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LANDSBURYS Market Update – Published 12 February, 2015

Landsburys property update

New South Wales

Moorebank Industrial Site Listed (The Australian Pg.28)

  • A 41,840m² industrial site at Bridges Road, Moorebank has been listed to the market with expectations of achieving approximately $21 million.
  • The site has development potential for a $400 million residential development.

Brookvale Industrial Building Sold (The Australian Pg.30)

  • A private investor has acquired a 541m² industrial building at 43 Carter Road, Brookvale for $1.08 million ($1,996/m²).

Chester Hill Industrial Facility Leased (The Australian Pg.30)

  • GQM has leased a 2,000m² industrial site comprising 2,783m² of warehouse and office space for 3 years at 191 Miller Road, Chester Hill for $117/m² of building area gross p.a.

Ingleburn Industrial Facility Leased (The Australian Pg.30)

  • Roadworx has leased a 2,605m² industrial site for 6 years at 8 Austool Place, Ingleburn for $119/m².

Sydney Office Space Update (AFR Pg.42)

  • Industry research indicates new office developments in Sydney will supply 400,000m² of office space during the next 5 years.
  • Industry research indicates the conversion of office space to residential in Sydney CBD will remove 325,000m² of office space in the next two years.

Banksmeadow Retail Development Site Sold (AFR Pg.42)

  • Masters has acquired a 23,000m² vacant site at Wight Street, Banksmeadow for approximately $25 million ($1,087/m²).
  • Masters have lodged a proposal to develop a retail and bulky goods centre.

Bankstown Market Update (AFR Pg.47)

  • Industry research indicates residential land values in Bankstown increased 29% in 2013-14.
  • The present vacancy for office accommodation in Bankstown is at 1.6%.

 

Queensland

Brisbane Hotel Sold (The Australian Pg.28)

  • A foreign investor has acquired The Adina Apartment Hotel at 11 Ivory Lane, Brisbane for $50 million ($308,642/apartment).
  • The four star serviced apartment complex comprises 162 apartments and occupies a 3,000m² site.

Kangaroo Point Residential and Retail Development Update (AFR Pg.44)

  • Development plans have been lodged for a $300 million residential and retail development at Kangaroo Point, Brisbane.
  • The proposed development comprises two towers with 442 apartments on a 4,964m² site and will involve upgrades to the existing retail with provision for 528 car spaces.

 

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