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Developer Buys Nunawading Brickworks Site For $21.7 Million

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Friday, 08 November 2013 07:21

A 4.9 hectare Nunawading supersite known as the former Daniel Robertson Brickworks property, has sold to residential builder AusGroup Property and Development for $21.7 million.

The property at 56-74 Station Street, privately owned by the Robertson family since 1928, is at the western edge of Nunawading’s light industrial precinct – close to Mount Pleasant Road, a quiet residential street.

The largely vacant former brickwoks site is also opposite a Nunawading train station car park about 19 kilometres east of the CBD. The land is expected to make way for a townhouses and apartment project with an end value of more than $200 million.



Richmond Office Building Sells For $24.25 Million

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Wednesday, 18 September 2013 23:13

Melbourne developer George Saade has sold a near-new five-level office building at 543 Bridge Road, Richmond, for $24.25 million.

The 4668 square metre office, developed in 2008, was fully leased and returning $1.85 million in annual rent. On that basis it sold on a yield of 7.6 per cent.

The black glass office is leased to seven tenants including ANZ, Kathmandu, Avant Insurance and Elite Sports Properties.


DKLS Sells 472 Bourke Street, Melbourne, For $15 Million

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Monday, 09 September 2013 23:14

DKLS today announced to the Malaysia stock exchange the $15 million disposal of a Melbourne CBD asset.

The Equity Chambers building at 472 Bourke Street was developed on the site of Melbourne's first synagogue.

DKLS bought the asset as an investment, letting a lucrative redevelopment permit lapse, despite contracts of sale being in place for many of the hundreds of proposed apartments.

The 5228 square metre, six-level office building with a large car park occupies a 1162 square metre block. Savills Clinton Baxter and Nick Peden were the marketing agents.


Victoria University Sells 300 Flinders Street For $48.5 Million

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Monday, 09 September 2013 14:46

Victoria University has sold a vertical campus – effectively an office space - at 300 Flinders Street, Melbourne for $48.5 million – some 10 per cent more than the asset was expected to sell for when it hit the market in July.

A Singaporean investment group has purchased the 12-level building which has limited development potential given the university recently sub-divided and sold-off the lower-level car park component.

Airspace above the building, however, which would capture postcard views over the Banana Alley Vaults and Yarra River, to Port Phillip Bay, could be developed down the track.


FKP Sells 399 Lonsdale Street For $31.5 Million

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Monday, 09 September 2013 15:02

AN ASIA-based investor has paid $31.5 million for Taylors House at 399 Lonsdale Street, Melbourne.

The off-market deal – which follows several public campaigns over the past couple of years – allows Sydney-based developer FKP to finally dispose the asset which it bought for $30.2 million in 2006.

The 10-level, 10,000 square metre office with basement car parking is leased to Taylors Institute of Advanced Studies until the end of next year.


Hiap Hoe Pays $105 Million For 206 Bourke Street, Melbourne

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Friday, 06 September 2013 00:17

SINGAPOREAN developer Hiap Hoe has made purchased its third major Melbourne asset in two months – forking out $105 million for a refurbished shopping centre and office building with redevelopment potential at 206 Bourke Street.

The 11,922 square metre complex on a 3144 square metre block has the capacity to earn $8.1 million in annual rent.

Occupied until 1983 by Walton’s Department store, 206 Bourke Street was developed in 1986 by Village Theatres into a five-level cinema complex. Filling the huge basement of that complex was a challenge for the developer who refurbished the space less than ten years ago.

Much of the asset’s value lies in the right to develop airspace – in the short term via an established rooftop bar, but in the medium or longer term, with at least one apartment complex.


Hiap Hoe Pays $43.8 Million For Second Melbourne Development Site

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Thursday, 05 September 2013 08:22

SINGAPORE developer Hiap Hoe has made its second foray into the Melbourne market paying $43.8 million for a low-rise car park with a valuable permit for a 46-level, 627 unit apartment complex.

The 3165 square metre site at 380 Lonsdale Street, near the corner of Elizabeth Street, was reported in an announcement to the Singapore Stock Exchange.

Hiap Hoe executive director Teo Ho Beng was reporting as saying in The Australian's Primespace section, that it was attracted to the Lonsdale Street site given its proximity to the $1 billion Emportium shopping centre nearby. It is expected to start building the permitted new project within 12-24 months.

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