CBD Commercial Property News

The Star Entertainment Group’s long-held plans to develop a glittering six-star, $500 million Ritz Carlton-branded tower in Sydney were in tatters last week after the NSW government summarily rejected the gaming company’s ambitious plans.

Singapore-based Redhill Property Partners is heading the field of bidders for Perth’s BGC Centre, which is being sold by the family of late tycoon Len Buckeridge for about $110 million.

Lendlease’s wholesale Australian Prime Property Fund Commercial is weighing up joining the rush of investors lifting their exposure to Brisbane’s office market with a move to take control of the Central Plaza 2 complex in a move that would value it at about $400 million.

Global shared workspace company, WeWork, has further expanded its Sydney presence taking about 11,000sqm of office space at 320 Pitt St, in a major Sydney CBD leasing deal.

Attention stickybeaks — a bunch of Melbourne’s most weird, wonderful and well-known buildings will open their doors to the public next weekend.

Australia’s perceived lack of aff­ordable luxury hotels has spurred international management group and disrupter YOTEL to launch its first Australian property.

A consortium led by Charter Hall has bought Telstra’s global headquarters in central Melbourne for $830 million, in a deal that shows demand for skyscrapers is running hot.

Property group Dexus has secured a site for Sydney’s next super tower just one block back from Circular Quay by picking up a building from Canada’s Brookfield for a reported $190 million.

Sydney-based funds manager Marprop Real Estate Partners is closing in on property transactions approaching $1 billion and has flagged further acquisitions after picking up the Bendigo and Adelaide Bank building in Melbourne’s Docklands.