Home' Illawarra Mercury : June 19th 2010 Contents IMD D004
4 DOMAIN, Saturday June 19, 2010
in the commercial
You can sense that Wollon-
gong is keen to dust itself
off after a quiet year last year
when many commercial projects
were being shelved or cancelled
by major players and develop-
ers.Now developments are expected
to rise from the disused car lots and
inject some fresh capital and impe-
tus into the Illawarra.
The University of Wollongong
remains a shining example, with a
$28 million commercial building
approved at the university.
Wollongong CBD will still be in
strong demand because it provides
businesses with a natural geographi-
cal identity despite Shellharbour
claiming to take funding away from
it. Businesses will want to be in the
city centre, particularly if they are
major players and want to operate
on a global or national scale.
The new Wollongong Local
Environmental Plan and develop-
ment control plan make it clear that
while residential is important, it is
not appropriate in the commercial
core of the city.
Wollongong City Council is
moving forward with a $14.2 million
refurbishment of Crown Street Mall.
The aim is to improve the space for
shoppers and traders by drawing
more people into the mall.
The growth of inner-city com-
mercial space though is mainly seen
as the responsibility of the private
sector. The council has already ap-
proved 40,000sqm of new commer-
cial floor space but just one quarter
of that had been constructed.
There is 135,000sqm of com-
mercial space in Wollongong, while
Newcastle has nearly double that
figure. About 50,000sqm more is
needed to achieve where our city
should be ranked.
The Master Builders Associa-
tion (MBA) warned there was little
chance of a recovery in the commer-
cial building sector if banks did not
start lending again.
"Tougher conditions are be-
ing imposed by lenders," a MBA
spokesperson said. "Builders and
developers are expected to have a
high number of pre-sales prior to
loan approval and some are expected
to place their own equity into the
project before the banks will look at
Many real estate agencies are re-
porting good sales though, Colliers
International being one of them.
"Colliers International complet-
ed $50 million worth of transactions
last year," Wollongong manager Mr
Kersten said. "This year has also
started strongly for Colliers in Wol-
longong and the team is confident of
continued improvement in the year
"Colliers International Wollon-
gong has already completed 19 key
sales transactions with a combined
value of almost $36 million in 2010.
"There was a tightening in sup-
ply and an increase in demand for
quality investment properties across
all sectors of the market."
Industrial property is on a slow
road to recovery, after demand for
warehousing and factories was hit
by a slump in import volumes and
With a sustained recovery in
imports, it is expected there will be
a sharp rebound in inventories over
the next few months that should sup-
port demand for warehousing space.
But with little new construction re-
placing completed projects, stocks
Commercial & Industrial
A worldwide network spells success
With the sophistication of
the global real estate
market, Raine & Horne Com-
mercial was launched in 1984 to
solely concentrate in the fields
of commercial, industrial, retail
and specialist properties. Raine
& Horne have been part of the
Illawarra property scene for over
The Raine & Horne Commercial
network now boasts an Australia wide
coverage of over 30 offices, which is
evidence of their growth in this highly
The concept of the family
company (four generations) is never
overlooked and is the difference that
has strongly branded Raine & Horne
Commercial in the marketplace.
Since 1883 the company s cor-
porate goal has been to give person-
alised service and above all, to exceed
client s expectations.
The Raine & Horne Commer-
cial story is inextricably linked to
the growth and progress of the real
estate industry in Australia. Its ability
to expand in a variety of economic
conditions over ensuring decades has
kept Raine & Horne Commercial at
the forefront of the industry.
As evidence of the continuing
expansion around the world, they have
now established Raine & Horne Zaki
& Partners in Malaysia (15 offices),
Raine & Horne Projects Hong Kong,
Raine & Horne Leeds UK (two of-
fices) Raine & Horne Dubai, Raine &
Horne Vanuatu, Raine & Horne Fiji
and affiliates in India, Japan, Austria,
Belgian, Czech Republic, Hungary,
Israel, Italy and Switzerland.
Raine & Horne Commercial Wol-
longong can market your property
locally, regionally, nationally and
"We are a full service commer-
cial real estate office, family owned
and born and bred in the Illawarra,"
a spokesperson said. "Our extensive
knowledge of the local area continues
to rank us as market leaders."
Raine & Horne Commercial
Wollongong s range of leasing
capabilities include exclusive leasing
strategies and pre-commitments, mar-
ket rent estimates as well as property
marketing and leasing of completed
buildings. With the ability to provide
national leasing services for appropri-
ate properties, this greatly enhances
their value to clients.
Raine & Horne Commercial Wol-
longong expertise stems from their
vast knowledge in the marketing and
sale of commercial office buildings,
industrial property, retail investments,
developments sites and specialist
A concentrated marketing cam-
paign is able to focus the attention of
the market on the property for sale.
"One of the reasons why Raine
& Horne Commercial Wollongong is
a success is not only because we em-
ploy the best people, but because we
align ourselves with the best people
and organisations," the spokesperson
"Our highly trained industry ex-
perts have built on the family oriented,
personalised service synonymous with
Raine & Horne Commercial."
The commercial team at Raine
& Horne Wollongong have vast
experience in commercial, retail and
industrial property management.
Whether you are a first time investor
or have a strong investment portfo-
lio, Raine & Horne Commercial can
provide comprehensive management
and services with:
• Lease and renewal negotiation
• Rental reviews with valuation
• Arrears control
• Repairs and maintenance
• Fire, safety and duty of care control
• Property accounts administration
• Accounting reporting
• Marketing and signage expertise
• Valuation review, property strategy
and acquisition management
Raine & Horne Wollongong pro-
vide their clients with a full range of
real estate and consultancy services.
Raine & Horne Wollongong pride
themselves on being a market leader
and achieving the best results for
PHOTO MICHELE MOSSOP.
PHOTO MICHELE MOSSOP.
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