L67 Property Operators and Real Estate Services

Commercial space returns up on 2013

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Original article by Robert Harley
The Australian Financial Review – Page: 35 : 14-Aug-14

The latest data from the Property Council of Australia and IPD shows that industrial, retail and hotel properties delivered an average return of 9.7 per cent in 2013-14. This is 50 basis points higher than in 2012-13. IPD’s Anthony De Francesco anticipates that returns will top 10 per cent in the 2014 calendar year. However, the All Property Index data also shows that the total return on commercial property eased to 8.9 per cent

CORPORATES
PROPERTY COUNCIL OF AUSTRALIA LIMITED, IPD, INVESTMENT PROPERTY DATABANK

High vacancies hit office floors

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Original article by Mercedes Ruehl
The Australian Financial Review – Page: 11 : 7-Aug-14

New data shows that the office vacancy rate across Australia has risen to 10.7 per cent, which is its highest level in 17 years. Melbourne and Sydney were the only capital cities in which the vacancy rate fell in the first half of 2014. David Harrison of Charter Hall expects the difficult market conditions to continue, noting that landlords have increased their incentives and new stock is coming onto the market in every major city

CORPORATES
CHARTER HALL GROUP – ASX CHC, PROPERTY COUNCIL OF AUSTRALIA LIMITED, DEXUS PROPERTY GROUP – ASX DXS, JONES LANG LASALLE AUSTRALIA PTY LTD, CADIGAL OFFICE LEASING PTY LTD

OVGA avoids key debate

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 38 : 5-Aug-14

The Office of the Victorian Government Architect (OVGA) supports the inclusion of mandatory apartment design standards in the state’s planning system. The OVGA issued a statement on the design standards on 4 August 2014. The minimum size of apartments should be 37 square metres. There is no mention of housing affordability in the statement, which the OVGA believes to be a "separate issue"

CORPORATES
OFFICE OF THE VICTORIAN GOVERNMENT ARCHITECT, PROPERTY COUNCIL OF VICTORIA, CITY OF MELBOURNE, VICTORIA. DEPT OF PLANNING AND COMMUNITY DEVELOPMENT

Nimby neighbours win again as St Kilda music venue shuts up

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Original article by Rebecca Thistleton
The Australian Financial Review – Page: 3 : 1-Aug-14

Victorian Planning Minister Matthew Guy is accused of dragging his feet on new legislation to safeguard the interests of live music venues as well as real estate developers when the two clash over new residential projects and noise. The live performances sector is calling for the urgent roll-out of promised "agent of change" laws, as the Pure Pop Records space in the Melbourne inner suburb of St Kilda closes. Music Victoria CEO Patrick Donovan notes that some local government councils have issued their own rules to protect live music venues, but that city planning and noise emissions laws are a state responsibility

CORPORATES
VICTORIA. DEPT OF PLANNING AND COMMUNITY DEVELOPMENT, PURE POP RECORDS, MUSIC VICTORIA, CITY OF YARRA, WOLLONGONG CITY COUNCIL, AUSTRALIAN LABOR PARTY, CHERRY BAR

Goodman pipeline hits $1bn in Brazil

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Original article by Kylar Loussikian
The Australian – Page: 17 : 1-Aug-14

Goodman Group CEO Greg Goodman has announced a turnaround for the Australian-listed industrial real estate developer’s Brazilian operations. In 2013 Goodman had been beaten to a portfolio of 34 sites by Global Logistics Properties of Singapore. However the WTGoodman joint venture with Brazilian market leader WTorre is now going to construct and lease a warehouse facility worth 62,000 sq m for a US client. Assets in Brazil are also owned by 9% Goodman stakeholder China Investment Corporation and by the developer’s Canada Pension Plan Investment Board and GIC financiers

CORPORATES
GOODMAN GROUP – ASX GMG, WTI PTY LTD, WTORRE SA, GLOBAL LOGISTIC PROPERTIES LIMITED, GIC REAL ESTATE PTE LTD, CANADA PENSION PLAN INVESTMENT BOARD, CHINA INVESTMENT CORPORATION, BR MALLS PARTICIPACOES SA, CB RICHARD ELLIS INVESTORS LLC, UBS GLOBAL ASSET MANAGEMENT (AUSTRALIA) LIMITED, GOLDMAN SACHS AUSTRALIA PTY LTD

Ultra-luxury apartment unlikely to sell

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 5 : 31-Jul-14

The architecture firm responsible for designing Sydney’s Crown Casino tower proposes to reserve the top three floors for a single apartment. There has been media speculation that the luxury penthouse could fetch around $A100m, but some real estate agents question whether anybody would be prepared to pay such a figure for an apartment in Australia. However, CBRE’s Justin Brown and Savills’ Adam Ross say such a price is possible

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CBRE PTY LTD, SAVILLS (AUST) HOLDINGS PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, WILKINSON EYRE ARCHITECTS, SIMEON MANNERS PROPERTY

Apartments drive new home sales

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Original article by Rebecca Thistleton
The Australian Financial Review – Page: 10 : 30-Jul-14

Data from the Housing Industry Association shows that there was a two increase in sales of new dwellings in Australia during the June 2014 quarter. Sales of detached houses increased by 4.1 per cent in Victoria during the quarter, and by just 0.4 per cent in New South Wales. Meanwhile, sales of new dwellings rose by 1.2 per cent overall in the month of June. However, sales of new apartments were nearly 16 per cent higher, while sales of detached homes fell by one per cent

CORPORATES
HOUSING INDUSTRY ASSOCIATION LIMITED, INVESTA PROPERTY GROUP, MORGAN STANLEY REAL ESTATE, KNIGHT FRANK AUSTRALIA PTY LTD, STOCKLAND – ASX SGP, FIVE SQUARED PROPERTY GROUP PTY LTD

Harsh penalties sought for Prime directors

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Original article by Pia Akerman
The Australian – Page: 19 : 29-Jul-14

Ian Martindale QC, on behalf of the Australian Securities & Investments Commission, has urged Federal Court judge Bernard Murphy to impose the maximum fines as well substantial bans on former board members of the failed Prime Retirement & Aged Care Property Trust. The breaches of the Corporations Act should result in a 25-year ban from acting as a director for Bill Lewski, and one of seven to 12 years for ex-federal health minister Michael Wooldridge. Co-accused Peter Clarke meanwhile has sought to revise his previously given testimony

CORPORATES
PRIME RETIREMENT AND AGED CARE PROPERTY TRUST, AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED – ASX API, VISION EYE INSTITUTE LIMITED – ASX VEI, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA

Low rates spur buying spree

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 4 : 28-Jul-14

The respective residential real estate auction clearance rates for the Sydney and Melbourne markets on the 26-27 July 2014 weekend were 76% and 57%. The national average was 70% for the week, as buyers took advantage of record low interest rates for mortgage loans. The fixed rate has been cut to below 5% for the first time by three of the four major lenders. There is also a recovery underway in the upper end of the market, indicated by news that the "Tukurua" historic mansion in the Perth beachside suburb of Cottesloe has been placed on the market

CORPORATES
HOCKING STUART PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, RICHARDSON AND WRENCH PTY LTD, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED

Mirvac banks on housing under-supply

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Original article by Samantha Hutchinson|Rebecca Thistleton
The Australian Financial Review – Page: 34 : 25-Jul-14

Some 176,000 new dwellings were added to Australia’s housing market in the last year, but the Housing Industry Association estimates that annual demand is about 190,000. Mirvac CEO Susan Lloyd-Hurwitz expects supply to remain well below demand in the Sydney market, while Sydney lord mayor Clover Moore says affordable housing and transport infrastructure are priorities for the council

CORPORATES
HOUSING INDUSTRY ASSOCIATION LIMITED, MIRVAC GROUP – ASX MGR, SYDNEY CITY COUNCIL, CITY OF SYDNEY, NEW SOUTH WALES. DEPT OF TRANSPORT AND INFRASTRUCTURE