Vol 11. No.239
Wednesday 15 December 2010
|90 Day Bill
|10 Year Bond
New South Wales Property
Abacus acquires Clarence Street building (AFR Pg. 48)
- Abacus Property Group has acquired 167-175 Clarence Street in Sydney for $29.5 million.
- The 15-level building comprises 6,519 square metres of net lettable area and is about 89% occupied.
- The deal showed an initial yield of 9%.
Southpoint work commences (AFR Pg. 49)
DEXUS acquires Brisbane industrial property (AFR Pg. 49)
- The Anthony John Group has commenced work on a $570 million mixed-use development following approval by the South Bank Corp in Brisbane.
- The development, called Southpoint, will include 458 apartments, 22,000 square metres of commercial office space, a 5-star luxury hotel and a retail precinct.
- DEXUS Property Group has acquired an industrial property in Brisbane from AMP’s Property Income Fund for $20 million-plus.
- The acquisition, which includes seven buildings on a 4.5 hectare site, was struck on a yield of more than 10%.
- The asset, Balham Road Industrial Estate in Archerfield, has access to arterial roads including the Logan Motorway and includes tenants such as Kennards Hire and BlueScope Steel.
Deague family sells two Melbourne assets (AFR Pg. 49)
Henkell Brothers acquire Melbourne office building (AFR Pg. 49)
- Prominent Melbourne developers the Deague family have sold two Melbourne assets for a combined $30 million.
- The sale of the two assets was to a private buyer and includes the historic Airlie Mansion at 452 St Kilda Road in Melbourne.
- Built around 1891, the two-storey residence was once the home of Stanley Bruce, Australia’s prime minister in the late 1920s.
- The Deague family company, Asian Pacific Building Corporation, has also sold a 3,000 square metre-plus development site in Daly Street, South Yarra to the same buyer.
- It was sold with planning approval for a 20-storey, 426-apartment development.
Flinders Lane office property sold (AFR Pg. 49)
- Henkell Brothers Investment Managers has bought back 45 William Street in Melbourne from the Becton Office Fund for close to its book value of $27.25 million.
- The deal represented an initial yield of about 8.5%.
- The 9,000 square metre office building was sold by the Henkell Brother in 2007 to Becton for $33.3 million.
Private investor acquires Derrimut industrial property (AFR Pg. 49)
- Rodney Smorgon has sold a Flinders Lane office property in Melbourne for $16.35 million.
- Brendan Sullivan acquired Katherine Square, which includes two strata-titled office buildings.
- The buildings are 94% leased and provide an income of about $1 million a year.
Sources: As above
- A private investor has acquired an industrial property from a syndicate managed by Colonial First State Global Asset Management located in the Gilberston Industrial Estate in Derrimut for $11.7 million.
- The property sold on a 9.9% yield and includes three office warehouses.
- Pack Trainers and WA Freightlines occupy the property.
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