Property

The dramatic change in Perth's office leasing environment in the past 18 months has analysts widely tipping 2006 to be the year of the landlord.

The winner of a battle between two of Perth's property heavyweights could be known next month, with Axiom Properties Ltd last week filing documents with the Australian Stock Exchange and the Australian Securities and Investment Commission to put the two b

Triggered by development, Perth city has made a noticeable shift towards what is now known as the ‘west end' during the past 20 years.

The board of LandCorp has approved more than $17million in civil works for projects in three regional Western Australian locations where the current resources boom is putting pressure on community infrastructure.

Woodside Petroleum has taken out space in two CBD buildings to house 160 of its staff, just two years after moving in to its purpose-built St Georges Terrace tower.

Western Australia's ongoing commodities boom is good news for the state's residential property sector, which grew at 21.7 per cent last year, largely on the back of the strong resources performance.

In a move that highlights the shortage of office space in Perth, German engineering firm ThyssenKrupp has relocated to the new $29 million City of Stirling building, taking out 1,800 square metres of floor space, after failing to find suitable space in th

Peter Laurance's private company, Pivot Group, has varied its offer for Nedlands-based Axiom Properties Ltd with Pivot offering a new deal, with a big boost to the options package it would take to as much as $28 million.

Mandurah's strong growth has continued with the completion of stage one of the $40 million Seashells Mandurah Resort and settlement pending on the first 79 apartments.

Perth's CBD office vacancy rate has plummeted to 5.8 per cent, effectively signalling a full office market, and with no major new supply under construction, the tight office environment is expected to continue for at least two more years.

Wentworth Mutual Ltd's strategy to expand is gaining momentum with the listed property manager acquiring the property management business of Australian Finance Group Ltd.

Two Perth office buildings may soon be placed on the market, with unit holders in the May Holman Centre and 111 St Georges Terrace (formerly the AXA building) being asked to vote on their stake in the buildings' future.

A market increase in the number of commercial sales conducted off-market is a noticeable feature of the recent profusion of activity in this sector of the market.

Hossean Pourzand has quietly become one of the CBD's biggest individual office owners, preferr-ing to keep his business activities below the radar but acquiring assets over the ye

Developers are increasingly coupling major residential development with complementary retail development, rather than selling the retail component, as a way of diversifying their

With a delay of at least two to three years before the next new major office building features on Perth's skyline, the refurbishment of lower-grade buildings is attracting the interest of investors keen to capitalise on Perth's thriving office market.

Listed WA developer Cedar Woods Properties Limited has made a $10.5 million acquisition in the Melbourne suburb of Footscray.

Listed property manager Wentworth Mutual is shifting its focus to the east-coast market, moving its head office to Melbourne as managing director and former high flyer Glenn Wheeler takes a non-executive director and consultant role within the company.

The Takeovers Panel has ruled favourably in relation to objections by both the Pivot Group and Saramac Nominees about the other's proposal to take over Axiom Properties Ltd.

The federal government has approved a fourth runway at Jandakot Airport and cleared the path for a proposal to develop 148 hectares of surrounding non-aviation land.

When Cape Bouvard began speculative construction on a $15 million, seven-level office building in early 2004, Perth's office vacancy rate was 12 per cent, the market outlook was dismal and construction costs were spiralling.

After a lengthy period of stagnation, Perth's office sales market last year broke all previous records with unpredicted momentum generated by a shortage of supply and rising rents.

With one of Australia's biggest private property portfolios, Cape Bouvard Investments prefers to discretely carry on business in Perth.

Much of the decline in value of retail and industrial sales last year can be attributed to a lack of stock rather than a slowing of the markets.

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.

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.

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

Melbourne-based fund manager SAITeysMcMahon has been confirmed as the buyer of Wesfarmers House on the Esplanade, paying $47.5 million in the second biggest property deal of the year.

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.

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

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.

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