The vacancies in towers built on the back of private credit come amid difficult times for developers, more of which are falling into administration.The unusual situation has left one of the country’s largest real estate owners scrambling to find a way to finalise the acquisition of the Woodgrove mall.Melbourne’s landlords are offering hefty discounts on rent to win tenants in the city’s lacklustre office sector, even as other capitals show signs of improvement.
Angas Securities said it had turned down two proposals from the bank, which is negotiating a $500 million refinance, and is trying to get its money back.The former KPMG dealmaker burst onto the hospitality sector after buying up a string of venues. Huge debts and angry lenders are threatening to push it over.Monash Uni snaps up Telstra, CSIRO sites opposite Melbourne campuses
Monash University has bought a site opposite its Clayton campus from Telstra for about $30 million and acquired a CSIRO building next to its Parkville campus.Large landlords have been spruiking their shiny, new offices in the ‘flight to quality’. But what about C-grade buildings? Some investors are betting on them.Super prime industrial rents in Sydney are expected to rise 11 per cent in 2023 after soaring 38 per cent this year, according to a new report from CBRE.
The sale of the Dandenong Government Services Office follows the Grollos selling a Footscray office building to Centuria last year for $224 million.Fortis has snapped up two new sites on Melbourne’s city fringe for $26 million, to develop into premium office and retail assets worth $108 million.APH Holdings plans to build a 34-storey hotel on a site in the northern corner of the Melbourne CBD, as well as a healthcare offering across the road.
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