Region. Keen treks to Mt Kosciuszko

Steve Keen, associate professor of Economics & Finance, at UWS, will commence his trek to Mt Kosciuszko tomorrow (April 15) after earlier losing a bet with economist, Rory Robertson, of Macquarie Bank, over Australian house prices. Professor Keen said prices would fall by 40 per cent, whereas they rose by 7 per cent this year. He plans to run 15 kilometres in the morning and walk 15 kilometres in the afternoon and is expected to reach his destination by April 23, according to The Australian Financial Review.

North Ryde. Development at a slower rate

As a result of the global financial crisis, 2010 is likely to see no additions to the Macquarie Park office market, with the next major completion to be the fully committed Cochlear research facility in 2011, according to the CB Richard Ellis Sydney Metropolitan Office, first quarter 2010 Marketview report. The next five years are expected to see further significant development, albeit at a slower rate than witnessed over the 2005-09 period. Net additions over the next five years are likely to see average 34,400 square metres annually, around 32 per cent lower than the five-year historic average. Net face rents for grade A properties remained at $300 per square metre during the first quarter of 2010. Average net face rent in Parramatta is $330 per square metres. Net face rents for grade A properties, in Macquarie Park, will grow to $346 per square metre by December 2014. The total office floor space in Macquarie Park is 728,527 square metres compared to 682,557 square metres in Parramatta.

Liverpool. $390m hospital near completion

The $390 million redevelopment of Liverpool Hospital currently underway will provide state-of-the-art facilities and meet the healthcare needs of the state’s fastest growing regions, with a population expected to grow to one million by 2016. The redevelopment includes a six-storey hospital. The project, which commenced in 2007, is due to be completed by late October, with the total redevelopment in late 2011 when it will become the largest teaching tertiary facility in NSW. Preliminary work has commenced on the $45 million on the Ingham Health Research Institute building.

Merrylands. $400 million project on track

The first stage of the $400 million redevelopment of the Stockland Merrylands shopping centre opened in November 2008. The first section of Stage 2 will open in May and the remainder is scheduled to open September. Part of the current 39-year-old centre will close on May 5 for demolition to make way for stages 3 and 4, which could take approximately two-three years to complete. When completed the centre will include over 200 outlets and a 750-seat food court, over two levels, and over 3000 car parking spaces.