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Larry Schlesinger

This Month

Neil Rankin spent months restoring the Hotel Australasia in the centre of Eden before selling it to John Palasty.

Paradise lost: Virtical pub empire’s problems have roots in Eden

Neil Rankin thought he would fund his retirement after selling a small-town pub to a company involving John Palasty. Instead, it turned into a lengthy legal battle.

September

The Karadoc Winery near Mildura will be converted into a logistics facility.

Treasury sells Karadoc winery near Mildura to wool brokers

The Karadoc winery, which made brands like Wolf Blass and Yellowglen, has been sold to the managing director and chief financial officer of Quality Wool Group.

Artist impression of townhouses planned for the first stage of North-West Dubbo Urban Release Area

Developers head to the regions to deliver housing

Many developers are seeing opportunities to build much-needed housing in regional areas experiencing strong population and economic growth.

John Palasty at his home in East Hills in Sydney’s west.

John Palasty jumps from Virtical’s sinking ship

The developer is trying to distance himself from Virtical’s collapsing empire, stepping down and selling his shares to a director of multiple failed companies.

Plans for Arthurs Seat Eagle include a new observation tower.

Adrenaline rush, light and sound show planned for Mornington cable car

Plans by Rich Lister Peter Gunn and NAB director Simon McKeon for Arthur Seat Eagle on the Mornington Peninsula include a thrilling luge ride.

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BlackRock will look to acquire existing research laboratories.

BlackRock seeds $1.5b laboratory real estate fund

BlackRock is partnering with local private equity firm Wentworth Capital on a “pure play” laboratory fund that has already secured a number of seed assets

Jinding has bought a 136.9ha site in Broadford, a country town 73km north of Melbourne

Melbourne developer snaps up regional sites with plans for 2000 homes

Jinding has bought three sites in regional Victoria and one at Mount Barker outside of Adelaide, where it believes there is strong demand for housing.

ATO found pub empire made ‘fictitious’ GST refund claims

Virtical Group made false claims for millions in GST refunds based on invoices for construction that did not happen on property it did not own, the tax office has found.

Andrew McVeigh believes investing in a pool of housing projects can deliver 20 per cent returns.

Ex-Brookfield CFO seeks $50m for equity push into housing projects

Andrew McVeigh says he has investors lining up to commit to a new equity fund that will invest in a portfolio of development projects.

Ray Itaoui (R) invested alongside Brett Blundy in retail businesses like Bra N Things.

Retail legend invests $100m in Ray White private credit push

Sanity Entertainment owner Ray Itaoui has joined the push by high-net-worth investors, family offices and institutions into private real estate credit.

Hotel mogul Jerry Schwartz at his Sofitel Sydney Darling Harbour hotel.

‘Pay to stay’: Average Sydney hotel room rate to hit $426 by 2033

Sydney will be the standout hotel market over the next decade as occupancy rises to 86pc and few new hotels are completed to keep up with demand.

Cranlana has been owned by the Myer family for more than 100 years.

Myer family’s Toorak mansion set to break $100m barrier

The Cranlana estate on Clendon Road, which the family has owned since 1921, is the first Melbourne home with a $100 million price tag.

Virtical hotels.

Embattled pubs owner hasn’t paid super to staff all year

Property developer Virtical, facing an investigation over $100 million in GST refunds, is now subject to complaints it has not paid superannuation to hospitality staff.

There were more than 90 bids for the Bridgestone Tyre facility in Kilsyth South.

From Supercheap to Salvos, retail assets earn investors’ favour

More than half of the 22 properties offered at commercial property auctions this week were passed in, but big brand retail assets sold well.

600 Lonsdale Street was due to become home to a landmark office tower.

Developer V-Leader abandons $1b of Melbourne office projects

V-Leader is selling two big sites with permits in place for $1b of office projects, joining a growing number of developers abandoning commercial developments.

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Boneo Park hosts some of the country’s premier equestrian events.

Rich Listers snap up top equestrian centre for less than $30m

Paul Solomon, stepson of Shopkins billionaire Manny Stul, and his wife Georgia have bought Boneo Park on Victoria’s Mornington Peninsula.

Abundant secure water is a key feature of St Ronans Station.

Cotton power couple list $70m ‘carbon positive’ farm

David and Danielle Statham are selling their largest holding – St Ronans in Far North Queensland – as they focus on developing a large renewable energy project.

David Harrison: Pub freeholds are great investments

AVC, Charter Hall snap up pubs as corporate dealmaking ramps up

PAG-backed Australian Venue Co has acquired 10 leasehold venues in Brisbane and the Gold Coast while funds giant Charter Hall has bought Melbourne’s Harlow Bar.

Becs Willson at The Australian Financial Review Property Summit last week.

Australian farmland an ‘unbelievable’ opportunity for super funds

Proterra’s Becs Willson says it’s not too late for super funds to invest in the agricultural sector, where land scarcity and food shortages are driving strong returns.

Buyers are starting to gain the upper hand in the housing market.

House price growth to soften as spring swings in favour of buyers

A surge in listings, weaker clearance rates and a slowdown in price growth have swung the market back in favour of buyers, new figures show.

Original URL: https://www.afr.com/by/larry-schlesinger-14476t