Office

The heat in Australia’s office market has been put on display, with one of Asia’s largest real estate investment trusts heading the field to acquire an office building beside Westfield Sydney for close to $700 million.

Commercial property transactions are on track to top last year’s record annual total of $37.8 billion, as volumes are driven higher by ever-larger portfolio deals and a slew of big-ticket individual transactions.

The dual-listed Investec Australia Property Fund has capitalised on the heat in Brisbane’s office tower market, offloading an Ann Street tower for $94m to a new entrant into Australia.

On the main thoroughfare of Innisfail is the opportunity to buy an investment that will stand the test of time.

Brisbane property developers are not shying away from challenging restoration projects, transforming once run down and decrepit historic homes, ice cream factories, dairy farms and even a mortuary.

Property funds manager Centuria Capital has finished the year on a high note, with its listed office trust buying Canberra’s NewActon Nishi Building for $256 million.

A fund managed by listed property fund manager Primewest has sold the iconic “Chambers” building and an adjoining eight-storey office building “The Tower” in Brisbane’s CBD for $47.4 million.

Macquarie Telecom’s $80 million state-of-the-art data centre in Sydney has begun construction after earlier delays.

Surf retailer Billabong’s former headquarters at the Gold Coast’s Burleigh Heads has been picked up by a local developer, The Potter Group, in a $3.8 million deal.