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Vol 13. No.115

Economic Overview

	Current	+/-	Movement
$AUS/$US	100.14	-0.46
Cash Rate	3.50	Steady
90 Day Bill	3.50	-0.02
10 Year Bond	2.897	-0.16
ASX 200	4027.8	-20.4

New South Wales

• Shangri-La Asia have acquired the Shangri-La Hotel in the Sydney CBD for $330 million from GIC Real Estate who previously bought the hotel in 2002 for $206.5 million.
• The acquisition for the hotel which was refurbished last year at a cost of $20 million reflects a rate of $586,000 per room.
• Research indicates the Sydney hotel occupancy rate is currently 85.3%.

• Business Print Australia have leased a 4,655m² industrial facility comprising a high clearance warehouse and office space at 4 & 4C/1A Hale Street, Botany under a six year term for $125/m².

• Connect Infrastructure have leased a 2,311m² industrial facility at 301 Enterprise Circuit, Preston under a three year term for $95/m² net.

Victoria

• Target have leased 4,462m² of commercial space spanning five floors at 324 St Kilda Road, Melbourne for approximately $280/m² net.

• Conveyor Pulleys Australia have leased a 1,623m² industrial facility at 11 Network Drive, Carrum Downs under a five year term for approximately $100/m².
• The facility comprises motorised roller doors, side drive and hardstand area and a six metre all weather canopy.

• A private developer will acquire the Lovely Banks Garden retirement village in Corio for $3.1 million on the condition the land is rezoned for residential development.
• The acquisition of the 65 unit retirement village reflects a 6.8% premium to its book value in December 2011.
• The village operates on a rental fee model and was sold by Ingenia Communities.

National

• As of July 1, new home bonuses provided to first home owners in Victoria will cease however stamp duty reductions will increase from 20% to 30% on January 1, 2013.
• From October 1, purchasers in New South Wales building or acquiring new homes up to $650,000 will receive a $15,000 grant which will reduce to $10,000 from January 1, 2014.