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Vol 11. No.116

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	87.71	-0.74
Cash Rate	4.50	Steady
90 Day Bill	4.91	-0.02
10 Year Bond	5.395	-0.040
ASX 200	4558.3	-54.3

NSW Property

White City sale (AFR Pg.55)

• The Hakoah Club has purchased the White City site in Paddington for $13.5 million.
• The club plans to redevelop the site into a “social, sporting, cultural and function facility”.

• Chinese interests are believed to be acquiring Australand’s Cova development on Hope Island for approximately $31 million.
• The 25 ha site has development approval.

Wyndham Hotel Group buys in Queensland (AFR Pg.54)

• United States hospitality company Wyndham Hotel Group has purchased part of the 4.5 star Azzura Hotel at 3018 Surfers Paradise Boulevard in Surfers Paradise.
• The purchase price has not been disclosed ,however, sources suggest it was just over $25 million.
• Wyndham has acquired 40 x 1 and 2 bedroom apartments, the management rights to 192 units, the lobby level, café and bar.
• Wyndham will operate the facility as a hotel and a time-share resort. The 40 apartments will be placed into the Wyndham Vacation Ownership Club.
• The 17-floor complex was completed last year and will be rebranded the Wyndham Hotel Surfers Paradise.
• The vendor was the developer Azzura Group.
• Last week Wyndham also signed a management agreement for a proposed 99-unit complex by 637 The Esplanade at Hervey Bay. Construction will commence in September.

• Over the last few months more than 10,000m² of industrial space has been leased in Melbourne’s outer-suburbs.
• Electrolux has leased a 1,900m² office/warehouse at 24 – 30 Winterton Road, Clayton.
• Australian Fabric Wholesalers and Fire Protection Technologies leased 4,286m² at 251 Ferntree Gully Road, Mt Waverley.
• Integra Neurosciences and Besam Australia have leased 1,258m².
• Space in excess of 1,000m² in new industrial facilities is achieving rents between $85/m² and $95/m².

• The federal government will soften the proposed energy efficiency disclose rules for landlords seeking to sell or lease commercial space.
• Previously if a commercial office building with a NLA of 2,000+m² was advertised for sale or lease and the landlord withheld information on the energy efficiency of the space a fine of $110,000 per day could have been implemented.
• The penalty will now be reduced, however, further details have not been released,
• Also the former rules required building owners to present a registered Building Energy Efficiency Certification (BEEC) to a potential purchaser, tenant or sub-tenant. The BEEC would include a NABERS energy efficiency rating, an assessment of lighting energy efficiency and guidance on how the efficiency could be improved.
• Under the new Bill only a NABERS energy efficiency rating would have to be produced during the initial year whilst the lighting tool would be produced in year 2.