Market outlook
NAB says office space is still the best bet
The National Australia Bank is advising owner-occupiers and investors that conditions have softened in all
commercial property segments but office space continues to be one of the stronger performers.
At a recent Raine & Horne Commercial Breakfast Briefing at the Four Seasons Hotel in Sydney, Peter Cashmore,
Senior Real Estate Equities Analyst, National Australia Bank, declared that the retail sector is still the softest. "This
sector is being hampered by ongoing caution among households, poor retail business conditions and depressed
confidence among retailers," said Mr Cashmore.
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Out and about in Commercial property
| Office |
Address |
Status |
Asset Class |
$ Amount |
| Bondi Junction |
Suite G. 05 & Suite 1.01, Aero Building, 247 Coward Street, Mascot |
Sold |
Commercial Office Space |
$2,970,000 + GST |
|
BRI |
880 Hunter Street, Newcastle |
Sold |
Commercial |
$361,000 |
|
BRI |
1-10/69 Warrangaree Drive, Woronora Heights |
Sold |
Commercial |
$2,250,000 |
|
Brisbane North |
13,14,15&16/51 Playfield Street, Chermside |
Sold |
Retail |
$1,452,000 |
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Time to comply with new asbestos laws
The National Work Health & Safety legislation and asbestos codes changed on
1 January 2012, but to date the majority of commercial properties in Australia
have failed to comply.
Furthermore it appears the combined costs of asbestos management and/
or removal, as well as the relatively weak fines for a compliance breach, have
created the environment for non-compliance.
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Timing ripe for owner-occupiers says
Raine & Horne Commercial
Lower interest rates and rising rents have prompted leading commercial
property firm, Raine & Horne Commercial, to urge owner occupiers to buy
rather than lease their next commercial property.
"While leasing industrial premises has plenty of merit for many businesses,
conditions are ripe for those considering purchasing industrial space
in Sydney's west," said Thomas Muller, co-Principal of Raine & Horne
Commercial Homebush.
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