Thursday, 15 April 2010

Auburn. Changes in Parramatta Rd corridor

US discount retailer, Costco, has argued that the Parramatta Road corridor was evolving into a “large-format retail destination” in its application to build a $60 million outlet on Parramatta Road, at Auburn. Approval by the Department of Planning (DOP) could signal a significant change in the way the state government assesses major retail projects, said The Australian Financial Review. Costco premises appear more like a bulk goods centre rather that a straightforward retail operation. Objections by major shopping centre owners said the project did not comply with planning restrictions in the area. A decision by the DOP is imminent the paper said.


Blue Mountains. Two EOI called for

The NSW government/Jenolan Caves Reserve Trust has called for expressions of interest (EOI) to develop and manage the accommodation and hospitality operations of the Jenolan Caves eco-tourism destination. The facilities have been enhanced by recent government capital expenditure. Also in the mountains, EOI have been called for the sale of The Falls Mountain Retreat, which includes 17 luxury dual key apartments and a manager’s residence. Jones Lang LaSalle is handling both properties.


North Ryde. Market confidence returns

With some normality returning to the physical property market, vendors are now more confident of selling major commercial assets, according to The Australian Financial Review. Jones Lang La Salle’s, Simon Rooney, who said domestic and offshore institutional investors were regaining their appetite for Australian assets, is selling a 50 per cent stake in Breville’s $750 million Top Ryde shopping centre complex nearing completion. Bids for the whole property were expected, he said.


Bonnyrigg. Club sold for $4.35 million

An owner occupier has paid $4.35 million for the 20,140-square-metre site of the former St John Park Sports Club, in Bonnyrigg. The site has 3310 square metres of improvements including a clubhouse, soccer field, grandstand and bitumen car park. CB Richard Ellis handled the sale.

Penrith. Council wins $5 million funding

Penrith City Council has secured a $5 million funding grant from the federal government to build the new $5 million Howell Oval pavilion and improvements to CUA Stadium. The funding includes $1.8 million for the upgrades to the stadium to be carried out by Panthers and $3.2 million for the construction of the new Howell Oval pavilion, which will be put to tender. The Penrith Business Alliance (PBA) has estimated the investment would result in a total of 33 new jobs in the local economy, of which18 would be created directly in construction, with a further nine jobs created indirectly across local industries. The remaining six jobs would occur as a result of local household spending stimulated by the investment, the PBA said. Its analysis showed the funding application would generate $2.1 million of wages and salaries accruing to Penrith households.

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Auburn. Costco decision expected today

The NSW State Government has approved a new $60 million Costco development in Auburn despite objections from a group of the nation’s most powerful shopping centre owners who claimed the development would be “anti-competitive” for other retailers, according to The Daily Mirror. An announcement could be made this morning (April 15). Costco expects first year total sales for the store of $97.5 million with an average of $155 per visit.


Blue Mountains. $387m boost to economy

The Blue Mountains received 2.7 million visitors in 2009, who spent 1.3 million nights in the region and contributed $387 million to the local economy, said the Minister for Tourism, Jodi McKay, who, with the NSW Tourism Board, would be visiting a number of locations around the region and meeting with key tourism industry stakeholders, on April 15-15.


North Ryde. Uni to receive $1.7m funding

Macquarie University will receive almost $1.7 million in funding in 2010 and 2011 under the federal government’s Super Science Fellowship scheme. The money will be used to fund fellowships which will be made available to early-career researchers recruited both nationally and internationally by the university. The scheme targets three key areas of research: space science and astronomy; marine and climate sciences; and future industries research – biotechnology and nanotechnology.