Residential Developer Buys Camberwell Site Until Recently Earmarked to Become Offices

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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Development Site Opposite South Melbourne Market Expected to Fetch About $20 Million

AN OWNER-occupier that controls a massive 4287 square metre property opposite the South Melbourne Market has publicly listed it for sale.

The Novak Prestige Motor Works site at the north-west corner of York and Cecil streets, in South Melbourne (aerial, right), is an amalgamation of several adjoining properties. Panel beater and painter Novak purchased the first site in 1965, acquiring another seven over a 45-year period.

Effectively a development site, and being offered with an extended settlement, the property is expected to arouse interest from builders, or land bankers which may onsell all or part of it at a more buoyant time of the market, possibly with permits.

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Bunnings Outgoing Hoppers Crossing Store, Melbourne, Sells For $14.6 million

A BUNNINGS trust has sold a prominent Hoppers Crossing warehouse to a local private investor for $14.6 million.

Based on the $1.23 million annual rent the Bunnings store pays, the 2.7-hectare site, with a 8500 square metre warehouse and 310 car park bays, sold on a yield of 8.45 per cent.

Bunnings is committed to 163-169 Old Geelong Road until March 2020, when it will reportedly relocate to an as yet unbuilt warehouse nearby.

According to CBRE selling agent Justin Dowers, who marketed the asset with Mark Wizel, new Bunnings stores including those in Vermont South and in Mentone (which is nearing construction), at between 16,000 and 18,000 square metres, are about twice the size of the Hoppers Crossing store.

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APBC Reaps $12.5 Million From 480 Collins Street Shops

480 Collins StreetASIAN Pacific Building Corporation has pocketed $12.5 million from the sale of nine city shops, at the ground floor of the Oaks on Collins serviced office and serviced apartment building, at 480 Collins Street.

Only two of the retail investments had frontage to Collins Street, both of which are leased to Oaks.

The remaining shops – basically trading as a drinking, dining and food hall – sold individually to private investors, according to CB Richard Ellis selling agents Mark Wizel, Sebastian Drapac and Max Cookes.

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Vision Australia Sells Prahran Site For $21 Million

Chapel Street, PrahranDeveloper Caydon Property has agreed to pay Vision Australia $21 million for a Prahran site with a permit for a major apartment complex.

Vision Australia had agreed to sell the property, and another development site behind it about two years ago, however that deal did not proceed.

The front piece of land, which has just sold, is expected to be developed into a 330 unit apartment complex with ten ground floor shops, according to CBRE’s Mark Wizel and Andrew Dawkins, who marketed the site.

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