AFTER scouring Sydney's office market for three years Adrian Pozzo has landed one of Australia's biggest developments -- the $700-million-plus 1 Bligh Street project in the CBD.

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Cbus Property, a wholly-owned subsidiary of industry super fund Cbus, has acquired a one-third interest and will team up with DEXUS in completing a six star office tower at 1 Bligh Street, Sydney.

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Dexus Property Group and CBus Property, the property fund for the Building Industry Super Fund, will partner in the development of a six-star office tower in Sydney. CBus has acquired a one-third interest in the property.

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All but one had sold ahead of an auction last Saturday after investors snapped up a combined $10.2 million of retail space.  The shops were for sale for the first time since David Marriner and construction industry superannuation fund Cbus developed the Cumberland resort almost 20 years ago.

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The Malaysian-listed TA Enterprise Bhd has outlaid more than $160 million to acquire Melbourne’s premier hotel, the Westin Melbourne.  CBRE Hotels Directors George Nicholas and Scott Callow negotiated the sale of the high profile CBD property on behalf of a consortium of industry super funds, including Cbus Property. Mr Nicholas said the sale had been hotly contested by a range of predominantly offshore investment groups from the Middle East, Asia and America.

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THE five-star Westin Hotel is being put up for sale in what could be one of the biggest property transactions in Melbourne in more than a year. Industry sources say the eight-year-old building on Swanston Street's City Square is expected to fetch from $175 million to $200 million

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A joint venture by the Magid Family’s TMG Developments and AMCO Capital has triumphed over a field of 11 other local and international bidders to acquire the Harbour Rocks Hotel of Sydney and the Lindrum Hotel of Melbourne. 

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Planning Minister Justin Madden said the five-building project would become a gateway to the Docklands and create 7000 jobs when finished.  The winning consortium is made up of ISPT, Cbus Property and EPC partners.

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IN A sign of the tight Melbourne office rental market, Allens Arthur Robinson has joined the list of Melbourne businesses teeing up new headquarters in a building still under construction. The law firm committed yesterday to occupying 13,000 square metres at 567 Collins Street with an initial lease of 12 years. Only last week Deloitte said it would take the top 12 floors, or about 18,000 sq m, out of Cbus Property's speculative CBW development in the CBD because it needed more space.

Cbus Property, the real estate investment arm of Industry superannuation fund Cbus, has entered into an agreement to sell the Resort business and assets of the Cumberland Lorne Resort to Consolidated Properties, a company associated with listed property group Trinity.