Property

PERTH property developers are building their exposure to the Melbourne market in a bid to offset an anaemic local market and capitalise on the strong population forecasts for the Victorian capital.

HOTEL heavyweight Australian Leisure & Hospitality Group, Coles and Sandalford Wines owner Peter Prendiville are among the big names understood to be circling the assets of Compass Hotel Group.

The heritage listed Newspaper House, being redeveloped as part of City Square, will feature a rooftop bar, a top-flight restaurant and a range of bars across four floors under a long-term deal Brookfield Office Properties has announced with Colonial Leisu

Perth property developer Peet has expanded its presence in Queensland, paying MTAA Super $45 million for a half interest in a 1,244 hectare site in the state’s south east.

Another set of figures has underscored the doldrums facing Perth property, with RP Data's monthly look at the housing market showing Perth has overtaken Brisbane as the nation's worst performing capital city.

West Perth-based property developer Cedar Woods has announced a major leasing agreement with supermarkets giant Woolworths to underpin its $1.5 billion master-planned residential community, Williams Landing, in Melbourne.

AUSTRALIA’S listed property sector was savaged by the global financial crisis but Perth-based Aspen Group has battled more than punitive market conditions in the past year.

Construction and land development in Western Australia were granted a few green lights in the state budget handed down by the Barnett government last week, as plans to expand the city create a likely list of tenders up for grabs.

Construction and development group Pindan has won its third major contract in two months, after being awarded a $22 million mine camp deal by Fortescue Metals Group.

Rental growth in Perth's CBD office market is set to outperform the national average over the next five years, thanks to ongoing expansion in the resources sector, with forecasts tipping the vacancy rate to drop under five per cent by 2014.

FALLING house prices and the potential for a rise in interest rate are causing the state’s home building market to stall, with the state government’s housing forecast group saying there will be no recovery in the next financial year.

WESTFIELD Group’s ambitious bid to transform the Whitford City shopping centre into a bustling town centre will test the state government’s commitment to its new shopping centre planning policy.

Today's scheduled auction for Ric Stowe's sprawling Bullsbrook property, Devereaux Farm, has been pushed back by two weeks.

There will be no recovery this financial year or next for Western Australia's sputtering housing construction sector, with dwelling starts tipped to drop 21 per cent on last year's figures, according to the state government's top forecaster.

The number of home loans approved in March rose by 2.1 per cent on February in Western Australia, in contrast to a 10-year low in housing finance approvals nationally.

THE Swan River Trust and the City of Subiaco have effectively skittled a redevelopment proposal for the Matilda Bay Tea Rooms, forcing the proponent to abandon plans for a licensed cafe on the iconic site.

CONSOLIDATION within the property valuation sector has continued with the announcement by CB Richard Ellis that it will acquire national property valuation firm Megaw & Hogg National Valuers.

James Packers Crown Ltd has increased its commitment to Burswood Casino, announcing the purchase of the Holiday Inn for $79 million and the creation of three new bars and a cafe under a new $91 million redevelopment plan.

IN its latest move to meet growing demand for housing in the Pilbara, the state government has called for expressions of interest to develop medium-density housing at Baynton West in Karratha.

Perth’s house prices have continued to weaken in the March quarter, latest figures show, tempting more homebuyers to consider entering the market.

LANDS Minister Brendon Grylls this week unveiled a new suburb in the City of Swan, named Brabham, after motor racing legend Sir Jack Brabham.

JANDAKOT Airport has secured a number of notable national and international tenants for its multi-million dollar commercial and industrial precinct following approval of its $60 million master plan more than a year ago.

Property and construction group Pindan has been awarded the design and construction tender of the $58 million Karratha Leisure Complex.

A large tract of development land in Baldivis formerly owned by Pankaj Oswal has hit the market.

Developer Aspen Group has received a conditional offer for a $117 million finance facility required to acquire and develop the Australian Taxation Office Building in Adelaide.

Clough Engineering's old base at 251 St Georges Terrace is up for sale, with Jones Lang La Salle and Burgess Rawson jointly appointed to manage the transaction.

THE State Administrative Tribunal has rejected an application for review of a City of Perth decision that refused development approval for an eight-storey building adjoining Jacob’s Ladder.

LAND prices have fallen more than 12 per cent from their boom-time peak, prompting a leading development organisation to claim that affordability is returning to the Western Australian market as it cools down.

THE Western Australian government has submitted its draft structure plan for the Oakajee Industrial Estate for public comment, a key step in the development of the proposed Mid West port.

Property developer Luke Saraceni and his business partner Hossean Pourzand have struck a funding deal with IMF (Australia) to support their legal action over the Raine Square development.

Management at Civmec are confident their new $30 million facility can help put the state back on the map as a fabrication centre.

INVESTORS bought-up a parcel of apartments in Perth’s highest residential tower this week as they sought to capitalise on the city’s ailing apartment market.