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Vol 11. No.44

Economic Overview

	Current	+/-	Movement
$AUS/$US	90.15	-0.35
Cash Rate	4.00	Steady
90 Day Bill	4.21	-0.03
10 Year Bond	5.395	-0.030
ASX 200	50.3	+14.6

NSW Property

Macquarie Park sale (AFR Pg.61)

• Capital Corporation has purchased a 1.8 ha property at 63 -71 Waterloo Road, Macquarie Park for $15,788,000 on an initial yield of 8.7% and up to 9.4% when fully leased.
• The vendor was Local Government Super.
• The 2 buildings are leased for a further 5 years to TPG Internet and Bard Australia.
• The property is next to the proposed Macquarie Park Station precinct and will be redeveloped in the future.

Atlas Norwest update (AFR Pg.61)

• Capital Corporation is is about to commence construction on Atlas Norwest.
• The development will comprise approximately 15,000m² of showrooms and offices and 55% is already pre-committed.
• Capital Corporation controls sites for approximately 70,000m² at Norwest.

Queensland Property

Freedom Homemaker Centre sale (AFR Pg.60)

• Becton Retail Property Trust has sold the Freedom Homemaker Centre at Capalaba in Brisbane for approximately $12 million on a 9.5% yield to Daluda Properties.
• The centre has a NLA of 5,729m² and the site area is 1.47 ha.
• Becton purchased the property for $12.3 million in 2005.

Centro places hotels on the market (AFR Pg.60)

• Centro Properties Group is selling 4 hotels in south east Queensland.
• Three are located in Brisbane and the fourth is the Burleigh Town Tavern on the Gold Coast.
• The properties have covenants to Liquorland and development potential.

National Property

Median house price update (AFR Pg.60)

• Last year median house prices in capital cities rose approximately 10% whilst 23 of 29 coastal regions experienced a flat market or declined.
• The most significant fall was 7.6% in Mandurah, south of Perth.  Byron in NSW declined by 6.4% and Gladstone in Queensland recorded a 5.2% decrease.
• The Victorian coast was the best performer with median house prices in Greater Geelong increasing by 2.1%.

Brookfield Multiplex office float plans (AFR Pg 1 & 61)

• In the second half of 2010 Brookfield Multiplex is likely to list $4 billion of office property. 
• It is believed the structure will incorporate the entire Australian office portfolio which comprises more than 800,000m².
• The portfolio included $2 billion of Sydney property, $900 million of property in Melbourne, $400 million in Brisbane and $250 million in Perth.  The $600 million City Square project in Perth is also under construction.
• Brookfield could potentially retain up to 50% of the listed entity.