Victoria – Page 61 – realestatesource

Dromana Sports & Fitness Centre to be Redeveloped Into Townhouse and Apartment Village

September 20, 2009 Marc Pallisco regional and provincial Victoria

THE Mornington City Shire Council has approved plans to redevelop the Dromana Sports & Fitness Centre, into an apartment and townhouse complex.

A council spokeswoman confirmed the site’s owner, represented by planning, architect and interior design firm Graphos, plans to build 17 dwellings on the 57 – 59 Pier Street site, which is within walking distance to Dromana’s main retail centre and the Dromana Recreation Reserve. Buildings on the site are being demolished at the moment.

DSV Air and Transport Relocates to Major Tullamarine Office Warehouse

September 20, 2009 Marc Pallisco industrial tenant move, Melbourne suburb industrial lease

DSV Air and Sea Transport has consolidated from two suburban offices to a 5,042 square metre office warehouse at 95 – 99 South Centre Road, near the Melbourne Airport, at Tullamarine.

The move has paved the way for logistics firm BTI Logistics to sub-let DSV’s outgoing but near-new 2,500 square metre Westmeadows facility at 62 – 66 Western Avenue – across the road from The Age Print Centre.

An undisclosed tenant is believed to have leased a 3,120 square metre office warehouse facility, also vacated by DSV, at 9 Trade Park Drive in Tullamarine.

More Real Estate Agents Failing to Disclose Auction Sale Results

September 20, 2009 Marc Pallisco property investing

DODGY real estate agents are not posting auction results, in a move creating even more smoke and mirrors in the sector.

In a move not monitored by Victoria’s toothless tiger industry watchdog (Consumer Affairs Victoria), some 12 per cent of public auction results were not recorded in April 2009, compared to 5.1 per cent in April 2008.

The practice comes as agents tell consumers to refer to sale results, for a property’s price guide. At the same time, many agents are refusing to disclose estimated sale prices during a campaign, meaning Australian home buyers risk making a purchase based on very little reliable information.

Mirvac Sells Assets in Doncaster, Maitland, For $27.4 Million

September 16, 2009 Marc Pallisco institution, mirvac, shopping centre sale, suburban office sale

MIRVAC Real Estate Investment Trust has sold two investments for a combined total of $27.4 million.

In Melbourne, the group offloaded the Doncaster Corporate Centre at 591 – 609 Doncaster Road for $17.3 million. The sale includes a purpose built Silverstone Jaguar showroom and three office buildings. CB Richard Ellis was marketing agent for this property.

Mirvac also sold the Pender Place Shopping Centre in the NSW Hunter Valley town of Maitland for $10.1 million – about the same price it was purchased for in 2007.

Bosch to Move to New 14,000 Square Metre Dandenong Facility

September 14, 2009 Marc Pallisco dandenong, industrial tenant lease, pellicano

BOSCH has leased a 14,000 square metre industrial facility, in the outer south-eastern suburb of Dandenong South.

The technology company will pre-commit to a new office and warehouse building on the corner of Abbotts Road, and Taylors Road at the M2 Industry Park, being developed by Melbourne private development company Pellicano.

Toorak Park, Armadale

Lend Lease, Frank Hargrave, to Develop Major Residential Village on SKM Site, Overlooking Toorak Park

September 13, 2009 Marc Pallisco institution, office tenant move, suburban apartment tower, suburban office development

LEND Lease will team with the founder and former CEO of Skilled Engineering, Frank Hargrave AO, to develop a major residential village abutting Toorak Park, in Melbourne’s ritzy south-eastern suburb of Armadale.

Lend Lease confirmed it entered a joint venture to redevelop the 2.5 hectare office site at 590 Orrong Road with Mr Hargrave’s Larkfield Holdings Pty Ltd, the owner of the land.

The site is bordered by Orrong Road, Osment Street and the northern boundaries of Victory Square Reserve and Toorak Park. It abuts the Toorak train station to the east, and a pedestrian bridge to the small Beatty Avenue retail strip.

Cremorne Office

Richmond’s Tallest Office Earmarked For Viva Plastics Site on the, Monash Freeway Onramp

September 13, 2009 Marc Pallisco new suburban office

RICHMOND’s tallest office building will be developed on a site at the busy onramp between Punt Road and the Monash Freeway.

The Victorian Civil and Administrative Tribunal has given Melbourne-based developer Caydon the green light to build a nine-level office on the site of the former Viva Plastics warehouse, on the north-east corner of Harcourt Parade and Cremorne Street, next to the famous Nylex sign and silos.

Caydon paid $6.15 million for the prominent 3,050 square metre Richmond site last July.

Ava Gardner & Frank Sinatra

Ava Gardner & Frank Sinatra’s South Yarra Hideaway Listed For Sale

September 13, 2009 Marc Pallisco celebrity sale, prestige residential, tourist accommodation

THE South Yarra motel at the centre of a saucy scandal involving Hollywood actress Ava Gardner, and crooner Frank Sinatra 50 years ago, is for sale.

Rooms within the St James Motel, at 35 Darling Street, accommodated Ms Gardner and a production crew during the 1959 filming of “On the Beach”, parts of which were shot in Berwick.

It was reported Frank Sinatra would often visit Ms Gardner during filming, despite the fact the couple divorced two years earlier. Sinatra left his wife and three kids in 1951, to marry Gardner – who had already been married twice before.

Safeway to Open 4,000 Square Metre Supermarket in Hive, Victoria Street Abbotsford

September 13, 2009 Marc Pallisco retail lease, supermarket, Woolworths

UNINVITING inner-city retail strip Victoria Street, at the suburb border of Abbotsford and the precinct known as North Richmond has attracted a second major retail tenant.

Woolworths this week confirmed a 20-year, 4,000 square metre retail lease at Hive, a $50 million shopping centre and residential project, being developed on a 5,000 square metre site on the north-west corner of Nicholson Street.

Woolworths will join rival Aldi, a large pharmacy, and 22 specialty retailers at Hive, which is due to open in February.

Planning Minister Justin Madden to Unveil Last Stage of Becton’s Jolimont Rail Yard Development

September 13, 2009 Marc Pallisco apartment development

PLANNING Minister Justin Madden will open Becton’s distinctive glass One East Melbourne apartment complex later this month.

The tower is the final piece in a 17-year redevelopment of the former Jolimont rail yards, which Becton acquired from the State Government in stages.

One East Melbourne includes a 19-level, 85-unit apartment tower, topped by a rooftop garden.

Former Pacific Brands Office to be Redeveloped Into George Apartments

September 13, 2009 Marc Pallisco apartment development

EVOLVE Development, the construction company of Fairfax chairman Ron Walker and business identity Ashley Williams, has unveiled images of its $45 million George apartment project in North Melbourne.

The 8-storey Hassell designed tower will be developed at 97 Flemington Road, on the south-east corner of Harcourt Street, and will replace a double-storey office until recently occupied by clothes manufacturer Pacific Brands.

Interior Designer David Hicks Pays $3 Million For St Kilda Road Apartment

September 13, 2009 Marc Pallisco celebrity sale, prestige residential

INTERIOR designer David Hicks is understood to have paid more than $3 million for a luxury St Kilda Road apartment, built on what was once the site of a rundown office and shopping plaza.

Hicks, who was a judge on Channel Nine’s recent television show homeMade, is speculated to have purchased a 3-bedroom apartment at 401 St Kilda Road, a boutique complex developed by Pan Urban, the construction company of business identity and publisher of The Monthly, Morry Schwartz.

Stewart Loewe to Sell Brighton Townhouse

September 13, 2009 Marc Pallisco celebrity sale, prestige residential

FORMER St Kilda footballer Stewart “Buckets” Loewe is tackling Melbourne’s unpredictable housing market, listing for sale a new 3-level townhouse in Brighton.

The 41-year old former Saint, who after retiring from football in 2002 turned his famous massive hands to property development, can expect to make between $1.15 million and $1.25 million from the sale of 357 New Street, the latest creation by his development company Progressive Properties.

The townhouse includes 3 bedrooms, home theatre room and a double garage, and is within walking distance to the North Brighton shopping strip, the Middle Brighton Pier and the Seacombe Grove Beach.

Office Tower Earmarked For Site Adjoining Melbourne Airport, Tullamarine

September 13, 2009 Marc Pallisco suburban office

SPOTTING Melbourne Airport from an airplane window might be easier within a couple of years.

Plans have been lodged with the Hume City Council to develop an 11-level office tower at a site abutting the Tullamarine airport, at 257 Melrose Drive.

A council spokeswoman confirmed the application will include three levels of basement car parks, and offices over the top eight levels.

Woolworths-owned ALH Pays $19 Million For St Albans Hotel

September 9, 2009 Marc Pallisco gaming machine, hospitality, pub sale, Woolworths

AUSTRALIAN Leisure and Hospitality Group is reported to have paid $19 million for the St Albans Hotel in Melbourne’s west.

ALH, which is three quarter owned by Woolworths, is expanding its portfolio in light of new Victorian government requirements that a single operator owns no more than 35 per cent of the State’s gaming machines, by 2012. ALH, which owns more than that, is expected to sell off properties and machines within its portfolio, before that time.

Melbourne Metro Train Tunnel, and New Parkville Station, Announced by Government

September 9, 2009 Marc Pallisco government action, john brumby, transport, victorian transport plan

PLANS to unveil a $100 million underground rail line that would better link the Melbourne CBD to the northern and western suburbs, were unveiled today by the State government.

The new line will link Flinders Street and Melbourne Central stations to a new underground station at Parkville, which will serve hospitals and the University of Melbourne. A train link will also go to Footscray, which has been earmarked as the possible stop for an Airport-to-city link, using an industrial-only train line that extends from near Tullamarine, to St Albans.

Below is the State Government statement about the proposal:

Shane Warne spends $3.35m in Sandringham

September 9, 2009February 10, 2021 Marc Pallisco

SPIN King Shane Warne and partner Simone are understood to have paid $3.35 million for a rundown bayside property they plan to demolish and rebuild.

The Victoria Street home sits on a 2,694 square metre block and includes a 70 year old, 4-bedroom clinker brick home. Any development of the site would offer water views, though Port Phillip is more than a kilometre away.

Any new home is expected to include a swimming pool and tennis court, as the Warne’s were accustomed to at a Middle Crescent Brighton home they sold a few years ago after separating.

Trafalgar to Sell Rhodes Site, Sydney, For $19.5 Million, Subject to FIRB Approval

September 9, 2009 Marc Pallisco development site sale, institution

Listed property investment and development group Trafalgar Corporate Group (ASX:TGP), today announced that the TGP/Brookfield Multiplex Rhodes joint venture partners have entered into contracts for the sale of Lot 103, a waterfront lot at its shoreline residential development project for $19.5 million. The sale is subject to Foreign Investment Review Board approval.

Trafalgar’s CEO Braith Williams said “The sale continues our previously stated objective of progressively withdrawing from property development activities by 30 June 2010. The conditional sale is scheduled to settle in December 2009 and proceeds will be used to repay project debt.

Canberra-Based Transurban Developments Pays $13.5 Million for Wyndham Vale Development Site

September 9, 2009 Marc Pallisco residential development site sale

CANBERRA based private investment company Transurban Developments has paid $13.5 million for a residential development site in the west Melbourne suburb of Wyndham Vale.

The 24-hectare development site at 445 – 479 McGrath Road has development approval for 231 new homes.

The site was offloaded by private investment group the Ballan Brothers, which also own car dealerships in the western suburbs. The site is less than 3 kilometres from shopping centres and schools, and is near the Werribee train station.

Mark Philippoussis

Mark Philippoussis sells Williamstown townhouse

September 6, 2009February 21, 2021 Marc Pallisco

Tennis player turned reality TV show judge Mark Philippoussis has quietly sold his waterfront Williamstown townhouse. The Scud, as the

Tiara Southbank

New 32-Level TIARA Apartment Complex Earmarked For Opposite Crown Casino, Southbank

September 6, 2009 Marc Pallisco apartment building

THE western entrance of the Crown Entertainment Complex in Southbank, is about to be dwarfed by a Tiara, the name given to the new high rise apartment complex set to be developed almost across the road.

The 32-level, 210-unit Tiara tower will be developed on the site of a collection of warehouses between 46 – 50 Haig Street, near the corner of Clarendon Street, and the busy Crown entrance.

Galvin Construction First Tenant at Les Smith’s 108 Power Street Hawthorn Office

September 6, 2009 Marc Pallisco suburban office lease, tenant move

PRIVATE developer Les Smith has found a tenant to occupy the whole top floor of a flash 4-level office, at 108 Power Street in Hawthorn, which he also decided to build without first finding a tenant.

Galvin Construction will relocate from nearby rundown offices in Lynch Street Hawthorn, to about 1,000 square metres at the building, which is due to open next month, across the road from Vantage, a major 14,000 square metre office at the corner of Burwood Road.

Amcor to Lease More Space at Vantage, Hawthorn

September 6, 2009 Marc Pallisco suburban office lease

AMCOR will increase the amount of office space it occupies at Hawthorn’s prominent 109 Burwood Road office.

The packaging giant will lease another 750 square metres of ground floor space on the ground floor of the near-new Vantage office building, on the north-east corner of Power Street.

Becton to Make Loss From Sale of Wang House, Melbourne

September 6, 2009 Marc Pallisco CBD office sale, institution

BECTON can expect to make about $27 million from the sale of the former Wang House office building, at 45 William Street in the CBD, which it listed for sale this week.

The 14-level, 9010 square metre office, on the north-west corner of Flinders Lane, is 86 per cent occupied. Based on the building’s potential fully let annual income of $2.4 million, the building is expected to sell on a yield of between 8.5 and 9 per cent.

US Consulate Headquarter Building, Melbourne, Filled For the First Time Since September 11 Terrorist Attacks

September 6, 2009 Marc Pallisco st kilda road office, tenant move

The St Kilda Road office building that is home to the Consulate General of the US in Melbourne, is fully leased for the first time since the September 11 terrorist attacks almost eight years ago.

Insurance giant AIA Group has leased 4,230 square metres at 553 St Kilda Road, filling the 8-level office.

Mirvac to Sell Former National Foods Headquarters, Mulgrave

September 6, 2009 Marc Pallisco institution, suburban office sale, tenant move

MIRVAC is understood to be close to selling a suburban office building for about $7.75 million.

Sources say the Sydney-based developer, which last week announced a $1.08 billion loss for the year to June, is in negotiations to sell the former National Foods headquarters in Mulgrave to an investor.

The 2,600 square metre A-grade office at 30 – 32 Compark Circuit, near the busy intersection of Springvale and Wellington roads, has only recently been re-let to biotechnology tools company Life Technologies which formed last year when Mt Waverley-based Invitrogen Corporation and Scoresby-based Applied Biosystems amalgamated.

City Peugeot Site Sells, Elizabeth Street Melbourne

September 6, 2009 Marc Pallisco apartment complex, residential development site, student accommodation

DEVELOPMENT activity around the frantic Haymarket roundabout, at the intersection where Elizabeth Street meets Flemington Road, is about to get even busier.

A student accommodation developer is believed to have paid about $5.6 million for the City Peugeot dealership at 690 Elizabeth Street, near the corner of Pelham Street.

The double-storey dealership, which has rear access to Berkeley Street, was sold with a short term tenancy to City Peugeot and City Subaru, which will relocate to Port Melbourne.

Penalties For Breaches of BCII Act at Maryvale Pub Mill Total $105,000

September 1, 2009 Marc Pallisco dispute

The Federal Court in Melbourne has ruled on penalties in the fifth and final ABCC proceeding relating to unlawful conduct at the Maryvale Pulp Mill expansion project in Victoria. The decision brings the total penalties imposed in the five proceedings, four of which were in the Federal Magistrates’ Court, to $105,000.

Penalties totalling $30,000 were imposed on the AMWU and organiser Steven Dodd for unlawfully threatening a building contractor. Mr Dodd admitted he threatened to organise industrial action with intent to pressure the contractor to make an AMWU industrial agreement in February 2008.

GPT Pays $206.3 Million For Share of Highpoint Shopping Centre

August 31, 2009 Marc Pallisco institution, retail sale

The GPT Group has paid $206.3 million for a one sixth interest in the massive Highpoint Shopping Centre, and adjacent Maribyrnong Homemaker Centre in Melbourne’s north-west.

Following a $1.7 billion equity raising in May, GPT will pay private Melbourne investors the Besen family $197.5 million for its interest in the centre, reflecting a very low 6 per cent capitalisation. Another $8.8 million is attributed to interest.

Toll Holdings Makes $22 Million From Sale of Altona Warehouse

August 31, 2009 Marc Pallisco industrial sale

TOLL Holdings has reaped $22 million from the sale of a 48,100 square metre office and hardstand distribution centre in the west Melbourne suburb of Altona.

The Horsburgh Drive building was built on part of a 50-hectare site Toll Property Group has developed on the Dow Chemical site, which it bought a few years ago. The property was sold with a 12-year lease to Toll Holdings company NQX Freight System.

Coles opens $40m Showgrounds supermarket

August 30, 2009May 30, 2022 Marc Pallisco

State Melbourne member Bronwyn Pike on Saturday opened a $40 million shopping centre, developed by Coles on a former

Perth-Based ABN Group Buys Melbourne Docklands Development Site

August 30, 2009 Marc Pallisco office development site, residential development site

THE ABN Group, a consortium of Perth-based developers which own the Boutiques Homes brand in Melbourne, have paid about $3.6 million for a Docklands development site, with postcard Yarra River and CBD views.

The 3,535 square metre property at 81 Lorimer Street was offloaded by liquidators for the failed Dollarforce group, which paid $2.8 million for the property in 2003.

Williamstown House at the Centre of Heritage Dispute to be Sold and Demolished

August 30, 2009August 13, 2017 Marc Pallisco development dispute, residential development site

THE ramshackle Williamstown house at the centre of a heritage dispute will be auctioned next month.

Barry Plant Yarraville agent Niels Geraerts is expecting about $1 million for the 839 square metre block at 43 – 45 Aitken Street, which is likely to be developed into a townhouse project.

The campaign to sell the development site started in April, but had to be suspended while the future of a rundown 4-room weatherboard home on an edge of the property was debated.

Park Orchards Chalet Earmarked to Become Aged Care Facility

August 30, 2009 Marc Pallisco aged care, development dispute

PLANS to redevelop the former Park Orchards Chalet into a 91-bed nursing home are being reviewed by the Manningham City Council.

The aged care proposal is earmarked for land around a prominent 81-year old mansion at 579 – 581 Park Road, adjacent to a small shopping strip and opposite the Park Orchards Primary School and a community centre.

Valad to Sell Riverside Alphington Development Site at a Loss

August 30, 2009 Marc Pallisco residential development site

VALAD Property Group has abandoned plans to build a major apartment and townhouse development on the banks of the Yarra River in Alphington, about eight kilometres north-east of Melbourne.

The developer has listed the 9 – 23 Rex Avenue site for sale, in a deal sources expect will reap between $10 million and $12 million – a big drop on the $14 million Valad paid Amcor for the disused site at the peak of the property boom in 2007.

Southern Cross Hotel, Near South Melbourne Market, For Sale

August 30, 2009 Marc Pallisco development site, pub sale

THE pocket around South Melbourne Market may see yet another crane, if developers buy the Southern Cross Hotel on the south-west corner of Cecil and Market streets, on the suburb border of Southbank.

The double-storey hotel will be sold later this year with vacant possession, meaning prospective hotel operators will have to compete with developers, who could propose a medium or high density apartment tower for the site. It is expected to sell for about $2 million.

Elite Sports Properties Leases High End Richmond Office

August 30, 2009 Marc Pallisco suburban office lease deal, tenant move

ELITE Sports Properties – sports and marketing managers for identities including Nathan Buckley, Eamon Sullivan and Mark Skaife, have relocated from offices within the Rydges Riverwalk complex on the banks of the Yarra River, to an office closer to the MCG, but also in Richmond.

The company is believed to have leased about 750 square metres of A-grade space at 543 Bridge Road, a new office co-developed by private investor and former Giorgio’s restaurant owner, George Saade.

Disruptions at Maryvale Pulp Mill Result in $75,000 Penalties

August 25, 2009 Marc Pallisco development dispute, legal action

Today the Federal Magistrates Court in Melbourne ruled on declarations and penalties proposed under a settlement between the ABCC and the AWU, CEPU, AMWU and three union representatives. The rulings, which resulted in penalties totalling $75,000, finalise four of the five ABCC proceedings relating to the Maryvale Pulp Mill expansion project.

The unions and their representatives, Terrence Lee, Peter Mooney and Steven Dodd admitted they encouraged groups of workers numbering between 17 and 433 to unlawfully strike on multiple occasions between July 2007 and February 2008.

Former Petrol Station Earmarked For New North Fitzroy Library

August 25, 2009 Marc Pallisco community use, compulsory acquisition, development dispute, library

The City of Yarra council is insistent on building a library near North Fitzroy’s picturesque Edinburgh Gardens.

A year after the Greens voted down a controversial council proposal to build a library within the grounds of the gardens, The Melbourne Times is reporting council is formalising a plan to compulsorily acquire a site at 182 – 196 St Georges Road, on the south-west corner of Best Street.

The proposed library site was formerly a petrol station.

Minogue family reweights Melbourne property portfolio

August 23, 2009February 5, 2021 Marc Pallisco retail sale

Kylie Minogue THE Minogue family continues to reweight its substantial property portfolio.

Ron and Carol Minogue, the parents of pop princesses Danielle and Kylie, and cameraman Brendan, are understood to have made close to $2.5 million from the sale of two adjoining shops with redevelopment potential in Canterbury’s charming Maling Road retail strip.

The shops are leased to boutique homewares and furniture retailer Maison on Maling, and gourmet deli Wilson & Walsh Specialty Provenders – which between them pay an annual rent of almost $100,000. Based on the speculated purchase price, the shops sold on a low 4 per cent yield.

DFO Owners Buy Chadstone Bulky Goods Development Site

August 23, 2009 Marc Pallisco bulky goods centre, DFO, retail development site sale

THE owners of discount outlet chain DFO have been revealed as the buyers of a prominent bulky goods development site near the massive Chadstone Shopping Centre.

Peninsula Development Group, a privately owned development company controlled by David Goldberger, Sam Fink and David Weiland is expected to develop a $20 million bulky goods shopping centre on the 675 Warrigal Road site, until recently home to chemical services company Clariant.

Moller’s Caravan Park, Inverloch, Sells to Developers For $6 Million

August 23, 2009 Marc Pallisco apartment development, caravan park, Inverloch, provincial and regional Victoria

A developer is understood to have paid close to $6 million for the Moller’s Caravan Park in the coastal hamlet of Inverloch, about 145 kilometres south-east of the city.

The approximate 9,000 square metre waterfront property, with four street frontages, is speculated will be developed into a medium-density apartment project, flanked by ground floor retail, and possibly some serviced apartments.

Stockdale & Leggo Inverloch agent Judy Robertson, who marketed the site with Patrick Barry, confirmed a sale negotiation was underway, but declined to elaborate on buyer or price. The caravan park first came onto the market last year with an $8 million price tag.

$20 Million Portfolio of Salvo Properties to be Sold

August 23, 2009 Marc Pallisco development site sales, retail investment

Europcar founder turned property developer Mario Salvo is selling a portfolio of twelve CBD and suburban investments.

The properties are a mix including retail shops, offices and open air car yards – many which are leased to Europcar – and are expected to fetch close to $20 million.

In the CBD, Mr Salvo is offloading four fully-leased retail shops on the ground level of the Franklin Lofts apartment tower he developed.

Department of Treasury Joins Melbourne Water, ATO, in Search Of CBD Offices

August 17, 2009 Marc Pallisco CBD tenant move, government

THE Victorian government is looking for a 14,000 square metre office to house the Department of Treasury and Finance.

The CBD office leasing requirement is the latest in the string for the government, which has also in recent weeks also sought new offices for Melbourne Water (10,000 square metres) and the Australian Taxation Office (25,000 square metres).

New Public Art for Port Melbourne’s Bianca Project

August 16, 2009 Marc Pallisco public art

LOCAL artist Mike Nicholls has designed a series of sculptures for Port Melbourne’s distinctive Bianca project at 120 Bay Street.

The multi-talented artist, who paints, chainsaws, pencils, and chisels, has created a sculptural series of nine identical “diving figure” shaped pieces, which will be attached at slightly rotated angles to the top of nine poles at the front of the 8-level apartment and townhouse development.

Richard Buxton Launches Coffee Table Book: If Matthew Flinders Had Wings

August 16, 2009 Marc Pallisco property news

PROPERTY developer and philanthropist Richard Buxton this week launched a coffee table book, If Matthew Flinders Had Wings, the result of two circumnavigations of Australia which retraced the steps of cartographer Matthew Flinders by air, and then again by sea.

The 280-page reference book includes more than 550 of Mr Buxton’s own photographs, taken during the two adventures which started several years ago with a 56-day, 22-stop flight around Australia in a single-engine Cessna 182 S.

St Kilda Road’s Aviva Building Close to Sale For $55 Million, Apartments Earmarked

August 16, 2009 Marc Pallisco apartment development, office sale, St Kilda Road

A year since coming to the market, Dexus Property Group is believed to be formalising the sale of its huge 509 – 515 St Kilda Road office for about $55 million.

Well placed industry sources say a residential-focussed developer is in exclusive due diligence to buy the 7-level, 19,687 square metre office building, which straddles a 6,070 square metre double-sized block near the corner of Commercial Road.

They speculate the office building currently on the site – home to copier and printer giant Fuji Xerox and insurance group Aviva which also leases naming rights – will be demolished to make way for between two to three new high rise towers, flanked by ground floor retail.

The Brow Bar, Busatti to Open in Melbourne’s Hawksburn Village

August 16, 2009 Marc Pallisco retail lease

TWO new-to-Melbourne retailers have chosen South Yarra’s Hawksburn Village over other major retail hubs such as Chapel Street, or Southbank, to open their first outlets.

Beauty salon The Brow Bar, which amongst other things sculptures, waxes, tweezes, aligns and tints brows, will occupy retail space within the Bird de la Cour-designed project, on the north-west corner of Williams and Malvern roads and the Prahran and Toorak suburb border.

Madden to Decide on Maffra Shortly

August 16, 2009 Marc Pallisco development dispute, justin madden, regional or provincial, retail development

PLANNING Minister Justin Madden is expected to make a decision “shortly” about a controversial $13.8 million shopping centre development in the eastern Victorian town of Maffra.

A spokeswoman for the Minister’s spokeswoman said submissions have been heard and a decision will be made about Woolworth’s application to build a 2,300 square metre retail building on a site at 93 – 105 Johnson Street.

TRUenergy Reviews Melbourne CBD Office Accommodation

August 16, 2009 Marc Pallisco CBD office leasing

EXCITABLE gas and electricity supplier TRUenergy is considering relocating its staff from the prominent 385 Bourke Street office building, on the doorstep of the Bourke Street Mall.

TRUenergy is believed to be in the market for about 12,000 square metres of office space in either the CBD, Southbank or Docklands.

A TRUenergy spokesman confirmed it is reviewing its accommodation options in the lead up to the expiry of its city office leases, but would not comment until a new lease was signed.

Only Melbourne Asset in $40 Million Singapore Airline Portfolio, Sold Separately

August 16, 2009 Marc Pallisco strata office

THE joint venture investment consortium which paid just over $40 million for a swag of national Singapore Airline owned properties in 2007, has sold the only Melbourne asset in that portfolio, for $2.18 million.

Real Estate Capital Partners and Investec have offloaded two strata floors of the 416 Collins Street office building to a private investor.

The office is used as Singapore Airline’s Melbourne headquarters, but that tenant’s lease is due to expire next year, and there is no option to renew.

ISPT sells 522 Flinders Ln car park

August 11, 2009February 24, 2021 Marc Pallisco

Industry Superannuation Property Trust has sold a 10-level Melbourne CBD car park. The 522 Flinders Lane property collected $38 million.

VCAT Approves 38-Level Apartment Tower in South Yarra

August 9, 2009 Marc Pallisco presige residential, residential apartment, suburban office development, suburban shopping centre development, VCAT

MELBOURNE’S tallest apartment building outside of the inner-city will be developed on the site of a rundown hamburger restaurant at the north-west corner of Toorak Road and Chapel Street in South Yarra.

The Victorian Civil and Administrative Tribunal has approved The Capitol South Yarra, a $150 million mixed-use village, which will be identified by a 38-level tower soaring 133 metres.

The art deco Capitol Bakeries building will be demolished to make way for a multi-level, 4,000 square metre shopping centre, a 6-level 7,500 square metre office building, and 38-level luxury apartment tower.

Central Equity Buys Piece of Outgoing Age Headquarters, Lonsdale Street

August 9, 2009 Marc Pallisco CBD residential development site

HIGH rise apartment builder Central Equity is the mystery buyer of a massive CBD residential development site, once the eastern-most boundary of The Age’s outgoing headquarters.

The 3,420 square metre property, spread over four streets but marketed as 612 – 620 Lonsdale Street, sold last month for $17 million on a long settlement.

Despite being sold with a permit for a 748-unit apartment complex and retail laneway, in two towers of 51, and 40 levels, it’s expected the new owner will go back to the drawing board with a new proposal.

Mirvac Abandons Plans to Build $120 Million Office in Hawthorn, Puts Site on the Market

August 9, 2009 Marc Pallisco hawthorn, mirvac, suburban office development site, suburban residential development site

MIRVAC has abandoned plans to build a $120 million office building in Burwood Road, Hawthorn, in Melbourne’s leafy eastern suburbs.

The Sydney-based developer has decided to sell the 5,000 square metre development site, months after obtaining VCAT approval to build a 5-level, 18,800 square metre office, with 557 car parks.

Mirvac can expect to make about $12 million for the 291 – 311 Burwood Road site.

Former Vision Australia Site, Prahran to be Redeveloped into $68 Million Village

August 9, 2009 Marc Pallisco suburban apartment development

THE Victorian Civil and Administrative Tribunal has given the green light to redevelop Vision Australia’s rundown former Prahran office, into a 330-unit apartment village.

The 201 – 209 High Street site, which also has access to Clifton Street and Anchor Place, will make way for a $68 million multi-tower complex with shops and offices. A Stonnington City Council spokeswoman said the tallest building in the development will rise 12 levels.

John Olsen to Unveil Mural at Olsen Hotel, South Yarra

August 9, 2009 Marc Pallisco hotel, tourist accommodation

AUSTRALIAN painter John Olsen will unveil a six metre mural, which forms part of the entry foyer of the South Yarra hotel named after him.

Melbourne-based private developer Asian Pacific Building Corporation, headed by the Deague family, will unveil the painting today.

Frankston’s 12-Level Peninsula Centre to be Redeveloped Into $80 Million Luxury Hotel

August 9, 2009 Marc Pallisco hotel, serviced office

IT was reportedly once described by actor Barry Humphries as “the worst building in Australia” – but now the tallest building in Melbourne’s outer bayside suburb of Frankston is about to be remodelled into an $80 million luxury hotel.

Two years after the Deague family’s Asian Pacific Building Corporation paid $11.25 million for the Grollo-built 12-storey building at 435 Nepean Highway, Frankston City Council has approved plans to redevelop the “Peninsula Centre” into a 140-suite hotel, function centre, conference centre, restaurant and bar.

Australia’s Sixth Lindt Chocolat Cafe to Open at Chadstone

August 2, 2009 Marc Pallisco retail lease

CHOCOLATE lovers in Melbourne’s south-eastern suburbs have less than three weeks to wait for the country’s sixth Lindt Chocolat Cafe to open, within the new West Wing extension at Chadstone Shopping Centre.

The Chadstone cafe – due to open on August 19 – will be Lindt’s second Melbourne outlet. Last month it opened its first store at 271 Collins Street and within the walls of a historic chamber until recently occupied by the National Australia Bank.

Silver Top Taxis’ Sets up in Mulgrave After Fire Engulfs Collingwood Headquarters

August 2, 2009 Marc Pallisco suburban office lease, tenant move

TECHNICIANS, fit-out specialists and suburban leasing agents were burning the midnight-oil in Mulgrave, in the hours following a disastrous fire that almost gutted Silver Top Taxis’ Collingwood headquarters on Tuesday.

Within eight hours of the fire which destroyed Silver Top’s inner-city office and call centre, management was signing a six month lease for a 776 square metre building at Miles Street, an office and call centre until recently occupied by National Hearing.

Ron Barassi’s former Richmond pub seeks $4m

August 2, 2009February 24, 2021 Marc Pallisco

The Richmond pub still known as “Barassi’s”, despite the ex-footballer and Victorian of the Year Ron Barassi selling it in

Under the Moonlight

Four Victorian Winners at National HIA Industry Association Award Night

August 2, 2009 Marc Pallisco awards, industry news

A luxury chalet in the Alpine village of Dinner Plain, was one of four Victorian entrants to win awards at a national Housing Industry Association award ceremony, held last month.

The R&R Van Heek Builders designed home, Under the Moonlight, won the Colorbond Most Innovative Use of Steel Project of the Year. HIA judges said the home “commands attention and yet does not over-impose on the area’s natural landscape.”

R & R Van Heek Builders recently relocated its business from Dinner Plain to Darwin.

Aerial Camberwell

Camberwell Junction’s Former Henley Honda Site to be Developed Within Months

August 2, 2009 Marc Pallisco suburban residential development

FKP Property Group expects to start marketing apartments on its controversial former Henley Honda site at the Camberwell Junction within months.

The Victorian Civil and Administrative Tribunal has approved a revised proposal by FKP, in which it asked to build 38 more apartments within the walls of two apartment towers it won approval to build last year.

An FKP spokesman said “significant changes” in the property market in the latter part of last year, led the Queensland-based developer to change 2008-approved plans for the East Hawthorn project branded Aerial.

Windsor Hotel Redevelopment

$260 Million Redevelopment of Melbourne’s Windsor Hotel Has Lord Mayor Support

July 29, 2009 Marc Pallisco hospitality, hotel redevelopment

PLANS to develop a 92-metre office building in the shape of a curtain, behind Melbourne’s historic Windsor Hotel, have been met with a lukewarm public reception – but has won the support of Melbourne Lord Mayor Robert Doyle.

Land at the rear of the Spring Street hotel, opposite Parliament House, is earmarked for a $260 million, 25-level office building. An art deco building on the corner of Bourke Street – formerly home to Melbourne’s Hard Rock Cafe venture – will be demolished to make way for a new modern structure.

The Windsor Hotel’s famous “Cricketers Bar” will be demolished to make way for a new foyer. The new project is designed by architect Denton Corker Marshall.

One Martin Street Sydney Half-Share Sale May be Off The Table

July 29, 2009 Marc Pallisco CBD Office

THE high profile campaign to sell a half share interest in Sydney’s landmark One Martin Place office building may be off the table.

The two Macquarie trusts which owns the asset, are reported to be holding onto the office tower, which is used as Macquarie’s headquarters. The building’s entire value fell from $530 million to $485 million in December, according to Macquarie. It was hoping to achieve more than $200 million for a half share, but has failed.

Macquarie has a $128.9 million debt expiry at the end of August.

Australand Announces $475 Million Capital Raising

July 28, 2009 Marc Pallisco australand, institution

AUSTRALAND Property Group has announced plans to raise $475 million, at the same time the company booked a net loss

Westpac Funds Management Recovers $10.4 Million From Sale of Six Victorian Retail Assets

July 26, 2009 Marc Pallisco retail sale

WESTPAC Funds Management Limited has reaped $10.4 million from the sale of six retail assets it put to the market earlier this year.

The most expensive property sold was in the south-eastern suburb of Springvale, where a Hungry Jacks leased restaurant at 19 – 21 Springvale Road sold for $2.3 million, on a yield of 5.75 per cent. A Hungry Jacks restaurant at the busy corner of Hume Highway and Camp Road sold for $2.2 million, on a yield of 6.04 per cent.

Macquarie Office Trust Shuts 171 Collins Street

July 26, 2009 Marc Pallisco CBD office development

MACQUARIE Office Trust has closed pedestrian access to its 171 Collins Street shopping centre and office building, a year after challenging a landmark planning precedent that more than doubled the regulated height of a building in the Central Business District’s “Swanston Street spine”.

The building, which includes several ground floor shops, is expected to remain boarded up and vacant for however long it takes for the site to be developed.

Footscray station

Former Flinkiers Footscray Site Sold to Residential Developer

July 26, 2009 Marc Pallisco footscray, Melbourne Residential Development Site Sale, South Kensington

A massive Footscray property – occupied for years by used car dealership Flinkiers – has sold for $5.25 million, and is expected to be developed into one of the inner-city suburb’s tallest buildings.

Fitzroys selling agent Julian Heatherich said a private developer has snapped up the 5,320 square metre development site, which fronts Hopkins, Whitehall and Warde streets, about five kilometres west of town and near the Maribyrnong River and West Melbourne suburb border.

The site is expected to make way for a 10-level mixed use building incorporating ground floor retail, and apartments and which would offer postcard CBD views over the river.

Woolworths, Ritchie’s Supermarkets Lodge Plans to Open in Phillip Island

July 26, 2009 Marc Pallisco Coles, regional property, Ritchies, Safeway, supermarket development, Woolworths

Woolworths has lodged plans to build a new supermarket and shopping centre on a prominent Phillip Island caravan park it bought as a development site about two years ago.

The Boomerang Caravan Park site at 121 Thompson Road in the island’s main township of Cowes, is expected to close in May 2011 when an existing lease arrangement between Woolworths and the park operator lapses.

Sources say the proposed new development will include a 3,200 square metre Safeway supermarket, and about nine specialty shops totaling 1,408 square metres. It’s understood the project could have an end value of more than $20 million, but this could not be confirmed with a Woolworths representative, who failed to return calls.

SKM May Leave Armadale Home, for CBD

July 26, 2009 Marc Pallisco CBD office lease, tenant move

THE ritzy south-eastern suburb of Armadale is about to lose one of its biggest office tenants, if speculation engineering, science and project delivery giant Sinclair Knight Merz has found a new city headquarters are true.

Well placed industry sources say the Orrong Road based consultancy is formalising plans to lease about 12,000 square metres of CBD office space, with Stockland’s 452 Flinders Street building understood to be the frontrunner.

Cornerstone Administrators Close to Selling Remaining Pub Portfolio

July 20, 2009 Marc Pallisco hospitality, pubs

COMPUTERSHARE boss Chris Morris is in negotiations to buy nine Victorian hotels, the remaining properties in a portfolio being offloaded by the beleagured Cornerstone Hotels group.

The properties include South Yarrra’s Botanical, Brighton’s Half Moon Bay, Kew’s Skinny Dog, Prahran’s Lucky Coq, Fitzroy’s Bimbo Deluxe and Collingwood’s The Tote – which are all close to sale for an as-yet undisclosed sum.

Mr Morris has owned Victoria’s popular Portsea Pub since 1999. Last year he purchased the Empire Beer Group, which gave him ownership of the Royal in East Perth, and a new brewery in Margaret River.

Panel to Discuss Demolishing Old Buildings For New, at State of Design Festival This Week

July 19, 2009 Marc Pallisco heritage, planning dispute

A panel discussion to debate the contentious issue of demolishing old buildings to make way for new ones, will be

New Retail Laneway Planned For Melbourne’s Southern Cross Hotel Site

July 19, 2009 Marc Pallisco CBD retail

FORTY FIVE years after Beatles fans famously made the street’s around Southern Cross Hotel a chaos zone, the next stage of the site’s redevelopment into a mixed-use working and shopping mecca is about to be unveiled.

Southern Cross Lane, the city’s latest polished laneway, will open in mid-October, wedged between two shiny glass office buildings connecting Little Collins and Bourke streets.

Wesfarmers-owned OAMPS, Irwinconsult Fill New Becton East Melbourne Office

July 19, 2009 Marc Pallisco becton, city fringe office lease, institution, tenant move

WESFARMERS owned insurance and financial services provider OAMPS has leased the last chunk of office space, in a distinctive new Becton building opposite the Treasury Gardens on the city’s eastern fringe.

OAMPS will lease 2,568 square metres of high end office space at 289 Wellington Parade South, in East Melbourne, relocating from an office at 176 Wellington Parade nearby.

Engineering consulting firm Irwinconsult has leased 1,868 square metres and will relocate from Southbank.

Major Development Mooted Opposite Balwyn Theatre

July 19, 2009 Marc Pallisco retail, suburban office

THE Victorian Civil and Administrative Tribunal has approved a major mixed use development, for a site opposite the popular Balwyn Theatre.

The owner of the 188 Whitehorse Road Balwyn site, represented by town planner Urbis JHD, plans to build a 3-storey building comprising a 2,412 square metre supermarket, two levels of offices totalling 3,565 square metres, and 213 car spaces. The development, which will also be accessed via Jersey Street, was approved by VCAT with some amendments. It’s speculated the project could have an end value of between $20 million and $25 million.

Bridgewater Aged Care, Roxburgh Park, to be Sold

July 19, 2009 Marc Pallisco administration, aged care

ELEVEN months after being placed into administration, Roxburgh Park’s near-new Bridgewater aged care facility has been put up for public sale.

The 132-bed nursing home shut its doors late last year, forcing the relocation of residents who had paid large admission fees to buy into the five-year old Wedgewood Road facility. Bridgewater was reported to have breached several health regulations, but there were also examples of financial mismanagement, with the company owing creditors about $1.5 million, and staff about $500,000 in entitlements at the time of its collapse – money not expected to be repaid.

Victorian Farmers Federation to Sell 24 Collins Street

July 19, 2009 Marc Pallisco federation, Melbourne CBD office

THE Victorian Farmers Federation has outgrown and will sell an “under-utilised” office building at Collins Street’s Paris-end.

The 40-year old office at 24 Collins Street is expected to sell for between $16 million and $19 million, sources say, reflecting a yield of between 6 and 7 per cent, based on the building’s potential annual rental income of $1.1 million.

Colonial First State to Reap $59 Million From 215 Spring Street Sale

July 19, 2009 Marc Pallisco CBD office sale, CFS, institution

COLONIAL First State will reap $59 million from the sale of its 215 Spring Street office building, once the headquarters of professional services giant PricewaterhouseCoopers.

Private investor and developer the Knowles Group has purchased the 22-year old, 9-level building which has three street frontages and is opposite a Parliament train station entrance, and the Parliament Gardens.

CFS, via a previous Commonwealth Bank association, paid $42 million for the 15,549 square metre office in March 2000.

Brighton home sells for record $15.5m

July 12, 2009June 13, 2020 Marc Pallisco apartment development, prestige residential

A NEW price record is believed to have been quietly set for the ritzy bayside suburb of Brighton.

Sources say an undisclosed Geelong-based business identity has agreed to pay about $15.5 million for a waterfront mansion at 25 – 27 Glyndon Road, in the suburb’s “Golden Mile”.

The 5-bedroom mansion has a 59-metre water frontage, and includes a tennis court, swimming pool, spa, sauna, gym, home theatre and rooftop entertainment area.

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