Retirement village operator Lifestyle Communities has secured a reprieve from a ruling that found its exit fee policy was unenforceable, but has said it won’t spend the funds it collects while the stay is in place.
The liquidators of iProsperity Group want Crown to repay $55 million in company funds they say were gambled away by the real estate funds manager’s directors.
Reflecting renewed interest in office assets, property investment company Charter Hall has launched a $147 million unlisted trust for investors to buy into two fully-tenanted office buildings in the ACT and Queensland.
Cromwell Property Group has sold its remaining 50 per cent stake in an office building in Sydney’s Chatswood at the discount price of $87 million.
Russell Kennedy has lured a partner from Mills Oakley to join its Sydney commercial litigation and dispute resolution practice.
Property giant Dexus has acquired a 25 per cent stake in Australia’s second-largest regional shopping centre from Scentre for $683 million.
Malaysian property developer SP Setia is strengthening its presence in inner-city Melbourne, acquiring the largest development site in Carlton for $114 million.
The body corporates for beachfront blocks on the Gold Coast have failed in their bid to knock back two land valuations by a combined $28 million, with a Land Court member finding oceanfront land fetches a higher premium.
Real estate returns are rebounding across all sectors, with the office sector entering a recovery cycle, led by the Sydney CBD, according to a new report from Dexus.
A court has found that United Petroleum is not bound by the terms of a signed lease offer sent to a neighbouring Gold Coast pharmacy operator, ruling the company’s property consultant had no authority to negotiate or enter into a new lease on its behalf.