Monday, 7 June 2010

Norwest. Independent owners concerned

More than 120 independent owners of Paint Place stores, Wattyl's preferred trade and retail outlets, fear their businesses wouldl be damaged if the US-based Valspar is successful in its $110 milion takeover bid for Wattyl, based at Norwest Business Park. They are concerned Valspar may supply the Lowe's and Woolworths big-box hardware store venture. There is an expectation that the new hardware chain will seek exclusive access to Wattyl's best brands, such as Solagard.


Region. Upgrading of public housing estates

Public housing residents in suburbs across Sydney will be told their estates have been earmarked for redevelopment under a plan that will receive $43 million in federal funding. Claymore will receive $12.96 million to redevelop vacant land, build roads and other infrastructure needed to create a mixed community that is attractive to private home buyers. Of 1280 new homes and 774 vacant lots that will eventually be offered for sale, 380 will be sold at a discount to attract new residents to the area. More than 100 public housing homes on the estate will be sold, with 384 retained. NSW Housing aims to repeat projects already under way in Bonnyrigg and Minto The NSW government aims to have no more than 30 per cent public housing on any of the estates. A small public housing estate of 70 homes in Chester Hill will swell to 700 mostly private dwellings because of its proximity to the railway network.


Parramatta. Mutual agreement over properties

The of properties by Parramatta City Council for its $1.4 billion Civic Place redevelopment project has been resolved regarding properties, at 20-22, 24 and 25 Darcy Street. A mutual agreement was struck to purchase the properties without invoking public powers for a forced acquisition. The properties will be sold to council on agreed values following a mutually agreed process facilitated by Jerrold Cripps QC, former ICAC Commissioner, and an independent valuer, deputy Lord Mayor, Chiang Lim, said in his e-newsletter. “In 2009, the NSW Parliament amended the Land Acquisitions (Just Terms Compensation) Act in order to clarify and support public-private partnership projects like Parramatta’s Civic Place [3-hectare] re-development, Clr Lim said.

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Parramatta. Program has some 120 members

More than 80 representatives from local government, Sydney Water, the Department of Environment, Climate Change and Water (DECCW) and businesses participating in the Streamline Sustainable Business Program attended a function at Rydges Parramatta to celebrate the success of the Streamline Sustainable Business Program – a joint initiative between Parramatta and Auburn city councils. The program launched in 2009, a free program for businesses located in the Duck River Catchment area, has more than 120 businesses members.


Parramatta. Government takes most space

The government and community sector was the dominant taker of space in the Parramatta CBD, leasing 68 per cent, or 10,150 square metres, in the 12 months to March, according to Savills’ Parramatta office market report. The majority of leases reported were renewals. Savills have recorded approximately $46 million worth of office transactions in the year to March This was up 35 percent from $34 million in the previous year, and down on the five year average of $138 million. The 'developer' purchaser category was the most active in the investment market, purchasing 74 per cent of the stock sold. The top sale was $48.4 million for the 11,058-square-metre building, at 25 Smith St (corner of Macquarie Street). Recent proposals for state and federal government relocations would give the market some impetus in the coming years. Parramatta is set to become a key centre for office development given the availability of land and continued tenant interest; however generating demand remains the key to growth of the Parramatta market. Parramatta CBD is the fifth largest suburban office centre in Australia with 682,557 square metres of stock as at January 2010.


Penrith. $800 million proposal

Penrith City Council has resolved that an $800 million entertainment and business park proposal on the 50-hectare Penrith Panthers site be forward to the Department of Planning for pubic exhibition. If approved, the plan is estimated to create more than 4000 construction jobs and more than 3000 ongoing positions. The Penrith Chamber of Commerce and the Penrith City Centre Association are concerned about the proposal’s effect on business elsewhere in the city, according to the Penrith City Star.