Rare Albert Park real estate sells for $5.575m

Written by admin on 27/09/2019 Categories: 广州桑拿

MARKET WRAP

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SALES

Albert Park

Prime Albert Park real estate doesn’t come much rarer than this. An island site at 1 Victoria Ave sold for $5.575 million, about $500,000 over the reserve, Allard Shelton’s Joseph Walton, Michael Ryan and James Gregson said. Mr Ryan said that despite the heritage overlay, the purchaser – who beat off four other bidders at auction – was likely to redevelop the property into a 3-4 level mixed-use building and occupy part of it.

Deepdene

Eighty bids from eight buyers pushed the yield on a Whitehorse Road property to a tight 3.24 per cent at auction. Teska Carson’s Tom Maule and Adrian Boutsakis said number 68-72 offered multiple income streams and development potential. It was finally knocked down to a local investor for $3.532 million. The property was sold subject to three leases with a total rental of $114,510 per annum.

Truganina

A 12.61 hectare parcel of farmland that has been in the same family for 40-plus years at 40 Palmers Road sold for $4.77 million. The block, near the Princes Freeway, changed hands on a 30-day settlement, Colliers International’s Stephen Newsham and Nick Saunders said.

Geelong

Children will be taking care of an investor in their old age after a self-managed super fund snapped up a 90-place childcare centre for $3.1 million. The centre at 1 Regent Street had a 10-year lease returning annual rent of $204,000. The property transacted on a yield of 6.6 per cent after being on the market for 22 days, Andrew Kelly from Australian Childcare Brokers said.

Clayton

A large crowd watched eight bidders vie for 81-83 Main Road until the hammer came down at $2.6 million. Crabtrees Real Estate’s Matthew Marenko and Chris McKenzie said the free-standing office warehouse sold well over the reserve, partly because of future development potential. “Property demand is extremely high and stock levels are at an all-time low which is leading to outstanding results,” Mr Marenko said.

Truganina

High demand and continued growth in the western market has seen a private investor pay $2.5 million on a 6.9 per cent yield for a new industrial facility at 29 Efficient Drive. The 2227 sq m office warehouse was recently leased to UCS (Underground Cable Systems) for five years, Knight Frank’s Joel Davy said. In another deal, two sites at 199 and 207 Proximity Drive sold for $1.6 million each. Nearby at 111 Technology Drive a 463 sq m site sold for $635,000 representing a rate of $1371 per sq m. Also selling was 191 Proximity Drive which went for $1.565m and 33 Enterprise Way which fetched $880,000. Davy and Tony Tripodi brokered the deals.

Huntingdale

A self-managed super fund investor paid $1.15 million for 38 Shafton Street and $905,000 for 32 Hargreaves Street. Both brand new office/warehouses were leased to tenants for a rental return of $118,000 per annum net plus GST and Outgoings, to Savills Daniel Kelly said.

Ashwood

Middle ring retail assets are still proving popular with investors. A small two-level shop at 9 Yertchuk Avenue sold for $840,000. The property changed hands with a single tenant leasing the lower level for $27,368.40 per annum, Rounds Real Estate’s Colin Rounds said. Another property at 2 Yertchuk Avenue sold soon after the auction in an offmarket deal for $590,000. “The vendor contacted us a few days after the auction asking if we were able to help sell his premises,” Mr Rounds said.

Oakleigh South

A shop with a residence upstairs at 676 Warrigal Road sold under the hammer for $641,000, Ray White Commercial Oakleigh’s Paul Rizzo said. “There were three main bidders and the successful purchaser happens to be local developer,” he said. Meanwhile, a 248 sq m building at 13/94-102 Keys Road in Moorabbin sold off market to a local investor for $495,000, Ryan Amler said.

Malvern

A block at 675 Dandenong Road sold privately for $680,000. The property was leased for $30,000 giving a return of 4.4 per cent. The new owner plans to develop eventually, Philip Prowse from Prowse Burns Commercial said.

Melbourne

After 40 years based in Melbourne’s inner suburbs, design firm SJB has relocated to the city, leasing 860 sq m across two fully self-contained floors at 18 Oliver Lane. Colliers International’s Milly Stockdale negotiated the six-year deal on behalf of Marks Henderson. The gross asking rent was believed to be around $600 per sq m.

LEASES

Hawthorn

Television and multi-media production company The WTFN Group will relocate to a 390 sq m first floor office at 270 Auburn Road on a three-year lease with two three-year options to renew. The firm will pay annual rental of $117,500 net with 3 per cent annual increases in a deal negotiated by Kevin Sheehan and Rory White from Gray Johnson’s newly created eastern office. No incentives were given.

Prahran

Sideshow Coffee, an offshoot from the owners of The Boy Who Cried Wolf, will open in Peregrine Projects’ Luxton development at 30 Chatham Street. Designed by Zwei Architects and stocking Code Black Coffee, the new espresso outlet will pay $72,000 a year in rent.

Mount Waverley

ASX-listed cleaning and security firm, Millennium Services Group, has agreed terms on a new office lease on Level 1 of 205- 211 Forster Road. The modern, fully fitted and furnished 700 sq m office leased for $186,000 per annum net on a five-year term, Savills Australia’s Daniel Kelly said.

MOVERS

Colliers International’s real estate management division has appointed two new recruits. Dev Dulai will join the firm as engineering and operations manager and Tarone Smith as a new senior property manager.

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Growthpoint, Cromwell increase tenant lists

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The stronger leasing markets have led to an increase in landlords Growthpoint and Cromwell Corp’s tenants profiles across Melbourne and Sydney.

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Growthpoint Properties Australia has undertaken 28,323 square metres of leasing since the release of its half-year results in February 2017, including a 26,517 sqm logistics warehouse at 120 Link Road, Melbourne Airport to The Workwear Group, part of the Wesfarmers empire, for 10 years.

The swathe of new deals, with asset sales in Queensland, has boosted Growthpoint’s total portfolio occupancy, as at March 31, to 98 per cent, with 2.5 per cent vacancy in the office portfolio and 0.3 per cent in industrial.

Growthpoint currently has only 7 per cent of its leases, by income, potentially expiring over the next 24 months.

Growthpoint’s head of property, Michael Green, said the company would continue to act with “immediacy, and in advance of potential expiries, to lease up vacant space within its portfolio”.

According to Cushman & Wakefield, with effective rents trading at a significant discount to Sydney, Melbourne stands as an attractive proposition for companies looking to enter Australia.

“In the year ahead, a decline in the vacancy rate is expected to support strong rental growth, however as the next development cycle draws closer this growth can be expected to slow,” C&W’s research says.

In Sydney, Cromwell Property Group has secured two big-name retailers as long-term anchor tenants at its flagship $130 million Northpoint redevelopment.

Woolworths and Olympus Medical Centre have been quick to sign on for space in the integrated three-level retail facade.

Due for completion in 2018, the precinct will create a shopping, dining and lifestyle hub on the North Shore.

Damian Horton, Cromwell head of property, said the recent leases were an “exciting milestone” for the Northpoint redevelopment project, which is considered a central catalyst for North Sydney’s rejuvenation.

“The tenants are a perfect fit for a building that will become a hub for office workers and local residents. We are excited to be making a significant contribution to the North Sydney Council’s vision for the area,” Mr Horton said.

Cromwell has signed a 10-year lease with Woolworths to commence in mid-2018, securing the supermarket’s first store in North Sydney, while Olympus Medical Centre has signed a 10-year lease for 724 sqm on the ground level.

“With landlord-favourable conditions firmly established, existing tenants are expected to prioritise lease extensions and those with the flexibility to hand back excess space are likely to do so. Service sector employment growth, and anticipated negative net supply in 2017 and 2018, are expected to maintain landlord-favourable market characteristics,” C&W research says.

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Oroton CEO follows Rose Byrne out the door

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Struggling boutique handbag retailer OrotonGroup has appointed its major shareholder as interim chief executive after its boss resigned fresh from a disappointing half-year result.

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Mark Newman, who has held the top job for four years, will be replaced temporarily by director Ross Lane, who is the company’s biggest shareholder with a 21 per cent stake.

Combined with fund manager Will Vicars, the pair own 38.5 per cent of the company, which has a market capitalisation of just $68 million.

The stock is not broadly covered by the market. A privatisation would depend on the major shareholders’ appetite for further investment. It’s understood Oroton has not been shopping its brands around.

Dean Fergie, director and portfolio manager at Cyan Investment Management, said Oroton’s recent first-year sales were “poor to say the least, with negative like-for-like sales and an earnings before interest and tax margin that halved.” Oroton also halted dividends.

Chairman John Schmoll said Mr Lane’s “intimate knowledge” of OrotonGroup and his “broad retail experience” meant he was “ideally qualified to lead the company during this important period of transition.” Mr Schmoll is a former chief financial officer of Coles Group.

In early trade, OrotonGroup shares closed up 1??, to $1.62.

Oroton recently blamed its disappointing first-half result – when net profit dived 52 per cent to $1.8 million for the six months ending January 28 – on its unprofitable GAP brand, unseasonable weather, “a structural change in shopping habits,” the exit of discontinued categories, lower factory outlet sales at Oroton, lower foot traffic and foreign exchange problems.

It is seeking to target a younger and broader customer, through using “influencers” to promote its products, putting more money into social media, and promotions such as its “Great Barrier Reef Collection.”

OrotonGroup recently dumped Bridesmaid actress Rose Byrne as its model, and paid $4.5 million for a 30 per cent stake in accessories brand The Daily Edited.???

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‘His last one did alright’: Cleese returning to TV to star in sitcom

Written by admin on 13/10/2019 Categories: 广州桑拿

LONDON, ENGLAND – JUNE 30: John Cleese attends a press conference ahead of their upcoming tour at the O2 Arena ????????Monty Python Live???????? at the London Palladium on June 30, 2014 in London, England. (Photo by Dave Hogan/Getty Images) Photo: Getty ImagesAfter almost 40 years, John Cleese has announced he’s returning to the scene of his greatest triumph: BBC television comedy.

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The upcoming sitcom, titled Edith, will be Cleese’s first leading role on a TV series since Fawlty Towers – featuring his iconic turn as bumbling hotel manager Basil – wrapped in 1979.

The six-episode series – co-starring Alison Steadman, who Cleese worked with in the 1985 film Clockwise – follows the widowed Edith (Steadman) and Phil (Cleese), two longtime neighbours who marry and “plan to follow the sun and move abroad”. But their plans are thwarted when Edith’s 50-year-old son Roger (Jason Watkins) moves back home after leaving his wife, kids and job.

The series is being penned by writer Charles McKeown, a satellite member of Cleese’s Monty Python crew, best known for his Oscar-nominated screenplay for Terry Gilliam’s Brazil.

“These are the most enjoyable scripts I’ve been sent in the last 100 years,” Cleese joked in a BBC statement announcing the news.

The announcement marks a major about-face for Cleese, 77, who had recently taken potshots at BBC’s comedy content.

The actor infamously pilloried the network in an interview in 2015, accusing its commissioning editors of having “no idea what they are doing” and saying he would never work for them again.

But last year, when news of the project first floated, BBC’s head of comedy Shane Allen brushed off the criticism, saying Cleese is “a comedy god and the door is always open to him”.

“It’s a huge pleasure to welcome John Cleese back to the land of BBC sitcom – his last one did alright,” Allen offered in yesterday’s press release.

The announcement continues the BBC’s unlikely infatuation with its veteran content and stars. It courted ridicule with its ‘Landmark Sitcom Season’ offerings last year after producing a slate of one-off reboots of its stale classics, including new episodes of Are You Being Served?, Porridge and a prequel to Keeping Up Appearances, titled Young Hyacinth.

Cleese, who’s made the odd TV guest spot since Fawlty Towers in American series including Will & Grace, 3rd Rock from the Sun and Entourage, was in Sydney last year for the debut run of Fawlty Towers Live, a theatrical adaptation of the sitcom that opened to middling reviews.

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Players’ big pay break through

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AFL players would get a pay rise this year of almost 25 per cent after the league put forward a revised offer to the players union in protracted pay talks in recent days.

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In the first meaningful movement in talks since August last year, the league has discussed an increase of about $45 million for this year in the total player payments, an increase that would represent a rise of close to 25 per cent increase on last year.

Despite the huge jump in year one, the increases in the subsequent five years of the six-year collective bargaining agreement are modest and the players view is that the league’s total offer over the six-year term represents less in terms of a percentage of revenue than they are receiving now. The league is expected to forward the improved pay offer to the AFLPA in writing in coming days. The total player payments increase will also be slightly offset by changes to the veterans allowance.

Some players, including highly prized Adelaide key defender Jake Lever and ruckman Sam Jacobs have put off talks on a new contract until the new CBA is completed.

“In terms of my contract status, I’m sort of waiting for the CBA to be done, but my manager is in constant talks with the club,” Lever said last week.

“With the CBA not being done, it’s almost like you’re building the house without a budget, so you don’t really know what you’re working with.”

Clubs had budgeted for a 10 per cent increase this year. A figure that clubs had been told to budget for in 2017.

The AFLPA will continue to push for significant rises beyond this season.

The players have made a number of concessions in discussions, but are continuing to push for a percentage of key game revenues.

While the AFL and the players are close to reaching an understanding over a mechanism where the players will receive an uplift should AFL revenues exceed forecasts, the two parties have hit a stumbling block over rises for players for an increase in club revenues.

AFL chief executive Gill McLachlan returned last month to the negotiating table.

The two parties are talking regularly, meeting on a weekly basis, with the players determined that their wage rise will come into play in 2017, the first year of the new six-year, $2.5 billion broadcast agreement.

While the players have agreed to set aside some of their demands, the union remains determined to push for two mid-season byes despite the AFL’s opposition and a lack of public support. The AFL is determined to have no mid-year bye and one at the end of the season.

Although the AFL offer represents some progress, clubs fear the two bodies remain significantly apart in terms of the pay increase after the first year and the longer it drags on the harder it is for them to complete deals with valuable unsigned players and oversee significant list-management decisions.

The clubs are taking comfort in the fact the AFL will fund all future rises in the salary cap.

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Exciting shows coming to Newcastle

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An intriguing, qualityexhibition from the National Gallery of Australia is heading to Newcastle in May.Abstraction: Celebrating Australian Women Abstract Artists, opens on May 20.

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Abstractioncasts a wide net with a diverse and broad range featuring 76 works of art by 38 artists including Yvonne Audette, Dorrit Black, Grace Crowley, Anne Dangar, Janet Dawson, Inge King, Margo Lewers and Margaret Preston, through to contemporary practitioners Elizabeth Coats, Melinda Harper and Idiko Kovacs, among others.

Robert Nelson, art critic for The Age, reviewed Abstraction, currently showing at the Geelong Art Gallery. He said, in part, “This fine exhibition covers the great range of approaches. Drawn entirely fromwomenartists from the 1920s to now, it follows a chronological model that locates each artist in her proper historical place.

“It begins with the ghost of cubism, where artists like Margaret Preston, Dorrit Black, Grace CrowleyandAnne Dangar wrestled with forms that simplified or essentialised motifs. There are lovely ceramics by Dangar which, with their graphic robustness, could have inspired Preston’s paintings.

“Then there is the influence ofabstractexpressionism, considered in America to beabstractionin its essence. The movement sought to create inventions in colour that were about nothing but the paint, as if the subject matter of painting was the paint itself. This encouraged a grand manner of gestureandscale, proposing a new sublimity of form.

“This is captured best in Yvonne Audette’s work of the 1950s. Her greyandbrown The flat landscape invites you to see foreground, middleandsky; but you have to unread the painting to understand it.”

The Abstraction show will be followed by The Phantom Show, which celebrates 40 years since the Newcastle Art Gallery exhibitionTheGhost who walks.

The Phantom Show runs June 10 to August 20. It will be curated by Peter Kingston and DietmarLederwasch.

The 1977 exhibition young talentto Newcastle, including Peter Kingston,Richard Larter,Richard Liney, Phillipe Mora, Garry Shead and Martin Sharp.

In 2017The Phantom Show will show from artistsEuan Macleod, Michael Bell, Dallas Bray, Chris Capper, Dino Consalvo, James Drinkwater, Ron Hartree, Aleta Lederwasch, Dietmar Lederwasch, Claire Martin, John Morris, Lezlie Tilley, Peter Tilley, John Turier and Graham Wilson.

In the show: Grace Crowley Abstract painting 1947, NGA.

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Psychologist wrote children’s books while having sex with vulnerable patient

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A profile of Harry Mayr describes him as “an innocent dreamer” whose fictional character Ilsa “helps them make sense of life’s many journeys and challenges”.

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However, Mr Mayr, a psychologist and author of children’s books, has been found guilty of professional misconduct for having a sexual relationship with a patient he was treating for past sexual traumas.

The NSW Civil and Administrative Tribunal detailed a series of transgressions, which included Mr Mayr licking the patient’s face during therapy and engaging in “inappropriate sexual contact” at the end of other sessions.

He subsequently had what the tribunal called an “inappropriate sexual relationship” with the patient for almost two years, including having sex with the patient on his desk at his clinic in Penrith.

On another occasion, Mr Mayr performed oral sex on the patient while she was on the clinic’s kitchen bench.

The tribunal said Mr Mayr failed to provide appropriate care and treatment by suggesting the patient watch Last Tango in Paris and 1977 French film Bilitis, which one reviewer said: “If released today, its lingering, leery shots of barely developed school girls would no doubt cause a Bill Henson-like backlash.”

The tribunal cancelled Mr Mayr’s registration to practise psychology for five years.

“The profession needs to be made aware that such behaviour cannot be tolerated by the profession without damage to the good name of the profession of psychology,” the tribunal said in its judgment.

The tribunal said Mr Mayr would have been fully aware of a power imbalance a psychologist and a patient in a vulnerable state: “Nevertheless he proceeded to use that imbalance of power to satisfy his own needs.”

The tribunal noted that sex between psychologists and patients is prohibited under the Australian Psychological Society’s code of ethics.

Mr Mayr first met the patient in 2006 when she brought her preschool age child, who suffered from anxiety, to his St Marys/Penrith Psychological Services clinic.

Four years later, she returned to the clinic with her oldest child who had Asperger’s Syndrome before beginning regular therapy sessions with Mr Mayr.

The tribunal said Mr Mayr failed to maintain appropriate professional boundaries with his patient by sharing personal information including extra marital affairs and “past indiscretions with a female patient”.

The tribunal said Mr Mayr commented on similarities between the patient and the main character in the children’s book he was writing.

Mr Mayr’s first book, Ilsa, the funny looking hippopotamus, was published in 2012 and won a “Mom’s Choice Award” in 2013, according to his author website.

“Ilsa’s innocence and genuineness captivate and unite people of all ages around the world,” the website said.

He wrote a second book, Ilsa’s waterhole of priceless treasures, and sold Ilsa merchandise.

Meanwhile, the tribunal said Mr Mayr sent emails from mid-2011 to his patient detailing his sexual fantasies and “encouraged her to perform or engage in certain sexual activities”.

In one therapy session, the tribunal said Mr Mayr kissed the patient’s stomach and breasts and “stated words to the effect of ‘I am the type of person who would be in the shower with you and would take a shampoo bottle and put it up your arse’.”

Appearing before the tribunal, the patient said Mr Mayr had not explained why his sexual advances, apart from hugging, would be helpful as a method of treatment.

“She did not know whether he helped her but her mental state was such that whatever he wanted her to do she would go along with it,” the tribunal said. “After a moments reflection she stated that he did not help her and in fact made her worse.”

The tribunal said Mr Mayr lacked insight into his conduct “save as it impacts upon himself and he speaks of ‘this one error in judgement’ as if his course of conduct over a period of three years could be limited in this way”.

Mr Mayr declined to comment but indicated that he would seek to appeal against the decision.

Cameron Stewart, a professor of health, law and ethics at the University of Sydney, said dozens of doctors and psychologists had been struck off for having sex with patients.

“People are unaware of how often this happens,” he said.

Professor Stewart said inappropriate sexual relationships particularly occurred with vulnerable patients: “The connection between a health professional and the patient is so strong that it’s hard for some health practitioners to differentiate the therapeutic relationship and relationships of affection.”

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Melbourne scientists make groundbreaking cancer discovery

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Melbourne scientists have made a groundbreaking discovery in the fight against cancer, finding a way to reduce the growth of some tumours.

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Researchers from the Olivia Newton-John Cancer Research Institute have found that inhibiting a particular protein can suspend the growth of bowel and gastric cancers.

Gastrointestinal cancers are among the most common and deadly forms of cancer, affecting more than 15,000 Australians each year.

Scientific director at the institute Professor Matthias Ernst led the pioneering research, which was published in the latest issue of medical journal Cancer Cell.

“Our discovery could potentially offer a new and complementary approach to chemotherapy and immunotherapy as options for treating gastrointestinal cancers,” Professor Ernst said.

In preclinical trials, his research showed a protein called hematopoietic cell kinase (HCK) had a powerful role in the development of cancer because of its effect on macrophages, which are important cells of the immune system.

“These cells can behave like ‘garbage collectors’ when they remove unwanted debris or damaged cells, or they can behave like ‘nurses’ to help at sites of injury and wounding,” Professor Ernst said.

“What we’ve now discovered is the more HCK activity a macrophage has, the more it nurtures cancer cell growth and survival.”

Professor Ernst’s team found that inhibiting HCK using a small drug-like molecule could stop the growth of bowel and gastric cancers.

Head of medical oncology at the Olivia Newton-John Cancer Wellness & Research Centre Dr Niall Tebbutt said bowel cancer was generally resistant to conventional immunotherapy treatments.

He said the research offered a “new approach to possibly overcome this resistance”.

Victorian Health Minister Jill Hennessey said the results were another step forward in the fight against cancer.

“Stomach and bowel cancers are among the biggest killers of Victorians each year and this revolutionary development has the potential to one day save thousands of lives,” she said.

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Business conditions best since GFC: survey

Written by admin on 27/09/2019 Categories: 广州桑拿

Business conditions were healthier last month than at any point since the global financial crisis, but that failed to translate into confidence, National Australia Bank says.

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The bank’s monthly business survey revealed its business conditions index jumped 5 points in March to +14 points, well above the long-term average of +5 and the highest figure since the financial meltdown of 2008.

The jump in business conditions came as a surprise, said NAB chief economist Alan Oster, and could have been partly due to a lower response rate in cyclone-hit North Queensland.

“Even so, conditions have improved almost across the board to levels that suggest a strong economy in the near-term,” he said.

He said most industries were showing improved business conditions, with services the stand-out performer and the long-struggling mining industry improving thanks to higher commodity prices and an improved global demand outlook. Retail conditions bucked the trend and dipped.

Despite these positive indicators, business confidence fell one index point in March. That was lead by a 13-point deterioration in confidence among wholesalers and a 3-point drop in personal services.

Mr Oster said the results were encouraging for the near-term outlook and supported the bank’s forecast for economic growth to accelerate in the second half of 2017.

“However, there is still cause to be cautious about the longer-term outlook, particularly as other growth drivers, including LNG exports, commodity prices and housing construction, begin to fade,” he said.

“Meanwhile, the RBA has emphasised its financial stability concerns, which are expected to keep them on hold for the foreseeable future.”

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Girls with single parents more than twice as likely to be obese

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File photo: iStockYoung girls with single parents are more than twice as likely to be obese as girls living in two-parent households, while boys’ obesity is more likely to be linked to takeaway food consumption, according to new research.

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Professor Peter O’Rourke, a senior biostatistician at Queensland’s QIMR Berghofer medical research institute, analysed information gathered on more than 3500 children to explore the differences between genders and age groups in regards to childhood obesity.

The research, published in Public Health, revealed Queensland’s obesity rate in children was 9 per cent, 2 per cent higher than the 2011-2012 national average.

Socio-economic conditions, diet and exercise were named as the three factors that most heavily influenced a child’s likelihood of being obese.

Photo: iStock

But Professor O’Rourke said the effects of these factors differed between boys and girls.

“For girls, particularly older girls, the main contributing factor was parental social disadvantage. It was manifest by both the education level of parents and single status of parents,” he said.

“For boys the dominant factor was excessive use of takeaway foods.”

Key findings were:Boys aged 5-1112 per cent were obeseFactors strongly associated with obesity were parents’ level of education, takeaway food consumption and lack of participation in organised sport.Boys who parents were not university educated were more than twice as likely to be obese.Boys who ate takeaway food two or more times a week were nearly two-and-a-half times more likely to be obese.Boys aged 12-17Seven per cent were obeseFactors strongly associated with obesity were parental education and takeaway food.Girls aged 5-1111 per cent were obeseFactors strongly associated with obesity were parent’s level of education and marital status.Younger girls with single parents were more than twice as likely to be obese as girls living in two-parent householdsGirls aged 12 to 17Four per cent were obeseFactors strongly associated with obesity were parents who were not university educated.These girls were also three times more likely to be obese if from a single-parent household, and more than twice as likely to be obese if they do not participate in organised sportProfessor O’Rourke said determining why girls and boys were so different when it came to obesity was not part of the research scope.

“We do not know why girls from single-parent households are more likely to be obese. More research needs to be done in this area,” he said.

“I could speculate that girls are more sensitised by family issues and boys have more freedom so therefore make more independent choices about takeaway foods.

Photo: iStock

“Knowing which factors are associated with obesity in boys and girls of different ages is crucial because it will help policy makers to develop effective age- and gender-specific strategies to tackle childhood obesity.”

Professor O’Rourke said the research was done in conjunction with the Queensland government Department of Health as it conducted regular surveys of a whole range of health indicators on behalf of the commonwealth.

“After they had performed their analysis and done state-wide reporting we had access to the data to identify our particular theme which was childhood obesity and then screen from their surveys the risk factors to identify which of these were important risk factors contributing to childhood obesity,” he said.

Mother Jo Walker said she found the findings of the research frightening.

“I wouldn’t say the parents are at fault. I understand for single parents or time-poor parents it is hard to bake fresh food all the time and prepare nice healthy meals,” Mrs Walker said.

“But I suppose at the end of the day they are the ones doing the shopping and offering the food up; I guess in some ways it does come down to them.”

Mrs Walker, who has a four-year-old son, said she had already started educating him on the importance of health.

“I think even now we are educating him, you know – we don’t eat that sort of food very often because it’s not good for us, it’s not good for our teeth, it’s not good for our tummies,” she said.

“So just hopefully as he gets older I can explain a little bit more why it’s not good for him.”

Professor O’Rourke said he was keen to follow up on the initial research, funded by the National Health and Medical Research Council of Australia.

“The problem is still an important one and obviously we would like to see what impact our results have; have things changed; what are new messages and new trends that should be investigated?” he said.

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Investors pump cash into office assets

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Investors are viewing the national office markets as the most attractive place for cash as evidenced by the more than $5 billion of assets that have changed hands in the past year.

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One of the latest is the sale of 59 Goulburn Street, Sydney, to the Chinese group I-Prosperity and Toga D&C for $158 million. The vendor was the Singaporean-based Roxy-Pacific Holdings. The sale was through Colliers International and JLL.

There is approval for a hotel and or/office space with ground-level retail on the site.

Taking advantage of the demand for high-quality assets is QIC Real Estate, which is selling its half-share of the MLC Centre, Sydney, worth about $300 million.

There are also suggestions that Brookfield Property is now looking to sell three 25 per cent stakes in its $1 billion Wynyard Place project, with the funds used to help with the development costs.

It comes amid a swath of sales in Melbourne, which have included 40 and 60 City Road, Southgate, worth a combined $340 million, Twenty8 Freshwater Place, Southgate, valued at $286 million and 100 Queen Street, worth $274.5 million.

JLL’s Australian head of research Andrew Ballantyne said investors navigating the Australian office investment landscape have opportunities to satisfy diverse mandates.

“Sydney and Melbourne can be classified as the high-growth markets. Asset pricing is reflective of the strong rental growth outlook with prime net effective rents projected to rise by 34.9 per cent in the Sydney CBD and by 18.7 per cent in the Melbourne CBD from 2017 to 2019.”

Yield spreads to Sydney and Melbourne have widened beyond historical benchmarks and new sources of capital are exploring opportunities to gain exposure to a potential market recovery.

“Real estate investors have shown a bias for low-risk assets. Adelaide and Canberra are the epitome of low risk with the volatility of returns typically lower through the cycle,” Mr Ballantyne said.

Rents for skyscraper offices in Australian cities, are rising faster than those in any other global city, according to the latest Skyscraper Index from Knight Frank.

The report examines the rental performance of commercial buildings over 30 storeys across the world.

Melbourne and Sydney grew the fastest among the cities surveyed at 11 per cent and 10.1 per cent respectively in the six months to the fourth quarter of 2016, amid tightening vacancies and limited new supply.

In Sydney, stock withdrawals to accommodate the new Metro line and residential conversions are reducing the overall supply, while Melbourne had the strongest level of net absorption in 2016.

Knight Frank’s head of office leasing, Australia David Howson said Sydney’s office vacancy is at 6.2 per cent, and is forecast to go as low as 3.5 per cent in the next two years, with the current low vacancy and prospect of even lower vacancy driving rental increases now.

“In Melbourne, the vacancy rate is at 10-year lows at 6.4 per cent,” Mr Howson said.

“Unusually for Melbourne in recent years, the level of new stock additions will be lower in the next 24 months at 113,242 sq m or 1.3 per cent stock growth per annum. This is well below the long-term average of 3.6 per cent per year.”

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BHP, analysts rebuffs Elliott’s reform plan

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Analysts have added their voices to BHP Billiton’s opposition to a plan put forward late Monday by activist shareholder Elliott Advisors to dump the global miner’s dual company structure as part of a series of moves which are intended to boosting shareholder returns.

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In its rejection, BHP said the costs would outweigh any benefits.

Analysts with both Citi and RBC were quick to pan the idea, although both thought the US petroleum assets in particular to be ‘non-core’.

“The streamlining of BHP Billiton ownership structure to extract value from franking credits as well as a spin-out of the US onshore division are not novel ideas,” RBC Capital’s mining analyst Paul Hissey said.

“We do not necessarily see a collapsing of the [dual listed company] structure would unlock value as we think the only way to distribute franking is through dividends to the Australian shareholders or buyback which we think is currently available to [BHP] in the current format,” Citi analysts Clarke Williams and Trent Allen told clients.

In a letter sent to BHP following private meetings with the miner, Elliott outlined the proposals in detail. The investor has pushed for action to lift investor returns at a number of companies such as Samsung Electronics, Akzo Nobel and SABMiller.

BHP’s response prompted its London-listed stock to pare early gains of nearly 6 per cent . By 1500 GMT, it was 2.3 per cent higher.

“After reviewing the elements of Elliott’s proposal, we have concluded that the costs and associated risks of Elliott’s proposal would significantly outweigh any potential benefits,” BHP said in a statement.

Elliott’s plan would result in BHP remaining listed in both London and Australia, but would scrap its dual-company structure in favour of a single headquarters and tax residency in Australia.

The activist investor called for BHP to shift its US petroleum assets into an entity to be listed on the New York Stock Exchange and commit to returning excess cash to shareholders.

The Citi analysts described BHP’s US petroleum assets as ‘non-core’ with RBC agreeing the merits of BHP retaining its US petroleum sector assets as ‘uncertain’.

“We value the US petroleum business at $US13.5b ($18b) vs. Elliott’s $US22b valuation (although we do agree with the sentiment around the cumbersome nature of both the DLC and the uncertain benefits from petroleum diversification, especially regarding the mismatched pro-cyclical capital spend of the shale business)???,” RBC’s Hissey told clients.

In outlining its proposal, Elliott argued BHP has underperformed comparable mineral and petroleum companies and its plan could provide shareholders with an increase in value of up to 48.6 per cent for holders of Australian shares and 51 per cent for holders of UK shares.

BHP disagreed, however.

“There is no obvious discount in BHP Billiton’s trading multiples relative to the weighted average of relevant mining and oil and gas peers,” it said.

The miner also said it regularly reassessed how to create value and reviewed company structure. It had spoken with Elliott over many months and would consider a more detailed response, it added. It dismissed Elliott’s plan for buying back shares as “a formulaic approach without regard for the cyclical nature of the resources industry or the returns available from other uses of cash”.

Commodity prices crashed in 2015 and early 2016, but have since recovered strongly, helping to drive gains across the mining sector. Mixed views

Started in 1977, Elliott manages assets worth more than $US32.7 billion, according to the company.

It says it holds a “long economic interest” of about 4.1 per cent of the issued shares in London-listed BHP, without specifying the instruments used to build the stake. It also says it has rights with its affiliates to acquire up to 0.4 per cent of the issued shares in ASX -listed BHP.

Other big shareholders were cautious about Elliott’s plan.

“(The) principle is OK. Detail and resultant uplift to shareholders might be more complex/less obvious,” Aberdeen Asset Management’s Head of Equities Hugh Young said in emailed comments.

Aberdeen is the second-biggest investor in BHP’s London-listed shares, with a 4.9 per cent stake worth $US1.3 billion.

Representing another big shareholder, Standard Life Investments Director Frances Hudson said it was not clear the plan was “in the interest of long-term investors or the company”.

Over the past two years, BHP has underperformed relative to fellow miners Rio Tinto , Glencore and Anglo American. But over 15 years, it is ahead of them.

Since it was set up in 2001, BHP said it had returned approximately $US23 billion to shareholders in buybacks and about $US45 billion in cash dividends.

It said it had also taken many steps to increase shareholder value, cut the number of assets in its portfolio by $US7 billion since 2013 and cutting unit costs by more than 40 per cent .

“We have laid the foundations for the group to substantially grow the base value of its operations,” BHP said in its statement. “Elliott’s proposal would put this at risk.”

– with Reuters

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