Investment News

Melbourne’s commercial property market is batting off the gloom about a decline in Asian investment with a run of hefty retail and office deals.

M&G Real Estate, a unit of British insurer Prudential PLC, is eyeing the purchase of a half stake in the prominent building in North Sydney known as Coca-Cola Place, which is being offloaded by South Korea’s ­National Pension Service in a deal valuing the entire tower at close to $450 million.

The rapid expansion of health and aged care, student accommodation and data centres saw alternative assets show the fastest growth for JLL in Australia with revenue increasing 70% for the nine months to September compared with 2017.

Property tycoon John Beville has made a return to form, striking a lucrative deal to sell an office block on Melbourne’s leafy St Kilda Rd for $163 million to Chinese mainland investor Da Xie.

The Quadrant Private Equity-backed owners of the Timezone entertainment empire plan to double their outlets as shopping centre landlords cast for new ways to draw consumers in the tough retailing environment.

The international cryptocurrency consortium eyeing Dunk Island also has Brampton Island and a New Zealand ski resort in its sights, after publicly failing in its bid to acquire Great Keppel.

The internationally backed hotelier Crystalbrook Collection has made its first foray into Sydney, buying the 35-room Little Albion Guest House in Surry Hills for an aggressive price of about $30 million.

With the rise and rise of online shopping and demand for “convenience and experience”, the retail sector across Australia is undergoing significant change. Finn Trembath, associate director for research and consulting services at Knight Frank …

Two Charter Hall funds have paid $60 million for a Brisbane office building directly across from the new Queens Wharf development.