Monday, 20 December 2010

North Ryde. Hotel on the market

Stamford Property Services proposes to demolish the Stamford Grand Hotel, to build 10 apartment towers of up to 21 storeys, including 625 apartments, in a $175 million redevelopment on the 22,433-square-metre site near Macquarie University, at North Ryde. The Stamford contains 257 rooms in three-storey hotel buildings The project would create 200-500 construction jobs and 20 operational positions, according to the company. The Department of Planning does not support development as high as 21 storeys.


Region. Centro malls on the market

Major Australian retail landlords have indicated their interest in adding Centro Properties assets to their retail holdings – four Centro shopping centres are located in Western Sydney. Among the interested buyers for some or all of the malls are Westfield, Lend Lease's Australian Prime Property Fund, CFS Retail Trust, Queensland Investment Corp, and the Singapore Government Investment Corp (GIC). Centro decided last month to put all its Australian and US assets, worth $13.5 billion, on the market after having received approval to refinance the next round of debt, which is due by next week.


Parramatta. City to join economic corridor

The newly released Metropolitan Plan for Sydney 2036 proposes the extension of the Global Economic Corridor from Macquarie Park to Parramatta. It is a substantial corridor – “the powerhouse of the Australian economy” – clustering jobs and economic activity in finance and business services, information intensive industries, global and national transport and multimedia. It currently runs in an arc from Port Botany and Sydney Airport through the Sydney CBD/North Sydney (Global Sydney) to Macquarie Park. The document said the extension of the Chatswood-Epping rail link to Parramatta would improve accessibility for more Sydney workers. “Additional economic opportunities along this extended corridor must be pursued, especially as Chatswood and Macquarie Park reach capacity, the document said.


Region. Metropolitan Plan 2036 released

The Metropolitan Plan for Sydney 2036 has been released, which will shape the city for future growth. Activities its supports include locating 50 per cent of jobs in Western Sydney; strengthening the role of Parramatta as Sydney’s second CBD as part of a network of 34 strategic centres; Sydney's south-west, north-west and central-west will absorb the bulk of the population growth; and Penrith, Liverpool and especially Parramatta must grow to become new employment centres so that more people can live closer to their place of work.


Eastern Creek. $119m data centre proposed

Hewlett-Packard Australia is set to invest $119 million in the M7 business hub, at Eastern Creek. The company proposes to build a data centre complex on a 13.4-hectare site with the potential for a second centre at the same location in future. The company’s submission to the Department of Planning estimated construction work would take about 12 months to complete.


Region. $129 million worth of property sold

Increasing liquidity and buyer confidence resulted in over $120 million worth of property being transacted in Western Sydney during 2010 by CB Richard Ellis’ Parramatta Metro team. Demand for retail assets and residential development sites were underpinned by returning investor “Asian investment syndicates and high net worth individuals have been especially active in the Western Sydney investment market over the year.” CBRE Associate Director Harry Bui said

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