Latest news with #Colliers
News.com.au
8 hours ago
- Business
- News.com.au
Waverley Park: AFL likely to snap up historic Hawks' home
Melbourne's historic Waverley Park may not be lost to football, with the AFL firmly in the race to purchase the venue from Hawthorn. It would be the league's second major piece of infrastructure, following their purchase of Marvel Stadium in Docklands for more than $30m in 2016. Expressions of interest for the property closed on April 3, and a deal is expected to be finalised within a matter of days. Actor Shane Jacobson reveals plans after buying country Vic pub Industry sources have indicated the property had attracted significant interest, but the AFL was the frontrunner. They also confirmed the sales price would likely fall in the $10m to $20m range. Hawthorn purchased the ground for just $1 in 2006, with the club set to cash in big-time on any sale. Commercial real estate agency Colliers' director Ben Baines, Victorian chief executive Rob Joyes and executive Lucas Soccio, who have the listing, declined to comment. The offering includes the Hawks' soon-to-be former training and administrative headquarters set within the within the Sir Kenneth Luke Stand, with the club set to move to a purpose-built new Dingley Village site this year. Features of Waverley Park include a full-size MCG-specification oval on the title, a gym, 25m-long heated indoor pool, running track, medical treatment rooms and 48 basement car spaces. But the listing does not include the famous oval that hosted more than 730 AFL and VFL games, including the 1991 AFL grand final. While the venue once had a capacity of 72,000 people, much of the stadium has since been demolished and is now surrounded by a housing estate. The AFL said only on Friday night that it was always looking for more facilities to accommodate the growth of the game. 'The AFL has targeted having 10 million attendees at AFL/AFLW games, events or festivals, two million AFL club members and one million participants and in order to achieve the target for participation we need two ovals a week every week for the next five years,' AFL spokesman Jay Allen said. 'We are always looking for ovals, either already in the system that we can continue to use for football, or new greenfield developments so we can continue to expand the space we need to accommodate the strong national growth in people playing our game.' Former footballer John Rombotis debuted at Waverley Park for Fitzroy in 1995, and had one of his best games in the AFL with Port Adelaide at the ground in 1997. Rombotis, now a real estate agent, said it was good to see the AFL taking an interest in the old ground – and noted that a purchase price under $20m would be just a fraction of what they were making at Marvel Stadium each year. Waverley Park also hosted the 2000 VFA/VFL premiership match, the last official game played there, and a KISS concert in the 1980s.
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Business Standard
a day ago
- Business
- Business Standard
Top 10 micro markets to drive 80% of India's office space growth: Colliers
High-activity micro markets across the top seven Indian cities are likely to witness at least 1 million square feet (msf) of average annual office demand and supply and collectively drive more than 80 per cent of the demand and new supply in the next few years, according to a report by Colliers. Of all the micro markets, four high-activity micro markets are in Bengaluru, three each are in Delhi NCR and Pune, two each are in Chennai and Hyderabad, and one in Mumbai. These high-activity micro markets are spread across secondary and peripheral business districts (SBDs and PBDs). These micro markets are expected to continue to drive India's office market over the next few years amidst city expansions, ongoing infrastructure developments, and evolving work models. While the existing high-activity micro markets will continue to grow, other emerging micro markets too are expected to increasingly complement the larger micro markets. 'India's office market is poised for steady strong growth, led by 15–20 high-activity micro markets. While some of these micro markets are already established commercial real estate hubs, emerging micro markets can potentially scale up and witness heightened traction in the upcoming years. Interestingly, India will continue to be strategically positioned in terms of rental arbitrage, with more than half of the Grade A demand expected in micro markets having sub or near-dollar rentals,' said Arpit Mehrotra, Managing Director, Office Services, India, Colliers. Of the total 38 msf of flex space leasing across the top seven Indian cities since 2020, 59 per cent corresponded to the top 10 micro markets. Within these, SBD-Hyderabad, ORR-Bengaluru, and Baner-Balewadi, Pune, cumulatively drove around one-third of the flex space uptake in India. Overall, the annual flex space demand in these top 10 micro markets has surged from 1.3 msf in 2020 to 7.3 msf in 2024 at a compound annual growth rate (CAGR) of 54 per cent. On the global capability centre (GCC) front, nearly 70 msf of GCC demand during the last five years has been concentrated in the top 10 micro markets, accounting for 73 per cent of the total GCC leasing in India. Micro markets such as ORR, Whitefield, SBD 1, and North in Bengaluru, SBD and Off SBD in Hyderabad, and OMR Zone 1 and MPR in Chennai collectively have accounted for two-thirds of the country's Grade A space uptake by GCCs since 2020. Although most micro markets in India have seen rental appreciation compared to pre-pandemic levels, select micro markets in Mumbai and Delhi NCR continue to lead in terms of average rentals. BKC, CBD, Lower Parel, Worli-Prabhadevi, Goregaon/JVLR, and Kalina in Mumbai, and CBD, Aerocity, Golf Course Road, and South Delhi in Delhi NCR feature prominently in the list of micro markets having the highest rentals in India. Almost 30 per cent of the office micro markets in India have sub-10 per cent vacancy levels, compared to the 16.2 per cent vacancy at the India level. 'Majority of these high-activity micro markets will continue to have potentially higher rental upside and are likely to lean towards landlords and developers. In addition to the preference for premium offerings, occupiers will increasingly prefer sustainable elements and green-certified office buildings,' said Vimal Nadar, National Director and Head of Research, Colliers India. Of the 488 msf of REIT-worthy office stock in India, 56 per cent is in the top 10 micro markets. Meanwhile, 275 msf of Grade A inventory (as of Q1 CY25) corresponding to 72 per cent of the overall stock in these micro markets is already under REITs or has the potential to be listed as future REITs. Key micro markets in Bengaluru (ORR and Whitefield) and Hyderabad (SBD and Off SBD) collectively hold 38 per cent of India's REIT-worthy office stock. These four micro markets cumulatively have more than 35 msf of office stock already under existing REITs.
Time of India
a day ago
- Business
- Time of India
India's top 15 high-activity micro markets drive 65% of office demand, 76% of new supply
Bengaluru : India's office real estate market is being driven by 15 high-activity micro markets , which together have accounted for two-thirds of the country's office demand and over three-fourths of new supply since 2020, according to a new report by Colliers titled 'India Office: Micro Market Insights.' Spread across major cities — including Bengaluru, Delhi NCR , Pune, Hyderabad, Chennai, and Mumbai — these micro markets are expected to each witness at least 1 million sq ft of average annual demand and new supply over the next few years. Their prominence marks a clear shift in how India's commercial real estate ecosystem is evolving, both in scale and investment potential. 'These 15 micro markets have become the backbone of India's Grade A office demand and are expected to remain the top destinations for occupiers and investors alike. In fact, annual demand and supply in each of these high activity micro markets is likely to be at least 2-3X times vis-à-vis average of othermarkets,' said Arpit Mehrotra, Managing Director, Office Services, Colliers India. Between 2020 and Q1 2025, these 15 micro markets accounted for 166.8 million sq ft of office space absorption out of the total 255.1 million sq ft across top Indian cities. At the same time, 172.2 million sq ft of new supply was added in these markets — amounting to 76% of the nationwide figure. The high-activity micro markets include four in Bengaluru, three each in Delhi NCR and Pune, two each in Hyderabad and Chennai, and one in Mumbai. Notably, most of them fall within secondary and peripheral business districts (SBDs and PBDs), which are increasingly favored by Global Capability Centers (GCCs) and flex space operators. Leading micro markets have also seen a major concentration of GCC and flexible workspace demand. Since 2020, 73% of GCC leasing — around 70 million sq ft — has been in the top 10 micro markets, with ORR, Whitefield, SBD 1 and North in Bengaluru, SBD & Off SBD in Hyderabad and OMR Zone 1 & MPR in Chennai, accounting for the lion's share. Flex space operators have similarly gravitated toward select commercial real esate hubs. Of the total 38 million sq ft of flex leasing in India since 2020, 59% took place in the top 10 micro markets. The segment has grown at a CAGR of 54%, with SBD Hyderabad, ORR Bengaluru, and Baner-Balewadi Pune leading flex space absorption. While the overall vacancy in India's Grade A office stock stands at 16.2%, nearly 30% of micro markets are operating at sub-10% vacancy levels. High-demand markets like CBD Bengaluru, Guindy in Chennai, and Delhi NCR's Aerocity , Cybercity and MG Road continue to show resilience with tight occupancies and rising rentals. Micro markets in Mumbai and Delhi NCR dominate the list of most expensive locations, with Andheri East, BKC, CBD ,Lower Parel, Worli-Parabhadevi, Goregaon/JVLR and Kalina in Mumbai, and Golf Course Road, South Delhi, Aerocity and CBD in NCR among the top. 'Markets with significant rental appreciation post-2020 are also those with the highest demand and supply. This trend is expected to continue in favor of landlords, particularly in sustainable, green-certified office buildings,' said Vimal Nadar, Head of Research, Colliers India. The report also notes that India has 488 million sq ft of REIT-worthy Grade A office space, of which 56% lies within the top 10 micro markets. Impressively, 72% of the stock in these micro markets is either already listed under REITs or has the potential to be listed. Key markets in Bengaluru and Hyderabad alone account for 38% of this REIT-qualified inventory. With improving infrastructure, emerging locations are also gaining momentum and are likely to complement the established hubs. India's competitive rentals — with nearly 60% of active markets offering near- or sub-dollar rates — make it an attractive destination for global occupiers seeking consolidation and cost arbitrage.
Hans India
a day ago
- Business
- Hans India
India's high-activity micro markets to drive 80 pc of office demand and supply in few years
Bengaluru: High-activity micro office markets in India are likely to witness at least 1 million square feet of average annual demand and supply, and collectively drive more than 80 per cent of the office space demand and new supply in the next few years, a report showed on Thursday. High-activity micro markets across the top seven cities of the country have been witnessing consistently high demand and supply since 2020. Of these, four high-activity micro markets are in Bengaluru, three each in Delhi-NCR and Pune, two each in Chennai and Hyderabad, and one in Mumbai, according to Colliers data. These micro markets are spread across secondary and peripheral business districts and will continue to drive India office market over the next few years amid city expansions, ongoing infrastructure developments and evolving work models. 'India's office market is poised for a steady strong growth, led by 15-20 high-activity micro markets. While some of these micro markets are already established commercial real estate hubs, emerging micro markets can potentially scale up and witness heightened traction in the upcoming years,' said Arpit Mehrotra, Managing Director, Office services, India, Colliers. Interestingly, India will continue to be strategically positioned in terms of rental arbitrage, with more than half of the Grade A demand expected in micro markets having sub or near dollar rentals, Mehrotra added. Of the total 38 million sq ft of flex space leasing across the top seven Indian cities since 2020, 59 per cent corresponded to the top 10 micro markets. Within these, SBD-Hyderabad, ORR-Bengaluru and Baner-Balewadi, Pune cumulatively drove around one-third of the flex space uptake in India. On the GCC front, nearly 70 million sq ft of GCC demand during the last five years has been concentrated in the top 10 micro markets, accounting for 73 per cent of the total GCC leasing in India, said the report. Although most micro markets in India have seen a rental appreciation compared to pre-pandemic levels, select micro markets in Mumbai and Delhi-NCR continue to lead in terms of average rentals. Of the 488 million sq ft of REIT-worthy office stock in India, 56 per cent is in the top 10 micro markets.
Daily Telegraph
3 days ago
- Business
- Daily Telegraph
Fridge sale: Australian cold-storage facility sold for $67m
A massive refrigerating unit in Sydney's northwest has sold for a whopping $66.5m, crowning it Australia's priciest fridge sale. The huge refrigerator facility, spanning more than 10,000 sqm, is located at 1-3 Zeleny Rd in Michenbury. First hitting the market in February 2024 with ambitious price hopes over $75m, the unit has finally changed hands amid a boom in the food logistics industry. The cold-storage warehouse was snapped up by investment company Irongate Group for an almost $10m discount off the initial price expectations. MORE: Packer hold out could face 'unseemly eviction' The facility has been sold with the key advantage of a long-term tenant already secured. Minus 1 Refrigerated Transport, a market leader in cold storage transportation, will commence the lease once building is completed by design and construction company Spaceframe. The property was sold by The Colliers Industrial and Logistics Capital Markets team of Gavin Bishop and Sean Thomson, who sold the property exclusively on behalf of Barber Property Group. MORE: Investor tricks lock out hopeful homebuyers Australia's coldest suburbs exposed The cold storage sector is currently valued at approximately $5.5 billion in Australia, according to Colliers, who claim there is growth potential and limited available stock, accounting for 2-3 per cent of total industrial supply. Mr Bishop noted that as interest rates began to fall and further cuts were expected, more investors were using a 'fund-through' transaction, meaning they were paying for assets during their construction phase. 'We are experiencing heightened demand from both domestic and international investors for core industrial product within Sydney,' he said. Mr Thomson said investor demand for cold storage facilities in Australia continued to grow '(This is) driven by structural tailwinds in food logistics, pharmaceuticals, and e-commerce grocery delivery,' he said. Nationally, the vacancy rate for the broader industrial market currently measures 2.9 per cent, according to Colliers. Cold storage asset vacancies were closer to zero with only a handful of facilities available for lease over the next 12 months. 'As a niche subsector within industrial real estate, cold storage assets offer strong rental growth potential and are often underpinned by long-term leases to high-credit tenants, making them increasingly attractive to institutional capital seeking defensive income and inflation protection,' Mr Thomson said. MORE: Surprise source of Aussies' home deposits exposed Family's dilemma exposes flip side of housing boom 'Crazy' reason young family ditched house for unit
