Prominent Fitzroy Site Set to Become Major Mixed Use Village, Melbourne

A SUPERSIZED block in bohemian Fitzroy is expected to make way for an $80 million-plus mixed use development after selling off-market to a developer.

On the north-east corner of Johnston and Gore streets, the 2122 square metre site sold for more than $8 million reflecting a land rate per square of some $4000.

Close to the corner of the Smith Street retail strip the former warehouse at 239-247 Johnston Street have been occupied in recent years by retail users including homewares and replica furniture store, The Dogs Breakfast Trading Company.

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International Entertainment Giant Told to Sell Prominent Former Moonee Ponds Market Site, Melbourne

MOONEE Valley City Council has demanded international entertainment giant Reading Cinema sell a prime piece of Moonee Ponds land after it “wasted a one in 100 year building boom”.

The former Moonee Ponds Market in Hall Street, now an open air car park, was permitted in the mid-1990s to become a major $40 million cinema-based complex and shopping centre. So big was the proposal, rival Hoyts which manages cinemas at the nearby Highpoint Shopping Centre, challenged in court to halt the development.

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FKP Opens Up Prominent Melbourne CBD Corner

QUEENSLAND born, Sydney based property developer and investor FKP has opened up the ground retail level of a CBD office building occupying the prominent south-west corner of Lonsdale Street and Hardware Lane.

After being used as a non-retail break-out area by students at Taylors College for years, the 280 square metre space, formerly identified in the street by its dark tinted window-film, has been sub-leased to a unique new business which hopes to make an impact on Hardware Lane, considered one of the city’s highest character strips.

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Victorian State Government Reaps $16 Million From Education Sites

AS TEACHERS and the cashed-up education unions bully for more pay, the cash-strapped Baillieu government has been forced to sell two prime assets including the landmark former Kangan TAFE in Gwynne Street Richmond, expected to one day make way for a  $200-million plus mixed use village.

In a busy week for school sales and listings, the state has reaped $9.25 million for the 7637 square metre inner-east site which will cease operating as a Kangan next March.

The Business 1 zoned property (aerial pic, right) is heralded as the largest commercial development site to sell in Melbourne this year measured by value – but it’s estimated the property could have been worth more than $20 million should it have sold with a more flexible zoning allowing for residential redevelopment.

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Outgoing Foxtel Studios For Lease, South Melbourne

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

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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St Kilda’s Former George Cinema For Sale

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

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

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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