Victoria

A MAJOR residential development site near central Wallan has sold to Sydney-based property group, Oracle Estates, for a speculated $14 million.

The 40.3 hectare former farm extends from the north-west corner of Rowes and Taylors lanes, through to a new housing estate which is also accessed by Taylors Lane, and the Northern Highway.

The property is about two kilometres from the Hume Freeway, a proposed major retail centre and the Wallan train station.

CHAPEL 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.

FUND 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.

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.