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^^I was suprised it took so long to get to 600 really:)
 

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just read fin rev and theres an article about Brisbanes impending resi glut. not good, they reckon so many units are coming on line this year and next. If these new big towers are going to get up they better start soon or they will become an oversupply victim.
 

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^^I'm just hoping this will lower the price a tad and people will start buying units instead of houses. Brisbanes population is increasing enough to fill Aurora every week!!
 

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I don't think we have to worry about an oversupply, if anything we need more of a balance in vacancy rates.
 

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The article stated Brisbane's aparments were at a critical level atm at 2.5% and that vacancy will peak in the 2006-2007 period, becoming even more tight then now. However, in the 2007-2008 the rate will begin to dramatically change direction.
However, I think this article is a bit of bullsh*t. It is afterall only speculation, and I don't recall the source of the predictions being a particulary reliable won.
Afterall, all you have to do is read NewUrbans' Quote thingy, and it'll give you every reason to believe that living in Brisbane City can only get better. :)
 

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Suncorp merger pips consolidation
The Australian
October 26, 2006

SUNCORP has deferred plans for a 35,000sqm consolidation of its Brisbane operations following its $7.9 billion takeover bid for Promina.

The insurance group, unavailable for comment yesterday, is understood to have gone cold on the consolidation plans and will await completion of the Promina merger before committing itself to any new space.

The insurer currently occupies the 25-level Suncorp Plaza tower on the corner of Turbot and Albert streets in Brisbane's CBD and the Suncorp Centre at 36 Wickham Terrace.

The group has also begun moving staff into ABN AMRO's 55,000sqm Brisbane Square, between Queen, Adelaide and George streets and North Quay.

Suncorp will share that building with Brisbane City Council.

While the bulk of Promina's office space was in Sydney - where the group was headquartered at Victoria Avenue in Chatswood, north of Sydney's CBD - the merger will also cause uncertainty over future space requirements in Brisbane and Melbourne. Suncorp's move away from consolidation plans could temporarily relieve some pressure in the surging Brisbane market, where new space is hotly contested.

Also in the market for major office space requirements in the Brisbane CBD are Telstra (55,000sqm) and the Australian Taxation Office (8000sqm).

Suncorp's expressions-of-interest campaign for 35,000sqm of space in Brisbane's CBD was part of a broader consolidation push, with the group last November announcing it had leased 17,200sqm of space over 10 years in Commonwealth Property Office Fund's 259 George Street Tower in Sydney.

Suncorp will consolidate four of its existing Sydney CBD offices, including 52 Clarence Street, 117 Clarence Street, 66 Clarence Street and 111 Elizabeth Street into the George Street building when it has been refurbished in 2007.

Promina's 15-level Chatswood headquarters is expected to come under review following the merger.

Promina sold the tower to Record Realty in January last year for $86 million, but at that time the group signed a seven-year lease over the building at $6.4 million a year, increasing by a fixed 3 per cent annually.
 

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From http://www.bh.com.au/news/ViewArticle.aspx?ArtID=143

$80M deal to develop Queensland's new Blood Bank

The Australian Red Cross Blood Service (ARCBS), through a pioneering partnership with Baulderstone Hornibrook’s Capital Solutions, the Queensland University of Technology (QUT), and publicly listed ING Health Care Fund, will move into a new, purpose-built Brisbane Operations Centre at the award-winning Kelvin Grove Urban Village.



The building will be developed on a 6,896sq m site owned by QUT in the centre of the Kelvin Grove Urban Village and will also house new QUT clinical and health facilities as well as the long-awaited physical activity centre.



The development is significant for Queensland, as it delivers state-of-the-art health and research facilities in a ground-breaking development that sees all parties involved benefiting from the arrangement.



Capital Solutions generated the deal with QUT and ING, to offer the ARCBS major tenant status in what will be a signature building.



The construction arm of Baulderstone Hornibrook has started work on the site, which is located in the Town Square on the main intersection of Musk Avenue and Blamey Street in the Urban Village.



Capital Solutions Managing Director, Michael Still said the development was another example of the company’s ability to bring together these new partnerships, which enable the creation of a significant asset.



“This development is the result of a very valuable and forward-thinking partnership to create social infrastructure that will serve the community for future generations.” said Mr Still.



Capital Solutions has been working with the university sector on a number of innovative Joint-Venture projects, including developments at Macquarie University, ANU in Canberra, Wollongong University and now QUT with ARCBS.



ARCBS will make this historic move after more than 40 years in its current Queen Street location. The lease agreement is for a prime term of 20 years with optional lease periods attached.



The new state-of-the-art facility will house the ARCBS’s testing, processing, distribution, research and administration functions, and will be the most modern of its kind in the country. The new location puts Blood Bank on the doorstep of its single biggest customer – the Royal Brisbane Hospital.



ARCBS Chief Executive Officer, Dr Robert Hetzel said upgrading to a specially-designed facility would allow for an increased processing capacity and the opportunity for new research.



“This will serve as an access practice right around the world,” said Dr Hetzel.



“The move could not come at a better time for ARCBS as it looks to expand research facilities and technology alongside QUT.



“As a result of the increased processing capacity, the Red Cross will be able to introduce new techniques and equipment to further improve the quality of blood and blood products throughout Queensland – particularly in regional Queensland.



“Kelvin Grove Urban Village fitted the bill from a cultural change aspect and there is a lot of synergy with the city.”



The Vice-Chancellor of QUT, Professor Peter Coaldrake, said the agreement signalled a ‘true public-private partnership’.



“It has been a really interesting journey between the four major parties: Capital Solutions, ARCBS, ING and QUT.



“We are looking forward to the new development, which will be used for teaching, research and community development activities.



“In addition, the location of the new ARCBS facility adjacent to QUT’s Institute of Health and Biomedical Innovation provides additional research and development opportunities for both organisations.”



“What we have is effectively two main entities supported by government in a purpose-built precinct. It’s a win-win situation.”



Capital Solutions’ Queensland Director, Markets, Malcolm McClelland was pleased with the way the partnership developed: “We have taken the time to understand the needs and requirements of a diverse group of stakeholders and then tailor an outcome, that is not only functionally excellent from the user group’s point of view, but also an asset in the form of land and buildings that is readily accepted within the traditional property, institutional and financial markets,” he said. “This type of true partnership is the way of the future for developments of such significant import.”



“Capital Solutions has a number of other ground-breaking projects in progress, which we expect to announce shortly. We are always looking to link with organisations and institutions in projects where we can add value to their existing operations and help realize their longer term vision.” He said.
 

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Promina will not be 'moved' to Brisbane. Once the merger process is complete (pending regulatory and shareholder approval) sites will then be identified where site consolidation can exist. Don't expect too much for around 2 years.
 

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This cracks me up:

Also in the market for major office space requirements in the Brisbane CBD are Telstra (55,000sqm) and the Australian Taxation Office (8000sqm).

So 55k, then the next biggest is 8k. Yeah, massive demand.
 

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Promina won't be packed up and moved to Brisbane. Part of it's appeal to Suncorp in the first place is that Suncorp is already a strong brand in QLD, while Promina has a lot of activity further south through its different brands, such as AAMI, APIA, Vero, etc. As far as I can tell Suncorp doesn't really have any seperate brands and markets everything under the Suncorp name, which is almost no penetration in the market down south.

Anyway, its far too early to try figure out where office space will be because it's not even close to being a done deal. ACCC could interfere and with the possibilty that the deal might not be done its been widely reported that there are a few predators circling Suncorp itself. One name that keeps coming up is Westpac.
 

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^^ Westpac stated that it has no interest in Suncorp... but I'm sure others are... I just hope this deal goes ahead. I don't see anything wrong with it myself.
 

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^^ Westpac stated that it has no interest in Suncorp... but I'm sure others are... I just hope this deal goes ahead. I don't see anything wrong with it myself.
They have hardly said they were not interested, just a little late. And if they were of course they would say the opposite - there is no point in creating an environment where the market expects you to make a bid. The only reason Suncorp went for this deal was to protect itself as it was on the verge of receiving a takeover approach by HBOS (owner of bankwest) and maybe Westpac.
 

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Suncorp would be difficult and risky buy anyway. It's operations are too intertwined and its protected by the QLD government. Which is probably why no one has bought it yet.

If it is bought it will by a consortium and will be carved up. i.e. banking operations to someone, insurance operations to someone else. But buying Promina if the ACCC allows it will be a pretty good defensive move by Suncorp to thwart any potential buyers.
 

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I just want to clear a couple of things up here, so please forgive me for going a little off-topic.

... As far as I can tell Suncorp doesn't really have any seperate brands and markets everything under the Suncorp name, which is almost no penetration in the market down south.
Suncorp owns GIO insurance, which has a reasonable share of the NSW/VIC insurance market (not huge, but certainly not insignificant). In addition, Suncorp underwrites and administers AMP insurance which makes for big bucks in commercial areas. Also for the record, Suncorp is majority shareholder of RACQ and LJ Hooker, and also owns RACT in Tasmania.

As for Suncorp being a takeover target, while there was heavy speculation in the marketplace recently, nobody made a formal or even an informal offer to Suncorp. It was all hot air -- nobody approached Suncorp and wanted to have a look through the books.

I heavily doubt Suncorp will shift all operations to Brisbane after the Promina merger. I suspect they'll ramp up operations in Sydney as that's where Promina is situated now, and the business was looking to expand further in NSW even before the move on Promina.
 

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I think the ACCC wouldn't allow a takeover that large, buying Suncorp would create a huge monopoly and I doubt they would allow it..
 
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