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.
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.