Wednesday, 9th August 2017

New South Wales

DA Process Altered (AFR)

• The NSW Government has made an Independent Hearing Assessment Panel (IHAP) mandatory for all councils in Sydney and Wollongong when processing DA's.

• It is a requirement that IHAP members be experts in their given fields – ranging from urban planning – architecture among others.

Maribyrnong Retail Property Sold (SMH)

• An offshore investor has acquired a 465m² at Shop G23, 55 Cumberland Drive, Maribyrnong for $2.15 million ($4’624/m² GFA), reflecting a yield of 5.4%.

• The property was leased to restaurant and function centre Riviera on a 6x6x6–year deal returning $116,000 Per Annum.

Lisarow Plaza Sold (AFR)

• Primewest has acquired a 5250m² Coles-anchored shopping centre at 1 Parsons Road on the Central Coast for $29.1 million ($5’543/m²), reflecting a yield of 6.22%.

• The mall was recently refurbished, has a 3400m² Coles supermarket with Liquorland store and 16 other speciality tenants.

Terraces Sold in Potts Point (AFR)

• Greencliff has acquired 4 adjoining Potts Point heritage terraces at 20–26 Bayswater Road for $18 million ($4,500,000/dwelling).

• The properties are fully leased with a WALE of 2.5 years, and; have potential for future residential & hotel/leisure redevelopment.

• After allowance for all fees and expenses, investors will make a 40% profit on sale in less than 18 months.

Victoria

Sunshine North Development Site Sold (AFR)

• Melbourne developer Pace has acquired a 20-hectare former quarry site on Duke Street, Sunshine for $34 million ($1,’700’000/Ha).

• The property is part of stages 4 & 5 of the Yourland River Valley Estate Project, one of the Melbourne’s largest infill mixed-use projects, incorporating; detached homes, townhouses and retail development.

#DAProcessAltered #MaribyrnongRetailPropertySold #LisarowPlazaSold #TerracesSoldinPottsPoint #SunshineNorthDevelopmentSiteSold