Uncategorized – realestatesource

Master Planned Community Mooted For the Hunter Valley

Marc Pallisco — Fri, 17 Sep 2010 04:19:23 +0000

PLANS to build a $1.5 billion master planned community in the Hunter Valley are on the table.

The Kahlbetzer family and Perth based LWP Property Group will reportedly team to build 7500 dwellings in Huntlee.

Mr Kahlbetzer already owns about 40,000 hectares of land according to the AFR which reported the planning development.

Lend Lease applies to replace Channel Nine studio

Marc Pallisco — Tue, 21 Sep 2010 02:08:25 +0000

Channel Nine’s outgoing Bendigo Street, Richmond, studio will be replaced with a 550 unit apartment-based village with towers rising eight levels.

Some historic buildings will be retained, as part of plans just lodged with council.

But the balance of the three hectare parcel will make way for new medium and high density product.

Lend Lease paid the media group c$50 million for the property last year.

Channel Nine relocates to Docklands next month.

Richmond’s tallest private residential proposal, for nine floors, affects the Beaver Plastics site near the Monash Freeway.

Public housing towers of 22 levels are in the suburb and neighbouring Abbotsford and South Yarra.

New Phone App Describes Evolving History of Melbourne’s Yarra River

Marc Pallisco — Sat, 14 Aug 2010 05:06:39 +0000

PLANNING history and residential property development appear prominently in a new multimedia initiative released this month by the Melbourne City Council.

Transforming the Yarra is a walking tour application which examines the evolution of Melbourne’s Yarra River precinct since the 1980s, and after the Cain-Labor State government released a strategy to make it Melbourne’s central focus.

The application, which is downloaded as an MP3 file for mobile phones, or as an audio stream from the web, discusses urban design and architectural principles adopted at various riverfront sites.

Besen Family Pays $67 Million For 1 Spring Street Half Share

Marc Pallisco — Sun, 23 May 2010 04:28:34 +0000

MELBOURNE's Besen family has spent $67 million buying a half share interest in one of the CBD's most distinctive "gateway" buildings, 1 Spring Street.

Daniel Besen, the son of shopping centre magnate Marc, purchased a 50 per cent stake in the 28-level 1 Spring Street office on the corner of Flinders Street, on a yield of 7.5 per cent.

Record Realty was the vendor.

ISPT To Reap About $35 Million From Sale of 474 St Kilda Road

Marc Pallisco — Mon, 17 May 2010 04:48:49 +0000

Industry Superannuation Property Trust can expect to make between $30 million and $35 million from what might be the most under-utilised property in St Kilda Road.

The Clemenger House office building, at # 474, is spread over two blocks and three streets.

Given the shifting attitude in recent years to convert St Kilda Road offices into high rise apartment skyscrapers, 474 St Kilda Road is expected to arouse interest from residential developers.

Chicago House Next Door to Barack Obama For Sale at $US1.85 Million

Marc Pallisco — Mon, 26 Oct 2009 14:44:18 +0000

A Chicago home next door to US President Barack Obama's home (pictured) has come onto the market with a price tag of $US1.85 million ($A2.2 million).

The unrenovated 17-room home at 5040 S Greenwood Avenue, in the Chicago neighbourhood of Kenwood, has been owned by Bill & Jacky Grimshaw since 1973.

The property was listed for sale in September for an unspecified price.

The Secret Service will need to clear anybody who visits the Grimshaws house, according to selling agent Matt Garrison.

Garden House Apartment Complex Set For Prominent Rathdowne Street Carlton Site

Marc Pallisco — Sun, 06 Sep 2009 12:42:32 +0000

HAVING demolished the historic red brick building that once stood at 83 – 95 Rathdowne Street in Carlton, builder Piccolo Developments is set to start marketing The Garden House complex, opposite the 130-year old Royal Exhibition Building, and Carlton Gardens South.

The $50 million, Woods Bagot-designed project, to be developed on the north-west corner of Queensberry Street, will rise five levels and include 46 apartments, and terraces.

Gay Group, Macquarie trade balance of $450m Gold Coast project

Marc Pallisco — Mon, 06 Jul 2009 17:24:10 +0000

THE Gay Group of Companies has paid development partner Macquarie Group and Urban Pacific an undisclosed sum for its remaining interest in a $450 million Gold Coast residential development.

The Gay Group and Macquarie consortium were marketing the final blocks within its River Links project in Coomera, a 500+ block residential village under construction on what was once a dairy farm.

The developers purchased the farm in 1998.

The Gay Group will now resume full control of the project

“I don’t think Macquarie and Urban Pacific’s decision to leave will impact on the outcome of River Links.” Gay Group director Tim Gay told the AFR. “We haven’t been sitting here struggling. We’ve sold 90 per cent of the project, and they want to do other things and we want to see it to completion.”

He said two years ago, blocks within the project would have sold within a couple of months.

But the global financial crisis has hit the Gold Coast hard, and its now expected the remaining blocks will take up to 18 months to sell.

The last two waterfront stages of Riverfront Links went on sale more than a year ago. Upon completion, more than 1500 people are expected to call the new village home.

The Gay Group also owns a 20 hectare block on the Coomera River. It has also recently purchased a 5.5 hectare development site adjacent to River Links, which it plans to develop into a 120-unit apartment building, and 15,000 square metre office building.

Two bedroom waterfront apartments are expected to be priced at less than $500,000.

Gay Group is one of four companies shortlisted to build the $1 billion Gold Coast marine development at Southport Spit.

Isis & Unico Lease Macquarie Office Trust 5 Queens Road Building

Marc Pallisco — Sun, 28 Jun 2009 14:28:26 +0000

REFURBISHMENT solutions company Isis has leases offices and naming rights of a prominent Queens Road building, opposite the busy Kings Way junction, and Albert Park Lake.

Isis will lease 2,427 square metres at Macquarie Office Trust’s 5 Queens Road, office space previously occupied by Symbion Health which moved to 474 St Kilda Road in March. Isis will relocate from nearby Eastern Road.

Joining Isis is IT services company Unico, which will relocate from Bowen Crescent around the corner, and occupy 2,386 square metres at 5 Queens Road. Unico will lease space formerly occupied by National Foods, which moved to Docklands last November.

Cornerstone Receivers Sell Two More Hotels

Marc Pallisco — Sun, 14 Jun 2009 12:39:22 +0000

In Fairfield, the Grandview Hotel, on the corner of Heidelberg Road and Station Street, is also believed to be under contract, for just under $500,000.

The sales follow that of Melton’s Q-Lounge, a flash pub built within the walls of a former Centrelink office, which traded for just under $500,000 earlier this year.

The pub owners have purchased themselves a long-term lease over their respective buildings, but not the actual property.

One pub asset within Cornerstone’s portfolio that included a building (known as a freehold), according to sources, is the Tote in Collingwood, which failed to sell after several months, and is now understood to have been withdrawn from sale. Cornerstone paid $3.2 million for The Tote in 2007. A lease to the existing Tote tenant expires in October.

Jones Lang LaSalle selling agent Mathew George marketed the Great Northern, Grandview and Q-Lounge, on behalf of administrator Ferrier Hodgson, but declined to elaborate on buyer or price, when contacted by The Age.

Cornerstone went into receivership in March, after struggling to pay debts accrued during a $65 million spending spree in 2007.