Commercial and residential property news
Flight Centre is following through on its post COVID-19 action plan to unlock equity and continue trading – selling its St Kilda Road headquarters, in Melbourne, for $62.15 million. The ASX-listed retailer, hard hit by the near-halt in travel, has also completed a $700m capital raising. It paid $31.3m for 436 St Kilda Road in
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ASX listed Flight Centre is readying to sell its Victorian headquarters in Melbourne’s St Kilda Road. The travel agency, one of the first and harder hit businesses affected by the COVID-19 outbreak, can expect about $60 million for 436 St Kilda Road, sources say. It paid $31.3 million in 2008 before undertaking a renovation. The
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Vantage Property Investments has acquired a largely vacant office at 574 St Kilda Road as a strategic play. The off-market $58 million deal was struck with SHL Nominees, controlled by members of Melbourne’s Lederman family which owns a substantial local property portfolio. Vantage PI managing director Matt Spring said its latest investment, acquired for a
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Historic Melbourne mansion Landene at 490 St Kilda Road has sold after nine months. Landene is believed to be the last standalone home in the tree-lined street to be occupied as a residence. Engineer Graeme Davies listed it last November with price hopes of between $7.4 million and $8.1 million. Harcourts Melbourne City’s Dionne Wilson
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Six weeks after Hong Kong investor Mars Family Holdings paid $98 million for an office at 420 St Kilda Road, in Melbourne’s inner-south, it is said to be buying the commercial property across the road. Iloura Plaza at 424-426 St Kilda Road is understood be trading for about $70 million. The Australian, with this item,
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The joint venture which paid CEL Australia $68 million for an inner-Melbourne office in 2017 has flipped it for a speculated price of $98 million. Local investor Vantage Property Investments with US-based private equity firm KKR are selling 420 St Kilda Road to an offshore buyer. About three kilometres south of the Melbourne CBD –
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A partnership comprising German based funds manager GLL Real Estate Partners, with Sydney’s Marprop, is paying close to $65 million for an office in Melbourne’s St Kilda Road. The property, 541 St Kilda Road, was listed by Bayley Stuart in September. The Melbourne based advisory and investor paid $47.8 million for it in 2016. The
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Developer and shopping centre owner John Beville has sold a Melbourne city fringe office for $163 million – almost twice the $84 million price he paid in 2014. The seven-level complex at 509 St Kilda Road (pictured top and left) occupies a 6070 square metre block – the joint largest site area of any commercial office
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An office on Melbourne’s fringe has hit the market with price expectations of $160 million – almost double the $84 million outlay the vendor made in 2014. The home of Fair Work Australia at 509 St Kilda Road (pictured top, left and bottom) would set a precinct record if it achieved that price – eclipsing
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A penthouse atop a proposed 15-level apartment building, earmarked for a spectacular site at 409 St Kilda Road, has been listed for $45 million – a price which if achieved, would set a record high for a Melbourne flat. Devitt Property Group, which is owned by Peter Devitt, the founder of builder LU Simon, is
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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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RETAIL giant Target has leased 4462 square metres of office space on Melbourne city-fringe office market, St Kilda Road.
The Wesfarmers controlled group chose the building because of its proximity to the CBD and Flinders Street train station.
St Kilda Road office tenants have criticised (and vacated) the area which is only serviced by train. At it’s peak St Kilda Road had more than 800,000 square metres of available office space, but no developer has proposed a new office in more than ten years.
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SUMMER 2012 may be the last time revelers can enjoy a drink and picnic outside a popular St Kilda Road hang-out.
Developer Hudson Conway, headed by billionaire businessman Lloyd Williams has quietly relisted for sale a major development site at 557 St Kilda Road on the north-east corner of Moubray Street.
In 2007, and during what were much more buoyant times in the residential development site sector, Stockland paid Vision Australia $28.3 million for the site, until recently one of the biggest land parcels in the tree-lined street.
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BILLIONAIRE West Australian investor Stan Perron, with private investor ProLock, can expect about $75 million from the sale of an office building on the Melbourne fringe. The 484 St Kilda Road office, about three kilometres south of the CBD, rises 16 levels and includes 20,366 square metres of net lettable office space. Perron Investments and
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SPOTLESS Group has leased an entire St Kilda Road office building, and will relocate its headquarters from the Melbourne CBD.
The cleaning services and management company, currently based at 350 Queen Street, has leased about 9200 square metres at the 549 St Kilda Road building previously known as AIG House.
The rent Spotless will pay has not been disclosed, but industry sources speculate it circles about $250 per square metre, per annum, before incentives (a lure usually offered in the way of a fit-out, or rental discount). This is low compared to the CBD, Southbank and Docklands.
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AUSTRALIAN hotel owners Schwartz Family Corporation are selling a major St Kilda Road development site bordering Fawkner Park.
The family can expect around $53 million from the sale of The Fawkner Centre at 499 St Kilda Road, Melbourne, near the corner of Commercial Road, which acts as the Prahran and South Yarra suburb border.
The 6070 square metre site includes a 19-level, 21,377 square metre office pictured, right) that currently returns annual rent of $5.9 million.
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APARTMENT construction at the bottom end of Albert Park Lake looks set to intensify with Deaf Children Australia listing major residential development site for sale, abutting Wesley College’s St Kilda Road campus.
Local agency sources expect DCA will reap between $16 – $20 million from the sale of the 5471 square metre site which is being marketed as a multi-level development site at lot 1, 597 St Kilda Road.
Most of the site is an open air car park with frontage to (the less exclusive) High Street, just west of Punt Road. The precinct is classified as Melbourne, with postcode 3004, however many of the occupants in the area, including Wesley and the Alfred Hospital, also classify their addresses as Prahran.
Read moreCHINA based builder Sunnyland Investment Group has paid about $40 million for a major St Kilda Road development site which has the potential to yield at least two major apartment skyscrapers, and a ground floor shopping centre.
The purchase continues a trend of Asia-based investors swooping on inner-city sites and exploiting the state government’s problematic Melbourne @ 5 Million planning policy which encourages higher density redevelopment around existing roads and public transport – a strategy that hasn’t gone unnoticed to stressed drivers, bus and rail commuters in this election campaign.
Sunnyland’s latest acquisition is of the Clemenger BBDO House office at 472 – 474 St Kilda Road, on the south-west corner of Leopold Street.
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ONE of the few remaining historic mansions in Melbourne’s grand St Kilda Road is being offered for sale – but its fate – as a luxury home, or as an equally lavish office – is now in the hands of whoever waves the biggest cheque.
The prominent Airlie mansion at 452 St Kilda Road, on the north-west corner of Arthur Street was once occupied by Prime Minister Stanley Bruce whose Nationalist-Country coalition governed the country between 1923 – 1929.
Built in 1891, Airlie was eminent during a period St Kilda Road was revered as the address of Melbourne’s wealthiest aristocrats and where some of the city’s most grandiose residential real estate was developed.
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GONE are the days when St Kilda Road complexes were limited to about 12 levels.
With the sky now the limit in regard to residential development in Melbourne – the value of a low rise office, with three street frontages at 472 – 474 St Kilda Road has ballooned over the past four years.
Sources say Industry Superannuation Property Trust has entered advanced negotiations with an as-yet-undisclosed residential developer, to sell the Clemenger BBDO House building for about $37.5 million.
ISPT paid $29.6 million for the asset in October 2006.
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