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Commercial

Today

The M+ xxx at Hong Kong’s West Kowloon Cultural District.

Hong Kong arts hub selling land to stay afloat

The redevelopment of a reclaimed area on Victoria Harbour is important as Hong Kong struggles to restore its reputation.

  • Shawna Kwan

Yesterday

Giselle Collins.

Pub landlord HPI rejects consortium’s $710m bid

The ASX-listed owner of 58 pubs told investors the bid undervalued its portfolio, which would only grow more in value as rates fell.

  • Michael Bleby

This Month

The amount of new data centres already announced would increase the amount of supply by 4.6 times, but there are questions as to when they will be built due to energy shortfalls.

Data centre market doubling in four years is conservative: CBRE

The latest CBRE research indicates the upward trajectory of data centre growth would be even faster if not for energy shortfalls.

  • Campbell Kwan
The nine-storey office block at 411 Collins Street with net lettable area of 3015 square metres has sold for about $30 million.

Alibaba’s Australian office changes hands for $30m

In the Melbourne CBD market hit hard by the pandemic, some office vendors hope high replacement costs make their existing buildings more attractive. 

  • Michael Bleby
Ontario Teachers’ Pension Plan and Hines have acquired a 265-unit build-to-rent asset at 13-17 Cordelia Street in South Brisbane in South Brisbane (pictured), due for completion next year, along with an existing 89-unit apartment building in at 28 Robertson Street in Fortitude Valley in a $350 million deal. 

Ontario Teachers, Hines buy two BTR projects in Brisbane for $350m

Despite headwinds in the build-to-rent sector, institutional investors remain interested and a wave of consolidation is under way.

  • Michael Bleby
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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.

  • Larry Schlesinger, David Marin-Guzman and Max Mason

September

Finding its footing: A pedestrian on Wall Street near the New York Stock Exchange (NYSE) in New York, US, on Wednesday, Sept. 18, 2024.

Riskiest real estate bonds are beating Nvidia’s returns

It’s a turnaround few could have predicted when landlords around the world were creaking under the weight of higher interest rates and changing work habits.

  • Tasos Vossos

Di Pilla’s $50b funds dream inches closer with major mall deal

If it is finalised, the deal for a stake in the Sydney mall will be a fresh expansion of the rapidly evolving funds platform that went public five years ago. 

  • Nick Lenaghan and Campbell Kwan
A render of the proposed nine-storey hotel at Howard Smith Wharves, recently submitted to Brisbane City Council.

The $620m makeover for Manly, Howard Smith wharves

Plans are afoot to transform the faded glory of waterside venues at Manly and in Brisbane to bustling tourist destinations. The locals have had their say, too.

  • Campbell Kwan
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.

  • Larry Schlesinger
The proposed redevelopment of 8 Canada Square in London’s canary Wharf

The plan for the world’s most ambitious skyscraper renovation

HSBC is leaving its home in London’s Canary Wharf for new digs in the City. The move has prompted a dramatic overhaul of the signature tower.

  • Helen Chandler-Wilde
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.

  • Max Mason, David Marin-Guzman and Larry Schlesinger
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.

  • Larry Schlesinger

GPT Group’s six degrees of separation

The property fund manager has named former Charter Hall Matthew Brown as its new head of office, marking the third hire from its rival.

  • Sarah Thompson, Kanika Sood and Emma Rapaport

ACCC green light for $1.3b Lendlease, Stockland estates deal

The divestment is one of a number of major initiatives that Lendlease boss Tony Lombardo is pursuing in a radical overhaul of the global developer.

  • Nick Lenaghan
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388 George St, which sits on the corner of George Street and King Street, has sold after a softening of cap rate by about 170 basis points.

Brookfield to sell $480m stake in tower that Cartier calls home

Singaporean property giant UOL will buy Brookfield’s half stake of 388 George Street, which will be managed by Investa once the deal is completed.

  • Campbell Kwan
Warren Buffett might take advantage of bombed-out prices to buy certain properties at a discount.

Commercial property prospects that might excite Warren Buffett

If Warren Buffett applied his investing philosophy to Australian commercial property, what might he buy?

  • Sam Tamblyn
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

  • Larry Schlesinger

Country’s biggest builder warns on housing slowdown

Forget fiddling with tax settings and focus on fixing red tape and the tradie shortage to deliver more housing, says Metricon boss Brad Duggan.

  • Nick Lenaghan

Commercial property is coming back to life in US

But at what price will beaten-down offices, apartments and other properties actually change hands?

  • Natalie Wong and John Gittelsohn

Original URL: https://www.afr.com/property/commercial