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Chapel Street's Conways Building Sells for $12.8 Million

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Tuesday, 31 August 2010 00:00

Conways BuildingCHAPEL Street’s historic Conways Building sold at auction on Thursday for $12.8 million.

On a 1000 square metre site, the 2372 square metre Prahran building is configured as four ground floor retail shops, and ten upper floor commercial studios.

On a fully let basis, the property could rent for $775,000 per annum, meaning the asset sold on a 6 per cent market yield.

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Zig Inge Outmuscles Developers For Prime South Yarra Office

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Monday, 30 August 2010 00:34

199 Toorak RoadFUND manager and developer Zig Inge Group is believed to have paid close to $18 million for a rundown but spectacularly located office investment at 199 Toorak Road in South Yarra.

The blue, glass, four-level building with ground floor shops is at the north-east corner of Claremont Street and will be renovated, and slotted into Zig Inge Group’s Core Plus Portfolio.

Zig Inge, which built its business developing retirement villages, outmuscled several high-rise residential developers for the 199 Toorak Road site, which measures 1689 square metres.

An adjoining site at 2 – 4 Claremont Street, measuring 908 metres was listed for sale with 199 Toorak Road, but after failing to attract interest as a whole – was sold separately after auction for a speculated $6.5 million.

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Ashburton Post Office Set to be Redeveloped Into Apartments

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Monday, 30 August 2010 00:00

ANOTHER suburban post office is being redeveloped into flats.

This time, in Melbourne’s east, the former Ashburton Post Office at 218 High Street will be replaced with a four-level apartment building.

One bedroom units start at $349,950 – or about the same price as a house on land in the suburb in the late 1990s.

Castran Gilbert selling agents Michael Lang and David Howard say the apartments include reverse cycle heating and cooling, and full security basement car accommodation with direct lift access.

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