Call us today

Vol 11. No.218

Landsburys Independent Accreditation Reports

Economic Overview

	Current	+/-	Movement
$AUS/$US	98.17	-0.44
Cash Rate	4.75	Steady
90 Day Bill	5.00	-0.05
10 Year Bond	5.440	+0.095
ASX 200	4688.0	-4.7

New South Wales Property

• The Sydney-based Galileo Group and a development fund managed by industry superannuation giant ISPT have teamed up to acquire the $450 million Chatswood Interchange residential project.
• The joint-venture partners exchanged contracts to buy the site from receiver PPB for a price in the low $60-million range.
• The development, which will be known as Metro Residences, will comprise Chatswood’s tallest residential towers when completed and will be above the newly upgraded railway station.
• The project, to be built over the next three years, can accommodate 509 apartments in three residential towers up to 40 stories in height.
• The Chatswood project stumbled during the global financial crisis, falling into receivership in 2008 when its major lender, the Commonwealth Bank of Australia, moved on then developer, CRI.
• Galileo believes Chatswood has been starved of new apartment developments and will start marketing the apartments next week.

• Franchise Garage has signed a three-year lease on an office suite at the refurbished office tower on 227 Elizabeth Street in Sydney.
• The company will move into a 169 square metre suite for a gross face rent of $650 per square metre.
• Valad Property Group is the lessor.

• According to figures based on new bonds lodged with the NSW government’s Rental Bonds Board, rents in Sydney’s outer suburbs are climbing, but they remain stagnant in suburbs closer to the city.
• The median rent increased by $10 to $360 per week in the outer ring, but rents remained unchanged in the inner ring at $500 per week and in the middle ring at $420 per week.

Queensland Property

• Chemist Warehouse has taken 500 square metres in a warehouse at 2 Sydal Street in Caloundra.
• The pharmacy chain leased the space for $290 per square metre gross for seven years which includes a seven-year option.
• The deal included one month free for fitout.

Victoria Property

• The Indian Consulate General has signed an eight-year lease for three floors at 344 St Kilda Road in Melbourne at a gross face rent of $320 per square metre.
• The 1,266 square metre space was previously occupied by Defence Health, which moved to another property in the same road.

• Community Housing has taken more than 1,000 square metres of office space at 26-28 Prospect Street in Box Hill.
• The housing company will occupy part of the ground floor and level one on an eight-year lease, at a gross face rent of $355 per square metre.