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Archive for June, 2019

Low interest rates underpin strata strength

Thursday, 13 June, 2019

Strata office deals in the CBD are continuing to set records as owner occupiers take advantage of low interest rates to stake a claim on city real estate.
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Colliers International agents Chris Ling and Anthony Kirwan recently negotiated a series of strata deals, including a unit at 552 Lonsdale Street which fetched $2 million, a 25 per cent premium on the last office sold in the building.

The 258 square metre office on level seven was sold with vacant possession to a local accounting firm looking to establish a presence in the city.

“The sale price represented a significant increase on the sale price of level six, which sold for $1.6 million in September last year – a 25 per cent uplift in six months,” Mr Ling said.

“We received more than 120 enquiries for this property and six genuine offers, underscoring the substantial lack of supply for well-located whole-floor office assets.”

It followed the recent sale by Supreme Court judge Michael Sifris of his 777-square-metre strata office at 530 Lonsdale Street in Lonsdale Chambers which fetched $4.25 million or $5500 a square metre.

While most of the interest is coming from local owner-occupiers encouraged by low interest rates, there is steady enquiry still coming from Asia and United States-based investors, he said.

However some buyers are starting to show concerns about the potential for interest rate rises limiting how much they can borrow.

“With recent increases in residential interest rates and new rules about interest-only loans, we are seeing some cautiousness from buyers who are uncertain as to what will happen in the commercial property environment in the near future.”

“It’s at the back of everyone’s minds,” he said.

Strata sales in the western end of Collins Street nonetheless reflected strong demand. A local financial advisory firm paid $1 million for the 104 square metre suite 202 at 546 Collins Street, in the Art Deco McPherson’s Building.

Its neighbour, suite 310, fetched $1.175 million or $8,835 a square metre. A management consulting firm bought the 133 square metre office with plans to occupy it in the future and grow its portfolio in the office building.

Mr Ling said an international expressions-of-interest campaign generated 132 enquiries for the office and several first-round offers.

“We are experiencing strong demand from owner-occupiers who are desperate to secure CBD office space – buyers are willing to pay over the odds,” he said.

Off the plan strata sales are also selling well. Owner occupiers and one investor helped sell out four off-the-plan strata office units at 420 Spencer Street, West Melbourne for Bill McNee’s Vicland Property Group.

“We managed to transact the four first-floor offices on Spencer Street in the past five months for rates of $6,600 a square metre, which translates to transactions between $1.55 million and $2.6 million per office,” Mr Ling said.

This story Administrator ready to work first appeared on Nanjing Night Net.

‘I might ring Cheika’: Furious Maguire slams ‘rugby rules’

Thursday, 13 June, 2019

An incensed Souths coach Michael Maguire has scolded the NRL’s multi-million bunker and claimed he would call Wallabies coach Michael Cheika to brush up on the rules of rugby union after two controversial refereeing moments plagued the Broncos’ wild win over the Rabbitohs on Friday night.
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Anthony Milford snapped a dubious 78th-minute field goal after appearing to fumble the ball in the lead-up to settle the contest 25-24 at ANZ Stadium – barely 10 minutes after also being the centre of attention in Tautau Moga’s bizarre try that levelled the scores.

Rabbitohs skipper Sam Burgess also said lead referee Ashley Klein was “confused” as the voice of an emotional Maguire, who is normally so reserved in post-match press conferences, wavered on several occasions when he spoke about his players “busting their arses” after the loss.

In a game plagued by multiple referrals to the NRL Bunker, on-field officials didn’t check Milford’s handling in the lead-up to the game-deciding one-pointer in which he appeared to momentarily lose the ball.

“I came in here looking to blow up, but to be truthfully honest I don’t think that’s going to do anything anyway,” Maguire said. “They’ll just hunt me up for a fine or something or other that usually happens in this situation.

“I think the on-field ref said we’ve got to have a look at [Milford’s field goal], but sure enough they actually called it. That’s the decision made.

“We’re spending a lot of money in areas of our game and we’ve got to get them right, especially in moments like that. Those games change your season. Those two points are what every team is fighting for. We’ve got a multi-million dollar system in place and everyone in this room saw it.

“Was it a knock-on or wasn’t it a knock-on? You can say that, but I can’t because it’s around decisions. Make a call. I don’t want to have to get charged 10 grand.

“Can you [then] explain that to all the Souths fans that continually turn up to our ground that are passionate around our club, we’re a building team with young kids … they have to sit in the change room there disappointed because of things that went on out there on the field? Ridiculous.”

Brisbane coach Wayne Bennett claimed Milford had not lost control of the ball and the player himself was adamant it was a fair catch.

Rabbitohs officials will also seek clarity from the NRL over a first-half concussion incident involving Milford, who jumped to his feet to kick a penalty goal after a Sam Burgess hit before being taken off immediately for a Head Injury Assessment.

The call was made on the instruction of the Broncos’ medico Dr Peter Hackney, who followed the NRL protocol of making a sideline assessment from vision provided to him when the on-field trainer initially cleared Milford to stay on the field.

“The trainer didn’t make the decision,” Bennett said. “The doctor wanted him off. That’s why he came. Anthony had no symptoms. I spoke to him at half-time and it was just the doctor [going] by the letter of the law, which is totally fine.”

Milford wandered back onto the field in the second half after passing his tests and was then involved in the game’s two flashpoints.

The first came when he scrambled over the line before spitting the ball out the back for Tautau Moga to score.

Klein sent it upstairs as a try, but replays were inconclusive over whether Milford had actually grounded the ball.

Fumed Maguire: “I might ring up Michael Cheika and find out about his rules in rugby union?”

“I think we might start playing rugby union down close to the line. I thought when you cross the line and the arm actually touches the ground that that is actually classed as a tackle but they seem to say, ‘play on and let’s throw the ball back and score a try’.”

Added Burgess: “I think [Klein] was a bit confused at times as well. I think if you see the footage of our conversations – it’s all recorded – he seemed pretty confused with the calls. It’s out of his hands I guess when it goes up to the big screen.”

Corey Oates’ first-half double powered the Broncos to a 10-point lead before the Rabbitohs, thanks to two try assists from Robbie Farah, who was unused in the first half, helped the hosts reel off 16 straight points.

But the late intervention of Moga and Milford settled the result with Bennett, who was spotted deep in conversation with Maguire in the Rabbitohs’ sheds after the game, admitting even he was confused with some decisions.

“When they get across the try line I’ve got no idea when the play is dead, I’ll be honest with you,” Bennett said of the Moga try after Milford appeared held up. “I don’t think there’s any rules they go by.

“It was a crazy game. That’s the best way to describe it. I couldn’t put it any other way. There were lots of controversial moments. Just weird.”

This story Administrator ready to work first appeared on Nanjing Night Net.

Greenwood Hotel to test hot pub market

Thursday, 13 June, 2019

One of the most recognisable pubs in Sydney, the Greenwood Hotel’s leasehold is being offered for sale as the operators take advantage of the booming hotel sector, which has seen more than $200 million worth of assets and leases change hands this year.
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Mirvac will continue to own the freehold interest of the hotel, which is connected to the Greenwood Plaza.

Where buyers and leasees were once mainly investors when the pubs sector was in a distressed state and laden with debt, they are now being snapped up by food and beverage operators, determined to offer more than meat pies and poker machines.

Daniel Dragicevich and Sam Handy of CBRE Hotels have been appointed to steer the Greenwood leasehold campaign, which is timed to capitalise on the current bullish market conditions, as evidenced with recent Sydney leasehold sales such as the Cargo Bar, Bungalow 8, Winery and Verandah Bar.

The hotel is being sold on behalf of the Balmain Pub Group, who own a stable of Sydney pubs including the Swanson Hotel in Erskineville and the Balmain and Town Hall Hotels in Balmain.

The North Sydney institution, formerly a church, comes hot on the heels of the sale of the Hotel Marlborough, Newtown to Solotel, run by chef Matt Moran and Bruce Solomon. They paid about $34 million and were advised on the sale by Andrew Jolliffe, national head of hotels at Ray White Hotels.

Australian Pub Fund, run by long-time business partners Geoff Dixon and John Singleton, were the sellers of the Marly and are expected to also sell the Kinselas middle bar in Taylor’s Square this year.

Originally built as a church in 1878, the Greenwood Hotel has evolved into one of North Sydney’s landmark pubs and sits across a 1761sq m trading footprint with multiple bars, function rooms, outdoor areas plus a dedicated gaming and wagering area.

It is located immediately above North Sydney train station, bus interchange and Mirvac’s Greenwood Plaza which comprises over 100 retailers, 273 car parks and delivers in excess of $100 million in annual net sales across 18 million visitations per annum.

CBRE National Director Daniel Dragicevich said the Greenwood Hotel is “truly one of Sydney’s iconic establishments”.

“The venue has only had a few operators over its 25-year lifespan which is testament to its ongoing popularity and standing. It will undoubtedly appeal to a wide spectrum of hospitality operators across the country,” Mr Dragicevich said.

“The business currently achieves revenues of $9 million per annum and the recently reconfigured model is well positioned to take advantage of the of the short to medium term exponential growth within the North Sydney CBD.”

North Sydney is the state’s second largest CBD, outstripping Parramatta, Chatswood and Bondi Junction with the skyline set to be dramatically reshaped over the next few years with in excess of $2.5 billion worth of development investment.

At least three commercial skyscrapers, including a $200 million 44-level tower in the heart of Mount Street and a 30-storey commercial tower on Denis Street, are set to rise in the next 24 months with these developments following a rash of approvals which has seen five commercial towers and 14 residential towers approved over the last 18 months.

CBRE Director Sam Handy said the North Sydney CBD has undergone a real resurgence over the last few years. The CBD has previously been dominated by retail and commercial towers but there has been a renewed focus on residential development over the last 12-24 months.

“The North Sydney population is forecast to grow by 25 per cent over the next 20 years via increased supply of commercial and residential developments, accommodation hotels and the addition of the new Victoria Cross train station,” Mr Handy said.

The sale also comes as Dixon Hospitality, owners of over fifty food and beverage leasehold venues across Sydney, Melbourne and Brisbane, are rumoured to be being circled by private equity buyers eager to acquire a strong cash flow offering an immediate national footprint, market share, size and scale.

It has been reported that Quadrant Private Equity and Adamantem Capital are currently running their rule over the entire portfolio.

This story Administrator ready to work first appeared on Nanjing Night Net.

Investors circle SW Sydney land sites

Thursday, 13 June, 2019

The Malouf family is taking to market its large land holding in Sydney’s south-west, to take advantage of investor demand for assets near to the site of the proposed Badgerys Creek Airport.
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It has been in the family for many years and is one of the few “englobo” sites of this scale that has been bought to the market.

Englobo is an undeveloped lot, group of lots or parcel of land that is zoned to allow for, and capable of significant subdivision into smaller parcels under existing land use provisions.

There is no price guide but based on recent sales the ranges are from $1 million to $4 million per hectare depending on size, current zoning terms and location.

Colliers International’s Harry Bui, Fab Dalfonso and Joe Sacco are the agents on the site located at 565 Bringelly Road, Rossmore, and covering about 45.44 ha within the South West Growth Centre.

Other sales in the area have included the Dahua Group, which acquired 89 hectares of rural land at Menangle Park from Campbelltown City Council for $65 million in late 2016; Boyuan Holdings bought 40.5 hectares of rural land on the Northern Road in Bringelly for $70 million in January 2017; Aqualand bought a 12.51 hectare site, for $87 million in Baulkham Hill in January 2017.

Late last year, Dyldam Development bought a 20.02 ha Leppington Town Centre site for about $85 million.

“As one of the last remaining large englobo land sites in Sydney’s South West Growth Centre, this is a rare opportunity to acquire a strategic land holding in close proximity to Leppington train station and the proposed Badgerys Creek Airport,” Mr Bui, the national director, investment services at Colliers International, said.

“Demand for englobo sites of this scale have attracted strong interest from local and offshore developers keen to capitalise on consumer demand for new housing in growth corridors that offer proximity to existing or committed public infrastructure.

“Over the past 18 months similar land sales have resulted in substantial prices for their owners.”

The Department of Planning Sydney Growth Centres Strategic Assessment Draft Program Report May 2010, indicates 565 Bringelly Road, Rossmore, falls into the Rossmore precinct, although it is yet to be released or rezoned.

Mr Bui said, that according to government sources, subject to release, rezoning and development approval, the Rossmore precinct is expected to house about 9000 dwellings with a population of about 25,000 people, and a proposal to build a new town centre, neighbourhood centre and commercial space.

The site is also identified as part of an “enterprise corridor” in accordance with the 2014 Metropolitan Strategy – A Plan for Growing Sydney, which was released in December 2014 by Department of Planning and Environment.

“Sydney is currently experiencing a once-in-a-generation infrastructure boom, with Rossmore situated perfectly within close proximity to the Moorebank Intermodal employment hub and proposed Badgerys Creek Airport site,” Fab Dalfonso, the national director, industrial at Colliers International, said.

“Construction of the proposed new airport alone is expected to generate around 4000 new jobs during the peak of construction according to the government.

“The federal and state governments have also committed significant funding to infrastructure upgrades including the Bringelly Road upgrade and the NSW government is planning for growth in the area by preserving an additional public transport corridor in the south-west.”

According to Colliers International research, south-west and Western Sydney are predicted to be the growth engine of Australia’s economy.

“Over the next 20 years the government expects the population of south-west Sydney to grow by more than 325,850, which means more jobs, increased amenity and greater opportunity for local residents,” Joe Sacco, senior executive, investment services at Colliers International, said.

This story Administrator ready to work first appeared on Nanjing Night Net.