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Vol 11. No.119

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	87.48	+0.21
Cash Rate	4.50	Steady
90 Day Bill	4.95	-0.01
10 Year Bond	5.255	-0.050
ASX 200	4413.0	-66.7

NSW Property

Altona on the market (SMH Pg.3)

• Altona the waterfront Point Piper house has been placed on the market with expectations of $45 million.
• The 8 bedroom, 7 bathroom house with pool, sauna and private jetty last sold in 2002 with an adjoining block of land for $28 million.
• The vacant block of land is not for sale unless an additional $24 million is offered.

North Shore commercial market update (SMH Weekend Business 26-27/6 Pg.22)

• Over the past 7 months more than $147 million of commercial buildings have sold on the North Shore. Between December 2007 and September 2009 there were no big commercial transactions in the area.
• The sales include 52 Alfred Street, Milsons Point ($51 million); 107 Mount Street, North Sydney ($33 million); 200 Pacific Highway, Crows Nest ($27 million); 29 Chandos Street, St Leonards ($19.5 million) and 8 West Street, North Sydney ($19 million).
• 52 Alfred Street and 8 West Street could potentially be redeveloped into residential space in the long term.
• The properties sold on yields in excess of 10% and the improvements were B and C grade.

Chippendale sale (SMH Weekend Business 26-27/6 Pg.20)

• A 420m² ($4,774/m²) site with 3 street frontages at 59 Pine Street, Chippendale has sold for $2.005 million, $355,000 above reserve.

Sydney lease transactions (SMH Weekend Business 26-27/6 Pg.22)

• A 60m² cafe at the Bandstand, 301 Victoria Street, Darlinghurst has been leased at $583/m² gross for 1 + 2 years.
• Switzerland Tourism has leased 120m² at Suite 303, 46 Market Street, Sydney at $535/m² gross for 3 years.
• The Australian Catholic University has leased a 375m² whole floor office suite at Level 4, 21 Berry Street, North Sydney at $480/m² gross for 10 years.
• SiteMinder has leased a 530m² office at 200 George Street, Sydney at $425/m² gross for 3 years.

Honeysuckle lease (SMH Weekend Business 26-27/6 Pg.20)

• Employers Mutual has committed to 1,650m² of space in the GHD Tower at 24 Honeysuckle Drive in the Honeysuckle precinct in Newcastle for 6 years.
• The lease is the largest commitment within Newcastle over the year.

ASICS’ Eastern Creek pre-commitment (AFR Pg.49)

• ASICS’ has pre-leased a 32,000m² office/warehouse facility at 10 Interchange Drive, Eastern Creek.
• The facility will include meeting space, conference facilities, a professional gym, a running track built into the upstairs office and a half-sized football field.
• The development is expected to be completed in August.

National Property

Auction clearance rates (AFR Pg.3)

• Sydney’s weekend auction clearance rate was 60% and 283 properties were listed.
• Melbourne’s auction clearance rate was 65%.
• In June a record 3,163 auctions are listed in Melbourne, twice as many as June 2009. The previous highest record was 2,832 listings in June 2007 when there were 5 weekends.

Distribution centre update (AFR Pg.49)

• According to Australand demand for distribution centres from Woolworths and Wesfarmers’ subsidiaries represents the mainstay of new requirements.
• Coles in seeking to have an additional 70,000m² distribution centre in Victoria. It is likely to replace an existing site.
• Kmart is building a 70,000m² distribution centre in Melbourne’s outer west.