Office

Perth funds manager Realside is making a major play in Adelaide’s office market in which it will pick up a half-stake in four buildings worth $200m from Pep Rocca’s private funds business.

Boutique property manager Centennial Property has swooped on the former City Ford site in the inner Sydney suburb of Woolloomooloo in a $104 million deal that gives it control of a prime mixed-use building.

Cheap finance, a strong leasing market, and global instability made Australian commercial property attractive for investors in 2019.

The co-working industry is showing signs of flourishing locally with the listed Victory Offices taking space in the heart of Sydney even as rival WeWork stumbles globally and landlords take a more cautious stance towards some smaller operators.

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.

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.

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.

Healthy demand for office space in suburban Sydney is prompting a series of new projects with Singapore-backed Frasers and the private Winten Property Group winning the deal of approval for a $750 million development.