Vol 11. No.2
Tuesday 05 January 2010
Economic Overview
|
Current |
+/- |
Movement |
| $AUS/$US |
89.77 |
+0.10 |
 |
| Cash Rate |
3.75 |
Steady |
 |
| 90 Day Bill |
4.12 |
-0.04 |
 |
| 10 Year Bond |
5.755 |
+0.110 |
|
| ASX 200 |
4876.3 |
+5.7 |
|
NSW Property
North Shore Development Site Sale (AFR Pg.39)
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PPK Group has purchased a major land parcel in Willoughby in a deal worth $28.5 million ($375,000/dwelling) from the NSW Roads and Traffic Authority.
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The master planned site known as Willoughby Market Gardens is located next to the Shore school’s playing fields and extensive earthworks have been undertaken.
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PPK Group plan to develop 76 dwellings on the prominent 4ha site, with an end value of $110 million.
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PPK leads a syndicate of investors who contributed $17.5 million to the purchase with external financiers funding the balance.
Sydney Housing Forecast (AFR PG.39)
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Industry sources forecast growth of between 6% and 8% in Sydney property prices for 2010, above the 4% to 6% growth expected nationally.
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With affordability being at its best level since 2002 evidence to November 2009 shows Sydney house prices increased by 11.6% in 2009.
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Sources suggest a shortage of rental properties in Sydney will increase demand in outer ring suburbs, with the possibility of boosting growth in these areas up to 10%.
National Property
Hotel Sales Update (AFR Pg.38)
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The Prince Hotel, located on the corner of Acland & Fitzroy Streets, St Kilda has sold for more than $20 million ($4,762/m²).
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The 4,200m² site comprises a five star hotel, 300 car spaces, The Prince Boardroom, Circa, The Prince restaurant & development approval for 24 apartments.
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Pub baron Rick Munday has offloaded two hotels on the Victorian coast. The Lorne Hotel for almost $20 million & Torquay Hotel’s leasehold for an undisclosed amount.
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Centro Properties, MCS 17 Syndicate has sold the freeholds of five Queensland pubs for $31.75 million.
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Sales included the Morayfield Tavern for over $10 million, The Browns Plains Hotel for $8.8 million, The Sands Tavern for $5.6 million, The Newnham Hotel for $5.5 million and The Aspley Hotel for $1.82 million.
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The pubs are leased to the Coles Group.
Sources: As above
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