MEA) which has booked a full year loss of $63 million on the back of a revenue drop of 23 percent over the previous year. At the company AGM on Friday, McGrath CEO Geoff Lucas revealed the serious issues facing t...

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Optimus breaks ground on luxury apartment tower in Broadbeach

Optimus breaks ground on luxury apartment tower in Broadbeach

There's certainly no shortage of luxury accommodation in Broadbeach, and with Optimus Developments' new tower the Gold Coast hub will grow even further. Melbourne-based property developers Optimus Developments broke ground yesterday on its latest $65 million luxury apartment building, 31BB, in the heart of Broadbeach. Directly...

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Ingenia to acquire $23.25 million Maroochydore holiday park

Ingenia to acquire $23.25 million Maroochydore holiday park

Ingenia (ASX: INA) is set to build its Queensland holiday park portfolio with its latest acquisition of the Rivershore Resort in Maroochydore. Worth $23.25 million, Ingenia expects the sale to be settled this month which will further expand its presence in the Sunshine Coast region. Located on 4 hectares, the Rivershore Resort is a ca...

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Record $18m fine for "false hope" peddling by Rick Otton and We Buy Houses

Record $18m fine for "false hope" peddling by Rick Otton and We Buy Houses

It started with free seminars and "boot camps" teaching people how to get rich quick. Buy a house with no need for a deposit, quit your job and you'll be set for life, participants were told.  But what We Buy Houses Pty Ltd and its sole director Rick Otton (pictured) were claiming really was too good to be tru...

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Blackstone buys up industrial Sydney properties in Smeaton Grange

Blackstone buys up industrial Sydney properties in Smeaton Grange

One of the world's leading real estate investors has acquired four properties on the outskirts of Sydney for $50 million, representing one of just a few industrial transactions in the city's outer south west in recent months. Blackstone secured the properties spanning a total warehouse area of approximately 29,500sqm in an of...

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Boardriders to sell former Billabong HQ in Burleigh Heads

Boardriders to sell former Billabong HQ in Burleigh Heads

After acquiring Billabong earlier in the year, Boardriders is set to sell the surf brand's iconic head-quarters and lease it back to maintain occupation. The California-based Boardriders acquired Billabong for around $208 million in April, and now owns a number of Australian surf-brands. The sale of the Burleigh Heads based Billab...

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The Star announces $2 billion masterplan to become Australia's largest resort

The Star announces $2 billion masterplan to become Australia's largest resort

Just a few months ago The Star Entertainment Group (ASX: SGR) broke ground on its new $400 million Gold Coast tower. Now, the company has announced an even loftier goal that has the potential to make The Star Gold Coast Australia's largest resort. Their announcement today is a planned investment of more than $2 billion to improve ...

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McGrath says sluggish property market to blame for earnings woes

McGrath says sluggish property market to blame for earnings woes

A slowing property market and dwindling auction numbers have put pressure on McGrath (ASX: MEA) during the first quarter. The real estate giant says auction clearance rates and the number of properties taken to auction are at levels "well below the previous year". Meanwhile, there has been an increase in stock on the market ...

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Sentinel scoops up $23.3 million homemaker centre in Heatherbrae

Sentinel scoops up $23.3 million homemaker centre in Heatherbrae

Sentinel Property Group has purchased a homemaker centre just north of Newcastle for a cool $23.3 million. Anchored by Bunnings, the centre is in a high exposure location with Pacific Highway frontage at Heatherbrae. This facility will be the third addition to the Sentinel Homemaker Trust, which also includes City West Plaza at Sunshi...

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Commercial Property Investment - An Investor's Guide

Commercial Property Investment - An Investor's Guide

Improving your cash flow is the key to financial freedom when investing. Mark Ribarsky of Wise Real Estate Advice looks at commercial property, and the pros and cons you need to know. Financial freedom is the long-term vision for every property investor, but this goal is rarely achieved when investing in residential property. Why? Cas...

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Catch Group acquires new warehouse in Melbourne

Catch Group acquires new warehouse in Melbourne

Major e-commerce player Catch Group has announced a new warehouse and chairman as it positions for growth. Leading online retailer Catch Group is on track to doubling its capacity after securing a new 22,000 sqm warehouse close to its current facilities in Truganina, Melbourne. In a release, the company says that with additional mezza...

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Default deals parting blow to 360 Capital in NEXTDC saga over APDC

Default deals parting blow to 360 Capital in NEXTDC saga over APDC

Update: Since this story was published, APDC has advised that Bankwest confirmed its consent to pay the special distribution and the September quarterly distribution.  After already dropping its price to get the Asia Pacific Data Centre Group (APDC) saga over and done with, former majority shareholder 360 Capital may end up...

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Ponzi property sold at Sanctuary Cove but delays cut price by $1m

Ponzi property sold at Sanctuary Cove but delays cut price by $1m

The fire sale of a Gold Coast property linked to an international Ponzi scandal was completed on Friday with the final bid of $3.9 million made by an existing Sanctuary Cove resident.  The auction for the property on 1019-1020 Edgecliff Drive, Sanctuary Cove was the final sale in Queensland aimed at liquidating funds from Pearl Group...

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Sanctuary Cove property from Indian Ponzi scheme to go under the hammer tomorrow

Sanctuary Cove property from Indian Ponzi scheme to go under the hammer tomorrow

Of the 58.5 million Indians who were swindled in a Ponzi scheme of gargantuan proportions led by Nirmal Bhangoo Singh and the Pearl Group, more than 46 million are still owed money and some of those funds remain tied up in Australian property.  According to documents given to the Securities and Exchange Board of India (SEBI) in 2014,...

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Centuria snaps up $521m in office properties

Centuria snaps up $521m in office properties

Real estate trust Centuria Metropolitan REIT (ASX: CMA) has entered unconditional agreements to acquire $520.9 million worth of office properties in Melbourne, Brisbane and Sydney from Texan outfit Hines Global. CMA will spend $500.9 million on the four properties with a $20 million contribution from affiliated entity Centuria Capital Gro...

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LandMark White offers $10.3m for Taylor Byrne

LandMark White offers $10.3m for Taylor Byrne

LandMark White (ASX: LMW) continues its consolidation push in property valuation with a $10.3 million cash and scrip takeover bid for Taylor Byrne, a Brisbane-based company with 25 offices nationwide. The move comes just over a year after the Sydney-headquartered group acquired another rival MVS for $35 million. LMW has offered Taylor...

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NEXTDC launches $200m takeover bid for remaining APDC shares

NEXTDC launches $200m takeover bid for remaining APDC shares

Data centre operator NEXTDC (ASX: NXT) is on track to putting a property stoush to bed after striking a deal with Asia Pacific Data Centre Group ('APDC') (ASX: AJD) to buy the remaining 70.8 per cent of shares in the company for around $200 million. The offer represents a 7 per cent premium at $2 per share, but in total is $100 mi...

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Gold Coast marine industry gets $200m double-barrel boost

Gold Coast marine industry gets $200m double-barrel boost

The Gold Coast Marine Precinct is about to get a $200 million capital injection from two major expansion projects announced within a day of each other.

Both developments, proposed by two prominent Gold Coast entrepreneurial families, are poised to create a major marine industry hub that is arguably the largest in the southern hemisphere....

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Vicinity sells 10 centres for $573m to SCA Property Group

Vicinity sells 10 centres for $573m to SCA Property Group

SCA Property Group (ASX: SCP) will become Australia's leading owner and manager of convenience-based shopping centres after picking up 10 assets from Vicinity Centres (ASX: VCX) for $573 million. The sale forms part of Vicinity's plans to divest non-core sub-regional and neighbourhood shopping centre assets as it shifts attention ...

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Charter Hall muscles further into Brisbane CBD with $60 million acquisition

Charter Hall muscles further into Brisbane CBD with $60 million acquisition

Charter Hall has snapped up the Capital Hill building in Brisbane's CBD, which sits directly opposite the new multi billion-dollar Queens Wharf redevelopment, for $60 million. The acquisition at 85 George Street represents a combined buyout, as Charter Hall Long WALE REIT (ASX: CLW) and Charter Hall Direct PFA Fund (PFA) both took a 5...

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Abacus sells Novotel Twin Waters for $88.5m

Abacus sells Novotel Twin Waters for $88.5m

Abacus Property Group (ASX: ABP) is on the cusp of winding down its hospitality fund altogether with the $88.5 million sale of Novotel Twin Waters on the Sunshine Coast, Queensland to Melbourne-based Shakespeare Property Group. The sale represents the final divestment for Sydney-based ABP's Abacus Hospitality Fund (AHF), which al...

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New $50 million Rydges hotel to land at the Gold Coast Airport

New $50 million Rydges hotel to land at the Gold Coast Airport

Rydges have activated the landing procedures for its touchdown in the Gold Coast. The federal government has approved a new $50 million hotel in the Gold Coast Airport precinct, aimed at both locals and onward travellers alike. After receiving approval from the Federal Government, a seven-storey Rydges branded hotel will be developed ...

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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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CBDRobina's medical precinct continues growth with healthy $2.9m sale

CBDRobina's medical precinct continues growth with healthy $2.9m sale

M-Space QLD has purchased a 2,621sqm site from Robina Group with plans to deliver a new office and medical facility in CBDRobina. The building, to be called Vicinity Robina, is due to be completed in the second quarter of 2020. Located at 18 Campus Crescent, the site will offer 3,037sqm of net lettable area over three floors with inte...

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Evans Dixon acquires Fort Street to launch new division

Evans Dixon acquires Fort Street to launch new division

Sydney-based stockbroking and financial advisory business Evans Dixon (ASX: ED1) will expand its operations following the acquisition of Fort Street Advisors. The deal, worth 14.3 million shares in Evans Dixon and $23.4 million in cash, will form the basis of a new corporate & institutional division at the company. The new divisio...

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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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Star breaks ground on new $400m Gold Coast tower

Star breaks ground on new $400m Gold Coast tower

The Star Entertainment Group (ASX: SGR) has broken ground on its latest development, the Dorsett Hotel, a $400 million addition to the company's growing South East Queensland portfolio. The new tower will boast 316 hotel rooms as well as 423 one and two-bedroom apartments, adding a total 739 keys to the company's accommodation on ...

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Cromwell asset base grows as statutory profit suffers

Cromwell asset base grows as statutory profit suffers

While Cromwell Property Group (ASX: CMW) may have increased its assets under management (AUM) over the past year, its statutory profits have dwindled. The real estate investor achieved a statutory profit of $204.1 million, down 26.5 per cent, impacted most heavily by $76.1 million worth of net decreases in recoverable amounts on its asset...

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"Conservative management" could be Sunland's best bet through market downturn

"Conservative management" could be Sunland's best bet through market downturn

Despite exceeding its guidance, Sunland Group's (ASX: SDG) profit margin has dipped 11 per cent as market headwinds begin to emerge. The Gold Coast-based property developer posted a $298.7 million revenue, down 26 per cent on FY17, as well as a 19 per cent reduced earnings before interest and tax result of $51.9 million. While Sun...

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