City of Glen Eira rents Zagame family office recently vacated by failed developer Steller

EXCLUSIVE The City of Glen Eira has rented all of the Caulfield East office recently vacated by failed developer, Steller. The double-storey building at 840 Dandenong Road is owned by the Zagame family, of hospitality fame. Colliers International launched a leasing campaign in June – about two weeks before Steller was put into receivership. Steller

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Steller goes into receivership

Singapore and Hong Kong based hedge fund OCP Asia has called in receivers McGrathNicol Restructuring to recover money from Melbourne developer Steller Group. OCP Asia has lent approximately $120 million to the builder. According to various reports, OCP Asia will support and perhaps even provide additional funding for some of the projects it controls, including

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Steller’s Caulfield East HQ for rent “immediately”

EXCLUSIVE Steller’s Caulfield East headquarters is for rent. The developer, which is winding down in high-profile circumstances, only recently moved into the newly renovated office at 840 Dandenong Road, after signing a long-term lease. The curved, glass building, owned by the Zagame family, was previously occupied by Glenvill Homes. Steller rented it following this Colliers

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Steller substantially changes strategy following construction funding woes

EXCLUSIVE One of Melbourne’s newest and fastest growing privately-held developers is suffering a fall-from-grace – and substantially revising its building strategy. Steller, directed by Nicholas Smedley (pictured, top), the son of ex-Spotless and Arrium chairman Peter Smedley – who died last month, is understood to be experiencing construction funding woes, with developments across the board

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Talking Property with Marc Pallisco – Episode 10

In this podcast with Suzanne Jones, we talk about revered chefs Jacques Reymond selling the Prahran mansion which housed his eponymous restaurant for more than 20 years, until 2014, and Elizabeth Chong – a regular on The Bert Newton Show – who has offloaded a Richmond terrace. More sites from the Steller portfolio are hitting

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Julian Gerner seizes control of Sorrento’s Continental Hotel, proposes $100 million commercial-only redevelopment

EXCLUSIVE After a saga he can now put away to the last chapter, restaurateur Julian Gerner has seized control of Sorrento’s landmark Continental Hotel. Furthermore, the businessman has acquired an adjacent block and will re-submit a permit application to replace the amalgamated holding with a $100 million commercial-only project containing offices, a “world class” resort

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Talking Property with Marc Pallisco – Episode 8

In this residential focused edition, we talk about Chris Tarrant selling a $5 million-plus Toorak renovation rescue, Steller receivers listing the St Kilda site where the Greyhound Hotel once stood – and the monster truck loving billionaire sheikh, who sold a 462,800 hectare slice of Northern Territory for 30 per cent over expectation.

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Julian Gerner offloads Sorrento’s Continental Hotel for c$21 million: sources

Sorrento’s Continental Hotel is selling for about $21 million, according to industry sources. The historic site – currently a construction zone after an $80 million refurbishment and extension was suspended before Easter – is trading to a developer “with more than three decades of experience”. The deal marks the end of one big headache for

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