Commercial Property Development News

Fund manager and investor Michael Gu’s iProsperity Group is one of three parties jockeying for the hotel component of a more than $1 billion 50-level apartment and hotel development fronting Sydney’s Hyde Park.

Plans for a state-of-the-art $100 million water park in Melbourne’s south east have been unveiled.

Activity is ramping up at Stockland’s Aura Business Park on the Sunshine Coast, with Kennards Storage the latest brand to sign on to the development.

Plans by the James Packer-backed casino giant Crown Resorts and the private Schiavello Group to build the $2 billion One Queensbridge hotel and apartment complex at Melbourne’s Southbank have been put in limbo after the Victorian government refused to extend the development permit.

Public submissions on a proposed Chinese development in rural Tasmania are overwhelmingly positive as the project heads to the Tasmanian Planning Commission for hearing.

Major developers including property heavyweight Lendlease and GDI, the listed Elanor Investors Group, interests associated with tycoon Kerry Stokes and the proponents of a World Trade Centre are believed to be vying to develop Western Australia’s new police headquarters, with bids closed this week.

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.