Posts Tagged ‘planned property’

Today’s Corporate property blog reports that Lend Lease Property Group has lost its role in a $370 million town centre redevelopment property project in Melbourne’s northeast.

Banyule City Council terminated its relationship with the property developer after citing delays connected to rebuilding Greensborough pool, the cornerstone of a proposed town-centre redevelopment.

The council, which needs to begin work on the $45 million pool property project by next month to qualify for $5m of stimulus funding, has decided to go it alone, ending a five-year development partnership with Lend Lease.

The pool was to be the first stage of a redevelopment project to expand the Lend Lease-controlled Greensborough Plaza shopping centre property.

The planned property expansion involved a discount department store, supermarket and more parking for the existing 57,804sq m complex, which has more than 170 speciality stores.

New council offices were part of the plan, which is now in doubt.

Lend Lease chief executive David Hutton said yesterday that the parting had been harmonious. Mr Hutton said project delays had been caused by the economic climate, with falling commercial property values making it difficult for the redevelopment to proceed.

He said Lend Lease would, nevertheless, like to be invited back as a development partner.

The pool component will go to tender next month. Read the rest of this entry »

Property blog - GoldCoast Property Development

Today our blog found a new “property development map” provided by property group Colliers which plots current and  planned property projects in the Gold Coast.

Despite several high-profile casualties in the wake of the global financial crisis, nearly $69 billion worth of major property development projects are under way or planned for the city, new research released by Colliers on Thursday shows.

That’s an increase of $2.3 billion on the total value of development identified in 2007.

Colliers International director in charge Stewart Gilchrist said the findings clearly demonstrate the region has emerged as a mature and resilient residential and business centre, despite one of the toughest financial periods in recent history.

“We’re not here just as a tourism city, we’re here as a city that runs on its own merits, and we’re here for the long term,” he said.

“Of the 379 property projects included in the report, 21 have an end value of more than $1 billion, which is a huge vote of confidence from some of the largest and most respected development companies both here and overseas in the continued growth of the Gold Coast.

“More than $30 billion of property projects are already under construction, leaving a $38.63 billion pipeline of planned developments to roll out in line with improved economic conditions and to meet the city’s considerable population and commercial growth.”

The map includes major developments with an end value of more than $10 million from the Gold Coast’s northern-most suburb of Stapylton, south to Pottsville in far northern NSW.

Read the rest of this entry »