CBD Commercial Property News

Perth’s office market is starting the year strongly with Primewest finalising a deal to buy an office building from private equity group Blackstone for $86 million.

Sydney’s Circular Quay is a step closer to a major overhaul with the Berejiklian government quietly shortlisting rival consortiums — one led by Lendlease and the other by Plenary Group — for a $2 billion overhaul of the ferry wharves precinct.

Chinese property development group Poly Global is looking to step up its Australian operations by offering stakes in about $1 billion of office projects it has under way in Sydney and Melbourne.

Golden Age and partner Starwood Capital have dumped plans for a $600 million apartment and hotel complex on Melbourne’s Spring St and are selling the site to Proprium Capital Partners Australia in a $114 million deal.

Melbourne is locking in its status as a global investment destination for property investors, with Hong Kong group Foo Hang Jewellery finalising a deal to buy a Collins St tower for $314 million, its first move into Australia.

Brisbane’s office market is starting the year with a series of major towers worth more than $300 million in play and investors looking to expand their holdings.

Sydney’s Circular Quay is bracing for a wave of new office developments, with fund manager AMP Capital locking in accountants Deloitte for a major precommitment in its new $3 billion tower and rival Lendlease drawing interest from the Commonwealth Bank’s wealth arm for its project.

Singapore-based investor Wharf Street Investments has listed the Melbourne headquarters of the Bendigo and Adelaide Bank for sale in a move that could see it reap more than $80 million.

Singaporean company ARA Asset Management is again looking to bolster its Australian empire and is targeting the purchase of Adelaide’s Allianz Centre for about $150 million as more institutions look to place funds in the South Australian capital.