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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.


Villa World Sells Stake in Eynesbury Estate, Melbourne, For $60 Million

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Wednesday, 21 August 2013 15:02

ASX listed developer Villa World has sold its interest in a major western suburb housing estate for $60 million.

An as yet undisclosed international consortium has bought the asset which includes undeveloped land as well as the (as yet incomplete) Eynesbury golf course  and business. The consortium will co-develop the boutique western suburb estate with Villa World.

Eynesbury blocks have been released to the market in stages over the past few years. The farm on which it is being developed was once owned by the wealthy Baillieu family. Near Melton, the Eynesbury estate is being developed around a historic homestead and will include several green spaces.


Charter Hall Sells Sydney's 400 Kent Street Sells For $58 Million

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Saturday, 10 August 2013 07:37

AN UNLISTED Charter Hall fund has sold a Sydney CBD office building for a reported $58 million.

Credit Suisse Asset Management has purchased the B-grade, 13-storey, 10,460 square metre tower at 400 Kent Street, most of which is leased to the Central Queensland University. Constructed in 1992, the building includes 11 car parks.

According to marketing agency CBRE, the deal was struck on a 7.85 per cent yield. The agents were Michael Andrews, Joshua Cullen and Rohan Ramsay.


Blocks in Exmouth Marina Village Relisted at Substantial Discount

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Friday, 09 August 2013 06:36


BLOCKS of land, part of the stalled Exmouth Marina Village in Western Australia, have come back onto the market after the developer went into receivership.

The 60 blocks for sale in the multi-million canal development, which was touted could become a seaside playground for residents in the Pilbara, nearby, have been substantially discounted.

Eleven of the blocks are for multi-residential developments like blocks of flats. The balance are residential lots, many waterfront.

A portion of Exmouth Marina Village is occupied by the Novotel Ningaloo Resort.


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