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Vol 12. No.208

Economic Overview

	Current	+/-	Movement
$AUS/$US	103.56	-0.17
Cash Rate	4.50	Steady
90 Day Bill	4.65	+0.01
10 Year Bond	4.290	-0.045
ASX 200	4273.4	-7.7

New South Wales

• Investa Property Group is looking to sell a 22,934m² office tower at 55 Market Street, Sydney for approximately $200 million.
• The circa 1990, A grade property has a 3.5 star NABERS rating and is approximately 92% occupied.

• Sydney Laminating Company has leased a 812m² industrial property at 1/4 Doody Street, Alexandria under a five year term for $160/m² gross.

• Skydome has leased a 905m² warehouse at 4/30-32 Artisan Road, Seven Hills under a 5 year term for $115/m² net.

• Quay Haymarket has leased a 269m² office at 8 Quay Street, Haymarket under a 2 year term for $450/m² gross.

• Rocket Internet has leased a 1,100m² office at 84 Mary Street, Surry Hills for $327/m².

• Local Government Super has completed a refurbishment of a 25 year old office building at 76 Berry Street, North Sydney with expectations of reducing emissions by 85% and achieving a six star NABERS rating.
• The 11,500m² property took 18 months to refurbish at a cost of $6 million, including a $2.1 million grant by the federal government.

Victoria

• Abacus Proeprty Group has acquired a 20,336m², 18 level office tower at 484 St Kilda Road, Melbourne for $68 million ($3,343/m²) reflecting an initial yield of 8.7%.

• Paul Smith has reportedly leased 250m² of retail space at 120 Collins Street, Melbourne for approximately $3,000/m².

• Glen Dimplex Australia has leased a 1,660m² warehouse at 1/21 Lionel Road, Mt Waverly for approximately $132/m².
• The circa 2000 property comprises a 860m² office, 800m² clear span warehouse and parking for 36 vehicles.

Queensland

• Billbergia Group’s 90 storey tower development at 222 Margaret Street, Brisbane is expected to gain approval from the Brisbane City Council.
• The tower will comprise a 5 star hotel comprising 380 rooms and a residential component consisting of 790 one, two and three bedroom apartments.
• The site is currently excavated and was acquired for $40 million early this year.

• Chipmunks Playland and Café have leased a 1,000m² retail property at 24 Innovation Parkway, Birtinya for $145/m² gross.
• The property had been vacant for three years.

• Stage one of the Hamilton Reach residential development in Brisbane has achieved 40% of sales since marketing commenced in April 2011.
• The first stage comprises 78 apartments ranging between 56m² and 150m² spanning two five storey buildings.
• One bedroom units are priced from $350,000, two bedroom units are priced from $535,000 and three bedroom units are priced from $890,000.
• Sales achieved include two three bedroom apartments for $1.4 million each and the penthouse for $1.5 million.