This Month
- Exclusive
- Pubs
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
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.
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.
- Exclusive
- Insolvency
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.
- Exclusive
- Commercial real estate
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.
- Exclusive
- Commercial real estate
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
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.
- Exclusive
- GST
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.
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.
- Exclusive
- Construction
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.
‘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.
- Exclusive
- Luxury property
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.
- Exclusive
- 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.
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.
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.
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.
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.
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.
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.
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.