EXCLUSIVE The Department of Transport is renting two new offices in and around Melbourne’s Ringwood. Both premises will accommodate VicRoads staff relocating from that group’s Kew headquarters and the Tally Ho business park, in East Burwood. The lease agreements follow a government restructure implemented last July which merged VicRoads and Public Transport Victoria into aRead more
Ringwood’s former Jooce nightclub is for sale. Now a prime development opportunity – on land land worth about $2500 per square metre – the local council would be prepared to see 93-97 Maroondah Highway replaced with something multi-level. The 7015 sqm block with three street frontages is not far from 301 Maroondah Highway which localRead more
A Ringwood East supermarket offered with a leaseback to a popular IGA outlet has sold for $7.34 million. The property was contested by multiple bidders at auction and the sale price reflects a 5.4 per cent yield. It is selling to a Chinese investor who typically develops residential property. CBRE’s Kevin Tong, Joseph Du RieuRead more
Pellicano and Camlen Property Group have sold an office investment they are yet to build in Ringwood. A Macau-based private investor is buying 60-62 Maroondah Highway (artist’s impression, top) for $28.3 million. Upon completion in about May, 2020, the five-storey complex, with 3325 square metres of area, and 74 undercover car parks, will be fully leasedRead more
A prominent and enormous Ringwood development site with the potential to make way for some dozen townhouses, is instead being replaced with a unique low-density product – a nod to the property’s former use. Baillie House, penned by revered architect Alistair Knox and built in 1968, once occupied the prime plot at 94 Plymouth Road.Read more
A strategic development site in the eastern Melbourne suburb of Ringwood has sold for more than $11 million. The under-utilised but tenanted investment covers a land area of 8067 square metres at 154-166 Maroondah Highway (pictured top, left and below), about 23 kilometres from the CBD. Currently zoned Commercial 2, it is anticipated the landRead more
IN the 1990s, it was considered one of the outer eastern suburb’s ritziest hotels.
But the former Sundowner Ringwood complex, since rebranded the Ringwood Motor Inn, has now sold to a residential developer with vacant possession.
The 31-year old, 39-room brick hotel is expected to be replaced with a higher density apartment based project which sources estimate will have an end value of more than $40 million and may include high rise buildings.Read more
AFTER picking up a prominent eastern suburb development site at a particularly depressed time in the property cycle last year, fast food chain McDonalds is readying to play property developer.
McDonalds is looking to replace part of a prominent former Patterson Cheney car dealership at 43 – 57 Maroondah Highway in Ringwood, with a 24-hour restaurant.
It paid about $15 million for the massive 16,380 square metre site, near the Maroondah Highway exit of Eastlink, almost a year ago.Read more
RINGWOOD’s Memorial Clocktower Park will be replaced with a one-way bus lane, under plans being proposed by the Department of Transport and to be considered by the Maroondah council.
The proposal would see a park relocated to a site, currently used as a car park, east of the Clocktower.
A large cypress tree and other vegetation will be removed to allow bus access to a new railway station interchange from Wantirna Road.Read more
The owner of popular Greek restaurant Stalactites has snapped up two venues affected by last month’s collapse of celebrity chef George Calombaris’ MAdE Establishment Group. The Stalactites Group will take over Jimmy Grants souvlaki stores at Emporium Melbourne, in the CBD, and Fitzroy. It is paying an as-yet-undisclosed sum. Both venues will reopen as HellaRead more
Yarralinda Primary School and Early Learning Centre has sold its outgoing Mooroolbark campus for $4.07 million With sale proceeds the educator plans to relocate to a more modern school, it said upon listing the site last August. The operator is reportedly one of two in the country licensed to teach based on the works ofRead more
EXCLUSIVE The Pellicano family has sold a large, modern and fully leased Ravenhall factory, off-market, for $17 million. The deal for 11-17 Business Park Drive is being struck on a 5.78 per cent yield – which is low for Melbourne’s industrial market. The return is even more impressive when it is factored in that theRead more
A permit-ready development site in Melbourne’s north east Heidelberg sold for $11.4 million this week. The incoming owner, a local developer, snapped up 104-120 Mount Street (pictured, bottom, highlighted) on a 30 day settlement. With plans for an eight-level complex comprising offices and 120 apartments (pictured, top), the 2376 square metre holding was offloaded byRead more
Accor has teamed with car dealer turned developer, the Brady family, to establish two hotels in Melbourne’s east. In Richmond, Accor will open a Peppers at 203-207 Bridge Road – a 787 square metre site acquired about two years ago, in two parts, by the Brady’s Amber Property Group. We reported about Amber’s development applicationRead more
Aged care accommodation provider Ryman Healthcare has acquired its 11th Melbourne site in five years. The listed New Zealand based company is paying failed developer Steller $28.5 million for the 1.2 hectare block in Highett (pictured, below), about 16 kilometres south-east of the city centre. Steller paid $20 million for the site in two tranchesRead more
EXCLUSIVE Sector Property Group has sold a purpose-built childcare investment in Melbourne’s east off the plan. The 138-place complex under construction at 14-16 Simla Street, Mitcham, traded for $7.1 million to a Chinese investor – a deal which will represent a commencing yield of 7.6 per cent. Sector offered the property with a 15-year leaseRead more
A Kilsyth industrial asset occupying a two hectare site with development upside has sold for $7.025 million. A high net worth interstate investor looking to expand his Melbourne portfolio is buying 420-426 Mount Dandenong Road on a 5.67 net effective yield. Leased for five years with options to Caprice Paper Pty Ltd, a 6402 squareRead more
Melbourne’s first Hyatt Centric is a step closer with Little Projects today announcing it awarded Hickory Group the $105 million building contract. Hickory Group expects to turn the first sod at 9-27 Downie Street shortly. The 278-suite hotel (artist’s impression top and below), configured with a six-storey podium, and 22-level tower atop of it, isRead more
One of the country’s biggest self-storage and small warehouse providers has acquired a development site in Ringwood. Sector Property Group is planning to replace 93A Heatherdale Road with a two-level, architecturally designed facility containing nine office-warehouses, five strata offices and 55 own-your-own storage units. The Ringwood property will be the fifth Sector Property Group facilityRead more
Postscript: The Australian is reporting in this item on July 9, 2019, that the purchaser is Sydney-based investor Isaac Solomon. A near-new Coles-anchored retail complex in Melbourne’s north is selling for the second time in less than three years. The Coburg North Village Shopping Centre hit the market in late January. It is trading forRead more