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Vol 12. No.229

Economic Overview

	Current	+/-	Movement
$AUS/$US	102.67	0.87
Cash Rate	4.25	Steady
90 Day Bill	4.54	-0.06
10 Year Bond	3.970	+0.032
ASX 200	4292.5	+30.5

New South Wales

• French retailer Louis Vuitton opened its new flagship store last week on the corner of George Street and King Street Sydney, sharing the intersection with  retailer Apple.
• British retailer Topshop is set to open a store in the former Gowings Building on the corner of George Street and Market Street and Karen Millen has opened a new store facing George Street within the QVB Building.
• The City of Sydney Council has announced plans for light rail along George Street to replace heavy traffic stemming from buses to invigorate the streetscape.
• Westfield announced as part of its Q3 update last month their Westfield Sydney store on Pitt Street Mall is achieving the highest speciality sales productivity on an annualised basis across their entire portfolio.

• The Wynard Complex owned by Thakral Holdings and located in the northern precinct of George Street, has reportedly generated interest from the Westfield Group.
• The $250 million complex is currently being marketed for sale by Thakral Holdings.
• Westfield is considering the site for a $1.3 billion mixed use project with foot traffic anticipated to increase as result of the revitalisation of George Street and the development of Barangaroo South.

• One of the two penthouses within The Residences on College Street, Sydney has sold for a price in excess of $20 million and is the highest price paid for an apartment across Australia.
• Strata levies are forecast at $100,000 per annum.
• Of the 87 apartments within the syndicated development only a small portion remain available with prices starting from $1 million.

• 120 Clarence Street, Sydney has been acquired by China Southern Airlines for more than $10 million from Conset Investments.
• The heritage listed building comprises 1,151m² of building area over 7 storeys and includes ground level retail.

• A development site at 41-43 Crescent Street, Rozelle has sold for $1.375 million.
• The property comprises a site area of 555m² ($2,477/m²) and has approval for an industrial strata unit complex.

• An industrial property at 1-3 Waltham Street, Artarmon has sold for $3.4 million.
• The property is improved with a building of 2,200m² ($1,545/m²) and features frontage to Gore Hill Freeway.

Queensland

• Leasing activity in the GPT Group's One One One Eagle Street, Brisbane  tower has increased with three new deals to be announced.
• Xstrata Coal will take up 2,300m² in the mid rise of the building at a cost of $1.8 million annually.
• DRG Global will take up 465m² and Solaris 600m².
• Arrow Energy is believed to be in negotiations to take up approximately 10,000m² in the building.
• The retail offerings within the speculative development have picked up with the announcement of an 85 seat bistro to be known as One Eleven and a 20 seat mezzanine coffee bar Espresso One Eleven both to be run by Phillip Johnson.

Victoria

• Singapore's Government Investment Corporation (GIC) is reportedly in negotiation to acquire CFS Retail Property Trust's stake in the $1.5 billion Myer and Emporium redevelopment in Melbourne CBD.
• The negotiations are for a 33% stake in the first stage and a 50% stake in the second stage that is currently held by CFS.

• An industrial property at 39 Wright Road, Keilor Park has been acquired by a private investor for $5.075 million reflecting a net yield of 7.8%.
• The property comprises a building of 4,020m² ($1,262/m²) with an office component of 120m².