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Vol 11. No.137

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	88.28	+0.29
Cash Rate	4.50	Steady
90 Day Bill	4.83	Steady
10 Year Bond	5.180	-0.050
ASX 200	4412.7	+9.1

NSW Property

Beverly Hills residential development site sale (AFR Pg.54)

• A 7,200m² ($542/m²) residential development site at 11 – 17 Broad Arrow Road, Beverly Hills has sold for $3.9 million.
• The site has approval for 23 villas and 7 town houses ($130,000/dwelling).
• Improvements include a 5,200m² warehouse. The purchaser has already commenced demolition.

Earlwood residential development site sale (AFR Pg.54)

• A residential development site at 25 – 33 Homer Street, Earlwood sold for $3.725 million.
• The site is almost 1,600m² ($2,328/m²) and had approval for 22 units ($169,318/unit).

Huntlee New Town update (AFR Pg.46)

• Huntlee Pty Ltd has asked the NSW government to reconsider the Huntlee New Town site in the Lower Hunter as a “significant site” following last year’s decision by the Land and Environment Court to overturn the previous approvals.
• The proposed project could include up to 7,500 homes, 200 ha of commercial development and 5,785 ha of conservation land.

Tweed Heads commercial sale (AFR Pg.54)

• An investor has purchased a single level office building at 13 – 17 Rivendell Street in Tweed Heads for $2.995 million.
• The 5,500m² ($545/m²) site has 1,800m² ($1,664/m²) of improvements.

Sydney lease transactions (AFR Pg.48)

• Cromwell Group has resigned Reed Elsevier Australia as an anchor tenant at 475 – 501 Victoria Avenue in Chatswood for 10 years. They will occupy 9,117.5m² of commercial space.
• Regus has agreed to lease up to 1,124m² of space for 7 years at 40 Mount Street in North Sydney. Only 2 floors in the building remain vacant.
• The Department of Health and Ageing has leased 5,380m² for 10 years at 260 Elizabeth Street in the Sydney CBD.
• The Department of Veteran Affairs has renewed their lease for 8 years for 7,900m² at 280 Elizabeth Street in the Sydney CBD.

Marrickville warehouse sale (AFR Pg.54)

• A vacant warehouse at 25 Gerald Street in Marrickville was purchased for $1.51 million by an events management company.
• Improvements to the 400m² ($3,020/m²) site include a 1,200m² ($1,258/m²) brick warehouse over 3 levels.

Forest Hill Shopping Centre sale (AFR Pg.54)

• A private super fund has purchased the Forest Hill Shopping Centre in Wagga Wagga from receivers for $3.35 million.
• The 3,500m² ($957/m²) site has approximately 1,500m² ($2,233/m²) of improvements.
• The centre includes a Foodworks supermarket and 7 specialty stores with 1 store currently being vacant.
• If fully leased the property could return $328,000 p.a. gross.

Queensland Property

Miami Village shopping centre  sale (Pg.51)

• Miami Village shopping centre at 110 Mountain View Avenue on the Gold Coast has been sold for $5.3 million on a 9% yield.
• The 7,160m² ($740/m²) property includes a Spar grocery store, BWS bottle shop, Network video store, a newsagency, butcher, medical centre, real estate agency, hairdresser and on-site petrol station.
• There is on site customer parking. 

Victoria Property

Footscray development site sale (AFR Pg.54)

• A 371m² ($2,453/m²) corner development site at 34 Moreland Street, Footscray sold at auction for $910,000.
• The property has 3 street frontages and improvements include an older-style factory and warehouse with views of the Melbourne skyline.

Melbourne CBD commercial sale (AFR Pg.54)

• An owner occupier has purchased a 4 level office building at 25 King Street in the Melbourne CBD prior to auction for $3.5 million.
• The 640m² ($5,469/m²) freestanding building is on a 178m² ($19,663/m²) lot.