Latest news with #Colliers
Perth Now
20 hours ago
- Business
- Perth Now
Former Bunnings site up for sale
A neglected and underutilised former Bunnings site on Russell Street in Morley is up for sale, with expressions of interest open and gaining attention. The 1.84 hectare site is located across from Morley Galleria, which it set for $350 million development. It's estimated that 14,000 cars pass the site each week, which perfectly positions the property for mixed use, retail or commercial uses. Your local paper, whenever you want it. Across from Morley Galleria and within close proximity to the CBD. Credit: Colliers The former Bunnings was set to close in 2018, however its life was extended after the Inglewood Bunnings was destroyed by fire. Bunnings eventually ended the lease and vacated the site in mid-2020 and since then its only been used for COVID drive-through testing and is currently used as an election polling station. In 2023, City of Bayswater councillors urged for better use and security of the area. Bayswater mayor Filomena Piffaretti said it was ripe for development as it is within the city's Morley Activity Centre Plan. 'With no height restrictions at Morley's core, this site could benefit from a wide variety of land uses to meet our community's changing needs and provide much-needed residential development.' she said. Artist's impression showing a concept for the former Bunnings site. Credit: Josh Eveson Ms Piffaretti said that the site also benefits from having direct access to public transport via the Galleria bus station, which provides easy access to Perth CBD and the new Morley train station. The site is also within 5km of Meltham, Bayswater, Maylands, Noranda and Ashfield train stations. Colliers head of retail middle markets Australia James Wilson, State chief executive WA Richard Cash and executive, investment services Aidan Austen are appointed to sell the development site. Mr Cash said that the property offered a rare opportunity for a 'transformative development', positioning it as a potential flagship project in Morley's continued urban renewal. 'Importantly, future urban expansion is being strategically concentrated within the Morley Activity Centre, reinforcing the area's role as a key hub for commercial, residential and mixed-use development,' he said. 'This aligns seamlessly with the site's prime location opposite the bustling Morley Galleria Shopping Centre and its flexible zoning, positioning it as a cornerstone project in the suburb's transformation.' PerthNow understands that a potential buyer is interested in using the site as an education precinct. Bayswater councillor Josh Eveson shared ideas for the site on social media, saying that in order to maximise the Morley Galleria redevelopment, they must ensure development surrounding it 'evolves in tandem'. 'The next logical step? Constancy of people and customers in Morley, with delivery of an education facility and reinstating government services, providing the community with essential resources to support growth and prosperity for everyone.' he said. 'This will be one to watch.' Expressions of interest for the site close on 2pm July 18.
Time of India
2 days ago
- Business
- Time of India
Kol office space demand doubles but residential sales dip in Q2 2025
Kolkata: Demand for office space in Kolkata doubled to 6 lakh sq ft from 3 lakh sq ft in the April-June quarter, even as residential sales stuttered and fell by 10% against Jan-Mar 2025, with approximately 3,525 units sold in the second quarter of 2025. According to Colliers, a global diversified professional services company specialising in commercial real estate services, engineering consultancy, and investment management, the absorption of 6 lakh sq ft comes as a major boost in the wake of just 1 lakh sq ft absorbed in the Jan-Mar quarter. The 7 lakh sq ft absorbed in the Jan-June period is a 40% hike over the 5 lakh sq ft absorbed in the first half of last year. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata The encouraging development in office space transactions was somewhat offset by the sub-par performance in residential real estate, with 7,425 units sold in the first half of 2025, 28% less than the 10,290 units sold in the corresponding period last year. Kolkata added 2,505 units in April-June 2025, a dip of 54% over Jan-June 2025 and a 17% rise against April-June 2024. Around 48% of the new supply was added in the mid-segment (Rs 40 lakh-Rs 80 lakh). According to real estate consultancy firm Anarock, one of the prime reasons for the declining sales was the geopolitical tension both on the domestic front and at the global level, which pushed many homebuyers into the wait-and-watch mode amid job insecurities. Increasing property prices have also made property buying quite unaffordable for many. Despite the headwinds, new supply in the city increased by over 23% in the first half of 2025 to 7,905 units, up from 6,440 units in Jan-June 2024. With added new supply in the city over the last half of 2025, the unsold stock in the city has seen a 3% increase. However, the industry is optimistic about the future. With a tentative return to normalcy on the geopolitical front, a resurgence of the stock markets, and a gradual easing of interest rates after a massive repo rate cut, there is every reason to look forward to renewed momentum in the Kolkata housing market.
Time of India
2 days ago
- Business
- Time of India
India office market delivers resilient growth in H1 2025 amid flex boom and tech revival
India's office market performance in H1 2025 paints a compelling picture of resilience, adaptability, and structural transformation. Leasing activity remained healthy across most metros, new supply was strategically delivered, and the flex space segment continued its rapid scale-up. As India remains a magnet for global and domestic capital and companies increasingly adopt agile workplace models, the momentum is likely to carry forward into the second half of the year. Developers and occupiers are becoming more strategic in their decisions, driven by location intelligence, evolving workforce needs, and a strong focus on operational efficiency. These shifts are resulting in a more balanced, forward-looking office market anchored by flexibility, sustainability, and technology. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 점점 번지는 기미 잡티, 더 이상 헛돈 쓰지말고 이렇게 해보세요 두아이연구원 Undo Gross absorption across the top seven Indian cities touched 33.7 million sq ft in H1 2025, registering an 13% year-on-year increase. The second quarter alone contributed 17.8 million sq ft, up 11% year-on-year and 12% quarter-on-quarter. Hyderabad, Pune, and Kolkata led this growth, reflecting a diversification of demand beyond —the traditional office strongholds. According to Arpit Mehrotra, Managing Director, Office Services, India, Colliers, the market's robust performance underscores sustained occupier confidence and solid fundamentals, with total office demand expected to cross 65–70 million sq ft by the end of the year. Live Events 'The fact that five of the seven major cities recorded over 2.0 million square feet of leasing each in a single quarter highlights the depth and vibrancy of the India office market . Backed by diversifying occupier base, a steady supply pipeline and growing investor appetite, 2025 is shaping up to be another impressive year for commercial real estate in India. Overall, office space demand looks well placed to reach 65-70 million square feet at least by the end of the year," said Arpit Mehrotra, Managing Director, Office Services, India, Colliers. According to the report, Bengaluru led all markets with 9.3 million sq ft of leasing in H1 2025, accounting for 28% of national activity. It was followed by Delhi-NCR with 5.5 million sq ft, Mumbai at 5.0 million sq ft, Hyderabad at 4.9 million sq ft, and Chennai also at 5.5 million sq ft. Chennai and Pune emerged as the fastest-growing markets, with year-on-year growth rates of 57% and 56% respectively, driven largely by increased interest from the technology, manufacturing, and flex segments. In contrast, Hyderabad and Mumbai experienced marginal declines of 11% and 7%, which appear to reflect short-term demand fluctuations rather than structural slowdowns,' it said. The technology sector retained its status as the primary demand driver, contributing 6.4 million sq ft of leasing in Q2 2025 alone—47% of total conventional leasing and a 42% rise compared to Q2 2024. Some large deals included Tata Consultancy Services leasing over 1 million sq ft in Hyderabad and Applied Materials taking up 835,000 sq ft in Bengaluru. At the same time, sectors like engineering and manufacturing and BFSI experienced year-on-year declines of 47% and 14%, respectively, likely influenced by broader economic caution and selective expansion strategies. Healthcare leasing grew 25%. Key deals during the first half of 2025 highlighted a continuing trend of consolidation among large occupiers and a clear flight to quality. Tenants are actively securing space in well-located, future-ready developments with strong infrastructure and sustainability credentials. Alongside the previously mentioned TCS and Applied Materials deals, Wipro leased 387,100 sq ft in Navi Mumbai's Mindspace Business Parks, and Capgemini took 241,000 sq ft in Candor, Kolkata. These transactions reaffirm the growing importance of high-performance, tech-enabled campuses for large corporate occupiers. Flex space operators significantly expanded their footprint in H1 2025, contributing 4.3 million sq ft of leasing in Q2 and capturing 24% of the total market share—up from 16% a year ago. This growing share reflects occupiers' preference for agile, cost-effective, and scalable workspace models. Mumbai emerged as a frontrunner in this segment, with Smartworks leasing 411,200 sq ft in Navi Mumbai's Intellion Park. Bengaluru and Chennai also witnessed strong demand, with company's like WorkEZ, Incuspaze, and Smartworks singing new spaces. Hyderabad continued to attract flex players, with Tablespace securing a 270,000 sq ft lease in the city's Off SBD micromarket. 'We have seen sustained momentum in the flexible office segment, driven by occupiers seeking agility, cost efficiency, and talent-centric locations. Looking ahead, we expect demand to remain strong, especially from startups, GCCs, and enterprise clients adopting hybrid work models. Developers and operators who can offer scalable, tech-enabled, and experience-driven spaces will be best positioned to capture this evolving demand.' said BHIVE Workspace CEO Shesh Paplikar. Vimal Nadar, National Director and Head of Research, Colliers India, observed that flex operators are not only fulfilling occupier demand but also shaping workplace strategies across industries. 'Bengaluru accounted for one-third of Q2's flex activity, but other cities like Mumbai, Hyderabad, and Chennai also saw significant uptake, reflecting the segment's growing geographical spread and mainstream appeal,' he said. On the supply side, new completions across India reached 14.9 million sq ft in Q2 2025, growing 11% year-on-year and a sharp 51% over Q1 2025. Chennai's new supply shot up 117% compared to the same period last year, while Pune saw a massive 1000% jump, driven by backloaded project deliveries. Bengaluru remained a strong contributor, adding 4.1 million sq ft of new stock—a 105% increase from Q2 2024. Hyderabad's recovery from a slow Q1 was also evident, with 3.5 million sq ft of new completions, up more than tenfold over the previous quarter. In contrast, Delhi-NCR and Mumbai saw supply dip significantly—down 59% and 60% respectively year-on-year—suggesting either construction delays or a more conservative release of inventory in these cities. Experts believes that the India's office market in H1 2025 is in the midst of a transition—one that's being shaped by the resurgence of the technology sector, the rapid expansion of flex spaces, and a clear preference for high-quality, well-located assets. The rebound in leasing and supply activity points to a stabilizing environment, even as uncertainties remain in the global economy with workplace agility becoming central themes. The coming quarters will determine whether this momentum sustains, but the first half of the year has already laid a strong foundation for a more balanced, dynamic, and future-ready office market.
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Business Standard
2 days ago
- Business
- Business Standard
Grade A office leasing in Q2 CY25 up 11% across top 7 cities: Colliers
Gross grade A office leasing across the top seven Indian cities in Q2 CY25 grew by 11 per cent year on year (YoY) to 17.8 million square feet (msf), according to a report by Colliers. The growth is said to be due to rising occupier confidence, particularly from flex space operators and firms across sectors like technology, BFSI, and engineering and manufacturing, despite ongoing global uncertainties. In Q2 CY25, five out of the top seven office markets in India witnessed growth in grade A space uptake on an annual basis. Bengaluru led leasing activity with a 27 per cent share at 4.8 msf, but growth remained flat. Hyderabad, Mumbai, and Chennai each recorded over 2.5 msf of leasing in the quarter. However, space uptake in Mumbai declined by 20 per cent YoY. "The robust performance in the first half—with demand reaching 33.7 msf, a 13 per cent year-on-year increase—signals sustained occupier confidence and strong market fundamentals. Backed by a diversifying occupier base, a steady supply pipeline and growing investor appetite, 2025 is shaping up to be another impressive year for commercial real estate in India. Overall, office space demand looks well placed to reach 65–70 msf at least by the end of the year," said Arpit Mehrotra, Managing Director, Office Services, India, Colliers. Gross absorption does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed. Meanwhile, overall supply during the quarter grew by 11 per cent YoY to 14.9 msf. However, cities including Delhi NCR, Mumbai, Kolkata, and Hyderabad recorded a decline on a YoY basis. Of the total 17.8 msf of leasing in Q2 CY25, leasing by flex space operators stood at 4.3 msf. Conventional leasing remained at 13.5 msf, led primarily by the technology and BFSI sectors. Technology firms alone accounted for 6.4 msf space uptake—a 42 per cent YoY growth, driven largely by Global Capability Centre (GCC) expansion. Amal Mishra, Founder and Chief Executive Officer, Urban Vault, said, 'Despite the global uncertainty, the demand for office space continues to gain momentum, driven by competitive operating costs and the growing availability of build-to-suit facilities. This rising demand is not limited to start-ups or small enterprises; large corporations and GCCs are also actively seeking flexible and customised workspaces.' Additionally, the overall vacancy level remained almost stable at 16.2 per cent amid relocations and churns. However, Pune and Hyderabad, with significant completions in Q2 CY25, were at relatively higher vacancy levels.
Irish Independent
2 days ago
- Business
- Irish Independent
Paddy McKillen Jr cuts his asking price for Loftus Hall to €3m
When he put the property – which overlooks Hook peninsula and the landmark Hook lighthouse – on the market earlier this year, agents Colliers were guiding €4.5m for it. But they are now guiding €3m. Mr McKillen Jr's development company, Oakmount, is reported to have paid €1.75m for the manor-style house and 68 acres in 2022 and spent millions more on its restoration, with plans to transform it into a luxurious boutique hotel. Reputed to be Ireland's most haunted house, it comprises a detached nine-bay, three-storey house with a total gross internal area of 2,460 sqm (26,487 sqft). Mr McKillen Jr has a passion for refurbishment of old properties and has revamped a number of Dublin hospitality venues in recent years. At Loftus Hall, he has brought phase one of an ambitious redevelopment to near completion with the creation of 22 upstairs bedrooms, restored the roof, replastered the façade and built a new bar and restaurant. He also undertook plans for phase two offering an additional 56-bedroom hotel wing, a spa and fitness centre, dedicated wedding venues, 33 standalone garden cottages, and 10 eco pods positioned throughout the grounds. The building dates back to 1870 and the site dates back to Redmond Hall, which traces its history to 1350. It is named after the Loftus family who undertook extensive renovations in anticipation of a visit by Queen Victoria which never happened. In 1890, the last remaining member of the Loftus family died, and the estate was put up for sale. It was later operated as a convent by the Sisters of Providence and then between the 1980s and late 1990s as the Loftus Hall Hotel. In 2011, the property was acquired by the Quigley family and opened to the public as a tourist attraction centred on its ghostly reputation. The launch of the haunted tours proved very popular at the time, given that many ghost stories have passed from one generation to the next with alleged horrific events that seemingly took place within its four walls. According to storyteller Kieran Fanning in his book Haunted Ireland: An Atlas of Ghost Stories from Every County, one 18th century story relates to Lady Anne Tottenham who, while playing cards there, discovers the man she is playing with has cloven feet. For months afterwards, Anne is haunted by the devil but he is eventually exorcised by a Fr Thomas Broaders. It was speculated that Anne's father may have put out the story of the devil to keep the locals away and to stop them from discovering that Anne was pregnant.
