institution

Victoria 

Australand Sells Out of $300 Million Housing Estate in Melbourne’s North

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EVOLVE Development has quietly taken control of a $300 million housing estate in Melbourne’s outer north.
 
The boutique builder, co-owned by outgoing Fairfax Media chairman Ron Walker and business identity Ashley Williams, is believed to have paid Australand about $35 million for the 60 hectare parcel of land at the suburb border of Wollert and the precinct known as Epping North, about 23 kilometres from town.
 
To be branded Summerhill, the residential project will be the first land subdivision project for the six-year old Evolve, which has traditionally developed trendy apartment complexes in inner-city areas, like Carlton, North Melbourne and Prahran. 

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990 Whitehorse Road, Box Hill
Victoria 

ING Offloads ATO Box Hill Office For $43.8 Million

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990 Whitehorse Road, Box HillTHE ING Office Fund has sold a suburban office in Melbourne for $43.8 million, reflecting a high yield of 10 per cent.

The 990 Whitehorse Road office in the eastern suburb of Box Hill is fully occuped by the Australian Taxation Office for whom it was purpose built. The ATO’s lease  at the 21,235 square metre multi-level building expires in 2014.

Views currently enjoyed by the building’s tenants over the Box Hill railway line may soon be lost if a proposed 38-level mixed use tower, mooted for a car park site at the corner of Station and Carrington streets in behind the Centro Box Hill shopping centre, proceeds.

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Victoria 

Charter Hall Sells Interest in Abbotsford Portfolio For $18.3 Million

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CHARTER HALL has sold its half share interest in a portfolio of ten inner-city investment properties, with redevelopment potential.
 
Charter Hall will sell its share in the “Fosters Abbotsford” portfolio to its consortium partner for the investment, the Wyllie Group. The $18.3 million sale price reflects a yield of about 8.15 per cent for Wyllie, and a 9 per cent discount to the Charter Hall December 2008 independent book value.

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Victoria 

Goodman Group Offloads Rowville Business Park For $22 Million

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THE GOODMAN Group has offloaded the Regal Business Park in Melbourne’s south-east, for about $22 million.

The 23-hectare site in Rowville, some 25 kilometres from Melbourne, was sold on a yield of 10 per cent, reflecting recent research suggesting the capital value of industrial suburban property has decreased over the last couple of years of between 15 and 20 per cent.

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Victoria 

New $300 Million Public Housing Focussed Estate, For Carlton

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Two of Australia’s major property groups have entered into a joint venture to deliver the largest and most environmentally sustainable public housing redevelopment in Victoria.

The Australand and St Hilliers consortium is the Victorian Government’s preferred choice to deliver the multi-million dollar redevelopment of public housing in Carlton.

St Hilliers is both an equity participant in the development as well as the preferred contractor. Citta Property Group will jointly manage the redevelopment of the project with Australand. The consortium is expected to finalise all development documentation by the end of July.

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Victoria 

Investa to Sell Wool House, Parkville, For $22 Million

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UNLISTED property giant Investa is understood to be close to selling its “Wool House” office building at 369 Royal Parade, opposite the Princess Park football oval.
 
Sources say an Asian based private investor is in advanced negotiations to buy the B-grade, 11-level building on the south-west corner of Walker Street, for about $22 million, less than the $26.6 million Investa paid for the asset in September 2006.
 
The same buyer is understood to be looking at another suburban office owned by Investa, but this could not be confirmed.

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Victoria 

Lend Lease Appointed to Develop Melbourne’s $870 Million Fruit, Vegetable and Flower Market, Epping

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LEND Lease has been named as preferred builder, to develop Melbourne’s wholesale fruit, vegetable and flower market in Epping.

Victorian Major Project Minister Tim Pallas made the announcement today, saying the $870 million project will create about 600 jobs.

The move will also give the government a swag of inner-city land parcels to consider selling, or developing. Much of the land is located in Melbourne’s inner-west, between the Docklands precinct and Footscray.

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Victoria 

Caydon Pays Mirvac $12 Million For Hawthorn Super Site Overlooking Glenferrie Oval

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COLLINGWOOD-based developer Caydon is the mystery buyer to pay more than $12 million for a major Hawthorn development site, overlooking the Glenferrie Oval.
 
The collection of properties was offloaded by Mirvac, which had quietly spent several years amalgamating adjoining warehouses and offices between 291 and 311 Burwood Road, to create the 5,000 square metre super site.
 
Soon before listing the property for sale in August, the Victorian Civil and Administrative Tribunal granted Mirvac a permit to build a $120 million, 5-level office which at 18,800 square metres, would have been one of the biggest in the suburb. 

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Victoria 

Mirvac Sells Assets in Doncaster, Maitland, For $27.4 Million

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MIRVAC Real Estate Investment Trust has sold two investments for a combined total of $27.4 million.

In Melbourne, the group offloaded the Doncaster Corporate Centre at 591 – 609 Doncaster Road for $17.3 million. The sale includes a purpose built Silverstone Jaguar showroom and three office buildings. CB Richard Ellis was marketing agent for this property.

Mirvac also sold the Pender Place Shopping Centre in the NSW Hunter Valley town of Maitland for $10.1 million – about the same price it was purchased for in 2007.

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Toorak Park, Armadale
Victoria 

Lend Lease, Frank Hargrave, to Develop Major Residential Village on SKM Site, Overlooking Toorak Park

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Toorak Park, ArmadaleLEND Lease will team with the founder and former CEO of Skilled Engineering, Frank Hargrave AO, to develop a major residential village abutting Toorak Park, in Melbourne’s ritzy south-eastern suburb of Armadale.
 
Lend Lease confirmed it entered a joint venture to redevelop the 2.5 hectare office site at 590 Orrong Road with Mr Hargrave’s Larkfield Holdings Pty Ltd, the owner of the land.
 
The site is bordered by Orrong Road, Osment Street and the northern boundaries of Victory Square Reserve and Toorak Park. It abuts the Toorak train station to the east, and a pedestrian bridge to the small Beatty Avenue retail strip.

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Victoria 

Trafalgar to Sell Rhodes Site, Sydney, For $19.5 Million, Subject to FIRB Approval

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Listed property investment and development group Trafalgar Corporate Group (ASX:TGP), today announced that the TGP/Brookfield Multiplex Rhodes joint venture partners have entered into contracts for the sale of Lot 103, a waterfront lot at its shoreline residential development project for $19.5 million. The sale is subject to Foreign Investment Review Board approval.

Trafalgar’s CEO Braith Williams said “The sale continues our previously stated objective of progressively withdrawing from property development activities by 30 June 2010. The conditional sale is scheduled to settle in December 2009 and proceeds will be used to repay project debt.

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Victoria 

Becton to Make Loss From Sale of Wang House, Melbourne

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BECTON can expect to make about $27 million from the sale of the former Wang House office building, at 45 William Street in the CBD, which it listed for sale this week.
 
The 14-level, 9010 square metre office, on the north-west corner of Flinders Lane, is 86 per cent occupied. Based on the building’s potential fully let annual income of $2.4 million, the building is expected to sell on a yield of between 8.5 and 9 per cent.

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Victoria 

Mirvac to Sell Former National Foods Headquarters, Mulgrave

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MIRVAC is understood to be close to selling a suburban office building for about $7.75 million.
 
Sources say the Sydney-based developer, which last week announced a $1.08 billion loss for the year to June, is in negotiations to sell the former National Foods headquarters in Mulgrave to an investor.
 
The 2,600 square metre A-grade office at 30 – 32 Compark Circuit, near the busy intersection of Springvale and Wellington roads, has only recently been re-let to biotechnology tools company Life Technologies which formed last year when Mt Waverley-based Invitrogen Corporation and Scoresby-based Applied Biosystems amalgamated.

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Highpoint SC
Victoria 

GPT Pays $206.3 Million For Share of Highpoint Shopping Centre

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Highpoint SCThe GPT Group has paid $206.3 million for a one sixth interest in the massive Highpoint Shopping Centre, and adjacent Maribyrnong Homemaker Centre in Melbourne’s north-west.

Following a $1.7 billion equity raising in May, GPT will pay private Melbourne investors the Besen family $197.5 million for its interest in the centre, reflecting a very low 6 per cent capitalisation. Another $8.8 million is attributed to interest.

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Victoria 

Wesfarmers-owned OAMPS, Irwinconsult Fill New Becton East Melbourne Office

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WESFARMERS owned insurance and financial services provider OAMPS has leased the last chunk of office space, in a distinctive new Becton building opposite the Treasury Gardens on the city’s eastern fringe.
 
OAMPS will lease 2,568 square metres of high end office space at 289 Wellington Parade South, in East Melbourne, relocating from an office at 176 Wellington Parade nearby.
 
Engineering consulting firm Irwinconsult has leased 1,868 square metres and will relocate from Southbank.

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Victoria 

Colonial First State to Reap $59 Million From 215 Spring Street Sale

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COLONIAL First State will reap $59 million from the sale of its 215 Spring Street office building, once the headquarters of professional services giant PricewaterhouseCoopers.
 
Private investor and developer the Knowles Group has purchased the 22-year old, 9-level building which has three street frontages and is opposite a Parliament train station entrance, and the Parliament Gardens.
 
CFS, via a previous Commonwealth Bank association, paid $42 million for the 15,549 square metre office in March 2000.

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Victoria 

Orchard to Pocket $54 Million From 350 Collins Street Sale

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Orchard Funds Management is believed to be close to selling its B-grade Collins Street office building for $54 million.
 
The Citibank Centre, at 350 Collins Street, is a 50-year old, 15-level building with 17,800 square metres of office space, 96 per cent of which is occupied.
 
The building returns about $5.4 million in annual rent, and at a sale price of $54 million, would trade on a yield of 10 per cent.

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Victoria 

Lend Lease Delivers Strong Half Year Profit Result Amid Tough Market Conditions

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Lend Lease delivers strong half year profit result amid tough market conditions    

* Statutory Profit After Tax up 49% to A$259.6m
* EPS on Operating Profit up 60% to 65.5 cents
* Net Operating Profit After Tax up 61% to A$262.8m  Interim dividend up 23% to 43 cents a share

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