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Vol 12. No.59

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	103.25	+0.60
Cash Rate	4.75	Steady
90 Day Bill	4.93	-0.01
10 Year Bond	5.532	+0.055
ASX 200	4822.2	+66.4

New South Wales Property

• Allen & Overy has taken levels 22 to 25 in the new tower, 85 Castlereagh Street – above Westfield Sydney, on a 12-year lease that starts on completion of the tower in December.
• The law firm will occupy 4,500 square metres of space at a rent of between $920 and $940/m² net.
• Incentives are believed to be around 20%.

• The Mercure Centro Port Macquarie hotel is on the market via an expressions of interest campaign.
• The 71-room, 4.5 star hotel is located in the regional centre of Port Macquarie.
• The hotel includes a restaurant, bar, conference facilities and event space, a pool, a gym and three retail outlets.
• The five-level hotel opened in 2007.

• A block of units located at 10 Margin Street in Gosford have sold with vacant possession to a private developer for $775,000.
• The developer plans to refurbish the three-level property, which was water-damaged.
• The site area is about 1,360 square metres ($570/m²).

• A large freehold retail property located at 399-403 Victoria Avenue in Chatswood has been sold for $10.5 million on a yield of 2.2%.
• The property provides a gross rental of $230,000 currently leased to Smart Dollar on a monthly tenancy.
• The shop is approximately 561 square metres ($18,717/m²)

• A local investor has acquired a retail property located at 109 Pitt Street in Sydney for $1.5 million on a yield of 6%.
• The shop is fully leased to Pie Face and generates an annual income of around $95,000 net.
• Pie Face has a five-year lease which began in 2008 and includes a five-year option.

• A freestanding commercial building located at 176-178 Parramatta Road in Auburn has sold with vacant possession to a private investor for $1.23 million.
• The property has a floor area of 473 square metres ($2,600/m²).

Queensland Property

• National Transport Insurance has leased 1,400 square metres of space in Leighton Properties and Grosvenor Australia’s 400 George Street in Brisbane.

• Australand has launched its $400 million residential project, Hamilton Reach located in the riverfront suburb of Hamilton in Brisbane.
• Stage one, named Watermarque, comprises 78 units ranging in price from $350,000 to $1.5 million.
• On completion the six-year project will have about 850 dwellings.
• The ground floor apartments of the two five-storey buildings in stage one will be two metres above the peak level of the January floods.

Victoria Property

• The Pakenham racecourse in Victoria has sold to The Corcoris Group for $38 million.
• The site is earmarked for a master-planned residential community.
• The 24-hectare site was rezoned last year to allow medium to high density residential dwellings as well as retail and commercial space.

• The Westfield Group and the Westfield Retail Trust have begun a $320 million redevelopment of Westfield Fountain Gate in Melbourne.
• A new full-line Myer department store will be constructed over two levels in a parallel mall with Myer occupying 12,000 square metres.
• A relocated Coles supermarket, a larger Target store and about 122 new tenancies will also be part of the redevelopment, adding a further 34,600 square metres of gross lettable area to the centre.
• The project is scheduled for completion late next year.

• A financial services firm has acquired the 13th floor of 50 Market Street in the Melbourne CBD for $1.775 million.
• The 500 square metre property reflects a rate of $3,350/m² for the sale.

National Property

• An auction conducted this week sold 10 out of 12 commercial properties worth a total of $27 million.
• A research facility located at Tuffnell Road in Banyo, north of Brisbane, sold for just over $5 million reflecting a yield of 7.18%. The 5,365 square metre site is leased to the Queensland University of Technology on a 10-year lease.
• A Fernwood Fitness Centre at Ferntree Gully, east of Melbourne, sold for $2.7 million on a yield of 9.6%.
• In NSW, two Dan Murphy’s liquor outlets sold, one outlet in Richmond sold for $5.25 million on a yield of 7.1% and the second outlet in Raymond Terrace sold for $7.25 million on a yield of 6.9%. Both retail properties have existing 15-year leases.