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Challenger Sells 417 St Kilda Road, Melbourne, For $80 Million

INVESTMENT manager Challenger has offloaded a major St Kilda Road tower in an $80 million deal.

The 10-level, 20,000 square metre A-grade office at #417 (pictured, right) has been purchased by syndicate Newmark Property Group, headed by ex Lend Lease and Mirvac executive Chris Langford and Simon Morris, previously director of the Peninsula Development Group.

The sale price represents a high yield of about 9 per cent. For years known as the Mobil building, 417 St Kilda Road includes Oracle and the Red Cross as major tenants.
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Former Royal Saxon Hotel, Melbourne, May be Replaced With Major Apartment Tower

ANOTHER proposal has been lodged that is so large that decision-making power bypasses council to rest with Planning Minister Matthew Guy.

This time, on land behind the historic former Royal Saxon Hotel at 441-447 Elizabeth Street, and affecting an adjoining property at 449 Elizabeth Street, a developer plans to develop a 50-level residential tower with 306 flats but just 119 car park bays.

The property was recently identified in the Melbourne City Council's central heritage review as worthy of protection, being one of the oldest surviving buildings of its type.
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Master Planned Community Mooted For the Hunter Valley

PLANS to build a $1.5 billion master planned community in the Hunter Valley are on the table.

The Kahlbetzer family and Perth based LWP Property Group will reportedly team to build 7500 dwellings in Huntlee.

Mr Kahlbetzer already owns about 40,000 hectares of land according to the AFR which reported the planning development.
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Vivas Lend Lease Proposes Major Redevelopment of Outgoing Channel Nine Studio, Richmond

CHANNEL Nine’s outgoing Bendigo Street, Richmond studios will be replaced with a 550 unit apartment based village, with towers rising eight levels, according to new plans lodged at council.

Historic buildings within the complex will be retained, but the balance of the 3 hectare site will make way for medium and high density dwellings.

Vivas Lend Lease paid Channel Nine a reported $50 million for the site last year.
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New Phone App Describes Evolving History of Melbourne’s Yarra River

Melbourne's Yarra River

Melbourne's Yarra RiverPLANNING history and residential property development appear prominently in a new multimedia initiative released this month by the Melbourne City Council.

Transforming the Yarra is a walking tour application which examines the evolution of Melbourne’s Yarra River precinct since the 1980s, and after the Cain-Labor State government released a strategy to make it Melbourne’s central focus.

The application, which is downloaded as an MP3 file for mobile phones, or as an audio stream from the web, discusses urban design and architectural principles adopted at various riverfront sites.

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Besen Family Pays $67 Million For 1 Spring Street Half Share

MELBOURNE's Besen family has spent $67 million buying a half share interest in one of the CBD's most distinctive "gateway" buildings, 1 Spring Street.

Daniel Besen, the son of shopping centre magnate Marc, purchased a 50 per cent stake in the 28-level 1 Spring Street office on the corner of Flinders Street, on a yield of 7.5 per cent.

Record Realty was the vendor.
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ISPT To Reap About $35 Million From Sale of 474 St Kilda Road

474 St Kilda Road

474 St Kilda RoadIndustry Superannuation Property Trust can expect to make between $30 million and $35 million from what might be the most under-utilised property in St Kilda Road.

The Clemenger House office building, at # 474, is spread over two blocks and three streets.

Given the shifting attitude in recent years to convert St Kilda Road offices into high rise apartment skyscrapers, 474 St Kilda Road is expected to arouse interest from residential developers.

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The Basics By registering for and participating in the discussion forums, you agree to these terms and conditions that apply to your use of the discussion forums. These terms and conditions of use apply to all (but limited to) discussion forums/comments and other user generated content on the Realestatesource website. ... Read More »

Chicago House Next Door to Barack Obama For Sale at $US1.85 Million

Barack Obama's Chicago House

Barack Obama's Chicago HouseA Chicago home next door to US President Barack Obama's home (pictured) has come onto the market with a price tag of $US1.85 million ($A2.2 million).

The unrenovated 17-room home at 5040 S Greenwood Avenue, in the Chicago neighbourhood of Kenwood, has been owned by Bill & Jacky Grimshaw since 1973.

The property was listed for sale in September for an unspecified price.

The Secret Service will need to clear anybody who visits the Grimshaws house, according to selling agent Matt Garrison.

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