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Dun Play Play... Towkay's ALZ play is a strategic long term story that even Capland stewards have probably under-estimated... its definitely slow and steady that will lead to a huge and steady growth platform...
Frasers gets $10bn shot in the arm to expand growth pipeline
Greg Brown
[Image: greg_brown.png]
Property Reporter
Sydney
[Image: 112049-5388a15a-635b-11e5-a028-21ee00f9abb4.jpg]
Frasers Property Australia chief executive Rod Fehring. Picture: Sam Mooy Source: News Corp Australia
[b]The Singaporean parent of Frasers Property Australia has given its local arm a mandate to pursue substantial growth, with the group expecting to manage an extra $10 billion worth of property over the next five years.[/b]
Frasers Property Australia chief executive Rod Fehring said the company expected to increase the $20bn worth of property owned by Frasers or its Singaporean-based trusts by 5 to 10 per cent a year.
“If you extrapolate that it takes you to about $30bn in that five-year period, so an extra $10bn than we’ve currently got,” Mr Fehring told The Australian.
“How that gets distributed between hospitality, between retail, between office and (other asset classes) is going to be driven by which sector is generating the best returns,” he said.
The Singapore-listed Frasers Centrepoint — controlled by Thai tycoon Charoen Sirivadhanabhakdi — last year completed a $2.6bn takeover of the listed Australand Property Group.
Australand last month rebranded to Frasers Property Australia and completed its integration with Frasers’ already existing local arm, giving the combined entity a value of about $4.6bn. “It brings (Australand) into a group which is interested in and has the capital available to be able to grow and has the appetite for growth in retail in hospitality and in commercial. We are also strong in industrial so that gives you a very powerful business model,” Mr Fehring said
Mr Fehring reiterated its strategy to develop assets and then sell them into funds controlled by its parent.
It would retain management of the assets and then redeploy the capital into new development or investment opportunities.
Retail is one area Mr Fehring has earmarked for growth, with the group hoping to boost its portfolio from about $300 million to $1bn in the next three to five years.
The Australian can reveal that the group has created a new retail division, to be led by Peri Macdonald, which will be managed separately from the rest of the commercial portfolio.
Mr Fehring noted that Frasers had significant retail holdings globally, in Singapore through its listed REIT and also in Thailand.
“When you look at our book in Australia, retail has been developed as an adjunct primarily driven by our residential business,” he said. “When you put them all together they actually add up to quite a lot when they are fully matured.”
The group may look to eventually sell some of its retail holdings into funds controlled by its parent.
Mr Fehring said that the group would look to increase its development of masterplanned communities that include retail centres.
In the pipeline is a project in Sydney’s Edmondson Park, to include a 36,000sq m retail centre and 1400 residential dwellings, while Melbourne’s Burwood brickworks site will have a 12,000sq m centre with 900 homes.
“That is the flavour of what the market is looking for and what governments are encouraging from a planning point of view, and from our skill sets that’s what we are strong in. We think it's a major trend moving forward,” he said.
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Home buyers look offshore for funds
Greg Brown
[Image: greg_brown.png]
Property Reporter
Sydney
[Image: 346266-c5eb3776-6509-11e5-bacc-7f9d9a51fc89.jpg]
Frasers Property Australia chief executive Rod Fehring. Picture: Sam Mooy Source: News Corp Australia
[b]Off-the-plan home buyers are increasingly using alternative ways to settle if they can’t secure funding from the major banks, with more seeking finance from offshore institutions, according to Rod Fehring, chief executive of apartment developer Frasers Property Australia.[/b]
Mr Fehring said Frasers, which had $1.5 billion worth of contracts exchanged that were yet to settle, was not concerned that stronger regulations on property lending would force buyers to walk away from their purchase.
Westpac chief economist Bill Evans last week warned that many who bought off-the-plan two years ago would struggle to settle when the project was completed because of harsher lending regulations being applied by the Australian Prudential Regulation Authority.
But Mr Fehring said people were instead intent on going outside the big four banks, with more securing a mortgage through banks that were based overseas.
“We are seeing people avail themselves of other sources of funding. A lot of the prudential requirements that have been applied to the four main banks do not necessarily apply to offshore banks and they do not necessarily apply to the smaller onshore banks,” Mr Fehring told The Australian.
“Most of our contracts on hand were sold a year to two years ago and they are sitting on anywhere between 10 per cent and 23 per cent capital gain by virtue of the strength of what has happened in the Australian residential markets,” he said.
“The question is if you’ve got $60,000 to $80,000 invested in a deposit would you walk away from that on a $600,000 property when you are sitting on a $100,000 capital gain? No, you would not. You will find that you can finance it.”
Mr Fehring was formerly of the old listed developer Australand, which was last year taken over by Singapore’s Frasers Centrepoint in a $2.6 billion deal.
The $4.6bn group is developing the $2bn Central Park project in inner Sydney, while also having active projects in Brisbane, Melbourne and Perth.
Mr Fehring warned not to assume that buyers would “act as a flock” if they had initial trouble attaining finance. “There are all sorts of people involved and they make their own arrangements,’’ Mr Fehring said.
“Some are getting parental support (as) first-home buyers, some have got other assets that they are drawing on, some are borrowing on the basis that, because they have got the capital gain, the valuation is coming in well above what they paid a deposit on.” But he did believe that the new regulations would deter many new investors, and said there had been an increase in interest from owner-occupiers and even first-home buyers.
“We are seeing a relatively high proportion of first-home buyers surprisingly, which is the reverse of what you would (expect). Normally first-home buyers would run at 5-10 per cent of your sales; we are seeing that in the 15-20 per cent (range) over the past 12 months.”
His remarks come as auctions in the first spring “Super Saturday” improved from last week, despite signs that the market is slowing.
With a September record of 2390 homes put under the hammer during the week, 74.2 per cent of auctioned homes in Sydney found a buyer, while Melbourne posted clearance rates of 73.3 per cent.
Mr Fehring said he did not expect to see much further price growth in Sydney, while Brisbane would improve.
He said there were signs of an apartment oversupply in the Melbourne CBD, while there was also overbuilding of detached homes in the northern growth corridor.
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Frasers Property Australia grows retail business New retail business unit to focus on retail opportunities Sydney – 2 October 2015 – Frasers Property Australia, a member of Singapore Exchange mainboard-listed Frasers Centrepoint Limited (“FCL”), is launching a new retail business unit, capitalising on its successes in creating quality retail developments. Frasers Property Australia, which adopted FCL’s international Frasers Property brand in August 2015, has built up a strong track record of delivering high quality neighbourhood retail centres that meet the specific needs of local communities. Frasers Property Australia’s new focus on retail development will leverage both its strong local residential development base, and the retail expertise of FCL. The creation of a separate retail business unit is a new initiative under the leadership of Frasers Property Australia’s new CEO Rod Fehring, who took over the reins in August 2015. Peri Macdonald will head up the retail business unit, reporting directly to Mr Fehring. “We see a significant opportunity to build on our existing expertise to undertake more mixeduse development in which retail and residential are complementary components. Our retail business will seek to capitalise on the synergies between residential and retail that we naturally achieve in the mixed-use sector. Central Park and The Ponds are both excellent examples of retail enhancing and enabling successful communities, and this is clearly one of Frasers Property’s strengths in Australia,” said Mr Fehring. “The Edmondson Park Town Centre in western Sydney, for which we recently won the development rights, will showcase our expertise and enlarge our retail portfolio,” he added. This expansion of Frasers Property Australia’s business segments is in line with FCL’s growth strategies of achieving balanced growth across property segments to increase the proportion of income contribution from recurring sources, as well as leveraging its REIT platforms for capital recycling and as a source of fee revenue. Assets developed in Australia – including retail assets – may be sold into one of the Group’s REITs, releasing capital for re-deployment into new development or investment opportunities. In the nine years since FCL listed its first REIT in 2006, FCL has grown its total assets almost four-fold from S$6.1 billion as at 30 September 2006 to S$23.1 billion 1as at 30 June 2015.
“We are targeting to grow our retail portfolio from $300 million to $1 billion in the next three to five years. This is an ambitious goal to grow and expand in tandem with FCL’s targets for growth and expansion, and as with all targets, are subject to various factors including market conditions. Nevertheless we believe that we are in a good position to achieve our target. Frasers Property Australia is well set up for it, plus our ambition to grow the retail business is empowered by FCL’s retail expertise, global footprint and business model,” said Mr Fehring.
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(02-10-2015, 06:56 PM)thor666 Wrote: Frasers Property Australia grows retail business New retail business unit to focus on retail opportunities Sydney – 2 October 2015 – Frasers Property Australia, a member of Singapore Exchange mainboard-listed Frasers Centrepoint Limited (“FCL”), is launching a new retail business unit, capitalising on its successes in creating quality retail developments. Frasers Property Australia, which adopted FCL’s international Frasers Property brand in August 2015, has built up a strong track record of delivering high quality neighbourhood retail centres that meet the specific needs of local communities. Frasers Property Australia’s new focus on retail development will leverage both its strong local residential development base, and the retail expertise of FCL. The creation of a separate retail business unit is a new initiative under the leadership of Frasers Property Australia’s new CEO Rod Fehring, who took over the reins in August 2015. Peri Macdonald will head up the retail business unit, reporting directly to Mr Fehring. “We see a significant opportunity to build on our existing expertise to undertake more mixeduse development in which retail and residential are complementary components. Our retail business will seek to capitalise on the synergies between residential and retail that we naturally achieve in the mixed-use sector. Central Park and The Ponds are both excellent examples of retail enhancing and enabling successful communities, and this is clearly one of Frasers Property’s strengths in Australia,” said Mr Fehring. “The Edmondson Park Town Centre in western Sydney, for which we recently won the development rights, will showcase our expertise and enlarge our retail portfolio,” he added. This expansion of Frasers Property Australia’s business segments is in line with FCL’s growth strategies of achieving balanced growth across property segments to increase the proportion of income contribution from recurring sources, as well as leveraging its REIT platforms for capital recycling and as a source of fee revenue. Assets developed in Australia – including retail assets – may be sold into one of the Group’s REITs, releasing capital for re-deployment into new development or investment opportunities. In the nine years since FCL listed its first REIT in 2006, FCL has grown its total assets almost four-fold from S$6.1 billion as at 30 September 2006 to S$23.1 billion 1as at 30 June 2015.
“We are targeting to grow our retail portfolio from $300 million to $1 billion in the next three to five years. This is an ambitious goal to grow and expand in tandem with FCL’s targets for growth and expansion, and as with all targets, are subject to various factors including market conditions. Nevertheless we believe that we are in a good position to achieve our target. Frasers Property Australia is well set up for it, plus our ambition to grow the retail business is empowered by FCL’s retail expertise, global footprint and business model,” said Mr Fehring.
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At least they are better than St******... they still bother to re-inform un-informed local investors of their development Down Under.
The original interview was done on 28 Sept in The Australian:
Frasers gets $10bn shot in the arm to expand growth pipeline
Dun Play Play... Towkay's ALZ play is a strategic long term story that even Capland stewards have probably under-estimated... its definitely slow and steady that will lead to a huge and steady growth platform...
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Sydney's $2 billion Central Park will get two more towers
NaN of
[img=620x0]http://www.afr.com/content/dam/images/g/k/2/k/n/i/image.related.afrArticleLead.620x350.gk27h9.png/1444116248602.jpg[/img]The two mixed-use towers, called "DUO", on the corner of Broadway and Abercrombie streets, Sydney will have 313 apartments in one block and 48 luxury apartments in the other.
[Image: 1425598457909.png]
by Su-Lin Tan
Property developers, Frasers Property Australia and Sekisui House Australia are poised to complete its $2 billion urban village Central Park in Sydney's inner city Chippendale after they received approval to build the last two towers for the precinct for $520 million.
The NSW government approved plans for the developers to build two mixed-use towers called "DUO" on the corner of Broadway and Abercrombie streets, Sydney.
The eastern tower will have 313 apartments, from one-bedroom suites to three-bedroom, dual-key apartments, while the western tower will have 48 luxury apartments called the "DUO Limited Edition" on levels 11 to 16.
The apartments, designed by Foster + Partners, will be released for sale in late November.
"DUO will offer the next opportunity to buy into the much sought after Central Park precinct. It will provide residents with a balance of high-end lifestyle offerings, innovative design and luxury finishes," Central Park's project director Mick Caddey said.
"Resort-style recreational facilities complete what will be an extension of this inner-city lifestyle."
The development will also include a 300-room hotel, ground floor retail, 5500-square-metres of commercial space, a large childcare centre for 90 children and the refurbished Australian Hotel.
$520 million is the estimated end value of DUO, comprising $350 million in residential apartments, $120 million for the hotel and $50 million in retail, commercial and childcare properties.
Frasers Property Australia bought the sprawling 6-hectare Central Park site from the Foster's Group in 2007 and, with Sekisui House, has turned it into a mixed-use urban development with residential, office and retail properties.
It is also fast becoming an art precinct, anchored by the Kensington Street creative thoroughfare.
Other recent additions in the Central Park precinct include the renovated boutique hotel, the Old Clare Hotel.
Frasers Property Australia is the new name for Australand which was purchased by Singapore-listed Frasers Centrepoint Limited last year.
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This is a new area in which ALZ under capland failed to explore and Towkay has certainly mandated his Generals to build a pipeline of neighbourhood malls within ALZ's township developments Down Under
- Oct 6 2015 at 6:14 PM
- Updated Oct 6 2015 at 6:14 PM S
Neighbourhood shopping centre sales jump 24pc to more than $1.1b
NaN of
[img=620x0]http://www.afr.com/content/dam/images/1/m/7/k/y/y/image.related.afrArticleLead.620x350.gk25qr.png/1444115684925.jpg[/img]Maroondah Village Centre in Croydon North. Supplied
[Image: 1426114375736.png]
by Matthew Cranston
Record low funding costs and the hunt for yield has seen a 24 per cent increase in the value of transactions for neighbourhood shopping centres around Australia.
Just over $1.1 billion worth of neighbourhood centres changed hands in the first three quarters of this year, up from $894.9 million over the same time last year, according to CBRE.
The agency is now predicting further rises in price and volumes.
"The current market for retail investments is the strongest we have seen for over a decade," CBRE's national director of retail investments Peter Rossi said.
[img=620x0]http://www.afr.com/content/dam/images/g/k/2/d/r/d/image.imgtype.afrArticleInline.620x0.png/1444104411431.png[/img]Neighbourhood shopping centre sales jumped 24pc to more than $1.1bn so far this year.
He expects the volume of neighbourhood shopping centre sales to exceed the $1.6 billion recorded for the full 2014 calendar year.
"Neighbourhood centres are being actively targeted, with private investors leading the market. The subregional market is also being hotly pursued by institutional buyers chasing scale in terms of investment," Mr Rossi said.
In the subregional shopping centre market, $1.9 billion in property traded in the first three quarters up 58 per cent on the previous corresponding period.
CBRE's head of research for Australia Stephen McNabb said the high level of activity had tightened yields by about 50 to 60 basis points nationally in the 12 months to September 2015 and that further tightening is expected.
Stand out transactions include the sale of Culburra Beach Woolworths on the state's south coast, which recently traded through CBRE on a yield of just 4.97 per cent.
CBRE's Victorian retail investment team lead by Justin Dowers and Mark Wizel has seen a run of record breaking deals pushing yields well under 6 per cent.
In April they sold Maroondah Village Shopping Centre in North Croydon, which was traded on a yield of just 5.4 per cent.
"There has been a strong uplift in sales activity in the subregional and neighbourhood sectors with investors attracted by the wider yield spread offered by these sectors," Mr McNabb said.
Private groups such as Primewest have been keen investors.
"We invest in neighbourhood centres because they are very good defensive, long-term assets," Primewest director John Bond said.
CBRE have noted that buyers were increasingly looking outside their home markets at interstate opportunities in the hunt for assets.
"There are also a number of domestic and international groups seeking portfolios to get critical mass in order to support operational platforms," Mr Rossi added.
The interest in the neighbourhood sector has also translated to considerable development activity.
CBRE data records about 130,000 square metres of neighbourhood shopping centre supply is expected to be completed this year.
Even higher levels of development are expected in in the three years following amounting to roughly 550,000 square metres.
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Full year results release after mkt close on 6 Nov Friday... $ coming again in Jan / Feb
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http://www.frasersproperty.com.au/SMP/NS...e/Centrale
Trains and buses are just the ticket
CAROLYN BOYD
752 words
3 Oct 2015
Sydney Morning Herald
SMHH
English
Newhomes: We look at three of the best developments near public transport
Never underestimate the lure of good public transport when choosing where to live.
Apartments close to train stations continue to attract strong interest. In North Ryde, Frasers Property Australia's newest masterplanned community is proving particularly popular.
Since it hit the market, Centrale has received more than 3500 registrations of interest.
Nigel Edgar, Frasers' NSW residential division general manager, says the area's excellent connectivity is resonating with investors, owner-occupiers and young professionals.
Centrale will have North Ryde train station at its doorstep and will be just one stop from Chatswood, two stops from Macquarie Centre and 13 kilometres from the Sydney CBD.
Edgar says he isn't surprised by the huge response because the "low-maintenance apartments present an affordable and attainable opportunity to buy or invest in a well-integrated masterplanned community".
Two suburbs away in Eastwood, SHMH Developments is working on Vantage. The 57 apartments will be either one or two bedrooms, all with parking, storage and lift access.
Vantage is about two blocks from Eastwood train station.
"With the road congestion, the train line is seen as a tremendous asset for any location," says Peter Walsh, managing director of Ray White Projects, which is marketing Vantage. Inquiry has been very strong for the two-bedroom apartments. "The larger areas are conducive to smaller families and young couples."
In Parramatta, construction of Starryland's Promenade No.2 will start in December and is expected to be completed in early 2018. It will not only have rail transport nearby but also buses and the Parramatta ferry. Designed by Turner Design, the buildings will feature unique bronzed lantern structures crowning their exteriors.
1
Centrale
1-17 Delhi Road, North Ryde
One-beds 50-58 square metres, $550,000+
Two-beds 70-84 square metres, $770,000+
Three-beds 100-118 square metres, $1,025,000+
Strata levies From $790 a quarter
Due for completion Late 2017
Agent Frasers Property Australia, 13 38 38; centraleapartments.com.au
In a prime central location in the North Ryde urban activation precinct, Centrale is promising to put its residents close to everything. As well as being able to jump on a train to Chatswood or the city, future residents at Centrale will be linked via a pedestrian and cycleway bridge to a neighbouring nine-hectare masterplanned development known as Lachlan's Line.
Lachlan's Line will feature shops, cafes, playgrounds and parks.
Comprising four buildings, Centrale will incorporate 380 apartments in a mix of one, two and three-bedroom configurations. Each will feature open-plan interiors. Many will deliver views of the Sydney city skyline, Chatswood and beyond.
2
Promenade No.2
2 Morton Street, Parramatta
One-beds 50-60 square metres, $518,000+
Two-beds 70-85 square metres, $685,000+
Strata levies From $540 a quarter
Due for completion 2018
Agent CBRE, 1800 839 883; promenadeliving.com.au
They say life is a beach. However, river living can be twice as nice. On the banks of the Parramatta River, Promenade No.2 offers river and city views, green landscapes and the gentle background sound of flowing water.
When completed, the development will have 505 apartments, of which 198 are now being released.
The buildings in this release range from five to eight storeys and have been designed by Turner Studios.
For those really desiring the feel of sand underfoot, there will be an artificial beach and water fountain created on the banks of the river.
3
Vantage
3-5 Trelawney Street, Eastwood
One-beds 52-60 square metres, $649,000+
Two-beds 83-100 square metres, $929,000+
Strata levies From $675 a quarter
Due for completion Early 2017
Agent Ray White Projects, 1300 363 867; vantageeastwood.com.au
Schools, shops and parks will all be close at hand in SHMH Developments' new Vantage apartments.
Residents will have the Eastwood Town Centre on their doorstop, which boasts supermarkets, specialty grocers, restaurants and cafes.
For walking, running or just hanging out enjoying nature there is nearby Glen Reserve or Eastwood Park.
When it comes to schools, there's a host in the vicinity, including Epping Boys High, Eastwood Public school, St Kevin's Catholic Primary School and Marist College Eastwood. Macquarie University is also a short train ride away.
The apartments will feature oak floors, stone benchtops and Miele appliances.
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(11-07-2015, 08:36 PM)greengiraffe Wrote: http://herstonquarter.com.au/
http://herstonquarter.com.au/herston-qua...mentation/
Australand, Lend Lease, Stockland vie for Herston Quarter project
THE AUSTRALIAN JULY 11, 2015 12:00AM
Ben Wilmot
Commercial Property Editor
Sydney
Pitt and Trad
Treasurer Curtis Pitt and Brisbane Central MP Grace Grace at the Royal Brisbane Hospital. Picture: Annette Dew. Source: News Corp Australia
The Queensland government yesterday short-listed three proponents to develop a health precinct adjoining the Royal Brisbane Hospital at Herston, with the trio to now develop detailed plans for the key precinct.
Treasurer Curtis Pitt yesterday announced Singapore-owned Australand, Lend Lease/Trinity Health and Stockland as the short-listed proponents for the Herston Quarter project.
The Australian revealed last month that the Queensland government had reopened the door to the development of the Brisbane site, and at the time the field was reported to include Australand, Brookfield Multiplex, Lend Lease and Grocon. Since the election of Labor in January the process has been on hold. The government is now focused on developing a health and biomedical precinct along with a residential and retail zone on the site, which is adjacent to Lend Lease’s $2.9 billion redevelopment of the Brisbane Showgrounds precinct.
The interest of the three groups in the project illustrates the growing importance of health work to property companies, and the Palaszczuk government says they have been told health-related activities will be the focus.
“That could include elements such as biomedical research and a mix of public and private hospital facilities,” Mr Pitt said.
Australia : State Government seeks detailed Herston Quarter proposals
512 words
1 Oct 2015
Palestine News Network
PALNET
English
The Palaszczuk Government has launched the final stage of a competitive bid process to deliver a world-class health and commercial precinct adjoining the Royal Brisbane and Women s Hospital (RBWH) at Herston.
Acting Premier Curtis Pitt today invited shortlisted proponents to submit their detailed proposals to develop an innovative master planned health, residential and retail precinct known as the Herston Quarter.
Mr Pitt said the relocation of children s health services from the Royal Children s Hospital presented a unique opportunity to develop the site and generate long-term health and employment opportunities for Queenslanders.
The Palaszczuk Government is partnering with the private sector to create jobs and deliver a leading health and knowledge precinct, generating long term economic and investment benefits for the state, he said.
The Herston Quarter is a prime example of this and we re delighted to be working with the shortlisted proponents to progress this exciting development opportunity.
Mr Pitt said shortlisted proponents would be asked to submit proposals that capitalise on the site s prime inner-city location and complement the adjacent world-class health and knowledge institutions.
The Government is engaging in a competitive bid process with proponents in close consultation with key health stakeholders, including Metro North Hospital and Health Service, to ensure future strategic health needs are considered, he said.
That could include elements such as biomedical research, a mix of private hospital facilities, professional suites and supporting retail and residential space for doctors, nurses, family and friends visiting patients at the nearby RBWH.
The shortlisted proponents for this unique opportunity are Frasers Property (Formerly known as Australand) with Australian Unity and Lend Lease with Trinity Health. Stockland has withdrawn from the RFP process.
Health Minister Cameron Dick said the State Government was committed to ensuring the health needs of community were met and the Herston Quarter project supports public health, research and educational objectives of the wider Herston Health Precinct.
This site s proximity to the CBD and the established Herston Health Precinct provides enormous potential to complement and enhance the adjacent public health, research and educational facilities, Mr Dick said.
This redevelopment will support the Palaszczuk Government s Advance Queensland program through the inclusion of research, education, biomedical and innovation-related uses to create the knowledge-based jobs of the future.
Member for Brisbane Central Grace Grace said the Herston site represented an outstanding opportunity to deliver a master planned health-related development, with residential and retail elements to complement and enhance Brisbane s inner north.
This Government is working to ensure that the views of people in the area are taken into account, she said.
This development will provide long term community benefits through access to new public spaces, and retail and commercial offerings, and I want to ensure community standards and expectations are considered.
Shortlisted proponents will have until 12pm on Monday, 14 March 2016 to submit detailed proposals for the Herston Quarter redevelopment to the State Government for evaluation.
The successful proponent expected to be announced in mid-2016.
Palestinian News Network
Document PALNET0020151001eba10005l
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I continue to maintain that FCL-ALZ's ind prop division has been hugely unappreciated by the market. A silly strategic move by Capland and lackof headway made by City Dev Down Under could have confused the broad mkt thinking that FCL have overpaid for ALZ in a landmark deal last year...
http://www.valuebuddies.com/thread-5719-...#pid120654
FCL has signalled its intention to let the division fly on its own and it could another beginning of a long journey to systematically unlock value over time...
Cache Reit has also announced another acquisition Down Under last week...
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