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Welcome to the latest Citimark Alliance Partner Update. Citimark currently has 17 developments across the commercial, retail, industrial and residential sectors.
Regards
Angus Johnson and Robert Pullar
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Major Shopping Centre, Mornington Peninsula
Citimark has purchased a 5ha retail site in Somerville, Victoria and proposes to build a 15,000sqm single level shopping complex which will include 3 major retailers, medical centre, speciality stores, child care centre and 800 car parks valued at approximately $80m. The Development Approval will be lodged in October this year with construction scheduled to commence in mid 2007. The town of Somerville is located 50km south east of Melbourne and 10km south-east of Frankston along the Frankston-Flinders Road to Hastings. The area is one of Victoria’s major growth areas which will be further enhanced by the completion of EastLink (formerly Mitcham-Frankston Project). Eastlink connects the Eastern Freeway in Melbourne's east to the Frankston Freeway in the south-east and is expected to become a major commuter road and a key intracity arterial route.
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CBD Riverfront Evolution Ahead of Schedule
Construction is ahead of schedule on Citimark's $120m, 37-level CBD waterfront residential tower, Evolution. Due for completion in mid 2008, an onsite display apartment will be available for public viewing by June next year. Evolution remains the only CBD riverfront residential project to commence construction this year. Sales continue to be consistent despite a recent interest rate rise and a traditionally slow winter period. Evolution is a joint venture with Babcock and Brown. For more information visit www.evolutioninliving.com.au |
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179 North Quay (Former Magistrates Court) Refurbishment
Adjoining Evolution is another of Citimark’s CBD riverfront projects – the $15m refurbishment of the 16-level former Magistrates Court building into an A-grade commercial building. Citimark expects the building to be fully leased by project completion in October this year. Jones Lang LaSalle and DTZ are managing the leasing campaign which has targeted a mix of government and private tenants. The building will have an end completion value of approximately $55m.
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Synergy, Kelvin Grove Urban Village
Citimark has won a competitive State Government tender to purchase and develop a premium commercial site in the acclaimed Kelvin Grove Urban Village masterplanned precinct. Only 1.5km from the Brisbane CBD, the project will herald a prestigious new benchmark in commercial architecture. Spanning six levels, and including 11,388sqm of NLA, 295 carparks and 4 ground floor retail tenancies, the project’s name – Synergy – alludes to the inventive design, sustainable green principles and premium finishes incorporated into the building. Designed by award-winning architects Cottee Parker, Synergy will achieve multiple Australian standards including a 5 Star Green Star, Green Building Council rating; an Australian Building Greenhouse Rating (ABGR); and an A-Grade PCA standard. Value on completion is expected to be $80m. |
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Sydney Street Markets, Mackay
The Mackay City Council Mayor, Julie Boyd officially opened Citimark’s $26m, state-of-the-art, Mackay CBD shopping centre on July 17 this year. Including a 3,200sqm new format Coles supermarket and 21 speciality stores, the centre was 95% leased prior to the official opening. Citimark sold the Shopping Centre to Macquarie CountryWide Trust late last year. |
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Beenleigh Centrelink and Commerical Centre
The satellite city of Beenleigh remains a key commercial target for Citimark. Last year, the company purchased a 7,300sqm site prominently located on the new Beenleigh ring road and adjacent to the Beenleigh Central bus/rail interchange. Following the construction of a 1,350sqm state-of-the-art Centrelink facility, Citimark is now completing a 770sqm single level commercial building with 24 carparks adjacent to the Centrelink site (Stage 2b). The building was fully pre-committed to two job search agencies prior to construction and is expected to be operational by November this year. Citimark will develop the remaining area early next year. Anticipated value on completion is $15m.
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Festival Towers CBD Retail Precinct, Brisbane
Citimark has pre-committed all 8 tenancies in the Festival Towers CBD ground floor retail precinct prior to building completion. The 1,027sqm retail space at Festival Towers Residential Apartments located on the corner of Albert and Charlotte Streets in Brisbane’s CBD was settled in September this year. Tenants are expected to commence trading prior to Christmas. Festival Towers comprises 401 apartments and is a Devine Limited development. |
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East on Byron, Byron Bay
Citimark opened its exclusive $35m beachside resort in Belongil Beach at Byron Bay in July this year. Based on booking projections for the October 06 – January 07 period, the resort will operate at 85% occupancy which is extremely high for a newly opened resort. Four villas remain for sale ranging in price from $1.1m - $1.5m. For further information visit www.eastonbyron.com.au |
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Cromwell Corporation
63% increase in
annual profit
Cromwell Corporation Limited has reported record earnings with a net profit after tax for the year to 30 June 2006 of $7.9m. The net profit represents a 63% increase on the previous year and was achieved on a 33% increase in total revenue to $25.4m. Recent acquisitions have taken Cromwell Corporation's total assets under management to over $1.37b, up 86%. Citimark Properties is the largest shareholder in Cromwell Corporation which is an ASX listed funds management group. |
Visit www.citimark.com.au
for more information on Citimark’s recent activities.
Visit www.cromwell.com.au
for more information on Cromwell’s activities.
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