Author: Marc Pallisco

An Aldi leased supermarket on the ground and first floor of a podium connecting the 36-storey Milano apartment tower and 46-level Verve complex, sold at auction last month for $11.525 million. The 1650 square metre retail asset at 8 Franklin Street traded on a 4.7 per cent passing yield. The investment includes 44 car parks

A showroom warehouse in Moorabbin, in Melbourne’s south east, has sold to a Chinese investment group for $6.5 million. The sale price of 244-248 Chesterville Road reflects a 5.5 per cent passing yield. It also represents a solid capital gain for the vendor which paid $3.7 million in 2015. The 4732 square metre building on

Hudson Conway founder and five-time Melbourne Cup horse winning trainer, Lloyd Williams, has listed his landmark Macedon Lodge training facility for sale – again. The 79-year old announced late last year that he would put the 121-hectare property on the market. The businessman has now appointed an agent – CBRE’s Mark Wizel, who will work

Singapore’s listed Ocean Sky International is paying $21.83 million for a fully-let, four-storey office in Melbourne’s Mount Waverley. The deal for 541 Blackburn Road is being struck on a 5.79 per cent passing yield (or 5.49 per cent, if stamp duty costs are factored in). Vendor Vantage Property Investments – under the fund manager’s former

The Victorian Civil and Administrative Tribunal has granted Alfasi Group permission to build a 10-storey hotel in South Yarra’s Forest Hill precinct. Penned by high-end architecture firm Carr Design Group, the five-star, 156-room complex with lower level restaurant and function room, will be tenanted to Hyatt Centric upon completion. Two basement levels will be occupied

Moonee Valley Racing Club has banked $6.6 million selling a premium quality childcare centre built into and behind a historic former chairman’s residence at the north west tip of the Moonee Valley Racecourse. Last month’s auction of 2 McPherson Street, Moonee Ponds, is the club’s first divestment of part of the 40-hectare racecourse in more

Mirvac Group (MGR) is paying $200 million for part of the former Melbourne Convention Centre site at 7-23 Spencer Street, between Sidderley Street and the Yarra River, at the city’s south west tip. In a deal announced on Christmas Eve, MGR said it had earmarked a 430-dwelling build-to-rent project for part of the land. A

Carlton Football Club president and property investor Mark Lo Giudice has sold the Gisborne Square retail complex in Melbourne’s outer north west to local developer Samuel Property. The row of 10 shops traded for $6.15 million at an auction last week contested by six parties. Based on the annual rental return ($329,000) the 1068 square

A local developer is paying $7.5 million for a Melton West farm abutting Melbourne’s Urban Growth Boundary. The 13 hectare rectangle shaped site at 557-599 Harkness Road is being encroached upon by housing estates to its north and east. To the west – outside of the UGB (where large scale building is not permitted) –

ASX-listed Stockland is paying $105 million for a major residential development play 32 kilometres north of the Melbourne CBD. The 89.5 hectare property, 975 Donnybrook Road, Donnybrook, was marketed as “the best Precinct Structure Plan (PSP) approved site” that direction of the city. Stockland intends to build a community with a school, recreation areas and

A South Melbourne office for sale two months ago asking $6.8 million traded on Thursday for $8.55 million after newly appointed agents instructed an auction campaign. Seven bidders – a mix of international, interstate and local developers, contested for 67-69 Palmerston Crescent before a crowd of more than a hundred. Currently configured as a double storey commercial building with 750

The University of Melbourne outbid 17 groups – a mix including private and institutional heavyweights – to acquire two neighbouring Carlton offices near its Grattan Street entrance. Opposite Lincoln Square, vendor Australian Red Cross was expecting to reap about $40 million from the disposal. Instead, it is banking a speculated $46 million – a price

Finnish cargo handling solutions group Kalmar Global has signed a three year lease for a Brooklyn industrial property. The occupier will pay starting annual rent of $215,000 plus GST for the 7531 sqm site at 571-579 Grieve Parade. With more than 100 metres to the street, the property is configured with a 110 sqm office,

Industry Superannuation Property Trust has pre-committed Sydney-based retailer Winning Group – which owns popular website appliancesonline.com.au – to what will be a purpose-built warehouse and distribution centre, in Melbourne’s west. Winning Group intends to move into the 45,000 square metre Altona North facility in 2021. It’s initial lease term is 10 years. The development will

A prominent seven hectare Calder Highway site – marketed as the last major building block in Melbourne’s Taylors Lakes – has sold for a speculated $5.5 million. The incoming owner, a local developer, intends to build a mixed-use predominantly commercial project on the parcel at the northernmost tip of the suburb, opposite Calder Park, Organ