Former Transformers Nightclub For Sale, Bentleigh

THE private syndicate that repositioned Bentleigh’s Transformers nightclub into a profitable mixed-use complex, is selling up.

At the Moorabbin Junction, on the north-east corner of the Nepean Highway and South Road, the five-level building includes 346 car park bays, and almost 12,000 square metres of office and retail space, leased to a variety of tenants.

The vendors paid $28 million for the building in June 2006, re-committing government tenant Centrelink to about 6000 square metres, and filling the balance of vacant space. Previous tenants in the building included the Nepean Hotel and Wax Nightclub.

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Australian Education Union Spends $16 Million on Neighbouring Abbotsford Office

THE Victorian Branch of the Australian Education Union, presided by Mary Bluett, may need to rely on fee revenue from government educators to pay off a spectacularly located office building it has purchased on the banks of the Yarra River in Abbotsford – next door to its current HQ.

The AEU’s off-market acquisition comes three years after the Association of Independent Schools of Victoria paid about $6 million for a massive art-deco office complex in Rosslyn Street, West Melbourne, and some two years since the National Union of Workers paid almost $7 million for a Bourke Street, Docklands head office.

The AEU is headquartered at a large building at 112 Trenerry Crescent, and rents out surplus office space. That building could be extended, and the site has redevelopment potential, sources say.

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Melbourne School of Theology Pays $8 Million For Prominent Nutrimetics Office, Wantirna

EVEN non-believers visiting the new Bible College of Victoria headquarters in Wantirna, may find themselves praying Melbourne drivers don’t veer off the highway, and into the building.

The Melbourne School of Theology, which is the new name for the Bible College, has paid a speculated $8 million to owner-occupy the prominent 1.94 hectare suburban office which was for a long-time pink, and the headquarters of cosmetic company Nutrimetics, which was acquired by Tupperware in 2006, then relocated to Ferntree Gully.

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Ettamogah Entertainment to Sell Brighton Headquarters

THE developer that has kept Melbourne’s heritage enthusiasts on edge for a year has quietly listed its Brighton headquarters for sale.

Ettamogah Entertainment, which went into voluntary administration last November, is directed by Leigh O’Brien, whose development company, L&D O’Brien Holdings, paid $12 million in 2009 for the prominent 1 Bay Street Brighton mansion once owned by Olympian turned Gold Coast Mayor Ron Clarke.

L&D planned to replace the 1933 square metre site with a high-end apartment complex, after the Victorian Civil and Administrative Tribunal approved the historic six-bedroom home on the site (pictured) be demolished.

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Council Adjusts to Being Landlord Snaring APT as Tenant

FIVE months after paying ING a speculated $22 million for the prominent Cheltenham office it was renting (pictured), the City of Kingston council has snared one of Australia’s biggest tour providers as a tenant.

Australian Pacific Touring – more commonly known as APT – has quit its 36-year headquarters at Hampton Street, Hampton, and will move to the 1230 Nepean Highway office known for years as the Fujitsu building.

APT, which established locally in 1920, will lease 3200 square metres of B-grade offices space, paying a speculated $200 per square metre, per annum in rent.

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Forza Capital Pays $14 Million for Cheltenham Office, Melbourne

ONE of Melbourne’s bigger mid-suburban office sales this year has quietly taken place in Cheltenham.

Property investment group Forza Capital has paid private developer Glenuc $14 million for 294 Bay Road, which includes a new 4,772 office building, and 4900 square metre adjoining development site.

The office is leased to service provider iSelect and will initially accommodate 320 of its employees. iSelect has an option to occupy a 10,000 square metre office earmarked for the vacant block.

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Lonely Planet Global Headquarters on the Market, Melbourne

TRILOGY Funds Management is expecting about $17 million from the sale of a riverside office asset occupied as the global headquarters of travel publisher Lonely Planet.

The prime located site at 90 Maribyrnong Street includes a 7293 square metre office, 86 car spaces, and will be sold with a new six year lease to Lonely Planet, which pays a current annual rent of $1.53 million.

Lonely Planet relocated to the converted Footscray building in 2000, from Hawthorn.

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Colonial Sells Richmond Office For $18.35 Million

INTERESTS associated with Perth based Property Bank Australia and Security Capital Corporation have paid $18.35 million for a 5122 square metre office building in Richmond.

Building 8 of 658 Church Street was offloaded by Colonial First State Global Asset Management. The asset is fully leased to DDB and Optus (trading as Uecomm).

Based on the annual net rent of $1.637 million, the asset sold on a yield of 8.9 per cent.

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Former AFL House Office, East Melbourne, Sells For $9.65 Million

AN East Melbourne office built for, and occupied by the VFL/AFL sports code has sold for $9.65 million.

The five-level, 2759 square metre office at 120 Jolimont Road sold before a crowd of about 60 people to a private investor.

Based on the potential annual rent of $727,000, the office sold on a yield of 7.5 per cent. However, about a quarter of 120 Jolimont Street is vacant.

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