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Vol 12. No.23

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	101.35	+0.37
Cash Rate	4.75	Steady
90 Day Bill	4.91	+0.01
10 Year Bond	5.660	+0.080
ASX 200	4862.7	+42.1

New South Wales Property

• Sydney hoteliers Iris Hotel Group and Patrick Gallagher have realigned their hotel portfolios in sales worth a combined $31.85 million.
• Patrick Gallagher has sold PJ Gallagher’s at Parramatta for $19.35 million to the Iris Hotel Group.
• In turn, Iris has sold Mr Gallagher the 27-year leasehold of the Criterion Hotel in the Sydney city centre for $12.5 million.
• The deal was negotiated on a leasehold yield of 15%-16%.
• The Parramatta acquisition was negotiated on a yield of between 10.5%-11.5%.

• Ken Holdings has sold a 614 square metre office/retail building at 347 The Kingsway in Caringbah to Neville Israel for $3.7 million ($6,026/m²).

• On behalf of receivers and managers appointed, Taylor Woodings Chartered Accountants has sold a 7,847 square metre site at 176-184 George Street in Concord West to George Concord for $5.15 million ($656/m²).

Queensland Property

• The Kass family has sold a 428 square metre ANZ Bank premises at 409 Logan Road in Brisbane to a private Sydney investor for $2.85 million ($6,659/m²).

National Property

• Delfin Lend Lease is gearing up for a busy 12 months, launching a record number of residential community projects.
• Delfin Lend Lease, which is part of global property group Lend Lease, specialises in developing master-planned residential communities and has 60,000 lots under management.
• This year the company is launching seven, maybe eight, new projects which is unprecedented in Delfin Lend Lease’s history.
• This means an additional 45,000 homes will be available across Australia as these projects are completed over the next 30 years.
• One of the projects is the Alkimos master-planned community in Western Australia, which will comprise 10,000 dwellings on completion. The initial 224-hectare stage, which Delfin Lend Lease is to begin work on this year, is expected to be valued at $400 million.
• In Victoria, the developer has also been selected by the Melton Shire Council as the preferred developer for the $1.2 billion Toolern master-planned community project, while the concept plan for the 4,800-home Calderwood master-planned community project in the Illawarra region has been approved by the NSW government.