Call us today

Vol 12. No.16

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	99.61	+0.76
Cash Rate	4.75	Steady
90 Day Bill	4.94	Steady
10 Year Bond	5.488	-0.120
ASX 200	4807.8	+21.8

New South Wales Property

• Sydney property group Lindsay Bennelong Developments is preparing to start a $42 million mixed-use development in Sydney’s eastern suburbs.
• The Darlinghurst project, between Neild and McLachlan Avenues and New South Head Road includes three residential buildings of six to nine storeys with ground-floor retail space.
• The development is expected to yield 112 apartments and the plans are out for public comment.
• Marketing of the new project would start as soon as approvals were received.

• The NSW government has approved the development of two new medical research and teaching facilities.
• The approvals are for the $112 million Wallace Wurth Building refurbishment at the University of NSW and the $108 million Australian Hearing Hub at Macquarie University.

Victoria Property

• Property tycoon John Gandel has put a half-stake in Melbourne’s $900 million Northland super regional shopping centre on the market.
• The CFS Retail trust co-owns Northland with Gandel and reported a 2.4% rise in the value of its stake at the end of December to $455 million on a yield of 6.25%.
• Northland is a 92,380 square metre super regional centre anchored by a Myer department store, Kmart and Target discount department stores, Coles and Safeway supermarkets, a 14-screen Hoyts cinema complex, eight national mini-majors and specialty stores.
• The centre, 11 kilometres north of Melbourne’s CBD, is the largest retail site in its total trade area of 490,600 residents.
• Northland has the only department store in the area and strong population growth is expected.
• Northland was one of Melbourne’s earliest region shopping centres when opened in 1966 by the Myer Emporium.
• Mr Gandel has been involved for more than 25 years, after the Gandel group bought our Myer in 1983.

• The Victorian government has released a tract of land at Greenvale in Melbourne’s outer north.
• More than 360 hectares have been set aside for new suburbs Greenvale West and Greenvale North, which will have up to 1,570 dwellings.
• The new suburbs are borded by Craigieburn and Roxburgh Park about 25 kilometres north of Melbourne’s CBD.
• Listed developer Peet is one of the largest land holders in the Greenvale corridor, overseeing 467 hectares or a land bank of 4,000 lots. The developer’s latest land release would provide 800 to 1,000 homes.
• Peet aims to build on its already existing Greenvale Lakes community building two additional new communities within Greenvale and Craigieburn during 2011.
• Peet plans to invest more than $300 million in infrastructure in the area.
• Australand said previously it had 573 allotments earmarked for its Greenvale development with an end value of more than $136 million.