Jamie's Italian, Cargo Bar up for grabs as Keystone assets hit market

Carolyn Cummins July 25 2016 - 5:44AM Carolyn Cummins The receivers and managers to food and beverage group Keystone Group have kicked off the long-awaited sale of 17 well-known venues, including the Cargo Bar and the national Jamie's Italian chain, as they try to recoup more than $80 million to repay debt. The agents at CBRE Hotels Daniel Dragicevich​, Sam Handy, Tim Grossmann and Leif Olson, are steering the campaign for the leaseholds of a variety of pubs and food and beverage outlets across the country. Food and beverage group Keystone are selling their waterfront icon Cargo Bar at Kings Street Wharf, Sydney. Food and beverage group Keystone are selling their waterfront icon Cargo Bar at Kings Street Wharf, Sydney. Food and beverage group Keystone are selling their waterfront icon Cargo Bar at Kings Street Wharf, Sydney. Where have all the good times gone? As the famous Cargo Bar goes up for sale, we look back at the unlucky Sydney venues which haven't survived. Keystone went under last month when it failed to renegotiate an $80 million loan with financiers, the private equity group KKR and Olympus Capital. The assets include Bungalow 8, Cargo Bar, Chophouse Perth, Chophouse Sydney, Gazebo, Kingsleys Brisbane, Kingsleys Woolloomooloo, Manly Wine, the Sugarmill Hotel, The Rook, the Winery and the national Jamie's Italian franchise. Morgan Kelly, from the receivers Ferrier Hodgson, said the sales process would be conducted as either a recapitalisation of the group, or a sale of one or more portfolios of assets. The Jamie's Italian will be sold as a group. The Jamie's Italian will be sold as a group. He said the expression of interest process has fielded interest from more than 120 parties. This interest has ranged from parties looking at a group-level investment through to those interested in groups of properties and individual properties. "A group-level investment offers the synergies of an existing head office function including marketing, payroll and purchasing, and represents a rare opportunity to acquire immediate size and scale to a portfolio," Mr Kelly said. National director at CBRE Daniel Dragicevich said the Keystone portfolio consisted of some of the most well-known and highly regarded venues and brands across the country. "We expect significant interest from all sectors of the hospitality market, both nationally and abroad," Mr Dragicevich said. The Colombian Hotel is being sold as the owner, the McHugh family, has relocated overseas The Colombian Hotel is being sold as the owner, the McHugh family, has relocated overseas Photo: supplied "Whilst the 17 venues will no doubt attract interest from portfolio buyers, it's expected that there will be intense competition from parties seeking to acquire segments of the portfolio and individual piecemeal businesses." Mr Kelly said he was conducting a focussed sale strategy, specifically targeting buyers with the balance sheet strength and operational depth to be able to manage these acquisitions. "The Jamie's Italian franchise restaurants would remain grouped together and sold as a nationally integrated restaurant brand," Mr Kelly said. Pubs are hot tickets for traditional operators, who see the demand rising for places that offer a wider range of food and beverages, not just beer and burgers. The lock-out laws in the City and fringe areas have also seen a change in the venue offerings from late-night drinkers to people coming in for a higher-quality meal in a more family-oriented atmosphere. One asset being sold is the The Colombian Hotel, a three-level former Westpac Bank building, on the corner of Oxford and Crown Streets in Darlinghurst, through Andrew Jolliffe and Joel Fisher of Ray White Hotels Australia in conjunction with Gerry Quinlan of Manenti Quinlan & Associates. The hotel has been operated for over a decade by the private McHugh family. Mr Jolliffe said the timing of the sale comes at a "transformative period" for the eastern suburbs and CBD commercial property market, which has seen new and improved hotel offerings attract a more sophisticated and discerning clientele to the area. This includes the revamp of a number of Oxford Street venues including Justin Hemmes' The Paddington, Kaine Bayfield's Light Brigade Hotel and the soon to re-open Paddington Inn, by Bruce Solomon and Matt Moran. Mr Jolliffe, the Asia Pacific director of Ray White, said the vendor was selling due to relocating overseas. There is now access to well-priced debt, and a demand for A-grade hotel properties not matched by supply, which is attracting buyers for pubs," Mr Jolliffe said. "We have seen a resurgence in commercial property values in Oxford Street after a period of suppression given development in other areas, however what is clear to astute investors is that the various infrastructure investment strategies being deployed at both state and federal level will have a significant impact on the value of commercial property in the Oxford Street precinct", Mr Quinlan said.

How things have changed for Sydney's first home buyers

DateJune 13, 2015 Matt Wade Matt Wade Senior writer View more articles from Matt Wade Follow Matt on Twitter Analysis First home buyers have been a recurring challenge in Australian politics. They were singled out for assistance in Paul Keating's first budget in 1983 as the government tried to revive the economy after recession. In 2003 Peter Costello ordered a high-profile inquiry into first home ownership when their numbers plummeted amid surging property prices. This week Treasurer Joe Hockey got into political strife for suggesting first home aspirants merely needed to find "a good job that pays good money" if they wanted to get into the super-hot housing market. But a lot has changed for Sydney's first home buyers since Paul Keating was Treasurer. Back in the mid-1980s the typical first-timer was younger and more likely to have children. A bigger proportion relied on a single income, normally earned by a male breadwinner. In the mid-1980s around half of women aged 25 to 45 were in the workforce, now the proportion is about 75 per cent. First home buyers in the 1980s had to deal with a much more rigid mortgage market. State-owned banks did much of the lending and the range of loan products was limited compared with today. Property prices were much lower relative to incomes. In 1985 Sydney's median detached house price was around $73,000 according to Domain Group data, or three-and-a-half times average annual earnings. Now Domain puts the Sydney's median house price at $914,056, about 11 times average earnings. But first time home borrowers in the 1980s faced far more uncertainly over interest rates. Towards the end of that decade official rates soared to around 18 per cent and household interest payments as a proportion of income climbed to the highest level in the modern era. A deep recession followed. The mid-1990s heralded a long period of low and steady inflation and a significant reduction in the level of interest rates. This structural shift has made it easier for first-time home borrowers to service big loans but has also underpinned a significant run up in house prices. The deregulation of the financial system during the 1980s and 1990s made it easier for first-time buyers to get a home loan and has provided a vast array of borrowing options. But policy changes, especially changes to capital gains tax in the late 1990s, drew more investors into the property market. In the early-1990s only about one sixth of new home lending was going to investors but this year it has risen to more than half. Sydney University housing expert, Dr Judy Yates, says Australian attitudes to housing have shifted in recent decades. Once it was viewed primarily as a place to live but now its considered a source of wealth accumulation. "There's been a change from treating housing as just shelter to treating it as an asset," Dr Yates said. The upshot is that first home buyers are now often in competition with investors for similar types of housing. The preferences of Sydney's first home buyers have also shifted. "The starting point for most home buyers in the 1980s was a cheap house and land package on the city fringe," said Domain Group economist Dr Andrew Wilson. But that started to change about 20 years ago. The proportion of townhouses and apartments purchased by first home buyers jumped from 12 per cent to 20 per cent over the decade to 2001 and has continued to climb. "More first home buyers are now looking to inner-city living," said Dr Wilson.

Islamist militants take hostages in Sydney cafe, display black jihadist flag

Sydney siege: Man Haron Monis’s wife Amirah Droudis has bail revoked, is taken into custody Amy Dale The Daily Telegraph December 22, 2014 8:28AM Amirah Droudis in jail after bail revoked •Bail revoked for Amirah Droudis •Judge: There were ‘unacceptable risks’ if she went free THE court has just revoked the bail for Amirah Droudis, with sheriffs taking her immediately into custody. But her solicitor Justin Lewis has said he believed Judge Graeme Henson was only going to determine whether he could hear the application today, and not make a decision on revoking bail. Judge Henson found there was “an unacceptable risk” Droudis may fail to appear in court as a way of trying to avoid a lengthy jail term if convicted of murder. “I’ve made my decision, I’m afraid,” Judge Henson told Mr Lewis. The court found the “unacceptable risk” Droudis posed could not be mitigated by tight conditions. She will appear in Penrith Court in February. Man Haron Monis and Amirah Droudis. Man Haron Monis and Amirah Droudis. Amirah Droudis is on bail charged with the murder of Man Haron Monis' ex-wife Amirah Droudis is on bail charged with the murder of Man Haron Monis' ex-wife. Picture: Ross Schultz Earlier in the day, Prosecutor John Pickering SC told the state’s Chief Magistrate, Judge Graeme Henson, that “irrespective of her compliance on bail” the magistrate who initially granted bail “may not have [had] a full appreciation of the risk.” Mr Pickering cited videos where Droudis has declared “support at the Bali bombing, or 9/11, or some of her views relating to sexual assault.” He said the videos, combined with the serious murder charge against her, warrant a review of bail. But her solicitor Justin Lewis declared the application “frivolous” and said in the videos could be interpreted as her “reading out, or being a spokesperson on behalf of Monis.” Judge Henson commented that it was clear Monis was “the driving force” in the relationship. The court heard the description of the killer of Noleen Hayson Pal “is extremely closely aligned with the physical appearance of Ms Droudis.” Earlier, he closed the court doors to media as he views a 90 minute video made by Amirah Droudis. As Droudis’ lawyer Justin Lewis described the DPP’s application to revoke bail as “frivolous,” the court made the decision the video could not be watched by media. AFGHANI MURDERERS BIKIE GANG EMERGING IN SYDNEY DAD ‘ATTACKED’ AMBOS TREATING SON’S SEVERED LEGS DPP counsel John Pickering SC told the court “the context of the video” goes to “her willingness to act on Monis’ behalf.” A police statement of facts relating to the murder of Noleen Hayson Pal has been tended to the court, along with the sentencing remarks for Droudis and Monis case involving the sending of letters to the families of killed Australian soldiers. A blind was placed over the clear part of the Downing Centre courtroom door while the footage is being played. Earlier, Droudis was granted a few hours to view tapes made by her, which the DPP are using as evidence her bail should be revoked. Amirah Droudis arrives at the Downing Centre. Picture: Britta Campion Amirah Droudis arrives at the Downing Centre. Picture: Britta Campion Pickering SC said the tape, which does not address last week’s siege, was the “mainly” the reason behind this morning’s bail review application. The court also heard the brief of evidence in her case for the murder of Monis’ ex wife was “nearly complete.” Her lawyer asked for the review to be adjourned to another date, saying they were only told of the application at 10:30pm on Friday, and that she wanted to brief a silk to appear for her. “It’s an impossible situation,” he said. But the state’s chief Magistrate Graeme Henson has instead given Droudis a few hours to look at the evidence. He said the court must not “be overborne by the tragedy of the moment,tragic though it is.” “Justice within the democracy...should be applied justly and fairly to all,” Judge Henson said. A decision was made earlier today by Judge Henson that he would hear the case. “He had more time and capacity to hear the case,” a statement from the Chief Magistrate’s office said. Earlier today Droudis arrived at court ahead of the bail review, lodged following her partner’s fatal siege of the Lindt cafe. Accompanied by an unidentified male, Droudis refused to answer any questions from a large media pack. Last week, Attorney General Brad Hazzard asked the DPP to lodge a review of her bail ahead of a trial for the murder of Noleen Hayson Pal, the ex wife of her partner Man Haron Monis. Mr Hazzard said he wanted to know “whether any aspect of her being on bail has been examined in all detail.” Monis, 50, had been on bail for accessory to Ms Pal’s murder when he took 17 people hostage inside the Lindt cafe last Monday. Cafe manager Tori Johnson and barrister Katrina Dawson were killed, with Monis shot dead after police stormed the cafe just after 2am on Tuesday. Amirah Droudis arrives at the Downing Centre.Picture: Britta Campion Amirah Droudis arrives at the Downing Centre.Picture: Britta Campion The 35 year old kept her head down as she walked into the Downing Centre local court about 9am. Chief Magistrate Judge Graeme Henson will hear this morning’s application. Earlier, Ms Droudis arrived at her Belmore home by taxi just after 8am and left a few minutes later to begin what could have been her last walk as a free woman. Wearing sunglasses and a dark hoodie, Ms Droudis was silent as she walked down the street with a male chaperone towards a silver Camry this morning. Amirah Droudis arrives at the Downing Centre. Picture: Britta Campion Amirah Droudis today. Amirah Droudis today. Picture: Ross Schultz ================ Iran warned Australia about Sydney attacker Man Haron Monis, the gunman behind the 16-hour hostage standoff in Sydney, Australia, resulting in the deaths of two individuals and himself, was well known to Iranian authorities. The self-styled "sheikh," who left Iran for Australia in 1996, had abused Australia’s political system to gain immunity from prosecution in Iran, where he was a wanted man. Summary⎙ Print Sydney hostage-taker Man Haron Monis had long been wanted by Iran for fraud. AuthorArash KaramiPosted December 16, 2014 According to Iran’s Foreign Ministry spokeswoman Marzieh Afkham, “The psychological history and condition of this individual, who for more than two decades was a refugee in Australia, was repeatedly presented to Australian officials.” Afkham did not elaborate, but Haron Monis’ history while in Australia paints a clear picture of him as unstable and a charlatan posing as a religious man. Before changing his name, Haron Monis was Mohammad Hassan Manteghi. As early as 2008, the Australian Shiite community warned federal agents he was an imposter posing as a Shiite ayatollah (in fact, they said there were no ayatollahs in Australia at the time) and no one had ever heard of the two names he was using, "Ayatollah Borujerdi" and "Sheikh Haron." He was, however, in the news at the time for harassing family members of soldiers who died fighting in Afghanistan. Before his conversion to Sunnism to take up the cause of the Islamic State group, Haron Monis had faced a number of legal battles, including numerous charges of sexual assault — under the guise of religious "healer" — and accessory to the murder of his ex-wife in Australia. Fars News Agency reported that Iran had requested via Interpol that Haron Monis be extradited in 1996 for “heavy financial fraud,” but that the request was denied when Haron Monis claimed that he would be persecuted in Iran for his “liberal” views. He was eventually granted political asylum in Australia. A search of Interpol did not bring up anyone by the various names he used, but foreign-based Persian-language Manoto reported that Haron Monis was wanted in a $200,000 fraud case. Islamic Republic News Agency (IRNA) also claimed that Haron Monis had been wanted by Iran. Interestingly, while most Western media outlets published images of Haron Monis dressed in traditional Shiite clerical garb, IRNA's choice shows a man in sunglasses wearing a white jacket over a black shirt with white stripes and white pants. Australian media outlets had long bought into Haron Monis’ branding of himself as “liberal.” In January 2001, Australian Broadcasting Corporation’s Radio National program profiled Haron Monis, before his name change: “While in Sydney, we talk to Ayatollah Manteghi Borujerdi, an Iranian cleric espousing a liberal brand of Islam — dangerously liberal, as his views have led to his wife and two daughters being held hostage in Iran.” The Fars article, headlined, “The con artist who was not returned to Iran under the excuse of ‘political asylum,’” also criticized the Western media for emphasizing his Iranian nationality. Read more: http://www.al-monitor.com/pulse/originals/2014/12/iran-warned-australia-sydney-attacker-unstable-con-artist.html##ixzz3M8YlEWJm ======================= Police storm Sydney cafe to end hostage siege, three dead Mon, Dec 15 16:51 PM EST image 1 of 32 By Lincoln Feast and Colin Packham SYDNEY (Reuters) - Heavily armed Australian police stormed a Sydney cafe early on Tuesday morning and freed a number of hostages being held there at gunpoint, in a dramatic end to a 16-hour siege in which three people including the attacker were killed. Police have not publicly identified the gunman but a police source named him as Man Haron Monis, an Iranian refugee and self-styled sheikh known for sending hate mail to the families of Australian soldiers killed in Afghanistan and who was charged last year with being an accessory to the murder of his ex-wife. During the siege at the Lindt cafe in Sydney's central business district, hostages had been forced to display an Islamic flag, igniting fears of a jihadist attack. Heavy gunfire and blasts from stun grenades filled the air shortly after 2 a.m. local time (10.00 a.m. ET on Monday). Moments earlier, at least six people believed to have been held captive managed to flee after gunshots were heard coming from the cafe, and police said they made their move in response. "They made the call because they believed at that time if they didn't enter there would have been many more lives lost," said Andrew Scipione, police commissioner for the state of New South Wales. An investigation would determine whether hostages were killed by the gunman or died in cross-fire, Scipione told reporters just before dawn. Police said a 50-year-old man, believed to be the attacker, was killed. A man aged 34 and a 38-year-old woman were also dead, police said. Four other hostages were wounded. So far 17 hostages have been accounted for, including at least five others who were released or escaped on Monday. "To the people of Sydney, this was an isolated incident ... Do not let this sort of incident bring about any loss of confidence of working or visiting our city. It was the act of an individual," said Scipione. Leaders from around the world had expressed their concern over the siege, including Stephen Harper, the prime minister of Canada, which suffered an attack on its parliament by a suspected jihadist sympathizer in October. Medics tried to resuscitate at least one person after the raid and took away several wounded people on stretchers, said a Reuters witness at the scene. Bomb squad members moved in to search for explosives, but none were found. Television pictures showed the attacker appeared to have been armed with a sawn-off shotgun. Monis was found guilty in 2012 of sending offensive and threatening letters to families of eight Australian soldiers killed in Afghanistan, as a protest against Australia's involvement in the conflict, according to local media reports. He was also facing more than 40 charges of sexual assault. A U.S. security official said the U.S. government was being advised by Australia that there was no sign at this stage that the gunman was connected to known terrorist organizations. Although the hostage taker was known to the authorities, security experts said preventing attacks by people acting alone could be difficult. ​The Sydney siege underscores the dangers of "lone wolf terrorism", said Cornell University law professor Jens David Ohlin, speaking in New York. "There are two areas of concern. The first is ISIS (Islamic State) fighters with foreign passports who return to their home countries to commit acts of terrorism," he said. "The second is ISIS sympathizers radicalised on the Internet who take it upon themselves to commit terrorist attacks to fulfill their radical ideology. We are entering a new phase of terrorism that is far more dangerous and more difficult to defeat than al Qaeda ever was." ON ALERT Australia, a staunch ally of the United States and its escalating action against Islamic State in Syria and Iraq, has been on high alert for attacks by home-grown militants returning from fighting in the Middle East or their supporters. News footage showed hostages holding up a black and white flag displaying the Shahada, a testament to the faith of Muslims. The flag has been popular among Sunni Islamist militant groups such as Islamic State and al Qaeda. The incident forced the evacuation of nearby buildings and sent shockwaves around a country where many people were turning their attention to the Christmas holiday after earlier security scares. In September, anti-terrorism police said they had thwarted an imminent threat to behead a random member of the public and days later, a teenager in the city of Melbourne was shot dead after attacking two anti-terrorism officers with a knife. The siege cafe is in Martin Place, a pedestrian strip popular with workers on a lunch break, which was revealed as a potential location for the thwarted beheading. In the biggest security operation in Sydney since a bombing at the Hilton Hotel killed two people in 1978, major banks closed their offices in the central business district and people were told to avoid the area. Muslim leaders urged calm. The Australian National Imams Council condemned "this criminal act unequivocally" in a joint statement with the Grand Mufti of Australia. (Additional reporting by Jane Wardell, Matt Siegel, Swati Pandey, Wayne Cole and Jason Reed in Sydney and Mark Hosenball in Washington; Writing by Mike Collett-White and Dean Yates; Editing by Mark Bendeich) ============================ Hostages held in Sydney cafe, Islamic flag seen in window: local TV Sun, Dec 14 19:25 PM EST SYDNEY (Reuters) - Hostages were being held inside a central Sydney cafe where a black flag with white Arabic writing could be seen in the window, local television showed on Monday, raising fears of an attack linked to Islamic militants. Australia, which is backing the United States and its escalating action against Islamic State in Syria and Iraq, is on high alert for attacks by radicalized Muslims or by home-grown fighters returning from fighting in the Middle East. Part of Martin Place, home to the Reserve Bank of Australia, commercial banks and close to the New South Wales (NSW) state parliament, was closed off by armed police. Live television footage showed patrons inside a cafe standing with their hands pressed against the windows. A black and white flag similar to those used by Islamic State militants in Iraq and Syria was also visible. NSW Police tweeted: "A police operation is underway in Martin Place, Sydney's CBD. People are advised to avoid the area." Dozens of police including a SWAT team were setting up and a couple of hundred people were being held back by cordons. Trains and buses were stopped and roads were blocked in the area, with train operators saying there had been a bomb threat at Martin Place. (Reporting by Lincoln Feast and Matt Siegel; Editing by Paul Tait and Dean Yates) =============== Islamist militants take hostages in Sydney cafe, display black jihadist flag Published time: December 15, 2014 00:19 Edited time: December 15, 2014 01:15 Get short URL A screenshot from live feed by Channel 7 A screenshot from live feed by Channel 7 Australia, Iraq, Military, Police, Syria, Terrorism, Violence A police operation is underway at a café in the Australian city of Sydney, where hostages are being held by unknown attackers and a black jihadist flag can be seen. It comes amid Australia’s backing of the US-led operation against the Islamic State. At least 13 hostages are believed to be held inside the café. There was no immediate confirmation of the exact number of assailants. The gunmen’s attack, which took place in Sydney’s central business district, forced nearby buildings in Martin Place – including the Reserve Bank of Australia – to go on lockdown. “A police operation is underway in Martin Place, Sydney’s CBD. People are advised to avoid the area,” New South Wales (NSW) police tweeted. Meanwhile, live TV footage showed people standing inside a café with their hands pressed against the windows. At least one of the attackers was caught on camera wearing a traditional Islamic cap. The hostages were forced to hold a black flag with an Arabic inscription, prompting fears that ruthless Islamic State (IS, formerly ISIS/ISIL) militants were behind the attack. Dozens of police, including a SWAT team, were dispatched to the scene, and a couple hundred people were held back by cordons amid the evacuation of nearby buildings. The flag – which appeared different from the one typically used by ISIS – was identified as the shahada, or the statement of Islamic faith. The shahada itself contains religious inscription “There is no god but the God, Muhammad is the messenger of the God.” However, it has been used by various jihadi groups over the years. Australian Prime Minister Tony Abbott called the situation “deeply concerning,” adding that everything is being done to respond to the incident. “This is obviously a deeply concerning incident but all Australians should be reassured that our law enforcement and security agencies are well trained and equipped and are responding in a thorough and professional manner,” Abbott said in a statement. He added that the National Security Committee of Cabinet is currently being briefed on the situation. The prime minister has spoken to NSW Premier Mike Baird, offering him all possible Commonwealth support and assistance. DETAILS TO FOLLOW =================