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Vol 11. No.15

Economic Overview

	Current	+/-	Movement
$AUS/$US	91.31	-0.32
Cash Rate	3.75	Steady
90 Day Bill	4.24	-1.97
10 Year Bond	5.525	Steady
ASX 200	4827.2	-41.0

NSW Property

Sydney Metro acquisition update (AFR Pg.32)

• Sydney Metro has purchased more than $120 million of commercial buildings in Sydney in anticipation of the first stage of the new Metro rail system.
• The properties acquired within the Sydney CBD include 30 and 36 Clarence Street, 131 Bathurst Street and a Castlereagh Street building. 
• Other properties are located at Pyrmont and Rozelle.
• Sydney Metro has set aside $300 million for the acquisitions.
• A decision on the future of the Metro is to be announced in late February following a cabinet and budget committee process.  

Queensland Property

Archerfield industrial sale (AFR Pg.33)

• Sentinel Property Trust has purchased an industrial property in Archerfield, Brisbane for $18 million ($1,286/m²) on an estimated 8.5% yield.
• The 14,000m² complex is fully leased to the vendor BlueScope Steel for 15 years with options totalling 40 years.

Victoria Property

Watervale Shopping Centre sale (AFR Pg.32)

• Australand Property Group has completed a $23 million sale and development deal for a 5,300m² suburban shopping centre in Taylors Hill.
• The purchaser, a private Melbourne investor, acquired the property on an estimated 8% yield.
• Watervale Shopping Centre has been preleased to Woolworths for an initial 20 years.
• The surrounding Australand residential development will have an estimated population of 30,000 people upon completion.