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Vol 12. No.79

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	108.86	-0.50
Cash Rate	4.75	Steady
90 Day Bill	4.93	+0.03
10 Year Bond	5.610	+0.150
ASX 200	4784.6	-40.7

New South Wales Property

• Australand has secured a 38 hectare site at Blacktown for an undisclosed sum.
• Located on the Ashlar Golf Course, the site will be redeveloped into a master-planned housing community with approximately 700 dwellings.
• Development will begin on the site after Ashlar relocates to its new premises at Stonecutters Ridge Golf Course next year.
• The community will be a mix of detached homes, town houses, low rise and two to three-storey apartments.

• Two surveys commissioned by Lend Lease showed 87% of people who were unaware of Barangaroo were “positive” about the $6 billion development after they were shown artists’ impressions of the site.
• For those already aware, 34% were positive about the development. After being given more information about the project the figure increased to 65%.
• Parks, appearance and jobs were some of the key factors people believed the development would benefit Sydney.

• AMP Capital Investors has sold an industrial warehouse located at 74 Edinburgh Road in Marrickville to Woolworths for $20 million.
• The factory sites on 2.7 hectares of land ($741/m²) and was the old manufacturing site of Unilever.
• Woolworths intends to use the property for its Masters Home Improvement business chain.

Victoria Property

• LaSalle Investment Management has acquired the Novotel Melbourne on Collins hotel and the Australia on Collins retail complex for $204 million reflecting a combined reversionary yield of 8.2% from Thakral Holdings.
• The five-star, 380-room hotel and adjoining 7,800 square metre centre was sold to the LaSalle Asia Opportunity Fund III.
• A new hotel management agreement was struck with LaSalle and Accor will continue to run the hotel under its Novotel brand.

• As part of the Victorian budget the Baillieu government will halve stamp duty for first-home buyers over the next four years between 1 July 2011 and 1 September 2014.
• The government has allocated $444 million to the provision for a 50% cut to stamp duty for first-home buyers when they purchase homes worth less than $600,000.