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Vol 11. No.164

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	89.88	+1.19
Cash Rate	4.50	Steady
90 Day Bill	4.72	Steady
10 Year Bond	4.805	+0.015
ASX 200	4370.1	+14.1

NSW Property

75 Miller Street, North Sydney listing (SMH Weekend Business 28-29/8 Pg.24)

• Lend Lease is awaiting the pending sale of 75 Miller Street, North Sydney.
• The refurbished property has a strong occupancy at nearly 100% and is situated next to 101 Miller Street and Greenwood Plaza.
• The property was acquired in 2005 for $19.35 million.

161 Castlereagh Street, Sydney update (SMH Weekend Business 28-29/8 Pg.24)

• Last week construction commenced on a new office tower at 161 Castlereagh Street and 242 Pitt Street in Sydney.
• ANZ is set to anchor the lower levels of the building with a new bank chamber and retail banking off Pitt Street. Freehills has committed to occupy most of the upper levels.
• Grocon is building the project and is part owner with GPT and Jones Lang LaSalle.

GCA Towers Redfern listed for sale (SMH Weekend Business 28-29/8 Pg.24)

• The GCA Towers in Lawson Square, Redfern have been listed for sale.
• The former TNT Towers were constructed in the 1970’s and have been extensively refurbished.
• Tower 1 is currently occupied by the Premiers Office and NSW Police Force on 9 and 5 year leases respectively. Tower 2 is 100% leased to Group Colleges Australia.

68 Pitt Street Sydney update (SMH Weekend Business 28-29/8 Pg.22)

• Charter Hall has leased 40% of the available office space in the refurbished 68 Pitt Street in the Sydney CBD.
• Marketing of the retail space has coincided with a period of strong results for retail property within the Sydney CBD on the back of the $1.2 billion Westfield Sydney Pitt Street Mall project.

Sydney transactions (SMH Weekend Business 28-29/8 Pg.22)

• The Roads & Traffic Authority has sold a 13,023.3m² ($428/m²) site at 47 – 71 Stewart Street and 258 Kissing Point Road, Dundas Valley to an undisclosed developer for $5.57 million.
• A 4,152m² ($1,036/m²) office/warehouse at 35A Heathcote Road, Moorebank has sold for $4.3 million.
• A whole floor office comprising 623m² ($4,414/m²) of space at level 5, 85 George Street, Parramatta has sold for $2.75 million.
• A 1,128m² ($1,729/m²) commercial building at 26 Hotham Parade, Artarmon has sold for $1.95 million.
• A 157m² ($8,917/m²) office at 403/55 Lime Street, Sydney has sold for $1.4 million.
• A 300m² ($4,000/m²) building at 183 Regent Street, Redfern has sold for $1.2 million.

North Ryde commercial update (SMH Weekend Business 28-29 Pg.20)

• Research for commercial property within North Ryde has indicated the vacancy rate has stabilised at 11.3% due to minimal additions entering the market.
• North Ryde experienced a high level of uncommitted supply entering the market during 2007 and 2008 placing an upward pressure on vacancy levels which peaked at 12.3% in July 2009.
• Demand is still relatively subdued, however, with little supply forecast to enter the market the imbalance between supply and demand is forecast to regain stability.

Sydney bulky goods market update (SMH Weekend Business 28-29/8 Pg.20)

• New research has indicated 9 new bulky goods projects, equivalent to approximately 80,000m² of space, will be completed across Sydney by the end of the year.
• The projects include Home HQ in Artarmon (23,000m²) and the extension of the Moore Park Supa Centa (5,000m²).
• Despite the additions and projects to be completed this year there is a limited amount of bulky good supply currently in the planning stage.
• Reportedly there is 70,000m² of space in the pipeline, however, the viability of these project will depend on market conditions in the medium term.

National Property

Auction clearance rates (AFR Pg.47)

• Sydney recorded a clearance rate of 68% over the weekend with approximately 400 properties available for sale.
• Melbourne recorded a clearance rate of 70% with approximately 700 properties available for sale.

Construction update (SMH Weekend Business 28-29/8 Pg.22)

• In the June quarter construction work done increased by 3.5%, a record high.
• Private sector work rose by 4.9% and public sector work by 0.4%. This is the first time in 2 years that private sector work has exceeded the public sector.
• The value of construction work recorded reached a high of $41.7 billion in the June quarter.
• The volume of work overall was up by 16.7% with strong increases experienced in NSW, Victoria, South Australia, West Australia and the ACT.