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Vol 12. No.2

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	100.18	-0.77
Cash Rate	4.75	Steady
90 Day Bill	4.96	Steady
10 Year Bond	5.500	-0.003
ASX 200	4714.9	-27.6

National Property

• Residential developer CIC is in talks with a number of parties as it seeks to tackle its biggest project to date – the $1.6 billion Googong project outside Canberra.
• The master-planned development on a 780-hectare site south of Queanbeyan is expected eventually to house 16,000 people in 5,500 homes.
• Sales and construction work are slated to kick off this year.
• CIC is seeking outside capital to complete the 20-year development, which had been in the planning stages for eight years.
• CIC has avoided the major markets of Sydney and Melbourne, preferring to focus on Canberra, Adelaide and Darwin where it has several big developments at various stages of planning and execution.
• Among them are a 700-lot subdivision in Adelaide, in partnership with Defence Housing Australia, and a 1000-lot subdivision in conjunction with South Australia’s Land Management Corporation.
• The company has also just started an extension of its Forde project in Canberra and expects Forde North to yield 350 lots.
• The Crace project in Canberra which is being developed by a consortium including CIC, is expected to yield 1500 lots.
• About 114 of the 140 apartments at CIC’s The Ambassador apartment development in Canberra’s Deakin have already sold and construction is expected to be completed soon.

• Linfox has spent almost $100 million buying property and buildings to support its growing fleet of vehicles.
• This week the group will open a $27 million facility at Erskine Park in Sydney’s west, and it is on track to open its $70 million Port Hedland logistics site in the first quarter of this year.
• Big trucking operations require a lot of support property for vehicle washing, parking, maintenance and fuelling.
• Linfox has a fleet of more than 5,000 vehicles and plans to add more.
• Founded by Lindsay Fox and run as a family company, Linfox is the largest privately owned road transport group in Australia.