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Vol 11. No.131

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	87.03	-0.16
Cash Rate	4.50	Steady
90 Day Bill	4.86	-0.04
10 Year Bond	5.102	-0.023
ASX 200	4380.3	-29.6

NSW Property

• The NSW State Government last week approved project applications for several new buildings on the CUB Brewery Site in Chippendale which is to be renamed Central Park.
• Two of the residential towers approved will accommodate up 593 residential units.
• Frasers Property, owner and developer of the site, has revealed it plans to introduce dual-key units within the project with a potential allocation up to 40%.
• Dual-key units will be on one title with one main door entering into a hallway with two further doors; one to the main apartment and the second to a smaller self contained bedroom.
• The apartments will range in size from 85m² to 100m² with prices expected to range from $825,000 to $1,250,000.

Queensland Property

• The Marina Mirage shopping centre, located on the Southport Spit at Main Beach on the Gold Coast has been placed into the receivership of KordaMentha by its secured lender St George Bank.
• The property is owned by Fenix who acquired the property for $40 million in December 2005 from MFS Diversified Trust. MFS had previously purchased the marina a few months prior for $28.4 million.
• The centre was built in 1988 and includes 11,942m² of floor space over four levels. The centre includes high end retailers Louis Vuitton, Hermes, Escada, Versace, Little Joe, Mimco and Calleja jewellers.
• The centre was marketed for sale however it is believed a deal to sell the centre for $90 million collapsed. The receivers will manage the centre until such time as the market is deemed appropriate for the sale of the centre.

Victoria Property

• A three storey retail complex at 389 Swanson Street, Melbourne has sold for $15 million reflecting a yield of just under 4% and a rate of $25,000/m² of improved land area.
• The property was purchased by an investor from China who is considering a redevelopment of the site which could accommodate up to six floors of retail with either residential or commercial above.
• A five storey heritage building at 167 Flinders Lane, Melbourne was sold at auction for $13.31 million on a yield of 4.77%.
• The price was reportedly 40% above the reserve set by the receivers.

• Kodak has leased 1,600m² in Opus Capital’s Trenerry office complex at 436 Johnson Street Abbotsford, Melbourne.
• Kodak will move from its current headquarters in Collingwood to Trenerry at the commencement of September for a five year lease term.
• Trenerry comprises 10,200m² of office space over five levels and features a 4 Star Green-Star rating. The building is reportedly 75% leased.