New law doubles maximum penalty for fine fraud to $11,000

Wear the initial fine … The new legislation doubles the maximum fines – from $5500 to $11,000 – for vehicle owners who shirk a penalty for speed camera and other camera-detected traffic offences by falsely nominating another driver. Photo: Adam McLean A NSW Police patrol vehicle … “Anyone who deliberately tries to defraud the system by falsely nominating another person risks being prosecuted and ultimately earning themselves a criminal record,” says Commissioner of Fines Administration, Stephen Brady. Photo: Supplied
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Drivers who falsely claim someone else was behind the wheel at the time of an offence could be slapped with an $11,000 fine under harsh new penalties introduced in NSW parliament on Tuesday.

The new legislation doubles the maximum fines for vehicle owners who shirk a penalty for speed camera and other camera-detected traffic offences by falsely nominating another driver.

Under the amended Fines Act 1996 and the Roads Transport Act 2013 individuals now face a $11,000 fine, up from $5500.

The maximum penalty for corporations has also doubled from $11,000 to $22,000.

“While the vast majority of people do the right thing, any doubtful nominations are checked against all available evidence, for example photographs taken at the time of the offence,” said the Commissioner of Fines Administration, Stephen Brady.

Mr Brady said the NSW Office of State Revenue (OSR) checks all driver nominations against RMS records for license details and immigration records to confirm the nominated person in the country at the time of each offence.

“Anyone who deliberately tries to defraud the system by falsely nominating another person risks being prosecuted and ultimately earning themselves a criminal record,” Mr Brady said.

Under the new legislation, people will be able to submit their nomination online, removing the formal requirement for a statutory declaration.

The OSR has issued more than 1400 fines to people for false nomination offences and has prosecuted more than 200 people relating to false nominations over the last eight years.

In 2006, hundreds of thousands of statutory declarations signed by motorists fighting traffic fines were investigated as part of a major fraud crackdown by the NSW government.

Kylie and Dannii Minogue perform together on TV for the first time in 30 years

Kylie and Dannii Minogue reunite for Christmas track, 100 Degrees. Photo: Channel Seven Dannii and Kylie have both been judges on the rival reality TV shows.
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Kylie Minogue and sister Dannii Minogue on Young Talent Time.

Winner revealed for X-FactorKylie’s Christmas album is a real thingHave Kylie and Dannii Minogue made the cheesiest Christmas song ever?

Kylie and Dannii Minogue have thrown back to the 80s with a thoroughly modern performance during the finale of X-Factor .

Whilst often seen at events together, the pair have not performed on television since Young Talent Time in 1986 when they performed Sisters Are Doing It’ For Themselves.

Dannii, who is a judge on the musical reality competition X Factor shared duet with sister Kylie on the latter’s upcoming Christmas album entitled 100 Degrees.

The sisters donned matching leotards taped with sparkling strips in pink and blue respectively as they sang the disco-inspired Christmas anthem about a hot n Yule.

They were joined by 10 male dancers in silver lurex shorts and Santa-themed capes.

Kylie’s album, which has the highly searchable title Kylie Christmas, also features a duet with legendary rocker Iggy Pop.

Other collaborators include British comedian and talk-show host James Corden on Yazoo’s 1982 classic Only You while technical wizardry has also been employed to team Minogue with Frank Sinatra on a version of Santa Claus Is Coming to Town.

Kylie will also perform, presumably alone, at the ARIA awards to be held on Thursday night where she is due to help Tina Arena be a ushered in to the ARIA Hall of Fame.

Social media lapped the performance up, with many fans gushing over the reunion. OMG. Kylie & Danii look GREAT on #XFactor tonight! #XFGrandFinal#KylieandDannii— Migs Santillan (@migs_santi) November 24, 2015Kylie and Dannii had the best performance for tonight on #xfactorau#XFGrandFinal. Can we have an encore @thexfactor_au— Timothy Kandilis (@kandilistk) November 24, 2015

Returning Siddle plots Williamson’s downfall

Kane Williamson hits out during the first Test at the Gabba. Picture: Getty ImagesAUSTRALIA will try to bore New Zealand’s wonderchild Kane Williamson into submission in the day-night Test.
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New Zealand cricket icons Richard Hadlee and Martin Crowe believe Williamson will finish as the country’s greatest batsman.

Williamson, regarded by some pundits as the best batsman in the world, has certainly lived up to his reputation in the ongoing series.

The zen master has been calm and confident at the crease, waiting for the right ball to unleash a textbook cover drive.

Peter Siddle, set to be recalled for the third Test after being 12th man in Brisbane and Adelaide, preached the value of patience when asked about his plans for Williamson.

“That’s one thing he’s very good at and that’s one thing we can be slightly better at in our bowling – building pressure and getting them out that way,” Siddle said.

“You look at all the class players in world cricket, it’s worked hasn’t it?

“It worked against Sachin [Tendulkar]. It worked against KP [Kevin Pietersen].

“We’ve got to work hard here, put a lot of pressure on.”

Siddle dismissed Pietersen 10 times in his 104-Test career, more than any other bowler.

The former woodchopper did it more often than not by keeping things consistent, starving Pietersen of runs until he made an error.

Siddle has also trumped AB de Villiers six times in 12 Tests, wearing down the South African wizard with his work-rate and accuracy.

The 30-year-old is backing himself to achieve something similar with Williamson, who is less audacious than de Villiers but shares his incredible ability to keep the scoreboard ticking over.

“I’d like to hope so,” Siddle said. “I’ve had some good success against him in the past. I have troubled him and had some good battles with him.

“He’s been a class player these past 12, 18 months and he has been a handful this series . . . he’s got a lot smarter with how he plays.”

Siddle identified Ross Taylor as another crucial scalp after the former New Zealand skipper’s record-breaking knock of 290 at the WACA.

“They’re in good nick,” he said.

Siddle feared his international career was over before a call-up for the fifth Ashes Test.

The Victorian had six wickets and 17 maidens in that match, his strong showing a source of confidence after being overlooked in the first two home Tests of the summer.

“I know it isn’t that long since I came out and performed,” he said. “It gives myself a boost . . . [selectors] know that I can perform when called upon.”

● The SCG’s preparations for the January Test are back on track after Cricket deemed the ground’s playing surface fit to play.

Play will resume at the ground on Friday, when NSW take on Queensland in a Sheffield Shield clash. AAP

Gerry Harvey has a nervous wait at the ballot box

Harvey Norman executive chairman Gerry Harvey, pictured here with his wife, managing director Katie Page, has dismissed shareholder concerns about executive remuneration and board structure. Photo: Ben RushtonHaving spent many years trying to keep his annual general meetings as quick and painless as possible, retail icon Gerry Harvey was forced to endure an hour-long wait while the votes were counted on Tuesday for the Harvey Norman remuneration report poll. He easily survived the count with just 5.63 per cent of votes opposed. Already on one strike, if the vote had gone against the report, the board would have faced a spill motion.
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Over the years, the feisty chairman has been able to limit the show to as little as 10 minutes, barely giving shareholders time to find their seats in the City Tattersalls Club room. With wife and Harvey Norman directorKatie Page at his side, whom he referred to as Ally McBeal (the lawyer played by Calista Flockhart in the 1990’s television show, renowned for wearing very short skirts to the courtroom) at her first meeting more than a decade ago, Gerry gave a few broadsides on Tuesday to those pesky analysts, who had the temerity to question his business and directors.

Harvey told shareholders they were being “conned” by analysts who didn’t have any “skin in the game”. The n Shareholders Association, who voted against the report, were not spared the wrath of Gerry. “We do not pay our directors too much money,” executive chairman Gerry Harvey told the meeting in Sydney. “If you earn a million dollars at Harvey Norman, you earn it. You don’t just get it.” Thorney silence

In Melbourne, the investor talkfest for Thorney Opportunities also had its own hecklers from the back stalls. With a full house at the meeting room at 333 Collins Street, during chairman Alex Waislitz’s address, his mother-in-law Jeannie Pratt was heard by others at the rear of the room to tell the chairman to “speak up”.

The AGM also included presentations from other companies in which Thorney invests, including listed narcotics grower Tasmanian Poppy Industries. After a snappy presentation from TPI CEO Jarrad Ritchie, Mr Waislitz said he had asked him to bring along some showbags, “but he thought that was not a good idea”. It was not known if Mrs Pratt heard the joke and shared in the jocularity.

Topping out

Lendlease had its own Utopia moment when the chief builder, Steve McCann, donned the hard hat and admired the 10-metre high tree on the roof of the 39-storey building, for the topping out of Tower 3 at Barangaroo South.

The NSW Premier, Mike Baird, whose collection of hard hats is growing given the construction boom, was also on hand to admire the view across the Sydney harbour.

Sticking trees on roofs follows the ancient Scandinavian tradition that signals the building has reached its height. McCann was particularly pleased as Tower 3 will the new home for KPMG, Lendlease and Servcorp, as well as the new David Jones store in the food court. Correction:

An earlier version of this story incorrectly stated that Gina Rinehart purchased a villa in Phuket. Her son, John Hancock, owns the property. Mrs Rinehart has also clarified that her recent trip to India was for work purposes and that the villa in Singapore is owned by her company, Hancock Prospecting.

Google looks to Wynyard Place as new home

Internet giant Google has emerged as the front runner to lease up the new space at Brookfield Property Partners’ Wynyard Place at 10 Carrington Street in the heart of Sydney.
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The potential move, as Google is looking at a number of sites, comes as technology companies are the new tenants in town. They are all expanding so require large floor plates, once the domain of banks and financial services businesses.

In order to attract high-quality staff, the tech giants also need a city address with public transport and all the bells and whistles of a premium office tower.

Savills national head of research Tony Crabb says, in a global cities report, that in Sydney, creative industry companies are paying more per person for office rents than finance companies.

Mr Crabb said relatively low demand for financial offices in Sydney means the city has some of the cheapest rents for this sector among the world cities in the report, paying well below the world average per person.

“Landlords not only need to adapt buildings to suit these new occupiers in all sectors, they need to be aware that tenants are likely to continue to seek new locations and new ways of working to ameliorate rising rental costs in core central business district areas. Investors who spot these trends early will see the best returns,” Mr Crabb said.

Once completed, Wynyard Place will include 74,000 square metres of premium commercial, retail and restaurant space. The project will consolidate four properties immediately adjacent to Wynyard Station into one unified centre, including a 27 floor office tower, four levels of retail space and basement parking.

Leasing agents and landlords across the city all said it would be a welcome move to have the calibre of Google as the potential anchor for the new tower, which is slated for completion in mid-2019, aligning with the timeline of the new George Street light rail project.

Google has been looking to consolidate its staff into one location for the past few years and is said to now prefer a city location rather than the fringe, such as at the White Bay power station, where the group was also looking.

The Google leasing mandate is for more than 50,000 square metres. It has staff in three buildings in Pyrmont, with the bulk in GPT’s Workplace 6, as well as at Mirvac’s 1 Darling Island Road with Fairfax Media, the publisher of The Sydney Morning Herald, and a floor at Wharf 7.

Google has already gone down this road, with a new site planned near Kings Cross train station in London and its base in Chelsea in New York.

Brookfield, which declined to comment, passed a major milestone in late September when it received State Significant Development (SSD) approval for Wynyard Place.

The SSD approval paves the way for the commencement of works that will transform the Wynyard precinct into a world-class commercial and retail centre.

OpenCorp looks to crowds to fund developments

OpenCorp founders Matthew Lewison, Cameron McLellan and Allister Lewison. Photo: Penny StephensCrowd-funding projects have become de rigueur in the past few years, but boutique developer Open Corporation has used a similar model since 2009.
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Founded by brothers Matthew and Allister Lewison and another family member, Cameron McLellan, Open Corporation’s unusual approach to the notoriously capital-intensive development cycle involves tapping funds from a pool of 415 retail investors, effectively forming syndicates of small investors. Many of those investors are family or friends.

“We were doing crowd funding before it was trendy, without really realising that it was crowd funding,” Allister Lewison said.

The three directors cut their property teeth as investors and developers in townhouse projects in Melbourne’s eastern suburb.

Then they decided to join forces to form a property investment advisory and development business, and so Open Corporation was born. It had nearly $400million worth of active townhouse, apartment and land development projects in Brisbane, Melbourne and Perth, Mr Lewison, who this year debuted on the BRW Young Rich list, said.

Its Melbourne projects include a recently purchased plot in Heidelberg Road, Ivanhoe, which is suitable for a 60-unit project, and a northern suburbs land subdivision in Greenvale.

Most of the development focus is in Brisbane, where it has eight projects with a gross realisable value of $365million.

They include Citro Apartments in West End and the soon-to-be-launched Hemingway Apartments in Chermside, a $70million two-building development with 147 apartments.

Interest from family and friends, and then “friends of friends”, willing to invest alongside the trio prompted them to structure their projects as managed investments schemes using an n Securities and Investments Commission-issued financial services licence, Mr Lewison said.

“It got to the stage in 2009 where we said we have to formalise what we’re doing,” he said.

“So we got a financial services licence from ASIC and with that were able to offer our services on a broader front.”

That includes providing a broad range of investment and education advice for free.

Investors tipped in as little as $10,000, although the average investment was about $40,000, director Matthew Lewison said.

He was quick to add that Open Corporation typically invested between 10per cent and 50per cent of its own funds in every project.

“We’re in with everyone else,” he said.

The group took a conservative approach to minimise risk, using existing capital to fully acquire land before taking on any debt to fund development, he said.

A crowdsourcing site, CrowdfundUP, had approached them to list on the platform, Mr Lewison said.

“We’ve got the demand from our existing clients so don’t need to.”

Digital licences are coming to NSW next year, state government announces

NSW Minister of Finance and Services Dominic Perrottet will be announcing the introduction of digital licences. Photo: James Alcock A supplied mock up of what a digital driver’s licence might look like in late 2018.
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The NSW state government is following up its 2015 election promise to deliver digital licences, with the first downloadable batch coming out mid 2016.

The first licences to go digital will be recreational fishing licences, responsible service of alcohol (RSA) licences, and responsible conduct of gambling (RCG) licences.

NSW Minister of Finance and Services, Dominic Perrottet, is expected to announce the initiative on Wednesday during his keynote speech at the GovInnovate forum in Canberra.

“This technology will allow our citizens to display, apply, update and renew their licences using their smartphone, with real time information also available,” he is expected to say.

Physical licences will still be available to those who want them.

Previously, anyone collecting an RSA or RCG licence would have to visit a Service NSW centre, which can be problematic for people in rural areas due to the lack of centres in those areas.

With online security a big issue in this day and age, the safety of the information in the digital licences will surely be questioned.

To combat this, Mr Perrottet will announce the digital licences will have “security safeguards” built into them so it will be easier for authorities to verify their validity.

Exactly what safeguards those are is unclear.

Security expert Troy Hunt said much of our information was already online.

“A move to digitising licenses is not so much introducing a new security risk as it is changing the existing security position,” he said. “Our licensing data already exists online (you can check your demerit points via the RTA website), plus we’ve seen many cases of fraud with physical licenses.”

He added that the move was “consistent with other trends of digitising previously card-based assets”.

“Apple Pay is a perfect example; I literally just signed up to that … as the convenience factor is fantastic and we’re talking about assets are already digitised. There will be new risks, no doubt, but I don’t think the chance to risk is as big as some people think.”

The NSW government issues about 23 million licences each year with nearly 770 different types of licence and identification cards available across the state.

Additional digital licences will be made available in the future, with another five common licences available online in 2017. Asked when driver’s licences would go digital, the state government said they are working on making them available towards the end of 2018.

with Ben Grubb

Clarification: An earlier version of this article carried quotes from Troy Hunt that were based on a miscommunication of the proposal.

Bill Shorten to take policy of five days’ domestic violence leave to election

Opposition Leader Bill Shorten and Prime Minister Malcolm Turnbull at a family violence event on Tuesday. Photo: Alex Ellinghausen Opposition Leader Bill Shorten Photo: Alex Ellinghausen
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A future Labor government would provide for five days of domestic violence leave a year, if the ALP wins the next federal election.

Labor leader Bill Shorten will announce on Wednesday that his government would include the five days of paid leave in the National Employment Standards if elected. Casual workers would get five days of unpaid leave.

This comes as the Coalition releases government-commissioned research which shows that while there is strong community support to stop violence against women, there is “low recognition” of “where it begins”.

Mr Shorten said domestic violence leave would enable victims to access things such as legal advice, counselling and medical appointments

“Domestic and family violence leave will benefit both those who have experienced violence as well as business through improved productivity, increased employee retention and reduced absenteeism,” he said.

“Consider the time required in courts, meeting with lawyers, financial advisers, the school principal, counselling sessions for people who have experienced violence.”

The National Employment Standards set out the minimum entitlements for all employees who are covered by the workplace relations system.

Labor’s pledge follows a longstanding call from the n Council of Trade Unions to boost protections for domestic violence victims in the workplace.  The ACTU has argued that while more than a million employees, such as those at Telstra and IKEA, have access to paid domestic violence leave, the provision should be extended to all workers.

On Wednesday, which is International Day for the Elimination of Violence Against Women, Prime Minister Malcolm Turnbull will also release research commissioned by the government on attitudes towards domestic violence.

Research company TNS conducted interviews with some 255 young people and parents around , finding that there were high levels of victim-blaming among those surveyed.

It also found that many actions that were disrespectful and aggressive towards women were considered by adults as “social misdemeanours” rather than something that should be “corrected”.

There was also a “strong desire to avoid blaming males”.

The results will inform a national campaign, due early next year, which aims to change attitudes around gender equality – and get parents and teachers to take more responsibility for how young people think about violence.

Mr Turnbull said the research painted a “disturbing picture about what many ns think about domestic violence”.

“It tells us that far too many people excuse, diminish and blame the victim when it comes to violence against women.”

Social Services Minister Christian Porter described the research as “eye-opening”.

Mr Porter pointed to girls in the research group who excused aggressive behaviour with “he’s probably just trying to get a bit of attention”. Boys similarly said, “he is just trying to be heard”.

One in six n women over 15 have experienced physical or sexual violence from a current or former partner. One in four women has experienced emotional abuse from a current or former partner.

If you or someone you know is impacted by sexual assault or family violence, call 1800RESPECT on 1800 737 732 or visit www.1800RESPECT杭州龙凤论坛.au. In an emergency, call 000.

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Radical new company For Benefit Medicines to direct 100% of profits to patients

Breast cancer survivor Elizabeth Ellis with her family. Photo: SuppliedElizabeth Ellis puts up with severe tiredness, mouth ulcers, even the risk of lung damage caused by the daily regimen of medications that are keeping her alive.
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“It’s quite a nasty range of side-effects,” the 33 year old mother says of the drugs she takes to fight breast cancer.

But taking breast cancer medications could become a little bit more positive for women like Mrs Ellis, with the launch of a radical new drug company that will funnel 100  per cent of its profits back into treatment and research.

For Benefit Medicines is thought to be an n – and possibly world – first in that it aims to make a profit, but to use it entirely for social good.

“It’s like as a patient you can reclaim some of your power in a situation that can feel pretty hopeless,” Mrs Ellis said. “Personally, I really hope this company becomes a trail blazer for all the pharmaceutical industry”.

The organisation, to be launched on Wednesday, will take advantage of increasing numbers of drugs with expired patents, producing generic, cheaper, versions of life-saving cancer drugs.

Company co-director and pharmacologist Barry Frost worked in the pharmaceutical industry for 30 years when he decided he wanted to give something back.

“I realised that when these products go off patent there was a lot of money that would have been going back to these organisations, and I thought if you could just set up a generic product that profit could go to patients and research,” he said.

The company will start by providing two common breast cancer medications, Anastrozole and Letrozole, importing generic versions from overseas and selling them under the For Benefit brand. All profits will go to Breast Cancer Network and the Breast Cancer Institute of .

“Together these two products make up over 90 per cent of the aromatase inhibitor [a class of breast cancer drug] market, and providing doctors with two medications will mean they have a choice,” he said. “We estimate there are about 30,000 patients in on these medications already”.

Dr Frost said he was inspired by a 2011 article arguing that more enterprises need to be created that were neither for profit or not-for profit, but were instead “for benefit”.

If successful, he will expand to other medications – directing those profits back towards the conditions they are treating.

Bruce Mann, the director of the Breast Service at Royal Melbourne and Royal Women’s Hospitals and a board member for both charities that will receive the funding, said it was an extremely exciting development in medicine.

“Taking the profits from selling vital breast cancer medications and sending half back to support women, through Breast Cancer Network , and half to support clinical trials, through the Breast Cancer Institute, it’s just remarkable,” he said.

“Generic versions of medicines are the same chemicals, the same formulation that has been shown to be equally effective, but can often be produced at a lower cost – there is a very big market and a very profitable market in generic drugs”.

Professor Mann said patients could ask their doctors about being prescribed the For Benefit brand drugs, or doctors could suggest it.

“I had one patient who was more comfortable on her current prescription, but everyone else has been happy to move to the For Benefit Medicines prescription, and have come back and said they actually felt better about it,” he said.

Strata office values surging in Melbourne’s CBD

A showroom at 11-19 Bank Place in the CBD sold for $1.9 million. Photo: tom杭州龙凤论坛[email protected]杭州龙凤论坛m.auStrata office prices in Flinders Lane have doubled in two years driven by low interest rates, the low dollar and surging land values.
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A local fund manager, who has clients in China, snapped up an office at Brendan Sullivan’s The Edition at 517-535 Flinders Lane – three days before its auction campaign started – paying $1.43 million.

CBRE agent Tom Tuxworth, who negotiated the deal with Nick Lower and Tim Last, said the price equated to $7600 a square metre – more than twice the price paid for the first office sold in the building two years ago.

Mr Sullivan bought the building from the Smorgon family in 2011 for $16.35 million but started progressively strata-titling offices in the building two years ago as their original tenants moved out. Thirty-two suites – stripped of dated fit-outs – have sold since August 2013. The building  boasts a rooftop tennis court and barbecue and an eclectic mix of cafes on the ground floor.

“It usually takes 10 years for a properties to double in value so it’s pretty remarkable for it to happen in two to three years,” Mr Tuxworth said. “But people want to sit on the roof and eat their sandwiches in the sun. They don’t want to be stuck in offices with old carpets and low ceilings and are prepared to pay a premium for it.”

Mr Tuxworth said his team also sold a whole floor at 11-19 Bank Place to an IT business on Monday night for $2.6 million at $4634 a square metre. Sales in this building earlier in the year ranged from $4250 to $4964 a square metre.

“The market’s pretty price driven. Where else can you buy in the city for around $1 million or $2 million,” he said.

The deal closely follows another sale negotiated by Mr Tuxworth at 620 Bourke Street, where a 190-square-metre office (suite 101 on level one) fetched $1.07 million, or $5700 a square metre.

“It’s cheaper to buy than rent,” he said. “Debt is cheap and both these offices were bought by Chinese buyers so the lower n dollar gave them the capacity to pay a bit more.”

The latest price at 620 Bourke Street is already advancing on the prices achieved earlier in the year by Savills agent Jesse Radisich. Suite 102 sold to a Chinese immigration firm for $4300 a square metre and suite 802 fetched $3300 a square metre.

Mr Radisich said, “The market’s very strong, driven by low interest rates, self-managed super funds and a lot of offshore buyers.

“People want to be in the CBD. It’s a hub of activity,” he said.

Prices for strata office suites at 140 Bourke Street in May also reflected this trend. Level one fetched $2.21 million in April after selling for $1.3 million in 2014.

Sentinel on growth lookout as City West Plaza boosts homemaker centre portfolio

Brisbane-based funds manager Sentinel Property Group has paid nearly $30 million for the City West Plaza homemaker centre in Melbourne’s west in the wake of strong consumer spending that is tipped to prompt investors to bid up asset prices in the next two years.
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Sentinel, which is led by Warren Ebert, acquired the Harvey Norman-anchored plaza in Sunshine North for $29.5 million for its Sentinel Homemaker (Open Ended) Trust. It is the group’s seventh deal in the retail sector in the past year.

The plaza purchase is Sentinel’s second Victorian acquisition – it owns 138 Bourke Street which is leased to the Virgin Active health club – and the third property for the Homemaker Trust after the recent settlement on the Geraldton Homemaker Centre in Western and the Nowra House & Home centre in NSW.

The deal was negotiated by CBRE’s Justin Dowers.

The plaza hosts a Harvey Norman alongside a Beds n Dreams store, Fun City centre and KFC outlet. Harvey Norman’s 10-year lease expires in 2022 (with further options) and accounts for about 41 per cent of the centre’s total gross income.

Urbis research director Ian Shimmin said household goods typically sold in homemaker centres recorded the highest overall growth rate across the retail sector to September this year, growing 9 percent nationally.

NSW and Victoria were standout performers, growing at 11.8 per cent and 12.6 per cent, respectively, in a boom attributed to home construction as people splash out on new furniture, floor coverings, housewares, electronics and hardware.

“Unlike other years, and indeed the long-term trend (20 years), lower prices (i.e. deflation) is not an influence in 2015. Growth is being driven by people buying more and spending more,” Mr Shimmin said.

Improved consumer sentiment is likely to drive up retail property prices over the next two years, resulting in tightening yields, LJ Hooker’s Commercial Retail Market Monitor, released last week, says.

Yields for subregional and neighbourhood properties have firmed by around 50 basis points over the 12 months to mid-2015, the report says.

Average regional centre yields sit at 5.9 per cent, while subregional yields are 7.2 per cent and neighbourhood centres 7.6 per cent.

Investors were taking advantage of the retail sector’s strength.

A private investor sold a fully leased strata suite in the Northland Homemaker Centre this week for $5.12 million on a yield just over 6 per cent in a deal negotiated by CBRE’s Josh Twelftree, Rorey James and Ryan Arrowsmith.

The 1080-square-metre suite was leased to boutique French provincial furniture retailer Maison Est.

Research by Colliers International suggests significant amounts of large-format retail space (313,600 square metres) will be built across the country this year, principally by Bunnings and Masters.

Big box retailer Costco is getting in on the action with three stores in the pipeline. A store in Moorabbin in Victoria is under construction.

Mr Ebert said Sentinel had been looking to expand in Victoria, searching for an asset where it could add “significant value”.

“We have identified substantial value-add opportunities, including improving signage, visibility and access, as well as revamping the layout and presentation via the redevelopment, releasing and reconfiguration of retail tenancies,” Mr Ebert said.

City West Plaza was forecast to deliver investors a minimum 9.5 per cent distribution – paid monthly – in year one, depending on interest rates and potential expenses.

Sentinel manages a national $1 billion portfolio of 36 properties.

Market Wrap: Two prime side-by-side Brunswick shops sell to same investor

Wynn Locksmiths has snapped up a vacant office/warehouse at 110 Bell Street Preston. A boutique warehouse at 90 Stephenson Street Cremorne sold to a well-known Richmond landholder.
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Two prime side-by-side investment properties on Sydney Road Brunswick have sold to the same investor.

SALES

Brunswick

Two prime side-by-side investment properties on Sydney Road have sold to the same investor, one for $2.08 million and the other for $1.02 million. The double storey shop at 789 Sydney Road was leased to Back In Motion for $72,600 a year with another tenant Akdeniz Aksamlari returning $34,713. Next door at number 791 tenant My Aeon returned $40,000 per annum. Craig McKellar and Anthony Carbone from CVA Property Consultants sold the properties.

Nunawading

Two retail showrooms with a massive 29-metre frontage to Nunawading’s “golden mile” of retail has sold for $7.25 million. The property at 302-304 Whitehorse Road, a strip popular with bix box retailers, was purchased by an eastern suburbs private investor, Gray Johnson’s Matt Hoath said. One showroom is tenanted by Bedshed under a five-year lease that started in 2013 with two further five year options returning $187,000 net. The second is tenanted by My Bedroom & More paying $217,000 net.

Preston

Wynn Locksmiths has snapped up a vacant office/warehouse at 110 Bell Street for $2.5 million. The 1083-sqm property was sold with vacant possession by a local investor in an off-market deal handled by David Butera from Butera & Company.

Fitzroy North

A property on the corner St Georges and Holden roads known as “The Block” sold for $1.545 million on a yield of 3.93 per cent to a Melbourne family. Gross Waddell’s Alex Ham and Jonathon McCormack sold the property, leased for $60,720 per annum, in conjunction with Ian C Dungey. About 40 people attended the auction with one bidder on the phone from Singapore. Another shop at 331 Smith Street in Fitzroy was sold for $1.51 million in conjunction with Darcy Jarman. The lower level shop was leased to Hanabi Sushi, a Japanese takeaway, for $35,152 a year while the upstairs residential also had a tenant.

Cremorne

A boutique warehouse at 90 Stephenson Street sold to a well-known Richmond landholder for $455,000, about 37 per cent, above the reserve price. Intense bidding from six buyers saw the single-level 200-sqm, solid brick, factory eventually go under the hammer for $1.655 million, Teska Carson’s Matthew Feld said. It sold with vacant possession in front of an 80-strong crowd. Meanwhile, a securely leased industrial property in Kensington sold on a yield more commonly associated with retail strip sales. George Takis said 22 Thompson Street went for $798,000, $100,000 over reserve.

Malvern

GormanKelly’s Chris Alcock and David Minton sold 21 Glenferrie Road, post-auction for $930,000. The two-level building is leased to a bridal shop for $33,262 net per annum.

LEASES

South Melbourne

Popular Vietnamese restaurant misschu has taken a 190-sqm corner location on the ground floor of South Melbourne Central at 111 Cecil Street. The new restaurant will be misschu’s third outing in Melbourne. Melbourne Acquisitions’ Rick Silberman negotiated the deal. Specialty rents in the area are typically around $600 per square metre.

Mulgrave

Frasers Property and the Charter Hall-backed Commercial Industrial Property Group secured BSN Medical as a tenant in their expanding Mulgrave Office Park. Healthcare business BSN took 1839 sqm – a whole floor – in the jointly developed business park at 211 Wellington Road for around $300 per square metre plus car parking. CBRE’s Elise Betts arranged the deal in the yet-to-be-finished building. It follows BMW’s financial services arm to occupying 4729 sqm in Building C, which is due for completion in the third quarter of 2016. Other tenants include Mazda in Building A.

South Dandenong

ASX-listed Gale Pacific which manufacturers shade cloths under the Coolaroo brand is moving its distribution centre from Braeside to the new Discovery Logistics Park in a deal negotiated by Grant Tishler from Crabtrees Real Estate. Gale signed a five-year lease for the 11,338-sqm facility for more than $900,000 a year. In another deal Megan Miles negotiated a 10-year pre-lease in the Chifley Business Park at Moorabbin Airport for Netra Hospitality and Hygiene which will take 1890 sqm of space for $170,000 a year.

Southbank

Global communications provider L-3 Communications has leased a 589-sqm office at 75 Lorimer Street in the Hallmarc Business Park for its n operations. L-3 employs about 45,000 people worldwide and has contracts with n Defence Force and maritime services.

Richmond

Carpet and rug retailer Halcyonlake has taken a 250-sqm office showroom plus car spaces at 3 Prince Patrick Street. The modern, open plan building which has an outdoor terrace overlooking Church Street was leased for $80,000 per annum by Jon Lu from Morley Commercial.

Hawthorn

IT companies has been active in the eastern suburbs office market. Cyara Solutions has leased 458sqm at 554 Burwood Road on a three-year lease for for $345 per sqm, while another IT related business ROI杭州龙凤论坛m.au has taken 420 sqm on a three-year lease at 801 Glenferrie Road for $280 per sqm, Gorman Commercial’s Richard Height said. The Glenferrie Road building was now fully leased after recent tenants Marshall White and Exhibitions and Events took space.

Carlton

Toss out the pasta and move in the masseurs. A shop at 231 Lygon Street has been leased to massage and beauty therapists Mel Massage on a 10 by five year lease. Gross Waddell’s Andrew Thorburn and Tamara Gross struck the deal on annual net rent of $78,000 for the 148-sqm, two-level shop in the heart of Lygon Street.

MOVERS

CBRE’s Melbourne retail leasing team has employed Taylor Callaghan to work alongside Zelman Ainswoth and Samantha Hunt. Taylor previously worked for CBRE Global Corporate Services. Meanwhile, Grant McKenzie, long-time Kliger Wood commercial agent, has moved to the country with his imminent bride and is starting a new career in rural real estate with Ruralco Kilmore. And Andrew Stops will join TressCox Lawyers as a new partner on the national commercial litigation and insolvency team. Andrew joins the firm from Piper Alderman.

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