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ATO Moves to Sell Distinctive Unfinished Perth Mansion

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Tuesday, 24 July 2012 00:18

THE distinctive half-built Perth mansion dubbed by locals as the ‘Taj on Swan’ is a step closer to being sold after the Australian Taxation Office moved proceedings in the Federal Court.

The half built home (pictured above at various stages of construction) on the corner of Bay View Terrace and Keane Street in Peppermint Grove is expected to fetch between $15 million and $18 million, according to sources.

It’s been reported the domed structure was costing $70 million to construct, and upon completion would be one of the most expensive properties in Australia.

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Lend Lease, Examplar to Build $2 Billion Sunshine Coast University Hospital

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Wednesday, 18 July 2012 16:00

LEND Lease and a consortium known as Exemplar Health have been appointed to build a $2 billion tertiary hospital at Kawana in the Sunshine Coast in Queensland.

The Sunshine Coast University Hospital (artist impression, right) will include 738 beds with the first stage due for completion in late 2016.

A statement released by Lend Lease this afternoon is copied below:

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Federal Government Unveils $400 Million Quarantine Facility, Mickleham, Melbourne

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Wednesday, 18 July 2012 05:40

THE federal government this week unveiled plans for a $400 million quarantine facility in Melbourne’s north.

The project for a site in Donnybrook Road was foreshadowed by The Age in May after the Gillard government paid the joint venture owners, developers AMP Capital and Folkestone, about $40 million for the 144 hectare parcel - marked as Stage 1 in the image, right.

The land had previously been earmarked for an industrial and business park.

To be developed by the Department of Agriculture, Fisheries and Forestry, the Mickleham facility will hold imported animals – from cats and dogs to alpacas – as well as plants.

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Forza Capital Pays $20.6 Million For Carlton Office

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Wednesday, 18 July 2012 06:00

FORZA Capital, the new investment vehicle created by breakaway Drapac senior directors Ashley Wain and Adam Murchie  have made another commercial property play – paying $20.6 million for a low-rise office with redevelopment potential adjacent to the Exhibition Gardens and Melbourne Museum.

The five-level office (pictured, right) with 175 basement car parks at 15-31 Pelham Street in Carlton, near the CBD border, returns $1.74 million in annual rent and sold on a yield of 8.4 per cent.

Much of the asset’s value lies in its development potential – with the 3772 square metre block able to accommodate three or more major towers down the track.  Carlton accommodates some of Melbourne’s most dense accommodation, configured as studios, or student accommodation.  In 2010 local developer Grocon proposed a 280-metre, 89-level tower with 800 flats for a nearby Carlton site. It developed Victoria’s tallest skyscraper – the 297-metre 90-level Eureka Tower in Southbank, with 556 flats.

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St Kilda's Former George Cinema For Sale

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Wednesday, 18 July 2012 06:30

THE space where iconic St Kilda cinema The George thrived in the 1990s, before struggling financially in the earlier part of this century and then closing, is for sale.

Still known locally as The George Cinemas despite the site re-opening (for two weeks) as Cinema Aurora in 2010, the 1142 square metre space over two levels includes a multi-level car park, and liquor licence. It also includes a newly fitted candy bar and foyer.

Being sold with vacant possession, the space has the potential to earn about $400,000 in annual rent, according to the selling agent Chris Muller, of Wilson Port Phillip who is expecting interest from owner occupiers and investors. The former cinema is expected to fetch about $2.75 million.

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Outgoing Foxtel Studios For Lease, South Melbourne

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Wednesday, 18 July 2012 05:55

ANOTHER media company is shuffling its Melbourne offices.

This time in the city fringe, Foxtel is leaving its 10-year home at 47 City Road, Southbank and relocating to part of the former Channel Seven headquarters at the north-west corner of Dodds and Dorcas streets in South Melbourne.

Channel Seven, like rival Nine, have relocated many production functions to Docklands. Its former Dorcas Street headquarters is being part being developed as an apartment village.

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Former Mooroolbark Primary School, Melbourne, Sold to Developers

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Wednesday, 18 July 2012 04:30

DEVELOPER Three Pillars has bought another disused education facility in Melbourne’s outer east.

This time, in Mooroolbark, the builder has paid the Department of Education and Early Childhood Development $4.6 million for a 1.9 hectare former school, expected to be replaced with a new housing estate.

The former Mooroolbark Primary School at 1-5 Central Avenue, about 31 kilometres from town, was listed for sale by Jones Lang LaSalle’s Dominic Gibson and Matthieu Lucas. The state government, which listed the school for sale last November, accepted a long seven month settlement.

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