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Vol 11. No.126

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	84.52	-0.04
Cash Rate	4.50	Steady
90 Day Bill	4.85	Steady
10 Year Bond	5.052	-0.018
ASX 200	4276.1	+54.0

NSW Property

Proposed housing code changes (AFR Pg.61)

• The State Planning Minister Tony Kelly has released a paper outlining proposed changes to the housing code.
• Approval times for new homes and home extensions on small lots could be reduced by 190 days.
• Under the amendments new dwelling houses, attic conversions, extensions, basements, garages, car ports and rear lane development would be approved within 10 days by an accredited certifier as long as they meet a strict design code.
• The proposed changes include extending the existing code to lots at least 300m² in size, the current minimum is 450m², and a minimum road frontage of 10 metres, down from the current 12 metres.
• A new part of the code will be developed for lots with a minimum area of 200m² and a frontage between 6 – 10 metres.
• Minor external alterations such as enlarging windows and doors would be allowed under the code.
• It is estimated up to 150,000 additional lots would fall under the code changes.

Metro Hotel Sydney Central sale (AFR Pg.62)

• A Singapore-based trust purchased the Metro Hotel Sydney Central on the corner of Pitt and Campbell Streets in the southern part of the Sydney CBD for $39.5 million.
• The hotel has 220 ($179,545/room) guest rooms and suites and a restaurant, bar and conference facilities for up to 200 guests.
• Transmetro Corporation will continue to operate the business.
• The hotel last transacted in March 2005 for approximately $34 million ($154,545/room).

Queensland Property

Centro pub’s on the market (AFR Pg.62)

• Centro Properties Group has placed a further 2 pubs on the market – the Wallaby Hotel at Mudgeeraba and Runaway Bay Tavern at Runaway Bay on the Gold Coast.
• The Wallaby Hotel is on a 6,533m² site and the Runaway Bay Tavern is on a 12,080m² site. Both properties have long-term development potential.
• The Runaway Bay Tavern is ranked fourth in the state in terms of gaming revenue.
• Both pubs are leased to Liquorland for just over 5 years with a further 2 x 10 year options.

Victoria Property

Virgin gym in central Melbourne on the market (AFR Pg.61)

• A 3 level property in Bourke Street, central Melbourne which houses a Virgin Active gym could sell for up to $18 million.
• The 4,816m² property is the former Bourke Street Hoyts Cinema complex.
• Virgin Active has a 15 year lease with 2 x 5 year options. The current net annual income is $1.54 million.

National Property

Clive Peeters update (SMH Business Day Pg.5)

• Harvey Norman is anticipated to settle on the acquisition of the more than 30 Clive Peeters stores for more than $55 million.
• The sale price include stores, clearance centres, some warehouses, the brand, stock and shop fittings.
• Harvey Norman offered more for the retail chain, however, a discount was applied as the majority of the staff will remain as employees.