Wednesday, 13 October 2010

Region. Mortgage stress

The Fairfield-Liverpool district ranks as the nation's worst-performing mortgage area, then outer south-western suburbs, including Macquarie Fields, Minto, Camden and Narellan. In these areas between 2.5 per cent and 2.77 per cent of borrowers failed to make their required mortgage payments.The next worst region was the north-west - including Penrith, Mount Druitt, Blacktown and Richmond - where the figure was 2.37 per cent.


Rosehill. STC members reject merger

Members of Sydney Turf Club have voted against a merger with Australian Jockey Club. STC chairman, Bill Picken, said he was disappointed the resolution which had been recommended by the board had been rejected. STC CEO, Michael Kenny, said despite news that a $174 million funding package would be paid to the merged club as a non-repayable interest-free grant and did not require Racing NSW to obtain loan funds from the market, members still felt the merger would not be in the best interests of the club. Some $24 million would have been committed to improvements at Rosehill Gardens. The board will consider defying its members to pursue a merger with the AJC.


Parramatta. CBD property to be auctioned

Colliers will auction a four-storey office building, at 90 Phillip Street, in the corporate precinct of the CBD, October 28. The building, overlooking the Parramatta River and close to the Charles Street ferry wharf, has a net building area of 2940 square metres and a net income of $1.126 million. Tenants include Hughes Truman, consulting engineers, State Super Finance Services Australia, the Argo Group and Holcim, the Swiss-based supplier of aggregates, concrete and concrete pipe and products.


North Ryde. Cochlear's hedging program

Bionic ear manufacturer, Cochlear, which expects to move into its new $130 million global HQ at Macquarie University by year-end, remains confident its elaborate hedging program will help protect it against the soaring Australian dollar as it rolls out its Nucleus 5 implant system offshore. The company generates about 95 per cent of its sales in foreign currency, The Australian Financial Review said.


Region. Freight link commences in 2011

The first section of track on the 36-kilometre South Sydney Freight Line, between Leightonfield and Sefton, will be laid between March and July 2011. The rest of the line will be built in two stages. Once complete the line will provide a freight-only link between Port Botany and the proposed Moorebank intermodal terminal.

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Eastern Creek. Dexus may buy property

Dexus Wholesale Property Fund is expected to announce soon the purchase of more than $200 million worth of industrial properties from a fund run by Colonial First State Global Asset Management. The purchase is likely to include a major DHL facility at Eastern Creek.


Merrylands. Employee wins top award

Sandra McGee, of Starr Partners in Merrylands, has won the Real Estate Institute of NSW’s highest accolade, the Woodrow Weight Award, for outstanding contribution to real estate agency practice.