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Vol 12. No.15

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	98.85	-0.07
Cash Rate	4.75	Steady
90 Day Bill	4.94	+0.01
10 Year Bond	5.608	-0.014
ASX 200	4786.0	+30.3

Victoria Property

• Challenger Financial Services Group is in due diligence to buy 31 Queen Street in Melbourne from an FKP Property Group managed fund for about $80 million.
• The 22-level office tower has a total net lettable area of 9,192 square metres.
• FKP refurbished and repositioned the building since acquiring it for $41 million in 2003.
• The building is an asset of FKP Core Plus Fund and it houses tenants including Hayes Knight, Hyder and OZ Minerals.
• Market sources said the property is expected to deliver Challenger an investment yield of about 8%.
• It is not known if the asset will be acquired on Challenger’s balance sheet or by its listed property fund, the Challenger Diversified Property Group.

Queensland Property

• Brisbane’s premium office towers fronting the river reopened for business yesterday, more than a week after the city’s floods cut power and damaged carparks and ground-floor retail precincts.
• GPT Group’s Riverside Centre and Stockland’s Waterfront Place were opened to tenants, although carparks and loading docks remain closed.
• Stockland’s restaurant and cafe strip at Eagle Street Pier also reopened over the weekend although some lifts and carparks remain closed.

Western Australia Property

• WA-based construction and development group Diploma have secured a property in Midland, Perth for a $25 million mixed use development.
• The group will develop about 60 apartments and some commercial space on the 2,643 square metre site.
• Pre-sales are expected to start as the group finishes its Foundry Apartments and construction is slated for the second half of 2011.