Property

After a lengthy period of stagnation, Perth’s office sales market last year broke all previous records with unpredicted momentum generated by a shortage of supply and rising rents.

With one of Australia’s biggest private property portfolios, Cape Bouvard Investments prefers to discretely carry on business in Perth.

Much of the decline in value of retail and industrial sales last year can be attributed to a lack of stock rather than a slowing of the markets.

When Cape Bouvard began speculative construction on a $15 million, seven-level office building in early 2004, Perth’s office vacancy rate was 12 per cent, the market outlook was dismal and construction costs were spiralling.

The Master Builders Association of WA says two new economic surveys have confirmed that building industry conditions are set to remain strong in 2006.

Demand for land at LandCorp’s upmarket Minim Cove development in Mosman Park continues, with buyer interest in an early December release outnumbering available lots by four to one.

Listed property group Stockland has filed a development approval to construct a $23 million shopping centre in Baldivis with the intention of increasing its retail presence in Western Australia.

Melbourne-based fund manager SAITeysMcMahon has been confirmed as the buyer of Wesfarmers House on the Esplanade, paying $47.5 million in the second biggest property deal of the year.

Listed property trust Aspen Group Ltd has bought the Dunsborough Lakes residential development from Ric Stowe’s Griffin Group for $93.5 million.

The wealthy and private Caratti farming family has been linked to a major CBD office deal of this year, the $11.3 million purchase of 218 St Georges Terrace.

The good times are continuing in the Perth office market, with almost $400 million worth of CBD property changing hands this year and local investors weighing in heavily alongside interstate and international buyers.

Action currently under way by the Australian Securities and Investments Commission against Westpoint Group hasn’t swayed the enthusiasm of many property companies and lenders, who see mezzanine financing as a mainstream way of financing developments.

Rapid growth has driven Great Southern Plantations to seek a new head office for the second time in two years.

Frustrated at its inability to control non-aviation development on federally owned airport land, the state government has taken a swipe at the Commonwealth and, in the process, BGC’s proposed brickworks.

After long period of industry speculation over Westpoint Group’s operations in the risky business of apartment developments, the corporate regulator last week took action against companies within its property empire.

The Mirvac Group made its first move into land syndication in Western Australia last week, highlighting the growing trend among property developers of using syndicates to complete projects.

Property Resources Management Pty Ltd and its partner, Lang Walker’s Walker Corporation, are to be the private sector developers of a new 338-hectare housing project called Banksia Grove.

Monkey Mia Dolphin Resort has been granted environmental approval for a $25 million proposal to double the size of the resort, located in the Shark Bay World Heritage Area.

Port Bouvard expects increased return to shareholders on better-than-expected prices for the final sale of land at its two estates, in Stirling and near Mandurah.

A new study has found that Western Australians are increasingly buying their mortgages through brokers rather than through traditional lenders.

Mulitplex has received 54 registrations of interest, complete with a $5,000 registration fee, for 37 apartments to be offered as part of the Steve’s redevelopment in Nedlands.

A small Western Australian interior design firm has been in the spotlight recently after winning several prestigious awards.

Benchmark Projects, project manager of the Mandurah Ocean Marina, has won the Western Australian section of the national Australian Institute of Project Management awards.

Mirvac Fini has sold 110 apartments off the plan in The Point project in Mandurah, moving $150 million worth of real estate in four days.

The State Government is offering the 2.48-hectare Old Swanbourne Hospital site in Mt Claremont for sale by public tender.

CLAREMONT’S Bay View Terrace remains at the vanguard of prime retail shopping strips in Perth, outside of the CBD, and is the only Western Australian location to make it into the top 15 strips in Australia, according to a study undertaken by CB Richard El

Robert Spadaccini has gone from success to success since establishing his home building company in 1997.

Having moved out of residential property development in favour of commercial property syndication 18 months ago, Access West is currently completing its sixth commercial syndicate.

Property investors who self-manage their properties have been warned they are at greater risk of experiencing problems with tenants and exposing themselves and their assets.

Boutique developer MATCH has been given approval to transform Perth’s first concrete and steel structure, designed in 1927 by Oldham, Boas & Ednie-Brown, into a heritage sensitive development consisting of 30 warehouse apartments and 39 terrace houses on

Western Australia’s largest homebuilders have recorded their third year of near-record activity.

Perth is assured of at least one new office tower, with expressions of interest open for developers to purchase 140 William Street, but industry players have warned that more space is needed to cope with demand.