most recent postings from archived thread, continue
tayser said:ASX eyes cheaper digs in Melbourne, electronic boards and all
15 May 2006
Australian Financial Review
The Australian Stock Exchange's assault on its property expenses will result in its Melbourne staff heading to much smaller premises on the opposite side of the CBD.
The exchange announced on Friday it would pay landlord GPT Group $7.2 million to surrender its lease at 530 Collins Street. It had leased about 9000 square metres there and was due to leave the building in 2012.
The exchange will instead vacate its administration and public space at the building by the end of July.
Also headed for a new home are the exchange's well-known electronic boards.
Well-placed sources said it was headed to the far-eastern end of Collins Street and would take just 700 square metres of space.
The ASX is understood to have shortlisted a number of properties between Russell and Spring streets.
A spokesman for the ASX said no decision had been made on the new home. He refused to comment on how much space would be required.
In a statement to the market, the ASX said the decision stemmed from its strategic review completed last year. As a result of that review the ASX said it wanted to reduce annual occupancy costs by between $4 million and $6 million by 2008.
It has also stated it wants to retain its network of interstate offices.
The ASX is also looking to rearrange its accommodation in other cities.
It recently relocated its Adelaide office and will soon shift its Brisbane operations into smaller premises.
It is promising to provide another update on progress in cost cutting in its full-year results.
would have been a perfect tenant for the Nauru forecourt redevelopment eh.
silvermb said:watch out
APN sparks talk of office tower bid
May 16, 2006
THE APN Property Group has fuelled speculation it is planning its largest Melbourne office development project.
APN will decide this week if it will buy land at 565 Collins Street, which has planning approval for a 33-storey, 55,000sqm tower, for a price believed to be $25 million.
The prized 3942sqm site is owned by Melbourne property investor and soft drink manufacturer Spiros Stamoulis.
Mr Stamoulis bought the site, and the adjoining Enterprise House building, for $46.5 million more than three years ago, with $8.5 million attributed to the vacant land. APN Property Group managing director Clive Appleton would not comment yesterday, but it is understood the APN board will decide on Friday whether to proceed with the purchase.
It would be APN Property's largest Melbourne project since 380 La Trobe Street, an office building of more than 22,620sqm that is anchored by the Australian Wheat Board. The AWB building project was undertaken with the Australian National University, which paid $10 million for the site in 2001.
Mr Stamoulis is believed to have given up on plans to develop the Collins Street land after failing to find a tenant willing to pre-commit to a new building in Melbourne's over-supplied office market. The land is currently used for car parking for about 180 vehicles.
Originally on one title, the overall site was sold to the failed Mainline Corporation more than 23 years ago. The Grollos bought it in 1981 for $5 million and onsold to the State Superannuation Board for $27.25 million in 1985. The two properties were sub-divided in 2002.