Thursday 23 August 2012

Parramatta. Bank site sold

A private investor has paid $7 million for the heritage-listed Westpac Bank branch, on the corner of George and Church streets in the CBD. Westpac has leased the 1275-square-metre building until 2015.

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Wetherill Park. Stockland thinks bigger

Stockland is moving ahead with plans for a second stage in the proposed $131.5 million expansion of Wetherill Park shopping centre, which will add about 6000 square metres to an extension of 13,000 square metres that got planning approval from Fairfield City Council, in October 2011. Work is expected to commence within two years, according to The Australian Financial Review.

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Spring Farm. Woolies pays $4.8 million

Woolworths’ retail property development division, Fabcot, has paid Mirvac and its partner, the Cornish Group, $4.8 million for 2496 hectares with development at Spring Farm, in Sydney’s south west.

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Erskine Park. Rackspace to open data centre

US-based cloud hosting provider, Rackspace, expects to open a multimillion-dollar data centre at Erskine Park later this year. Australia and New Zealand country manager, Mark Randall, said a 10-year lease had been taken on the facility. He said the investment was worth "many millions of dollars". The company which employs 15 people, will add 10 by the end of the year, and plans a total of 50 employees within three years. Mr Randall said Western Sydney was chosen as its climate would allow for “free air cooling” for about 300 days a year, reducing the facility's energy consumption.

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Bankstown. First purchase order

Carbon composites manufacturer, Quickstep, based at Bankstown Airport, has received the first purchase order relating to its contract with Lockheed Martin to supply composite wing flaps for the C-130J Super Hercules aircraft. The recent grant of an export licence paves the way to finalising the long term agreement with Lockheed Martin. The agreement is estimated to generate revenues of $75 million to $100 million over five years. Production is expected to commence in 2014. Quickstep’s MD, Philippe Odouard, said that the company’s success in winning competitive international tenders from companies such as Lockheed Martin and Northrop Grumman demonstrated Quickstep’s world-class manufacturing capabilities.

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