Latest Commercial Real Estate News

Subdued business conditions and a lift in new developments have prompted a drop in space being taken up in office towers in the heart of Sydney but demand in the country’s resources capitals is holding up.

The property empire linked to billionaire Chinese property developer and political party donor Huang Xiangmo has sold a major North Sydney tower to private developer Holdmark for the symbolic price of $113.888 million.

Gaming mogul Tony Fung’s deal to sell the Casino Canberra has been terminated as the vendor refused to give prospective buyer, Sydney-based funds manager iProsperity Group, more time to win regulatory approval to buy the property.

Apartment mogul Harry Triguboff has joined the growing band of developers buying out entire apartment blocks, with the acquisition of 60 units in an existing ­development in Sydney’s Macquarie Park.

Garden cafe, bed and breakfast accommodation and art gallery — there’s many strings to the bow of a one-off Queenscliff property that’s just hit the market.

The contest for excellent staff is driving building upgrades across the business districts, with major developers using the lure of ultra-modern offices to win over the next generation of workers.

The retail property market has received a boost with US private equity giant Blackstone sealing a deal to sell the Brimbank Plaza shopping centre in Melbourne’s northwest to a consortium led by Malaysian-backed group Mulpha for about $150 million.

High-profile property companies, the Roberts family-backed RF CorVal and Melbourne-based Grocon, have struck fresh deals in the western Sydney hub of Parramatta where billions of new developments are in the pipeline.

A brand new Sebel hotel in Canberra has sold for $48m to DWS, a global real estate investment manager, and Pro-Invest.