We are also concerned that stamp duty relief cuts out at $250,000 when the median house price in Adelaide is exactly that according to the latest statistics,” says REISA President, Robin Turner. He says REISA is not happy that the maximum concession applies for a property of $150,000 – $100,000 less than the current median price.
The conveyancing also, this amount is not subject to annual review so if property prices continue to rise, first homebuyers will be left out in the cold again.” More growth in the property market is something the State Government has taken into account, at least in its revenue estimates for 2003-04, revising them upwards to reflect “continuing strength in the property market impacting on stamp duty and land tax receipts.
REISA would have liked to see full stamp duty exemptions for first homebuyers up to the current median house price, with phased exemptions applying for property over $250,000. In its budget the state government also made a token gesture on Land Tax, introducing instalment and credit card payment options while the budget predicts “a $64 million increase in land tax receipts reflecting increases in site values”, bringing land tax receipts up to around $269m for 2004-05.
PARSIPPANY, NJ-Cadbury Schweppes has subleased 136,000 sf of office space at Morris Corporate Center IV here, GlobeSt.com has learned. The British-based soft drink maker will move its North American headquarters here from multiple locations in the tri-state area, notably Stamford, CT and Rye Brook, NY.
The deal was arranged for the sublandlord, pharma giant Sanofi-Aventis, by Daniel J. Loughlin and Thomas J. Stanton III, managing principals in the New Jersey office of the Staubach Co., Murray Hill. SJP Properties, based here, owns Morris Corporate Center IV, a 700,000-sf, 35-acre complex built in two phases.
The initial 350,000-sf first phase was built in 1999 and fully leased to what was then Aventis Pharma. That company was acquired last year with the backing of the French government by smaller rival Sanofi-Synthelabo, and the renamed Sanofi-Aventis opted for another Aventis location in Bridgewater, NJ as its North American HQ.