Pub billionaire splashes $3m to give Watsons Bay hotel a facelift
Piper's Epochal Hotels portfolio includes Harbord Hotel in Freshwater, Beach Hotel in Merewether, Newcastle, the Commodore in North Sydney and the Q Station on the Manly headland. Both deals were completed by JLL Hotels.
Patts' soul
The $13.6 billion ASX-listed Soul Patts conglomerate, run by chairman Ribert Millner, and retirement specialists Moran have partnered with Bridge Housing and the Northern Beaches Women's Shelter to provide safe, short-term accommodation to people facing housing stress.
Under the scheme, Soul Patts, which owns a former aged care home in Narrabeen, and Moran, the operator, will provide capital as part of the planned redevelopment of the existing site.
But as a new model for the industry, the two will offer the premises for use as transitional housing for people in need, to be run by Bridge Housing, while they go through the long-winded planning process.
Many development sites sit empty while the planning process is under way but Narrabeen House's 24 independent homes will instead be used for much-needed accommodation.
Bridge Housing will professionally manage the homes, overseeing tenancy, property maintenance, and tenant support. They work closely with local support agencies Northern Beaches Women's Shelters, Mission Australia, Burdekin Foundation and Women and Children First.
Kmart centre
As part of the plan to double revenue to $20 billion over the next decade, Kmart will open a $500 million state-of-the-art fulfilment centre in Sydney's west.
Located at the ESR Moorebank Intermodal Precinct, the 100,000 square metre site will also service conglomerate Wesfarmer's Target stores. Kmart has been experimenting with new store layouts to help increase sales and reach its $20 billion target in the next 10 years.
In a separate deal, Bing Lee electrics is selling its 16,743 square metre facility on a large 27,603 sq m corner site at 702 Woodville Road, Old Guildford, with a price tag of about $85 million.
Bing Lee, owner of the site since 2008, will remain as the tenant and recycle the cash from the sale into its business. Colliers' Gavin Bishop, Sean Thomson, Michael Crombie, Trent Gallagher are advising on the sale.
Stuyvesant's House
The well-known Stuyvesant's House, Crow's Nest, is closing its doors after opening in 1961. The owner and operator, restaurateur Rudi Dietz, is retiring and selling the popular eatery at 45 Alexander Street.
Dietz took over the restaurant in 1973, just over a decade after it first opened under Dutch ownership. He brought with him a deep love for authentic German hospitality. The building occupies 221 sq m of land with a 347 sq m internal area and an 85 sq m cellar.
The site's zoning is for mixed use and offers development potential for investors. No price guide was given but it generates gross income of $220,000 per annum plus GST. Scott Stephens from RWC Sydney North is advising on the sale.
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Herald Sun
2 hours ago
- Herald Sun
Retail giants snub Tasmania: Why Aldi, Costco resist expansion
Tasmanians have long been yearning for the arrival of Aldi and Costco, two retail powerhouses known for their competitive pricing and diverse offerings. Yet, despite the island state's growing demand, both companies remain conspicuously absent, leaving locals to question why they are being overlooked in the retail landscape. Aldi, the German-owned supermarket chain, has made its mark across Australia since 2001, boasting over 590 stores nationwide. Promising 'Australia's lowest prices', Aldi has become a staple for budget-conscious shoppers. However, Tasmania remains one of the few jurisdictions, alongside the Northern Territory, where Aldi has yet to establish a presence. The Greens have now stepped forward with a $30 million plan to entice Aldi to Tasmania, arguing that the supermarket's entry would drive down grocery prices and invigorate the local economy. This initiative reflects a strategic push to provide Tasmanians with more affordable shopping options and stimulate job creation. MORE NEWS Inside Australia's haunting mall mystery What ever happened to Hog's Breath Cafe? Remembering Sizzler: The rise and fall of a dining icon Meanwhile, Costco, renowned for its bulk-buying model and expansive warehouse stores, also remains absent from Tasmania. Ray White Group head of research Vanessa Rader said the lack of both Aldi and Costco had left Tasmanians with limited choices and potentially higher grocery bills compared to their mainland counterparts. However, she adds the reason for their absence was perhaps easy to explain. 'It all comes down to population and scale…they just couldn't make it work there because it does need the additional kind of industry or what not,' she said. 'With Costco, I don't think (the Tasmanian) market would sustain any more than one store, so that, plus the additional requirement for distribution…makes it not a viable situation. 'Aldi is a little bit different because you already have your Woolies and Coles, which means the population just isn't there to compete with what's already there 'I think it's a market that's already at capacity in terms of what their requirement for supermarkets is. So I think Aldi is thinking that the market is quite small…so unless there's a change in that population landscape, things aren't going to change and then you also have geographical difficulties in getting stuff there.' Greens announce $30m plan to entice Aldi to Tasmania While logistical concerns, market size, and population density may be factors, the persistent demand from locals suggests a ripe opportunity for expansion. As the situation unfolds, Tasmanians are left wondering if and when these retail powerhouses will recognise the untapped potential of the island state. The Greens' $30 million proposal stands as a significant gesture towards bridging this retail gap, but whether it will be enough to sway Aldi and Costco remains uncertain. Tasmanian Greens Senator Nick McKim, who is the party's economic justice spokesman, announced the plan in April, saying bringing Aldi to Tasmania would help ease cost-of-living pressures in the state. 'Coles and Woolworths have had it too good for too long, and Tasmanians are paying the price,' he said. 'A lack of competition means shoppers here are paying at least $15 more on a basket of essential groceries compared to Aldi, which adds up to hundreds of dollars a year.' MORE NEWS: Ampol's $20m Land Bonanza: What's Next? Senator McKim said the Greens would launch a $2m supermarket competition review that would determine the barriers preventing discount supermarkets such as Aldi from establishing themselves on the Apple Isle. The party would then provide the state government with up to $28m to support the entry of new competitors in the supermarket sector, which could involve subsidising distribution centres, boosting supply chains, and making government land available to supermarket retailers on a competitive basis. Senator launches petition to being Aldi to Tasmania Tasmanian independent senator Tammy Tyrrell has also pushed for Aldi to head south to the island state, launching a petition that has attracted thousands of signatures. 'They say imitation is the best form of flattery (and) I'm glad the Greens are finally on board my campaign to bring Aldi to Tassie,' she said. 'The more the merrier – if this puts more pressure on Aldi to make the leap across Bass Strait, I'm happy with that. 'The (Australian Competition and Consumer Commission) says bringing Aldi to town saves people an average of $890 a year. That could be the difference for someone keeping their heater on in winter or not.' Tasmanian MP Andrew Jenner from the Jacqui Lambie Network is also calling on the state government to invest $1 million in a study to explore the possibility of bringing a Costco or similar low-cost supermarket chain to the island state. 'Research from consumer group Choice has found that the average cost of groceries in Tasmania is 25 per cent higher than on the mainland, despite Tasmanian wages being an average of 10 per cent lower,' Jenner said. 'The report stated that the lack of ALDI, or equivalent low-cost supermarkets in Tasmania is directly contributing to the higher-than-average grocery prices. 'Bringing Costco, or a Costco equivalent, would directly help alleviate the cost-of-living pressures in a fundamental way.' Aldi has 'no current plan' to come to Tasmania, CEO says A report published last year by consumer group CHOICE found that Aldi was the most affordable supermarket chain in the country, with the total price of an average basket of groceries being $50.79. While Aldi has almost 600 stores across Australia, Tasmania is the only state without one. Even Geelong, which is a similar size to Hobart, is home to Aldi. Speaking at a Senate inquiry in April last year, Aldi CEO Anna McGrath said the chain had 'no current plan' to open a store in Tasmania, citing supply chain 'complexities'. 'That's not to say that we don't continuously review where we may expand in the future,' she said. When asked why Aldi was expanding to other smaller regions but not Hobart, Ms McGrath replied it 'goes back to us having a very different business model'. 'For us, the way that we're able to continue to invest in price is to keep our operating costs as low as possible and having the lowest operating costs in the sector,' she said. 'That means when we're identifying where to expand, we do need to consider the additional costs and complexities that are involved.' The unfolding situation highlights a pressing issue: will Tasmania continue to be sidelined in the retail landscape, or will Aldi and Costco finally answer the call of its residents? The outcome could reshape the state's retail environment and consumer experience for years to come.
News.com.au
2 hours ago
- News.com.au
Biocurious: Inspired by Neuren, Nyrada aims to change the treatment landscape for brain and heart disorders
Nyrada is focused on a particular ion pathway to tackle disorders including stroke and traumatic brain injury Preclinical work has shown a significant reduction in secondary brain injury and cardiac damage CEO James Bonnar spent 15 years at Neuren Pharmaceuticals in the company's formative stage Nyrada (ASX:NYR) CEO James Bonnar is too modest to admit it, but he played a key role in developing and commercialising Neuren Pharmaceuticals' (ASX:NEU) neurological drug Daybue. Bonnar was one of the then New Zealand-based Neuren's first employees and spent a decade at the company, which now bears a $1.7 billion market cap. Bonnar seeks to channel Neuren's virtues as Nyrada pursues small molecule treatments for both brain and heart protection. Before Neuren, Bonnar was with Protemix, which worked on a drug for diabetes-related cardiomyopathy. 'This is not my first rodeo." Nyrada's indications of interest include traumatic brain injury (TBI), which Neuren pursued before switching development to the childhood disorder Rett syndrome. 'You learn a lot of lessons along the way, competing in both successful and unsuccessful programs,' Bonnar says. Have a nice TRPC Nyrada's lead drug was called NYR-BI03, but last week the company bestowed the 'proper' name of Xolatryp to reflect the drug's 'advancing development'. The science is based on bodily transient receptor potential canonical (TRPC) ion channels (often pronounced 'tripsy'). These conduits regulate calcium influx into cells. 'Following ischemia or injury, these ion channels are activated and let in calcium into the cell,' Bonnar says. 'That calcium builds up to the extent where they're toxic.' As with Neuren, Nyrada had a spare clinical program in its back pocket. The Delaware-incorporated Nyrada listed in 2020, having spun off from immunology play Noxopharm (ASX:NOX). Nyrada initially focused on oral inhibitors which failed preclinical toxicology studies. 'Fortunately, we had a promising secondary program, which is now the lead program," Bonnar says. Xolatryp blocks TRPC channels to protect key cells in vital organs when under stress. In the case of brain neurons, that could be after ischaemia (a blood clot) and reperfusion (the sudden flow of blood returning to an organ or tissue). Ischemic-reperfusion injury is also a key cause of tissue damage following the restoration of blood flow to the heart post-injury. It's a knock-out! Using a 'knock out' mice model, pioneering work at the University of NSW (Uni NSW) showed the rodents were protected from stroke. The 'knock out' doesn't refer to concussing the critters with a mallet, but genetically modifying and cross breeding them so they no longer express the TRPC channels. 'This confirmed that completely knocking out the channel is safe and for all intents and purposes these mice lived a normal life,' Bonnar says. Over the last 12 months, Nyrada has focused on expanding efficacy data that builds on this 'knock out' mouse work. 'We went through a few iterations of molecules that showed promise, but they weren't target specific,' Bonnar says. Let's get clinical Preclinical work suggests Xolatryp is delivering significant reduction in secondary brain injury and cardiac damage For cardiac reperfusion, rat models showed an 86% reduction in injury (there are no other approved treatments). With ischemic strokes, a mouse study showed 42% protection. The company also ran a neuroprotection study with the Walter Reed Army Institute Research and Uni NSW, deploying a TBI model. Based on follow-up magnetic resonance imaging, this showed a 'statistically significant' neuroprotective benefit. Now for a human study As they say, everything works in mice … or rats. Nyrada's attention now has turned to a phase I healthy volunteer study to appraise dosing safety. The randomised, double blinded effort involves three-hour infusions, compared with 20 hours for the first preclinical study. The study consists of three eight-patient cohorts, six on the active drug and two on the placebo in each group. Bonnar says the trial will guide the company on what indication to pursue in a phase II study. 'In each one, there is first-in-class potential with large markets and unmet need.' The company is hoping to complete the study in September. Later, the company also would like to run a TBI study in the US, given the large addressable population. 'You would struggle to do that in Australia,' Bonnar says. Tackling a barren treatment landscape Bonnar describes Xolatryp as a 'Swiss Army knife' drug candidate, in that it could have broad uses. He says the current TBI treatments only alleviate the symptoms, rather than the condition. 'It's a similar situation with ischaemic stroke, but not quite so bad.' While clot-busting drugs work effectively, they need to be administered in a narrow time window (the 60 minutes after a stroke is called the Golden Hour). Given that, they only apply to 10-15% of patients. As for cardio protection, existing drugs can reduce the ticker's workload after a heart attack, but none of them protects the heart tissue. Can Nyrada 'do a Neuren?' Despite Xolatryp's snazzy name, Nyrada faces many years and development dollars before it 'does a Neuren'. Of course, most drug developers tripsy-up before reaching the end game. Bonnar dubs TRPC as a 'hot' research area reflected in Nyrada's share price: up 68% over the last month and 160% over the last year, ascribing a $38 million market cap. 'Big Pharma is looking at cardio protection in particular and we think our novel molecule … should attract interest,' Bonnar says. At the end of March Nyrada had $4.7 million of cash, enough to fund the phase I study. 'We are pretty lean; we work as a virtual company with a low head count.' Bonnar notes Boehringer Ingelheim has developed a TRPC inhibitors for renal fibrosis, while elsewhere work is afoot to develop one for the chronic condition of cardiac hypertrophy. 'But as far as I'm aware, we are the first company to be looking at a TRPC channel blocker in the clinic in our chosen indications.'
West Australian
10 hours ago
- West Australian
Ferrari heavyweight replaces Scott Barlow as Sydney FC chairman
Scott Barlow's 13-year tenure as Sydney FC chairman has come to an end as part of an 'evolution' aimed at increasing the A-League club's 'international profile'. Ferrari Australasia president Dr Jan Voss, who joined the Sky Blues board last season, will replace Barlow as chairman. Voss is fluent in five languages – English, German, Italian, French, and Dutch – and 'brings a global perspective and deep experience in brand, performance, and strategic growth' As part of a 'broader strategic restructure', inaugural club chairman Walter Bugno returns to Sydney's board, while technology entrepreneur Sebastian Gray has also been added to the board. 'This is a pivotal moment for Sydney FC,' Voss said. 'I am honoured to be appointed chairman and to work alongside a board that is deeply passionate about football and our club's future.' The club's ownership structure hasn't changed, with the Barlow family remaining as 98 per cent investors, with the other two per cent owned by the Crismale family and two other Australian shareholders. 'With a strong and stable ownership base and a renewed focus on innovation, commercial growth, and elite performance, Sydney FC is more ready than ever to embrace the challenges of the modern football landscape,' Voss said. Barlow has not only departed as chairman but also as board member after two decades of service. 'I wish to thank Scott for his extraordinary leadership and commitment,' Voss said. 'His 13 years as chairman have laid the foundations for the club's next era of growth and international ambition.' Gray – who co-founded Dugout, a digital media company co-owned by a host of top European clubs, including Real Madrid, Barcelona, Bayern Munich, PSG, Arsenal, Chelsea, Liverpool, Juventus, and Manchester City – will strengthen Sydney's focus on 'innovation, digital engagement, and sustainable investment'. Sydney's board also includes technical director Han Berger, Michael Crismale, Suzie Shaw, and Peter Paradise. The Ufuk Talay-coached Sky Blues failed to reach this season's A-League finals series, finishing seventh on the ladder. They reached the semi-finals of the AFC Champions League Two competition before being knocked out by Singapore club Lion City Sailors.
