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Vol 12. No.166

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	106.04	+0.67
Cash Rate	4.75	Steady
90 Day Bill	4.80	+0.02
10 Year Bond	4.318	+0.071
ASX 200	4183.4	+107.9

NEW SOUTH WALES

• Mirvac Group has lodged development plans for its $1 billion redevelopment of the former Harold Park Paceway site in inner west Sydney which had been acquired for $187 million from the NSW Harness Racing Club last year.
• The 10.6 hectare site will consist of 6 precincts and up to 1,250 dwellings.
• Plans for the initial two precincts have been detailed with precinct 1 comprising four apartment buildings consisting 296 units and car parking for 256 vehicles.
• Precinct 2 will comprise two apartment buildings consisting of 169 units and 65m² of retail space.

• Fredon Manpower has acquired 123-129 Wetherill Street, Silverwater for $5.2 million.
• The 7,148m² ($727/m²) site has 4,122m² ($1,262/m²) of building space and includes mezzanine space for storage.

• Ventus Constructions has acquired a site of more than 2,500m² at 153 George Street, Redfern, for $7 million ($2,800/m²)

VICTORIA

• Australian Unity has acquired the 148 unit Geelong Grove Retirment Village in Grovedale, Victoria for approximately $8.5 million.

• Ten industrial lots covering 23,917m² in Villiers Park Estate, Wendouree, have been sold to separate purchasers for $1.56 million.

QUEENSLAND

• La Salle Investment Management is considering acquiring The Chifley at Lennons hotel in Queen Street Mall, Brisbane for approximately $57 million from Abacus Property Group.
• The 30 storey tower has 154 hotel rooms on 13 levels, 4,624m² of commercial floor space and 750m² of retail space.
• The hotel was last valued in December 2010 at $55 million reflecting a capitalisation rate of 8.5% at the time.
• Redevelopment plans for the tower have been lodged to replace the commercial floor space with an extra 130 hotel rooms.

• Rio Tinto has signed a non binding heads of agreement to lease approximately 10,000m² of commercial office space at 150 Charlotte Street, Brisbane from Walker Corp reflecting approximately $600/m²
• Rio Tinto plans to occupy 15 levels of the building.
• Walker Corp will redevelop the building to accommodate 18 levels with an A-grade finish, expected to be completed by next year.

• Amec Minproc has leased over 1,500m² of commercial space in 144 Edward Street, Brisbane.
• Rents for the building currently range from mid $500/m² to low $600/m².

• 9 sales from a possible 47 were achieved at a mass auction for apartments at Aspire Tower in Ipswich.
• Sales achieved included $157,500 for a one bedroom unit, $532,000 for a three bedroom penthouse and between $174,000 and $245,000 for two shop fronts.

• Harvest Property has acquired an over 50’s resort covering 10 hectares comprising 99 relocatable units in Goodna for $3.05 million, reportedly $550,000 over the reserve.
• The property includes a nine hole golf course, library, swimming pool, common community centre and clubhouse.

• Brisbane Congregation of the Sisters of Mercy have sold a former convent comprising two levels and 20 rooms set on 2,000m² of land area in Wynum for $1.6 million ($800/m²) to IJS Logistics with plans to convert the site to a prestige residence.

NATIONAL PROPERTY MARKET

• Centro has listed Centro Townsville, Centro Albion Park and Centro Newcomb for sale with expectations of achieving a combined $85 million.