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Vol 13. No.93

Economic Overview

	Current	+/-	Movement
$AUS/$US	97.72	-1.46
Cash Rate	3.75	Steady
90 Day Bill	3.46	-0.03
10 Year Bond	3.180	-0.040
ASX 200	4067.0	-54.0

New South Wales

• Investec are planning to develop a luxury residential apartment complex designed by SJB at 10 Wylde Street, Potts Point which will comprise six one-bedroom apartments, three two-bedroom apartments, 11 three-bedroom apartments and one penthouse.

• Granove Pty Ltd have acquired a 3,062m² warehouse facility at 12/14-16 Stanton Road, Seven Hills for $2.92 million ($953/m²).

• A 4 hectare development site with development approval for a 19 lot subdivision at 187 Turner Road, Currans Hill has been acquired for $1.99 million at auction.
• An eight bedroom residence on the site was included in the sale.

• A Bunnings site at Kempsey has been sold at auction for $3.525 million, reflecting a yield of 7.94%.

Victoria

• A 2,395m² industrial facility at 166 Paramount Boulevard, Derriumt speculatively developed by The Makland Group has been acquired by Top Tyres for $2.25 million ($939/m²).

Queensland

• Dimitri Drivas is reportedly conducting due diligence to acquire a 6,260m² office building spanning 11 storeys at 243 Edward Street, Brisbane for approximately $37 million.
• The property generates a net income of approximately $4 million and was previously exchanged in 2002 for $13.65 million.

• A private investor has acquired the Spring Lake Metro centre at Springfield Lakes for $16.5 million.
• Sold under instruction from receiver PPB Advisory, the asset spans 4.2 hectares and comprises a tavern, 23 speciality shops and two commercial office buildings.

• A private investor has acquired a 1,006m² vacant land parcel with development approval for a 17 storey luxury apartment complex at 60 Marine Parade, Coolangatta for $3.8 million.

National

• Research indicates prime retail rents over the past year have increased in Melbourne by 15% and have declined in Sydney and Brisbane by 6% and 12.3% respectively.