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Marsha Jacobs

ASIC aims to wind up Westpoint parent

Australia's corporate watchdog has sought to wind up Westpoint Group parent company Westpoint Corporation Pty Ltd after its auditors revealed an alleged $69 million deficiency in assets.

Govt leads CBD tenancy push

The state government is leading the charge to change Perth’s skyline, this week announcing the short listed developers for 140 William Street and unveiling the redevelopment design for the Old Treasury Buildings.

Developers show interest in Riverside

The East Perth Redevelopment Authority’s (EPRA) revamped Riverside first stage offering has had more success than the failed September launch, with 11 companies progressing to stage two of an expression of interest process.

Stockland’s retail expansion

Listed property group Stockland has filed a development approval to construct a $23 million shopping centre in Baldivis with the intention of increasing its retail presence in Western Australia.

Construction profits up

The Master Builders Association of WA says two new economic surveys have confirmed that building industry conditions are set to remain strong in 2006.

Interest high in Minim Cove

Demand for land at LandCorp’s upmarket Minim Cove development in Mosman Park continues, with buyer interest in an early December release outnumbering available lots by four to one.

Signs strong for real estate

After a rapid turnaround in the commercial property sector during the past year, property commentators are forecasting a bumper five years ahead, with the market riding on the back of the bounding resources economy.

Woodhead’s $600m win

The Perth office of Woodhead International has won an international paid design competition for a $A600 million mixed-use development in Islamabad, Pakistan.

Perth still affordable as home prices rise

Western Australia’s residential property market continues to defy the national trend, with median house prices crashing through the $300,000 barrier in the September quarter this year and house values increasing a massive 17.7 per cent on the same period

Moving to sustainability

The Property Council of Australia and the Sustainable Energy Development Office have entered into a memorandum of understanding regarding a partnership to promote energy efficiency in the property sector.

Local buyers get in on the office action

The good times are continuing in the Perth office market, with almost $400 million worth of CBD property changing hands this year and local investors weighing in heavily alongside interstate and international buyers.

Aspen, Griffin in $94m deal

Listed property trust Aspen Group Ltd has bought the Dunsborough Lakes residential development from Ric Stowe’s Griffin Group for $93.5 million.

Caratti link to $11m CBD buy

The wealthy and private Caratti farming family has been linked to a major CBD office deal of this year, the $11.3 million purchase of 218 St Georges Terrace.

Westpoint hits out at ASIC

Property development heavyweight Westpoint has hit back after a two-week battering by the Australian Securities and Investments Commission with claims ASIC is destabilising the industry and not pursuing the interests of investors.

IMF to raise $18m to fund litigation

Perth founded listed litigation funder, IMF Australia has announced an $18 million capital raising to fund future litigation.

Government holds all cards

If the recently unveiled plans for the redevelopment of Perth’s foreshore sound familiar, they should.

Coastal plans in mediation

Although the state government has voiced its support for foreshore development, the controversial issue of coastal development seems to have died down after the government introduced a height policy earlier this year.

Mixed outcomes with mixed-use

While participants in the WA Business News forum agreed that more inner-city development was needed, the issues and consequences that arise when residential and commercial developments are combined are well known, as evidenced by the Old Swan Brewery and

Wine sector first quite a feat

As Australian wine companies retreat from the use of European geographic regions in relation to their products, one Western Australian wine producer has managed to hold firm.

Mezzanine financing mainstream to many

Action currently under way by the Australian Securities and Investments Commission against Westpoint Group hasn’t swayed the enthusiasm of many property companies and lenders, who see mezzanine financing as a mainstream way of financing developments.

Great Southern growth

Rapid growth has driven Great Southern Plantations to seek a new head office for the second time in two years.

Perth first test in grand polo ride

Langley Park will this weekend play host to the inaugural Perth International Polo Cup, which organisers hope will become the first of a series of international events raising the profile of the traditionally exclusive game.

Aspen rides growth curve

There has been a marked increase in activity in Western Australia’s historically under-represented listed property trust sector during the past 12 months, thanks in no small part to the activities of a growing local player.

State critical of airport development

Frustrated at its inability to control non-aviation development on federally owned airport land, the state government has taken a swipe at the Commonwealth and, in the process, BGC’s proposed brickworks.

Regulator goes for Westpoint

After long period of industry speculation over Westpoint Group’s operations in the risky business of apartment developments, the corporate regulator last week took action against companies within its property empire.

$280m redevelopment for Claremont

The Town of Claremont has backed down and given approval for joint venture partners Hawaiian and Multiplex to build a new $280 million residential and retail centre in Claremont originally proposed in March, after recently rejecting a retail only proposal

Developments in syndication

The Mirvac Group made its first move into land syndication in Western Australia last week, highlighting the growing trend among property developers of using syndicates to complete projects.

Homeswest in housing estate JV

Property Resources Management Pty Ltd and its partner, Lang Walker’s Walker Corporation, are to be the private sector developers of a new 338-hectare housing project called Banksia Grove.

Funds bringing effective results

The number of tax-effective philanthropic foundations has gone from virtually zero to more than 350 during the past four years, with wealthy Western Australians establishing 19 per cent of those foundations.

Cimeco building on its brand

In February this year, Andrew Ellison knew he had an uphill battle on his hands when he acquired the operating business of Bunbury-based Devaugh Constructions from administrators.

A prosperous engagement

The relationships awarded at last week’s State Arts Sponsorship Scheme Awards are dynamic and varied, with the range of collaborations demonstrating that partnerships between business and arts organisations can be harmonised to achieve mutually advantageo

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Work on $125m Midland Gate upgrade under way this month

Construction will get under way later this month on the $125 million transformation of the Midland Gate Shopping Centre.