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Vol 11. No.117

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	86.93	-0.78
Cash Rate	4.50	Steady
90 Day Bill	4.91	Steady
10 Year Bond	5.330	-0.065
ASX 200	4486.1	-72.2

NSW Property

Minchinbury residential development site sale (AFR Pg.56)

• A former Penfolds vineyard at Lot 108 Minchin Drive in Minchinbury has sold as a residential development site for $1.2 million.
• The 1.2 ha ($100/m²) property has approval for a mixed-use development comprising of 19 units ($63,158/unit), shops and an exhibition centre.
• Council has imposed a heritage order on the site to preserve the winery.

Bronte apartment building sale (AFR Pg.56)

• A 3 storey apartment building at 29 Leichhardt Street, Bronte has sold within a week of listing for $4.3 million.
• The 6 apartments ($716,667/apartments) are of varying size and the upper levels have ocean views.
• It is estimated the building could be rented for $3,000 a week.

Erskine Park development site sale (AFR Pg.56)

• The Goodman Group has sold a 2.4 ha ($300/m²) industrial development site at Lot 29, 103 Mamre Road in Erskine Park to Liebherr Australia for $7.2 million.

Harvey Norman Lithgow sale (AFR Pg.55)

• A shop and warehouse at 175 – 177 Main Street, Lithgow which is leased to Harvey Norman sold for $950,000 on a 10.74% yield.

Queensland Property

Woolloongabba industrial sale (AFR Pg.56)

• Receivers have sold a former hardware depot at 46 – 50 Deshon Street, Woolloongabba for $2.4 million.
• Improvements to the 5,052m² ($475/m²) site total 3,275m² ($733/m²).
• The property has development approval for a light industrial office park comprising 11 strata units ($218,182/unit).

Woolworths update (AFR Pg.17)

• Woolworths and Lowe’s will develop a 12,500m² home improvement store at Springfield Central in Ipswich. Construction will start in a few months.
• A hardware store will also be built at Tingalpa.

Victoria Property

Melbourne’s urban growth boundary update (AFR Pg.47)

• On Tuesday the opposition attempted to alter the planning scheme amendment for Melbourne’s urban growth boundary in Victoria’s upper house
• The opposition is objecting to the provisions associated with increased density (Clause 12) and to land required for the E6 freeway. They have also accused the government of incorrectly drafting the amendment.
• Parliament has received legal advice as to whether a planning scheme amendment or its associated documentation can be amended.
• It is expected the objections are likely to result in a delay to the land release.

31 Queen Street, Melbourne on the market (AFR Pg.45)

• FKP Core Plus Fund (CPF) and FKP Core Plus Fund Two (CPF2) have placed 31 Queen Street, Melbourne on the market as the vehicles are in the process of being wound-up .
• The 22 level building has a NLA of 19,192m². The ground level façade has recently been refurbished, the foyer and lift lobby have been renovated and upgrades have occurred elsewhere in the building.
• CPF has already sold 10 Quay Street in Sydney for $17.2 million whilst CPF2 is in the process of selling 171 William Street in Darlinghurst for $8 million.

Port Melbourne industrial sale (AFR Pg.56)

• An investor has purchased an industrial property at 320 Plummer Street, Port Melbourne for $5.2 million.
• The 7,500m² ($693/m²) site has access to 3 streets and is located next to the new Prohasky Street freeway access.

South Yarra sale (AFR Pg.56)

• A 2 storey building at 495 Chapel Street in South Yarra has sold after auction for $3.6 million on a 3.9% yield.
• The property is leased to Satch at $141,800 p.a.
• The 143m² ($25,175/m²) site can be expanded at the rear and the first floor could be refurbished into a apartment.

National Property

Wyndham Hotel Group update (AFR Pg.47)

• The Wyndham Hotel Group is planning on expanding in Australia and New Zealand by establishing either Days Inn or Super 8 Hotels, a 3.5 star hotel brand.
• The Group has 11 brands globally, including the Ramada, and is one of the world’s largest time-share companies and hoteliers in terms of number of rooms. They have 43,000 time-share owners in Australia.
• They will continue purchasing properties on the Gold Coast, the Sunshine Coast and Melbourne following the recent acquisitions within Queensland.