Victoria 

Vasey RSL Care Sells Hawthorn Hostel For $7 Million

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VASEY RSL Care has reaped almost $7 million from the sale of a disused hostel on a massive block of land in one of Hawthorn’s more revered streets.

The 3560 square metre block at 20 Lisson Grove not far from the Yarra River and Richmond border is understood to have sold to a residential developer, but this could not be confirmed with Kliger Wood selling agents Nick Breheny or Eugene Wood.

Not far away on the corner of Lisson Grove and Glenferrie Road, the former Hawthorn Receptions Centre hit the market earlier this month with price expectations of about $8.5 million.

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Victoria 

Residential Developer Buys Camberwell Site Until Recently Earmarked to Become Offices

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A PROMINENT Camberwell development site opposite the suburb’s Town Hall and until recently earmarked to become a $50 million office building, has sold for $7.7 million to residential developer, Trenerry Property Group.

The site at 347 Camberwell Road, north-west of the busy Camberwell Junction, sold with a permit for a four-level, 8277 square metre office.

However given the recent success apartment projects in the area recently, including Aerial at the Camberwell Junction, the vendor, local developer CGA Bryson, was pursuing another permit for a residential based project with just 1000 square metres of office space, and 112 flats.

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Victoria 

CR Kennedy Site, South Yarra, Relisted For Sale

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ONE of last year’s biggest development site sales has fallen through forcing the asset to be relisted for sale this week.

The South Yarra property at 661 – 669 Chapel Street is one of the last undeveloped sites within a former industrial precinct known as Forrest Hill that is being rebuilt by various builders as a new village with residential and office skyscrapers.

Occupied and still owned by photographic distributor CR Kennedy, the 3537 square metre site was reported to have sold for $25 million last December to design practice Metier3, which had just offloaded its interest in a Docklands office worth $240 million. It was expected Metier3 would exploit the South Yarra site’s 65 metre frontage to Chapel Street with an apartment-based village.

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Victoria 

CGA Bryson to Sell Camberwell Development Site

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LOCAL developer CGA Bryson is selling a prominent Camberwell development site it bought just 15 months ago.

Opposite the City of Boroondara council offices, and the Camberwell Civic Centre, the 4383 square metre site at 347 Camberwell Road (aerial shot of site, pictured, right) is being offered with a permit to develop an 8277 square metre office building. Commercial office rents in Camberwell are amongst the most expensive in suburban Melbourne, achieving more than $300 per square metre, per annum in some cases.

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Victoria 

Car Park Near Melbourne Airport Sells For $8 Million

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RECEIVERS KordaMentha have recovered just over $8 million from the sale of a multi-level car park near Melbourne Airport.

The four-level commercial complex at 5 South Centre Road (pictured, right) and near the junction of Keilor Park Drive and Sharps Road, sits on a 5217 square metre block and includes about 650 car spaces within 20,000 square metres of enclosed area.

Based on the sale price, each car park bays sold for about $12,300.

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Victoria 

Deague Family Sells Prahran Apartment Site For $5.1 Million

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A PRAHRAN petrol station that was to be redeveloped as a ritzy hotel has sold to developers which plan to rebuild the site as a conventional apartment complex.

The 118 – 126 High Street property, on the south-west corner of Thomas Street and opposite Swinburne University, near Chapel Street, was offloaded by the Deague family’s Asian Pacific Building Corporation this week for $5.1 million.

APBC paid $10 million for the High Street service station, along with another Prahran site – a former Bob Jane T-Mart, at 160 Commercial Road – in late 2006.

It planned to build swank hotels on both sites to slot into its “art series” portfolio, which it has been developing over recent years.

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Footscray station
Victoria 

Major Riverfront Footscray Site Hits The Market

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IT’S bad enough if the site next-door to the one you just bought gets listed for sale, targeting developers.

It’s worse when you just spent $21 million of taxpayer money, and if the redevelopment next door robs the million dollar views you planned to exploit in your own marketing.

Sadly this is what’s happening on the Footscray waterfront right now.

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Victoria 

Deague Family to Sell Petrol Station Turned Development Site, Prahran

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AFTER canning plans to develop a ritzy hotel, local development family the Deague’s are selling a petrol station-turned residential development site in Prahran.

The small site, at the south-west corner of High and Thomas streets, is opposite Swinburne University’s Prahran campus, and walking distance to retail mecca Chapel Street – which commands the highest retail rents of any inner-city shopping strip.

The Deagues purchased the 118 High Street site about four years ago with plans to build a hotel, the Larwill, as part of its “art” series chain.

However, like many projects by the Deague family’s Asian Pacific Building Corporation, it’s been canned. The site is expected to sell at a premium given it now has a permit – prompting speculation the wealthy family is property speculating.

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Victoria 

Another Major South Yarra Development Site Hits the Market

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THE WELL walked path between the South Yarra train station, and Chapel Street, could see even more construction activity in 2010.

A major development site at the north-east corner of Toorak Road and Claremont Street, is set to hit the market soon, and sell for about $25 million.

The South Yarra site is expected to arouse interest from residential developers who can cite the Melbourne @ 5 Million planning strategy, to propose a high density project.

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Victoria 

Valad to Sell Riverside Alphington Development Site at a Loss

VALAD Property Group has abandoned plans to build a major apartment and townhouse development on the banks of the Yarra River in Alphington, about eight kilometres north-east of Melbourne.
 
The developer has listed the 9 – 23 Rex Avenue site for sale, in a deal sources expect will reap between $10 million and $12 million – a big drop on the $14 million Valad paid Amcor for the disused site at the peak of the property boom in 2007.

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