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Vol 11. No.155

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	89.39	+0.11
Cash Rate	4.50	Steady
90 Day Bill	4.73	-0.02
10 Year Bond	4.972	-0.088
ASX 200	4438.5	-21.1

NSW Property

Sydney rental update (AFR Pg.52)

• Over the past 3 months Sydney's weekly rents increased by an average $10.
• Rents have risen by an average $20 over the year.
• Rents for inner ring properties rose by $30 over the year.
• The Sydney vacancy rate is 1.2%.

Burwood Council car park sale (AFR Pg.54)

• Burwood Council has sold a 5,469m² ($4,114/m²) public car park on the corner of Belmore Street and Wynne Avenue in Burwood to a developer for $22.5 million.
• Site B has a 60m height limit. The property sold without a development application.

Queensland Property

Growthpoint Properties Australia acquisition (AFR Pg.51)

• Growthpoint Properties Australia has purchased approximately $170 million of Brisbane office and industrial assets from Property Solutions.
• The 2 office buildings sold for a combined $130 million and are leased to Sinclair Knight Merz and McMahon.
• Four industrial assets were sold for approximately $40 million.

Victoria Property

Seven Network’s Melbourne headquarters sale update (AFR Pg.54)

• Trafalgar Corporate Group will sell the Seven Network’s headquarters on Harbour Esplanade in Docklands for more than $54 million to a local investor on a yield of approximately 7.6%.
• The sale price is well above the book value of $48.5 million.
• The Seven Network occupies the entire building until 2025.

Seven Network’s development plans (AFR Pg.55)

• Premier Capital Developments is set to transform “under-utilised” property owned by the Seven Network into $320 million of residential and commercial projects.
• Sunday Apartments on Coventry Street will comprise 237 units with prices starting at $335,000. The penthouse will have an asking price of $1.3 million.
• On a vacant site next to the stadium a $200 million office tower will be developed with 1,500m² floor plates. 

Moorabbin Airport sale update (AFR Pg.50)

• The Goodman Group is set to acquire the Moorabbin Airport and adjoining Chifley Business Park for $201.5 million. The vendor is a company associated with Greg Goodman.
• The airport and business park comprises 294 ha and is a Commonwealth government Masterplan-approved site.
• The property has $91.6 million of income-producing investments on 50 ha; 73 ha of developable land, with a variety of Masterplan-approved uses; whilst the aviation activities cover 171 ha.
• The Goodman Group has an active interest in Chifley Business Park which comprises 37 ha and is valued at $106 million.
• Goodman Holdings has been retained as the airport operator under a separate agreement for the next 10 years.

National Properly

DFO portfolio sale update (AFR Pg.55)

• The sale of the $1.5 billion Direct Factory Outlet (DFO) portfolio is expected to be finalised in the next few weeks.
• The assets include DFO centres in Sydney, Queensland and Melbourne plus 3 homemaker centres.