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Vol 13. No.81

Economic Overview

	Current	+/-	Movement
$AUS/$US	101.52	-0.24
Cash Rate	3.75	Steady
90 Day Bill	3.81	-0.06
10 Year Bond	3.428	-0.042
ASX 200	4301.3	-94.7

New South Wales

• Receiver Ferrier Hodgson has relisted the Crowne Plaza Hunter Valley for sale following being taken off the market last October when it could not achieve its price expectation of $50 million.
• The circa 2006 4.5 star hotel located at Lovedale comprises 150 hotel rooms, 169 strata titled two and three bedroom villas, an 18 hole golf course, gym and conference facilities and a restaurant.

• The NSW Department of Planning and Infrastructure has approved the $82.1 million Bancor hotel and residential development at 6-16 Atchison Road, St Leonards which will comprise 76 serviced apartments spanning four levels and 173 residential apartments spanning 24 levels.

• Research indicates the vacancy rate for commercial space in Sydney’s CBD is currently 8.5%.
• Approximately 670,000m² of commercial floor space is due to be vacated by the end of 2014.

Victoria

• eStore Logistics have leased a 10,960m² warehouse at 189 Boundary Road, Laverton North for approximately $60/m².

• UAG have acquired a 4,000m² mixed use zoned development site at 19-35 Flemington Road, North Melbourne for $22 million ($5,500/m²).
• It is anticipated 300 residential apartments ($73,333/unit) will be developed on the site which has a height limit of 40 metres.

National

• Research forecasts Brisbane’s industrial property market to achieve rental growth of 2% to 3% in 2012, whilst rental growth in Sydney is expected to be between 2.5% and 4% over the same period.