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Vol 12. No.179

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	96.46	-1.32
Cash Rate	4.75	Steady
90 Day Bill	4.77	+0.01
10 Year Bond	4.030	Steady
ASX 200	3882.8	-20.4

New South Wales

• Mirvac has sold Ballina Central Shopping Centre for $29 million to a private investor, $1 million above its book value as at June 30.
• The shopping centre sits on a 4.5 hectare site and has a gross lettable area of 14,100m² ($2,056/m²).
• The centre is leased by 21 specialty stores and is anchored by Big W and IGA, both of which are on long term leases until 2026.
• If fully leased, the sale would reflect a yield of approximately 9%.

• C8 Freightworks has signed a four year lease for a 1,993m² ($130/m² net) office and warehouse property at 2 Ralph Street, Alexandria.

Victoria

• SP Setia has acquired a 9,030m² vacant residential block of land at 557 St Kilda Road, Melbourne for $25.25 million ($2,796/m²) from Hudson Conway, who previously acquired the site in the first quarter of 2010 for $20 million.
• The land sold with approval for the construction of 329 apartments ($76,748/unit) and 369 car spaces.

• Remo Nicolini has leased 153m² of space for a restaurant at 800 Collins Street, Melbourne.

• Griffith Hack Patent & Trademark Attorneys has signed an 11 year lease for 3,191m² of office space at 161 Collins Street, Melbourne.
• Rent is reportedly in the high $300’s/m².

• The Victorian Government has signed a three year lease for 445m² of office space at Central West Business Park, Braybrook.
• Rent is reportedly in the high $200’s/m²

• CVC Property Fund will sell a 2.89 hectare industrial property on Ferntree Gully Road, Knoxville for $31.5 million under a conditional contract.
• The property has a book value of $29 million.

Queensland

• It is anticipated that the supply of new apartments in the inner north suburbs of Brisbane will increase by 3,500 by the end of 2012.
• The increase will stem from Brisbane City Council restricting urban renewal to inner city suburbs already serviced by infrastructure through rezoning from industrial to medium density residential.
• Future projects include Arden Property Group’s $215 million Eden residential development at Albion, Brisbane, due for construction early next year.
• The project will include three buildings built over six storeys comprising a mixture of 280 one, two and three bedroom units.

National Property

• A Victorian based property advisory syndicate has acquired two industrial properties in Melbourne and Mackay.
• A mixed use office and warehouse property on a 2.5 hectare industrial site leased to Agrekko until 2020 with a five year option in Braeside was acquired for $11 million, with three buildings on the site being on sold.
• An office warehouse at Mackay was acquired for $8.6 million with a 15 year lease reflecting a yield of 9.5%.