AMP sells outer Sydney retail centre for $140M

AMP sells outer Sydney retail centre for $140M

A retail centre 35km west of the Sydney CBD that houses anchor tenants including Bunnings and The Good Guys has been sold for $140 million to property investment firm Ashe Morgan. AMP Capital Diversified Property Fund sold the Crossroads Homemaker Centre in a deal that was co-marketed by Stonebridge Property Group and CBRE. CBRE ...

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Abacus sells Liverpool Plaza for $46 million

Abacus sells Liverpool Plaza for $46 million

Abacus Property Group (ASX: ABP) has sold long-term asset Liverpool Plaza to an undisclosed local group for $46 million. The buyer ran an unsolicited campaign to acquire the property which was first purchased by Abacus in August 2004. Abacus says that although the company was not initially trying to actively sell Liverpool Plaza, it f...

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Cann Group secures $11M Mildura site for new cannabis greenhouse

Cann Group secures $11M Mildura site for new cannabis greenhouse

Leading cannabis producer and researcher Cann Group (ASX: CAN) has acquired a $10.75 million property in Mildura, Victoria to construct a greenhouse for the cultivation of cannabis. The company will grow, cultivate, and produce medicinal cannabis at the Mildura site to service both the Australian and international medicinal cannabis marke...

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Stockland sells off another $143 million of retail assets

Stockland sells off another $143 million of retail assets

Stockland's strategy to divest $400 million of assets in 24 months has hit another milestone today with the announcement that the property manager has sold another $143 million in retail assets. The company has sold its interest in the Stockland Cleaveland shopping centre in Brisbane and the Toowong retail and commercial centre in Bri...

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Onterran calls in voluntary administrators after Couran Cove debacle

Onterran calls in voluntary administrators after Couran Cove debacle

It was supposed to be a cash cow that would bring Onterran (ASX: OTR) a $95 million boost through development, but Couran Cove Island Resort on Stradbroke Island quickly turned into a white elephant for the Brisbane-based property company whose shares have been suspended from trading since February, 2017.  Citing a lack of capital to...

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Could Gold Coast ocean park be the next "jewel" of Queensland tourism?

Could Gold Coast ocean park be the next "jewel" of Queensland tourism?

The Queensland state government has unveiled the blueprint for a park at The Spit on the Gold Coast which would rival London's Hyde Park in size, in what has been described as a once-in-a-lifetime opportunity.  The project aims to enhance the green space north of Sea World, and is expected to be linked by a light rail station in ...

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Kaufland announces its first Australian distribution centre in Melbourne

Kaufland announces its first Australian distribution centre in Melbourne

German supermarket giant Kaufland will open its first dedicated Australian distribution centre at the Merrifield Business Park in Melbourne's north. Kaufland will construct a 110,000 sqm purpose-built distribution centre to service their Australian stores on a 28-hectare site in Merrifield. The facility will include an extensive t...

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Convenience culture to shift shopping centre mix

Convenience culture to shift shopping centre mix

"Whilst the retail landscape is changing, neighbourhood shopping centres are relatively insulated from the overarching threat of e-commerce," says Nick Willis of CBRE.  The shopping centres of the future will increasingly be blended with other types of property, according to a recent report from real estate agency CBRE...

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Bank of Sydney to acquire new head office

Bank of Sydney to acquire new head office

An agreement to acquire 62 Pitt Street has been described by Bank of Sydney as another step in its ambitious growth strategy, with plans to make the CBD building the bank's signature branch and its Australian head office. The bank was not able to reveal the purchase price, but an information memorandum from Colliers International high...

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Shopping centre investments are hot property in WA

Shopping centre investments are hot property in WA

In just the first two months of 2019 shopping centre sales in Western Australia have hit $60 million. The latest sale of Wattle Grove Shopping Centre for $16.3 million has pushed the transaction pipeline to more than $60 million in WA. The sale of Wattle Grove is the fifth retail asset to transact in the first two months, which CBRE...

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Cromwell profit rises on strong investments

Cromwell profit rises on strong investments

Real estate investor and manager Cromwell Property Group (ASX: CMW) has come out the end of 2018 with a strong investment portfolio and a clear mandate for the future. The company reported half year statutory profit of $111.1 million, up 37.5 per cent on 1H18, and operating profit was $82.6 million, up 7.6 per cent on 1H18. Cromwell n...

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Goodwill impairment slams Domain results

Goodwill impairment slams Domain results

A $178.8 million non-cash goodwill impairment has dragged Domain's results into a loss during the first half of FY19. The real estate classifieds company recorded first half revenue of $186.3 million, but the impairment charge dragged the company into a net loss after tax result of $156.4 million. Excluding this impairment charge ...

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LandMark White in trading halt following fallout from data breach

LandMark White in trading halt following fallout from data breach

Property valuer LandMark White (ASX: LMW) has gone into a trading halt pending a statement regarding the fallout from a data breach that occurred on 4 February 2019. The company said at the time that a data set containing property valuation and some personal contact information was disclosed because of a vulnerability in one of LMW's ...

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Villa World posts slightly improved profit in challenging market conditions

Villa World posts slightly improved profit in challenging market conditions

Despite a tough property market Villa World (ASX: VLW) has recorded a slightly improved profit at the end of the first half of FY19. The residential house and land developer announced a $17.6 million after tax half year profit, up from $17.3 million at the end of H1 FY18. This was despite sales being down significantly from the same t...

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Coles offloads three regional stores for $45 million

Coles offloads three regional stores for $45 million

International investors have their eyes on regional Western Australian commercial properties according to the results of a sales spree. CBRE, who managed the expressions of interest campaign for three regional properties, says international and Australian investors are keen to grab a slice of WA. The three regional properties, with Co...

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Dexus reports a productive half year but profit slips

Dexus reports a productive half year but profit slips

Real estate management group Dexus (ASX: DXS) has seen its profit slip by 27.2 per cent despite its "productive" half year. During the first half of FY19 Dexus' NPAT was down 27.2 per cent to $726.4 million because of net revaluation gains of investment properties being lower than those recognised in the previous correspondi...

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Home-building robot company enters deal with Brickworks

Home-building robot company enters deal with Brickworks

The company known for building a home structure with a robot has today reached a breakthrough agreement with a subsidiary of Brickworks (ASX: BKW), with expectations for a pilot program to kick off in Western Australia. Within months of its partnership with Caterpillar (NYSE: CAT) falling through, Perth-based Fastbrick Robotics (ASX: FBR)...

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Shopping centres lift SCA Property income

Shopping centres lift SCA Property income

Commercial landlord Shopping Centres Australasia Property Group ('SCA', ASX: SCP) has notched a 17.5 per cent year-on-year rise in funds from operations (FFO) in the first half, while like-for-like sales performance remained steady. Statutory net profit after tax (NPAT) was down 43.5 per cent at $39.9 million, but this was mainly ...

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Equinox Property Group adds to growing tourism portfolio

Equinox Property Group adds to growing tourism portfolio

Sydney-based Equinox Property Group has scooped up two Victorian tourist parks worth nearly $6 million in total, adding to its growing portfolio. Benalla Tourist Park and Healesville Lifestyle Village were purchased off-market and are the latest additions to Equinox's portfolio of Victorian mixed-use tourism and land lease villages. ...

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Melbourne Queen St property sold for $7.25M

Melbourne Queen St property sold for $7.25M

The ground floor and mezzanine of Melbourne's 131 Queen Street, made famous in 1976 as the scene of the 'Great Bookie Robbery', has been sold to a local investor for $7.25 million. According to CBRE, the property proved an historic point of interest for a wide range of buyers, with three investors and four owner-occupiers...

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Global 3D printing pioneer relocates Aussie HQ to the Gold Coast

Global 3D printing pioneer relocates Aussie HQ to the Gold Coast

Leading global 3D printing technology and additive manufacturing group Materialise is moving its Australian headquarters from Sydney to Queensland, where it will be based in the Gold Coast Health & Knowledge Precinct (GCHKP).  The Belgium-based company plans to create a hub for cutting-edge medical device innovation in the 2...

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New home building in Australia facing "toughest year in almost a decade"

New home building in Australia facing "toughest year in almost a decade"

Master Builders Australia has forecast a challenging year ahead for the housing market as slowing mortgage credit and political uncertainty take their toll on activity. The group's chief economist Shane Garrett (pictured below) expects this to be the "toughest year in almost a decade" with declining house prices and fal...

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Office market vacancies to tighten in 2019

Office market vacancies to tighten in 2019

Colliers International expects vacancy rates to squeeze even lower in major office markets in the years ahead, driven by commercial tenants competing for limited space and a rise in demand for large or contiguous office space. Colliers' managing director for office leasing, Simon Hunt, says office vacancy forecasts for key market...

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Two properties sold at record square metre rate for Melbourne precinct

Two properties sold at record square metre rate for Melbourne precinct

Despite reports of falling property prices in Melbourne, a competitive sales campaign recently completed for two neighbouring CBD buildings reflects strong fundamentals according to an agent at CBRE.  The two properties at the junction of of the legal precinct and the city's retail core were owned for 40 years by the Lewenbe...

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The year ahead in property is filled with challenges and changes

The year ahead in property is filled with challenges and changes

The tremors of political instability, a tough economy, and the rise of e-commerce are the guiding forces behind what looks like a challenging 2019 for the Australian property market. These conditions, which bubbled under the surface in 2018, are set to make and break investments this year, but could provide some clarity for trends we'...

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Charter Hall to buy Campbellfield Plaza for $74m

Charter Hall to buy Campbellfield Plaza for $74m

A Sydney-based real estate investment trust (REIT) is using the proceeds from two recent regional property sales to buy a strategic shopping centre in Melbourne's north. Charter Hall Retail REIT (ASX: CQR) has executed an unconditional contract to buy Campbellfield Plaza in northern Melbourne for $74 million, with the transaction expe...

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'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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