CONSUMERS spent $19.35 billion on household goods, clothing, and at cafes and restaurants in April, according to the latest retail trade figures from the Australian Bureau of Statistics. The strong sale result comes after a steady fall in interest rates and petrol prices since last year, and two federal government stimulus packages announced in October, andRead more
ACTRESS Nicole Kidman, and husband Keith Urban are reported to have paid $6 million for a penthouse apartment on Sydney’s lower north shore.
The penthouse, at Mirvac’s Latitude redevelopment in Lavender Street, Milsons Point, is built within the walls of a 1960s-built office building, formerly occupied by electronics giant Sharp.Read more
THE FIRST listed property trust casualty of the global financial crisis – Centro Properties Group – has put two more Victorian shopping centres on the market. The Centro Rosebud Shopping Centre about 60 kilometres south of Melbourne, is expected to sell for about $12 million reflecting a yield of about 8 per cent based on theRead more
THE DEPARTMENT of Education can expect to reap about $3 million from the sale of a northern suburb primary school it will close later this year. Broadmeadows’ Meadowfair North Primary School is expected to arouse interest from either an independent school, or residential developer, which could subdivide the 22,000 square metre block into small housing lots,Read more
MELBOURNE will soon have a choc-filled centre, with Swiss chocolatier Lindt confirming it will open a “flagship” chocolate bar in the CBD.
Australia’s fifth Lindt Chocolat Cafe will open in July, within the walls of a former banking chamber, at 271 Collins Street, a space occupied until recently as the global headquarters for the National Australia Bank.
Lindt has leased 200 square metres of refurbished retail space – about twice the size of a standard city shop – and will open a specialist chocolate flavoured cafe and bakery, to rival nearby caffeine-concourses Degraves Street, Flinders Lane and Centre Place.Read more
MILLIONAIRE restaurateurs the van Haandel brothers will pocket close to $20 million from the sale of St Kilda’s iconic Prince of Wales Hotel, at the corner of Fitzroy and Acland streets. A Sydney-based consortium is in exclusive due diligence to buy the massive 4,200 square metre site, sources say, which is configured as a collection ofRead more
THE VICTORIAN Civil and Administrative Tribunal has given developers the green light to build a 12-level apartment building in Queens Road, opposite Albert Park Lake and Melbourne’s Formula 1 race track. A development consortium backed by Macquarie Bank, and the Peloton Group, says it is now reviewing whether to sell the site, or start marketing theRead more
THE ANGLICAN Trust has reaped more than $1.5 million from the sale of disused land, at the rear of its St Nicholas Church, in Mordialloc, about 25 kilometres south of Melbourne. The 1,379 square metre block at the intersection of Bear and Albert streets, and near the suburb’s Main Street retail hub, is expected to makeRead more
THE LONG-serving Box Hill home of Standard Brickworks will be redeveloped as a housing estate from next year. The 7.2 hectare property at the end of Federation Street off Elgar Road, and near the Surrey Hills suburb border, will make way for townhouses, an education centre, and a place of worship, under plans by the sitesRead more
A PROMINENT inner-city factory – designed by architect William Pitt, who also conceived the Regent Theatre – has been boarded up, and will reopen later this year as a boutique mixed-use warehouse conversion. The former Denton Mills hat factory, at the T-intersection of Langridge and Nicholson streets in Abbotsford, will make way for 61 apartments, sixRead more
TWO YEARS after failing to sell at auction for $20 million, the owners of Richmond’s former Rosella Preserving and Manufacturing facility in the inner eastern Melbourne suburb of Richmond are converting part of the facility into luxury offices. A small red brick building within the former jam and sauce manufacturing complex, and with a street addressRead more
GE Real Estate Group is trying its luck to sell a B-grade office building overlooking the Carlton Gardens – again. GE failed to sell 333 Exhibition Street last year for $20 million, because an imminent vacancy by sole tenant Telstra, turned many investors off. Rather than sell the building at a huge loss to book value,Read more
KROME STUDIOS – the new name for the electronic games giant once known as Atari – has swapped its long time Melbourne office at 14 Queens Road, opposite Albert Park Lake, for newer offices at OCE House on St Kilda Road. Krome quit the Viento owned Queens Road building – where it also leased naming rightsRead more
PLANS to build a large concrete ceiling above the Windsor train station underpass, which would act as a floor to about a half dozen new shops on Chapel Street, may be on the table. Government affiliated organisation Victrack, whose role is to operate commercially by adding value to the state’s public transport assets, said itRead more
ELEVEN MONTHS after announcing a $700 million revamp of South Yarra’s iconic Jam Factory, the James Packer backed Challenger group, has put the property on the market for sale. Challenger can expect to make about $110 million for the inner-city shopping centre, sources say, which is owned by two of its investment vehicles. The JamRead more
ST KILDA’s controversial $300 million “Triangle” site redevelopment has been given the go ahead, after the Victorian Civil and Administrative Tribunal last night dismissed the claims of a protest group, unCHAIN St Kilda. The group challenged the legal validity of last August’s council approval. It said the development proposal was not properly advertised before itRead more
SURVIVORS of Victoria’s Black Saturday bushfires will be able to rebuild their homes, without a permit, under a “radical planning overhaul”. The Brumby Government said bushfire victims will be able to gain approval over the counter instead of going through the usual costly and time consuming planning process. In most cases, a rubber stamp canRead more
A NEW tram line connecting the CBD to Docklands will be open within three months. The tram, an extension of the Number 48 North Balwyn tram, will enter Docklands via Collins Street, and pass the Southern Cross train station. Until now, the Number 48 would enter the city, and travel west along Flinders Street. Now,Read more
VICTORIANS should brace for an average increase of about $50 in this year’s upcoming council rates. Several councils including Stonnington, Maroondah and the Bass Coast City Council have flagged rate increases in draft budgets, designed to generate extra revenues. Stonnington City Council wants to increase its rates to an average $1,285 to raise a projectedRead more
AFTER a false start, boutique builder R.Corporation has gone back to the drawing board, proposing to redevelop an historic horse stables building it acquired as part of a larger development site three years ago. R.Corporation plans to build apartments within the walls of 1900s stables, part of the $140 Clara development in South Yarra, which includesRead more