Thursday 23 April 2009

Region. UWS conducts mortgage stress project

The Parramatta-based UWS Urban Research Centre is conducting a project investigating the causes and consequences of mortgage stress in Western Sydney. “This is a major attempt to find out what is going on at the distressed level of the housing market. A major concern is that mortgage stress is higher in Western Sydney than in other major regions of Australia,” said Professor Phillip O’Neill, who will lead the project. Mortgage stress emerged as a concern in Western Sydney as early as 2005 when the region’s housing process stagnated, according to Reserve Bank reports.

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Eastern Creek. Warehouse DA on exhibition

Blacktown City Council has on public exhibition, until May 8, a proposal by Prime Constructions Pty Ltd, for a warehouse, at 10 Clay Place, Eastern Creek. The estimated cost of construction is $8.5 million

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Region. Forced industrial site sales

The ANZ Bank, the National Australia Bank and Challenger Financial have forced the sale of 20 new industrial units, on Wellington Road, Granville. LJ Hooker has finalised the forced sale of a factory, in Holbeche Road, Arndel Park. ANX took over from the owners who bought the proprty for $490.000; the recorded sale price was $380,000. Only two of 15 industrial units, at the Power Centre, at Glendining, have been sold since theur were built in mid-2008, illustrating the quagmire of industrial sales activity in Western Sydney, said The Australian Financial Review.

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Parramatta. Review of refusal for CBD hotel

Parramatta City Council is in receipt of an application seeking a review of council’s refusal of a DA, on the corner of Church and Palmer streets, in the CBD.Applicant, Southern Cross Enterprises Group Pty Ltd seeks the review of a project on the former St Peter’s Church site. The DA seeks the demolition of the existing heritage-listed church hall, restoration of the heritage-listed church for use as a restaurant/bar and construction of a 13-storey hotel, containing 50 hotel rooms, conference facilities, gym, pool, & bar over basement car parking for 54 vehicles. Estimated construction cost: $6 million.

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Region. Incentives for leasing space

Private property investor, Sanchez Group Australia, has offered $20,000 in travel vouchers and airfares for any agent who could fill a vacancy, with a three-year mimimum lease, in properties at St Mary’s and Villwood, in Western Sydney, and Newcastle. Jones Lang LaSalle’s national director, of industrial sales, said in The Australian Financial Review: “None of the big firms would take this (offer) , of course. It would be a breach of their code ethics”.

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Parramatta. Demand for college space

Major growth in lease deals and enquiry activity for international colleges in the region, particularly Parramatta, Strathfield and Burwood, existed according to Colliers International. Acme College signed a three-year lease with a three-year option for $310 per square metre gross, at 16-18 Wentworth Street, in the Parramatta CBD. Shane Ada, Colliers’ executive, of office leasing, said terms were agreed for three other lease deals in Parramatta by international colleges, compared to only one signed lease deal during 2008. Eddie Liew, national director of student services, at Colliers, said it is not surprising that Parramatta was becoming a popular destination for colleges looking to establish a premise or expand, due to its central location, good public transport, easy access to the Sydney CBD and cheaper student accommodation.

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Penrith. A-grade office space for sale

Two levels of A-grade office space in a recentl;y completd five-storey, eco-smart building, at 331 High Street, Penrith, are for sale through Colliers International, Penrith. Level 3 has a total floor area of 671 square metres, including 129-square-metre balcony and eight car spaces. Level 4 has a total floor area of 534 square metres, including 122-square-metre balcony and six car spaces. Lloyd Sullivan, founding partner, of Pinnacle Taxation Services, located in the building reportedly said: “(It) is a great environmental achievement”.

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Campbelltown. Protest over power station

Wollondilly Council is opposing AGL Energy’s proposed 300-megawatt gas-fired power station, at Leaf’s Creek, in the adjacent Campbelltown local government area. Mayor of Wollondilly, Michael Banasik, said council was concerned about the impact the station would have on the environment, public health and land values. "That area between Appin and Campbelltown area is earmarked in the Macarthur south area for development, so I don't think you should be putting gas plants in the backyard of fairly dense population areas such as Campbelltown," he told the ABC. The planning minister will assess the power station as a major project The plan is on public exhibition with the Department of Planning.

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Erskine Park. Visit by Property Council

Penrith City Council’s general manager, Alan Stoneham, will speak at BlueScope Steel’s new Western Sydney Service Centre, at Erskine Park, during a visit by members of the Property Council of Australia (NSW), on May 7. The centre, the first Sydney-based paint line for BlueScope Steel, meets best practice in terms of its manufacturing processes, as well as taking a leadership position on water and energy efficiency, which won it the 2007 NSW Urban Taskforce Development Excellence Award for Industrial Development. Other speakers include Ian Kiernan, Clean Up Australia, and Brian Rooney, manager In-Market, BlueScope Steel

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Parramatta. Office rents 'attractive'

Average prime gross face rents in Parramatta were currently under $380 per square metre annually said, Chris Gilbert, NSW head of commercial leasing, with Jones Lang LaSalle, when commenting on the 9.57 per cent vacancy rate in the first quarter 2009. Prime grade vacancy was relatively low at 6.27 per cent. He said the rental was attractive relative to the Sydney CBD and other non-CBD markets. Leighton Properties, Grosvenor Australia, St Hilliers and Becton Property Group all have quality office projects on the drawing board ready to be developed, subject to tenant pre-commitments, he said.

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Rosehill. Property for sale at $3.6 million

A 6065-square-metre property on the northern side of River Road, sitting between Arthur Street and James Ruse Drive, Rosehill, is for sale through Colliers International for $3.6 million The property includes older-style improvements and yard areas, which could be leased out or occupied in the short term. Neighbouring occupants include Trivetts, Subaru and VW. Flexible zoning will cater to many industrial and bulky goods users.

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