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Vol 11. No.12

Economic Overview

	Current	+/-	Movement
$AUS/$US	92.20	-0.57
Cash Rate	3.75	Steady
90 Day Bill	4.23	+0.01
10 Year Bond	5.520	-0.065
ASX 200	4911.1	+11.5

NSW Property

Balmain Leagues Club update (AFR Pg.40)

• Balmain Leagues Club is set to close on 28 March 2010 for up to 5 years to make way for a new $200 million development.
• The development will include a new club, 136 residential apartments, a public plaza and a new station for the Sydney Metro train line.

Sydney Harbour Foreshore Authority update (SMH Pg.1)

• The NSW State Government plans to auction 99-year leases on some of the Sydney Harbour Foreshore Authorities most lucrative properties in a bid to raise capital.
• Properties include the Ibis, Novotel Rockford and Novotel Sydney hotels, Darling Harbour; the Darling Walk, Harbourside Shopping Centre, Imax Theatre, Sydney Aquarium and Sydney Wildlife World at Darling Harbour; the Old Sydney Holiday Inn, Park Hyatt and Shangri-La hotels at The Rocks.
• Other properties include the leasehold on the Harbourside car park at Darling Harbour and the foreshore authority’s freehold interest in Promontory Car Park in Pyrmont.

Victoria Property

Southbank development update (AFR Pg.41)

• Salvo Property Group is planning a 6 star, $350 million, dual residential tower at City Road, Southbank comprising 800 to 850 apartments. 
• The majority of apartments will comprise 2 bedrooms with flexible floor plans.
• It is believed the west tower will be 50 storeys and the east tower will be 45 storeys.
• The project will commence once 70% of the project is presold.

717 Bourke Street, Docklands update (AFR Pg.40)

• Nine Network is making the same move as Channel Seven did several years ago by selling their 3 ha site in Bendigo Street, Richmond and moving to Docklands.
• Lend Lease is thought to be the prospective purchaser and will pay between $50 million to $55 million.
• Subject to rezoning, Lend Lease is likely to construct a mixed-use development containing a sizeable residential component.
• Nine Network is expected to move into 717 Bourke Street, Docklands an 8,000m² site opposite Etihad Stadium by the end of 2010. They have attained signage rights for the building which is due for completion in June.
• The 17 storey building is almost entirely precommitted by BP Australia (10,000m²), AIG (4,600m²), Financial Ombudsman Service (4,300m²) and Marsh Australia (9,000m²).
• Space within the development is being marketed at $360/m² to $380/m².