Business Property Update - July 2010
This year has absolutely flown and we are about to commence a new financial year.
Balmoral Partners have been actively involved in promoting a range of quality projects.
We have also helped a range of clients achieve their
property outcomes with securing property and
renegotiating leases. These include:
- Take 2 - Leased 340sqm at 69+71/19-21 Pirrama Rd, Pyrmont (Jones Bay Wharf) $500psm pa gross + GST.
- Gen 3 - Leased 310sqm at 15 Talavera Road, North Ryde for AMP - $260psm pa net
There is some good activity in the market and we are working on a range of transactions at present. On another matter property owners are being slugged again (as if stamp duty was not already the "golden goose" of state revenue).
The new transfer fees commence from 1st July for property greater than $500,000. For a purchase price between $500,000 and $1 million the levy is $4 + 0.2% of that amount. For property above $1,000,000 the levy is $1,004 plus 0.25% of the amount above $1,000,000.
The tax is payable to the CPMA at the time the transfer is lodged for registration.