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Vol 12. No.18

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	99.28	+0.28
Cash Rate	4.75	Steady
90 Day Bill	4.95	-0.01
10 Year Bond	5.483	-0.029
ASX 200	4774.9	-31.2

New South Wales Property

• New plans for the redevelopment of Sydney’s Stamford Plaza Hotel have emerged, with a nine-storey mixed-use project proposed for the Double Bay site.
• The six-storey hotel, previously known as the Ritz Carlton, would be contended under plans put forward by Scarborough Pacific Group, run by British tycoon Kevin McCabe.
• The hotel closed in 2009 and has been empty since.
• The company plans to build 1,018 square metres of retail space, in two tenancies; 93 one-, two- and three-bedroom apartments and basement parking for 154 cars.
• The planned development exceeds height and density restrictions for the Double Bay town centre site.
• Developments are permitted to be five-storey high on the street front and four at the rear.
• In its submission to the council on behalf of the developer, urban design group GSA Planning said the design of the new building was in keeping with the area.

• Lushous Clothing has leased 1,000 square metres of office and warehouse space at 1743 Botany Road in Banksmeadow from Sudore.
• The lease term is for four years at a gross rental rate of $100 per square metre.

National Property

• The residential property market appears to have made a solid start in the traditionally quiet summer period.
• The final week of January has produced moderate sales in Melbourne but a more subdued start in Sydney.
• While unsold pre-Christmas stock is still being cleared, early auctions have shown the year holds promise for vendors who have recognised the shift.
• In Melbourne, 55 properties sold at auction over the weekend, 10 sold before auction and four sold after auction.
• Fifty-seven were passed in and the clearance rate was 55%, well off the 82% this time last year.
• The top houses included a sale of just over $1 million in Doncaster’s Ballamore Crescent and a home in Durham Street in inner city Richmond, for $920,000.
• In Sydney, fewer than 40 auctions were held on the weekend. The mid-week clearance rate was 59.3% as 15 properties worth a total of $22.1 million were sold. This included a $1.53 million four bedroom house in Leichhardt.