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Vol 12. No.19

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	99.46	+0.18
Cash Rate	4.75	Steady
90 Day Bill	4.95	Steady
10 Year Bond	5.497	+0.014
ASX 200	4753.9	-21.0

New South Wales Property

• The NSW government approved $18 billion worth of major projects under part 3A of the Environmental Planning and Assessment Act in 2009-10.
• According to Planning Minister Tony Kelly, the 125 projects had the potential to create 62,971 construction and operational jobs.
• It was the highest level of capital investment since the system started in 2005.

• Plans for the $6 billion Barangaroo project on Sydney’s waterfront are gaining pace.
• The director-general of the NSW Department of Planning recently issued developer Lend Lease with environmental assessment guidelines for an office building and two residential buildings.
• The developer is reviewing submissions on another office building after a public consultation period.
• The concept plan for the renewal project was approved late last year.

Victoria Property

• Billionaire developer Lang Walker is selling a suburban Melbourne shopping centre, the Point Cook Town Centre, to help fund his $1.3 billion office development in Docklands.
• The shopping centre, which covers almost 43,000 square metres and has the potential to be developed out to 70,000 square metres, could sell for as much as $200 million.
• The town centre has Coles, Aldi, Target and Harris Scarfe as anchor tenants along with more than 100 specialty shops, a community learning centre and 6,230 square metres of commercial space.
• Mr Walker’s Docklands development has been growing in scope – from four to five towers – to encompass 185,000 square metres of commercial space.
• The project has been renamed Collins Square, providing a new “bookend” in the Docklands precinct to match the existing Collins Place at the eastern end.
• The original plan included an option for a fifth tower earmarked as a residential project.
• In Docklands, Mr Walker has decided to bolster his commercial exposure.
• Melbourne has the tightest vacancy rate in the nation and there is little new supply under way to address the demand.
• All five towers will be linked at their lower levels, creating up to 8,000 square metres of retail space.
• The Australian Taxation Office, Marsh Mercer and publisher Pearson Group have all signed on to the project, which is 40% pre-leased.
• Mr Walker plans to recycle capital from the sale of the Point Cook centre to drive the project.