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Vol 12. No.139

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	110.53	+0.65
Cash Rate	4.75	Steady
90 Day Bill	5.01	-0.01
10 Year Bond	4.892	+0.087
ASX 200	4497.8	+73.2

New South Wales Property

• UK retailer Topshop is to open its first Australian store in the Sydney CBD.
• Topshop will lease retail space in the former Gowings building on the corner of George and Market Streets, previously occupied by Supre until March this year.

• Orchard Funds Management is close to selling the St Leonards Corporate Centre located at 39 Herbert Street in St Leonards.
• Altis Property Partners is believed to be in due diligence to buy the industrial park for around $83 million.
• Orchard’s diversified fund acquired the St Leonards Corporate Centre from Macquarie Goodman Group for $111 million in June 2007 on a yield of 6.2%.
• The property is split between office (30%) and warehouse (70%) use.

• Maestri Tower Investment Group has leased a 95 square metre office suite at 276 Pitt Street in the Sydney CBD on a rent of $558/m².
• The suite includes open plan offices, boardroom, reception and waiting area plus storage and kitchenette.

• Dixon Asia Pacific has leased a 1,755 square metre distribution facility, situated on a site area of 3,842 square metres, at 15 Watsford Road in Campbelltown.
• The lease term is for five years with a net annual rent of $157,950, or $90/m², with annual increases of 3.5%.

Victoria Property

• Stockland Group has sold its Lilydale shopping centre in Melbourne to Woolworths for $37 million.
• Stockland Lilydale is a neighbourhood shopping centre anchored by Woolworths on a long-term lease expiring in 2020.
• The centre includes two mini-major stores, 28 specialty stores, two kiosks and four ATMs.
• The shopping centre has a gross lettable are of about 8,751 square metres ($4,228/m²) and sits on a total site area of 50,680 square metres ($730/m²).
• Yarra Ranges Council recently approved a revised permit application for the $40 million redevelopment of the site.
• Woolworths is to expand its grocery store as well as build and open a Big W store along with specialty stores, a food court and basement parking.

• An Australian transport company has leased a 6,855 square metre office and warehouse facility at Store F, 467 Plummer Street in Port Melbourne from Goodman Group.
• The lease term is for three years at a rent of $70/m².
• The property has on-site parking and B-double access.

• GolfTec has leased 500 square metres of space at 136 Exhibition Street in the Melbourne CBD which includes a driving range.
• The lease term is for five-years and the rent is estimated to be between $600/m² and $800/m².

National Property

• According to industry sources, new home sales figures showed the largest monthly fall in five years.
• New home sales fell 8.7% in June, reflecting the sharpest fall since May 2006.
• Detached home sales fell 8.8% and units fell 8.1% following an increase of 23.3% the previous month.
• The biggest fall across the nation was recorded in Queensland where new home sales fell by 17.1%, this was followed by a fall of 10% in Victoria.
• There was a 6.3% fall in new home sales in Western Australia and a 1.8% decline in NSW.
• Sales were flat in South Australia.

• According to industry sources, residential rents in inner-city suburbs have increased up to 12% over the past year.
• The greatest percentage increase in Australia was recorded for Sydney’s Neutral Bay, where new weekly rents increased 12.1% to $494 a week.
• In Sydney, rents increased more than 10% in Glebe, Kogarah, Randwick, Potts Point, Redfern, Surry Hills and Chippendale.
• In Melbourne, Armadale increased the most rising by 10.2% to $400 a week.
• Rents increased more than 9% in Glen Iris, Kew, Fitzroy, Essendon, Fairfield, Brunswick and Moonee Ponds.
• Rents in Brisbane increased moderately over the year with Nundah recording the largest increase for the state rising by 5.9% to $301 a week.
• Rent increases above 5% were recorded in Clayfield, St Lucia and Logan Central.