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Gay Group Buys Remainder of $450 Million Gold Coast Project, off Macquarie

THE Gay Group of Companies has paid development partner Macquarie Group and Urban Pacific an undisclosed sum for its remaining interest in a $450 million Gold Coast residential development.

The Gay Group and Macquarie consortium were marketing the final blocks within its River Links project in Coomera, a 500+ block residential village under construction on what was once a dairy farm. The developers purchased the farm in 1998. The Gay Group will now resume full control of the project.

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Drapac Sells Leigh Mardon Complex, Highett, For More Than $17 Million

THE massive Highett headquarters of security transaction products giant Leigh Mardon is understood to have sold to developer Hallmarc for more than $17 million.
 
The 2.13 hectare complex, within walking distance of the Southland Shopping Centre and Highett train station, includes a 4,643 square metre vacant site, which is expected to be developed into a retail, office and apartment complex. 

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Finbar Pays $10.6 Million For Altus Site, East Perth

KORDAMENTHA, the administrator for failed property developer Saville Australia, has recovered $10.6 million from the sale of a Perth development site.

The Altus apartment development site in East Perth, has been purchased by a consortium including listed property developer Finbar and its joint venture partner Wembley Lakes Estate of Indonesia.

The developers plan to scale down the major apartment project that was proposed for the Altus site. Its new plans are for a 10-storey development with 220 apartments, to replace a 32-storey proposal with 250 larger apartments.

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Offshore Investor Pays $80 Million For Surfers Paradise Supersite

AN undisclosed overseas investor is understood to have outbid several local players, to buy a 1.13 hectare block of land in Old Burleigh Road, Surfers Paradise, for about $80 million.

The disposal is the first since Balmain Trilogy took control of the $630 million First mortgage Fund from the beleagured City Pacific in July. The property, spread over 94 titles, was sold with two first mortgages and caveats, for debts which are expected to be paid off. The property was put to the market in May by mortgagee Fortress Credit.

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ABC’s Slice of Rippon Lea Estate, Elsternwick, Expected to Sell For More than $25 Million

Rippon Lea

Rippon LeaAN 8,000 square metre slice of Elsternwick’s historic Rippon Lea estate, compulsorily acquired by the State Government in the 1950s for the Australian Broadcasting Corporation – is likely to be sold to residential developers, if the ABC vacates the property in 2012.
 
ABC project director Ray Moore told Secret Agent it is considering selling two Elsternwick properties, currently occupied as studios and offices, including a major complex on Gordon Street abutting Rippon Lea – built on what was once the property’s southern boundary. 

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Ascot Vale’s Former Marivale Nursing Home to Fetch $3.5 Million as Residential Development Site

ASCOT Vale’s former Marivale Nursing Home will be sold next month, and is expected to be redeveloped into a new apartment complex.
 
Nelson Alexander Real Estate executive Duncan McPherson said demand for the 3,110 square metre Ascot Vale supersite has come predominantly from residential developers, able to exploit the site’s two street frontages, and location, near Union Road shops and transport.

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RMIT’s Outgoing Building 87 to be Sold With Permit For 50-Level Apartment Tower

A CBD building, offloaded by the Royal Melbourne Institute of Technology five years ago, has been listed for sale this week as a major residential development site.
 
The 410 Elizabeth Street office, known to RMIT staff and students as Building 87, will be sold with a development permit for a 50-level apartment building, capable of accommodating hundreds of units.
 
The property is owned by developer Michael Buxton, who paid RMIT $8.25 million for the office in 2004, before working on obtaining a residential development permit.

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Crown Casino to Sell Crown College Facility, City Road Southbank

CROWN Casino’s outgoing Crown College training facility in City Road is expected to be sold and developed into a major apartment project.
 
Sources say two adjoining buildings between 141 and 155 City Road will be surplus to the casino’s needs once it relocates Crown College into the $300 million distinctive Crown Metropol hotel, which has been under construction all year.
 
Crown declined to comment about mounting speculation it is formalising the sale of the properties on the corner of Power Street, ahead of relocating the College.

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City Peugeot Site Sells, Elizabeth Street Melbourne

DEVELOPMENT activity around the frantic Haymarket roundabout, at the intersection where Elizabeth Street meets Flemington Road, is about to get even busier.
 
A student accommodation developer is believed to have paid about $5.6 million for the City Peugeot dealership at 690 Elizabeth Street, near the corner of Pelham Street.
 
The double-storey dealership, which has rear access to Berkeley Street, was sold with a short term tenancy to City Peugeot and City Subaru, which will relocate to Port Melbourne.

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Perth-Based ABN Group Buys Melbourne Docklands Development Site

THE ABN Group, a consortium of Perth-based developers which own the Boutiques Homes brand in Melbourne, have paid about $3.6 million for a Docklands development site, with postcard Yarra River and CBD views.
 
The 3,535 square metre property at 81 Lorimer Street was offloaded by liquidators for the failed Dollarforce group, which paid $2.8 million for the property in 2003.

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