Vol 11. No.199
Tuesday 19 October 2010
Economic Overview
|
Current |
+/- |
Movement |
| $AUS/$US |
98.47 |
-0.58 |
 |
| Cash Rate |
4.50 |
Steady |
 |
| 90 Day Bill |
4.78 |
-0.04 |
|
| 10 Year Bond |
5.155 |
+0.055 |
 |
| ASX 200 |
4651.9 |
-37.1 |
|
New South Wales Property
Opera House car park listing (AFR Pg.44)
- The Sydney Opera House car park has been listed for sale following a decision by the financier Royal Bank of Scotland due to a claimed breach of loan covenants.
- The car park covers a land area of 44,000m², is leased from the NSW government until March 2043 and comprises approximately 1,200 underground car bays that are subleased to operator Wilson Parking.
- The leasehold interest is owned by Real Estate Capital Partners (ReCap) Property Trust 3 and is reportedly carrying around $76 million in debt.
- The property was acquired in 2004 and the listing of the Macquarie Street facility will be the second time in three years it has been listed for sale.
Mount Street development site placed into receivership (AFR Pg.45)
- A commercial property at 86-96 Mount Street, North Sydney will reportedly be placed into receivership following a valuation that in the banks view has breached loan covenants.
- The property is owned by companies associated with Max Delmege who have been working in conjunction with Laing O’Rourke to redevelop the site into a $300 million commercial tower.
- Earlier this year the property was granted Development Approval for a 39 storey A-grade commercial office tower comprising 35,000m² of office accommodation.
- The property was acquired in mid 2004 for $23.955 million and an additional $21.5 million paid for other parts of the site.
- After acquiring approval, the project was valued at approximately 33% less than prior to the approval being granted and has been the cause for the financier BOS International to step in with receivers Korda Mentha.
Horizons Golf Resort on the market (AFR Pg.48)
- Horizons Golf Resort in Salamander Bay north of Newcastle has been listed for sale through a tender process that is due to close this Friday.
- The sale is being handled on behalf of administrators PKF Chartered Accountants.
- The property includes an 18 hole golf course and associated facilities including a clubhouse, café, restaurant and swimming pool.
- The property has attracted a lot of overseas interest and is currently ranked 32 out of Australia’s top 100 golf courses.
Australian Catholic University North Sydney lease (AFR Pg.52)
- Australian Catholic University has leased level 4 (375m²), 21 Berry Street, North Sydney for 10 years at $480/m² gross.
John Deere Penrith industrial lease (AFR Pg.52)
- John Deere Tractors has leased a 1,260m² warehouse at 81 Camden Street, Penrith for 3 years at $93/m² gross.
Queensland Property
Acacia Ridge Brisbane industrial lease (AFR Pg. 52)
- Port and logistics group P&O has leased 9,850m² in a warehouse complex at Acacia Ridge, Brisbane for 6 years. Sources suggest the rent to be around $110/m².
Brisbane CBD lease (AFR Pg.52)
- Architecture firm Trent Consultants has leased 500m² at 140 Ann Street, Brisbane CBD for 8 years at $550/m².
Victoria Property
Melbourne Docklands office tower (AFR Pg.47)
- Lend Lease has partnered with Stable Group to develop a $70 million office tower at 838 Collins Street in Melbourne’s Docklands.
- The project will be known as Lifestyle Working Collins Street and will be targeted at small to medium businesses by offering 137 suites ranging in size from 48m² to 123m² in a form of strata title tenure.
- The five level development will include solar panels on the roof, provision of electric scooters for exclusive use by tenants, a NABERS 5-star energy and water rating and a minimum 5-star Green Star rating.
- The project is expected to commence around mid 2011 and will require between 50% and 60% pre-commitment prior to construction.
North Wharf update (AFR Pg.47)
- Asset 1 has been awarded the right to develop a 12,386m² site on the Yarra River known as North Wharf.
- The site features 230 metres of waterfront and lies directly opposite the DFO complex and new Melbourne Convention Centre.
- The purchase price has not yet been disclosed.
- The land contains a heritage listed warehouse known as Shed 5 and a heritage listed crane.
- Redevelopment plans have not yet been made available.
South Yarra prime retail sale (AFR Pg.49)
- A 55m² prime retail shop at 1/177 Toorak Road, South Yarra has sold for $1.25 million ($22,725/m²).
- The property has been leased to Alberto Piazza for 20 years, the current rent is $51,500 per annum. Alberto Piazza will vacate the premises in February 2011.
Sources: As above
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