Macquarie CountryWide Sells Assets in Australia and the USA

Macquarie CountryWide Trust (ASX:MCW) today announced it has signed unconditional contracts for two disposals in Australia totalling A$14.7 million. A further settlement has also occurred on the US portfolio sale to an affiliate of Inland Real Estate Acquisitions Inc (Inland), with the completion of the sale of eight assets for US$144.1 million (A$198.9 million), bringing the total value of this transaction to US$264.1 million (A$380.8 million).

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Apartment Skyscraper to Replace Low Rise Office at the Top of Melbourne CBD

THE new owners of a small office building at 315-321 La Trobe Street – near the popular Celtic Club at the top of town – have wasted no time seeking a redevelopment application.

The building was for 25 years the headquarters of law firm Tisher Liner & Co, which relocated to Queen Street after selling its La Trobe Street offices to the developers for a speculated $4 million last September.

Having lobbied immediately (and unsuccessfully) to build a 33-level tower on the small 300 square metre block, the Victorian Civil and Administrative Tribunal has instead granted the new owners approval for a 22-level building rising 65 metres.

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Livinia Nixon Sells Historic Middle Park Home

WEATHERGIRL and television show co-host Livinia Nixon (pictured), with husband Alistair Jack, a builder, have offloaded their renovated Middle Park home.

The double storey, four-bedroom red brick home is understood to have sold for about $3.5 million, sources speculate, after passing in at auction earlier this month for $3.42 million.

Jack, and Nixon, who married in 2009 and welcomed new son Henry in January, are now reportedly looking for another “renovation rescue” project.

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Australand Secures Refinancing Approvals

Australand has secured approvals from three domestic banks for a total of $350 million which, subject to documentation and together with existing undrawn facilities, will provide the Group with sufficient capacity to repay the $563 million CMBS facility maturing on 25 June 2009. Existing undrawn facilities and cash at bank as at 31 March 2009 was in excess of $560 million. Commitments have also been secured to renew $100 million of the existing $150 million of unsecured facilities expiring in 2009.

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Melbourne School of Theology Pays $8 Million For Prominent Nutrimetics Office, Wantirna

EVEN non-believers visiting the new Bible College of Victoria headquarters in Wantirna, may find themselves praying Melbourne drivers don’t veer off the highway, and into the building.

The Melbourne School of Theology, which is the new name for the Bible College, has paid a speculated $8 million to owner-occupy the prominent 1.94 hectare suburban office which was for a long-time pink, and the headquarters of cosmetic company Nutrimetics, which was acquired by Tupperware in 2006, then relocated to Ferntree Gully.

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Ettamogah Entertainment to Sell Brighton Headquarters

THE developer that has kept Melbourne’s heritage enthusiasts on edge for a year has quietly listed its Brighton headquarters for sale.

Ettamogah Entertainment, which went into voluntary administration last November, is directed by Leigh O’Brien, whose development company, L&D O’Brien Holdings, paid $12 million in 2009 for the prominent 1 Bay Street Brighton mansion once owned by Olympian turned Gold Coast Mayor Ron Clarke.

L&D planned to replace the 1933 square metre site with a high-end apartment complex, after the Victorian Civil and Administrative Tribunal approved the historic six-bedroom home on the site (pictured) be demolished.

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Top Ten Complaints of Apartment Living, New South Wales Office of Fair Trading Analysis

A bedroom-based trout farm, a horse kept in an apartment, and an owners’ corporation deadlocked over taking action against a nudist neighbour – these are just a few of the strangest complaints received by the Office of Fair Trading about strata living in NSW.

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Banks Not Passing Interest Rate Falls on, Because They Have Increased Market Dominance Recently

Federal Shadow Minister for Housing and Local Government, Scott Morrison, said today’s official housing finance figures for February show the banks have increased their market share of new housing loans to the highest level on record, creating a new low point for competition in our home mortgage market.

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Stockland Sells South Yarra Development Site at a Loss

SYDNEY-based developer Stockland has absorbed a huge financial loss, finally on-selling a prominent South Yarra development site it paid too much for in 2008.

Stockland has reaped $22.5 million for 2 – 4 Yarra Street site, which is set to make way for an approximate 30 level apartment tower with more than 350 flats.

During the economic downturn, Stockland paid local developer Michael Yates $26.25 million for the 2150 square metre site.

At the time of sale Stockland wanted to build about 250 flats on the site, but it successfully lobbied to increase that number to 353, before listing the asset for sale more than a year ago (image of Stockland’s proposed tower, right).

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Rosati’s Melbourne to be Redeveloped as 10-Level Tower

COMMONWEALTH Fund Management’s decision to preserve million dollar views (and rents) at its prized 101 Collins Street office building by imposing pre-set height limitations on a swag of neighbouring buildings it offered for sale nine years ago, appears to have paid off.

One of the buildings sold by the fund –the historic Rosati’s restaurant at 95 Flinders Lane – has quietly been approved a redevelopment within the maximum 40 metre height limit CFM had hoped.

The Melbourne City Council approved plans will result in the 1896 former warehouse being part-demolished and replaced with a lower level shopping centre, and a 10-level residential or hotel building.

Hotelier and restaurateurs the Zagame family paid Rosati restaurant owner Piero Gesualdi $9 million for the 817 square metre Flinders Lane property in early 2007.

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Actors Reg Gorman and Judith Roberts sell in St Kilda East

ACTORS Reg Gorman and Judith Roberts have sold their two-bedroom apartment in St Kilda East’s quaint Ardoch development for $740,000.

The renovated, ground-floor unit at 8 Ardoch Avenue is in one of Ardoch’s historic buildings, built in the 1920s. The oldest building in the unique estate dates to the 19th century, while newer buildings were developed on the site in the mid 1990s.

Ardoch centres around a grassy expanse, and its residents share a sauna, gymnasium and indoor pool. The property was once used as an orphanage, and a school.

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Historic Little Lon Terraces Offered For Sale Again

THE historic Little Lon terraces which last year made headlines when the owners applied to replace the properties with a 30-level apartment tower – have quietly hit the market again.

The adjoining terraces at 120 – 122 Little Lonsdale Street, near the corner of Elizabeth Street, were built in 1854 as part of a row of “Little Lon” buildings that are still standing and also includes a pub.

In the 1850s, and for the century that followed, the precinct was notorious for its seedy underbelly. The easternmost Little Lonsdale Street blocks accommodated at least four brothels run by infamous pimp Madame Brussels.

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VicRoads Applies to Convert Freeway Wedge Into Housing Estate

IN AN environment where government bureaucrats and planners behave like Melbourne has less land for redevelopment than London, it’s no surprise VicRoads is trying to flog off a poorly located site beside the junction of three busy highways.

VicRoads has requested to rezone two parcels of land known as 25 and 55 Burwood Highway, in Wantirna, which it compulsorily acquired to build the Eastlink tollway, but no longer needs.

The affected land is well serviced by transport – abutting the busy intersection of Burwood and Mountain highways, and Eastlink, about 25 kilometres east of the CBD.

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Lend Lease Wins Major Property Contract with BP International

Lend Lease Corporation Limited (“Lend Lease”) has today announced the execution of a new contract with BP International Ltd (“BP”). The new contract continues Bovis Lend Lease’s 12 year alliance with BP to provide project management services for the construction and maintenance of BP’s retail network across 10 European countries.

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Real estate agents you can trust

The most innovative and professional real estate agents in NSW have been revealed with the announcement of the finalists of the REINSW Awards for Excellence.  

The Awards recognise excellence in service, creativity and commitment in categories including residential sales, property management, auctioneering, marketing and community service.

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Spotless Group Leases Entire St Kilda Road Office Building, Melbourne

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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Ladro Prahran Restaurant For Sale

A PRAHRAN eatery leased to restaurateurs Frank Van Haandel, Ingrid Langtry and Sean Kierce, is for sale and expected to fetch between $4.3 and $4.5 millon.

The single-storey Ladro restaurant at 162 – 162A Greville Street is on a 345 square metre block, and leased for five years with three five year options. The restaurateurs, who founded the first Ladro restaurant in Gertrude Street, Fitzroy, pay a current annual rent of $208,000 to occupy the Prahran site.

The restaurant was fully refurbished in 2010 and has a 24-hour liquor licence. Gross Waddell’s Jonathon McCormack and Michael Gross are the marketing agents.

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Dinner Plain’s Under The Moonlight For Sale

AWARD winning Alpine chalet Under The Moonlight has been listed for private sale.

The opulent Dinner Plain home, developed by R&R Van Heek Builders, won the 2009 Housing Industry Association’s Colorbond Most Innovative Use of Steel award. Judges said Under The Moonlight “commands attention and yet does not over-impose on the area’s natural landscape.”

Under the Moonlight is part of the highest approved freehold land in Australia, and ten minutes from Mount Hotham. Dinner Plain is about a five hour drive, or almost 400 kilometres from Melbourne.

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Toorak’s Little Milton Hits The Market, Price Expectations Circa $13 Million

LITTLE Milton, the luxurious home of late businessman and Corona Group executive John Batkin quietly hit the market this week.

The circa 1926, five-bedroom mansion (pictured, right) is at the north-east corner of Whernside Avenue, and Albany Road – which most advocates and agents agree is Toorak’s most expensive street.

Recently, a new tennis court was developed atop a 12-car underground garage, Little Milton’s overall block size is 2476 square metres.

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Australian Unity & Australand Lodge DA for Bowral Retirement Village

Joint venture partners Australian Unity and Australand have lodged a DA with the Wingecarribee Shire Council in the Southern Highlands for a new retirement living community on the 17 hectare site of the former Our Lady of the Sacred Heart centre on Centennial Road, in Bowral.

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Tony Mokbel’s Former Brunswick Mansion Hits The Rental Market

DIEHARD underbelly fans can live a piece of the underworld lifestyle, with Tony Mokbel’s former family home, in Brunswick, quietly hitting the rental market.

The five bedroom mansion at 9 – 11 Downs Street (pictured, right) was offered for sale early last year, but the listing, nor sale – which settled earlier this year – could be reported because of a recently lifted suppression order.

The new owners are asking $1300 per week for the double-storey home which police believe Mokbel funded through drug activities. The registered owner while he occupied the home was Mokbel’s sister-in-law, Renate.
Ownership of the Brunswick property was transferred to the Attorney General of Victoria in late 2009, under the Confiscation Act 1997.

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Richmond-Tweed Heads Region, NSW, Fastest Growing Precinct in State

Data showing that population growth in the Richmond-Tweed region has been faster than any other part of NSW in the past two years is evidence that Australians are prepared to move in search of a better lifestyle according to the Real Estate Institute of New South Wales (REINSW). It also accords with the latest property prices released by the Institute, which show house prices in the area grew 11% in the last quarter – among the highest of any regional location. 

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RACV Calls For New Thoroughfare to Connect Melbourne’s East and West

AS PLANNERS continue to approve major new housing estates in Melbourne’s (until-recently-forgotten) western suburbs, a powerful state motoring body has called on the new state government to build a new major road thoroughfare, for what will be an imminent surge in car traffic.

The RACV forecasts 20,000 extra car trips will be travelled based on residential development at one new western suburb proposal alone, recently announced by Lend Lease (refer link below).

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Another Slice of Historic Sorrento Property Hits The Market

THREE months after telling Domain he had no intention of doing so, Richard Sheldermine – a member of the Myer dynasty – is selling another subdivided piece of the historic Sorrento property known as The Sisters.

This time, it’s a 2946 square metre waterfront portion being offered, with price expectations of some $10 million.

Earlier this year, Richard reaped $6.5 million selling a 1915 square metre subdivided slice of the estate at 3080 Point Nepean Road.

Richard paid $18.4 million for the historic 1.2 hectare site in early 2008 (pictured, right), before successfully applying to the Victorian Civil and Administrative Tribunal to slice it five ways.

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Prominent Pubs, and a Western Suburbs Development Site, Offered in $80 Million Portfolio

SOME of Melbourne’s most popular hospitality venues – and a major western suburb development site – form part of an $80 million portfolio of properties set to hit the market next month.

A consortium of Melbourne-based private investors, including Sebastian Catalfamo and Gilbert Cabral, will share in the spoils of the eight properties which are being offered separately.

In Melbourne, hospitality venues include The Point on Albert Park Lake – a 940-seat venue which is expected to sell for about $3 million.

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Paul Grabowski to Sell St Kilda East Home

COMPOSER, pianist and one-time television personality Paul Grabowsky, is moving out of St Kilda East, in Melbourne.

Grabowsky, who is renowned for his passion of jazz music, can expect some $1.5 million from the sale of his renovated four bedroom Californian Bungalow which will be auctioned next month.

The Papua New Guinea born musician grew up in suburban Melbourne’s Glen Waverley and first studied music at age five. His passion for jazz started at 16, while at Wesley College which was one of the few Melbourne colleges at the time to boast a jazz ensemble.

After travelling and performing for several years, Grabowski returned to Melbourne in 1986, later landing a high profile job as band front-man for Network Seven’s popular Tonight Live With Steve Vizard show, which ran from 1990 to 1993.

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Macquarie CountryWide Trust Sells Five Assets For $92.6 Million

Macquarie CountryWide Trust (ASX:MCW) today announced it has entered into unconditional contracts with various parties for the sale of five assets (four in Australia and one in the US) for A$92.6 million [1], reflecting an average initial yield of 7.7%.  The sale proceeds will be used to reduce debt and position the Trust to meet its refinancing obligations in the second half of 2009.

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Balmain Sells Surfers Paradise Development Site at Huge Loss

BALMAIN Trilogy has reported a huge loss on the sale of a beachfront development site at Northcliffe Terrace, Surfers Paradise.

Balmain sold the site to a Sydney investor this month for about $6 million, far less than the $14.5 million it paid at a more buoyant time in Queensland’s real estate market.

The seven-storey 1980s complex, with 20 strata flats is on a 1151 square metre block, and sold with a permit for an 18-level tower with 14 dwellings.

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Google and Accenture Fully Lease workplace6 Office Building in Sydney

GPT today announced that the Group had successfully fully leased all the office space at the Group’s workplace6 development, NSW’s first 6 star Green Star building, well ahead of initial expectations. Internet company Google, and global management consulting company, Accenture have agreed to lease the office space at workplace6, an 18,000 sqm waterfront office complex developed by the GPT Group in conjunction with Citta Property Group.

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Biggest US REIT May Pay $150 Million For Melbourne Hotel

THE largest lodging real estate investment trust in the United States may be moving into the Melbourne hotel market.

According to the AFR, Host Hotels & Resorts is eyeing the $150 million Hilton Melbourne South Wharf complex, at the riverside junction that divides the CBD from Southbank and Docklands.  The hotel was listed for sale by private developer Plenary which is expected to maintain some stake in the hotel.

A Host spokesperson confirmed it was “exploring acquisition and development opportunities” in the Asia Pacific.

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GPT Announces New Building For Pyrmont, Sydney

The GPT Group is pleased to announce workplace6, an 18,000 sqm waterfront office complex in Pyrmont, Sydney, currently being developed by the Group in conjunction with the Citta Property Group, has been awarded the first 6 Star Green Star – Office Design v2 Certified Rating by the Green Building Council of Australia.

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Lloyd Williams to Offload Ascot Vale Development Site, Near Flemington Racetrack

MILLIONAIRE entrepreneur Llloyd Williams has quietly listed for sale a horse stable complex opposite the Melbourne Showgrounds, and near the western boundary of the Flemington Racecourse.

In a residential street, the Ascot Vale property is configured as a double-storey home at the front, with equine facilities, at the rear. The commercial component includes 17 stables and an office. The property has rear lane access.

Measuring 1049 square metres, the block is large by inner-city standards, and is being marketed as a residential development site. Apartments within any new project would capture unobstructed city views over the racecourse. Nelson Alexander Ascot Vale’s Andrew Johnston will auction 14 Leonard Crescent at midday, May 14, when it’s expected to sell for between $1.2 and $1.3 million.

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