Commercial Property Development News

Property developer Stockland has received the green light to start work on the first stage of its $500 million commercial precinct in Sydney’s emerging northern industrial hub.

The Pallas Group has forked out $32.74 million to buy a landmark corner site on Double Bay’s Bay St and Guilfoyle Avenue, with the existing premises to be converted into its new headquarters along with retail and extra commercial space.

New Town residents have welcomed Hobart City Council’s refusal of a private hospital proposed for New Town Rd.

US group Hines is looking to stamp its authority on the local office development market and is in pole position to build a new tower in North Sydney that could be worth about $330 million.

A consortium led by Singapore-listed First Sponsor has joined forces with ICD Property to redevelop the iconic City Tattersalls Club project in Sydney, signalling the group’s first Australian project.

The shock rejection of The Star casino’s plans for a hotel and luxury apartment tower in harbourside Pyrmont has rocked the development industry and may damage Sydney’s standing as investment destination.

The Star Entertainment Group and its partners have bounced back from the rejection of their planned luxury tower in Sydney, with the Queensland government announcing it will begin direct negotiations to fast-track a proposed $2 billion revamp of its Gold Coast casino holdings.

Singaporean-based funds manager ARA Asset Management is leading the pack to acquire the $350 million Victoria Place in East Melbourne office project planned in the tightly held precinct.

The Independent Planning Commission has rejected The Star Casino’s plans for a hotel tower in Pyrmont – a proposal which caused a storm in government after the planning department recommended rejection earlier this year.