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Vol 11. No.69

Economic Overview

	Current	+/-	Movement
$AUS/$US	92.97	+0.11
Cash Rate	4.25	Steady
90 Day Bill	4.58	+0.03
10 Year Bond	5.835	+0.025
ASX 200	4984.3	+36.2

NSW Property

Metro Inn at Edgecliff to be redeveloped (AFR Pg.50)

• IPM will transform the Metro Inn at Edgecliff on New South Head Road from 34 small hotel rooms into 12 units.
• The prices will start around $500,000 for the 2 studios, $700,000 for the 1 bedroom unit and $1 million to $2 million for the 7 x 2 bedroom units.
• Prices have not been disclosed for the sub-penthouse or the 240m² 2 floor penthouse.
• The site was purchased for $5.75 million.

Ku-ring-gai Council’s works depot development plans (AFR Pg.50)

• UnitingCare has purchased Ku-ring-gai Council's 1.6 ha works depot at 1 – 7 Carlotta Avenue, Gordon for $20 million.
• Development plans include aged care and independent living units.

Queensland Property

Gasworks site update (AFR Pg.49)

• FKP has lodged 2 development applications with Brisbane City Council for the next 3 buildings for the Gasworks site in Newstead, Brisbane.
• Tower G will comprise a 20,000m² office building with campus-style floor plates.
• A and E towers are mixed-use buildings and will include 225 units, 8,000m² of office space and a neighbourhood shopping centre with supermarket.
• The Gasworks masterplan for 9 buildings, 5 residential and 4 commercial, was approved in late 2009. 

Marina Mirage on the market (AFR Pg.49)

• Fenix Real Estate has placed the Marina Mirage on Seaworld Drive, Main Beach on the Gold Coast on the market. Expectations are in excess of $90 million.
• The 1.88 ha site is across the road from the Sheraton Mirage Resort & Spa and next door to the Palazzo Versace. The centre’s renovation was completed in 2009.
• Tenants include Louis Vuitton, Hermes, Escada, Versace, Little Joe, Mimco and Calleja jewellers. Restaurants include Felini Waterfront and Omeros Brothers.

Victoria Property

Keysborough sale (AFR Pg.52)

• Dexus Property Group has sold 3 office/warehouses at 733 – 743 Springvale Road, Keysborough for $9.2 million on a 9% yield.
• The 3 warehouses have a total area of 7,339m² ($1,254/m²) and an income of $606,216 p.a.
• The sale included a 12,540m² parcel of surplus land with frontage to Springvale Road. A new 6,000m² warehouse is anticipated to be developed.

National Property

Housing finance update (ABS)

• According to the ABS in February the total value of dwelling finance commitments, excluding alterations and additions, declined by 3.4% seasonally adjusted
• The value of owner occupied commitments declined by 4.4% whilst the value of investment housing decreased by 1.1% over the month.
• The total number of owner occupied housing commitments declined by 1.8% in February.
• The number of owner occupier loans taken out in February fell 1.8%.
• The number of owner occupied dwellings financed decreased in all states and territories except Western Australia (3.7%), Victoria (1.3%) and the Northern Territory which remained stable.
• The number of finance commitments for the construction of dwellings for owner occupiers fell 3.0%; for the purchase of new dwellings increased by 0.7% and for the purchase of established dwellings decreased by 1.8% in February.