Advertising boss sells Toorak mansion
Melbourne’s prestige residential market seems to be going from strength to strength, with the sale yesterday of 774 Orrong Road
Read moreToorak Estate of Art Collector Alex Copland Goes Under the Hammer
Collectors of fine art, and fine property, have a week until March 3 to inspect the Toorak mansion of art collector Alex Copland before it goes under the hammer.
Read moreNeighbours Actress Helps Sell Kew Home
Spectators at a recent twilight auction in Kew were treated to a bit of street theatre, with television actress Anne Scott Pendlebury (who played Aunt Hilary in Neighbours for more than ten years, and was also a star in Prisoner) dressing up in garb and greeting the crowd with cold drinks and stories, spoken in a plebian cockney accent.
Read moreGrollo family offloads more coastal real estate
The Grollo family is continuing to sell coastal Victorian assets, this time at St Andrews. Adam, son of Bruno, is
Read moreWhat Will Become of the Warne Brighton Property Portfolio?
All eyes turn to Brighton this week, and the matter of what King Shane and Queen Simone will do with their substantial property holdings, now that things appear to be on the mend in the Warne-Callaghan camp.
Read moreLack of Prestige Residential Rentals Volley Tennis Players to Hotels
The days of tennis players renting a luxury home for their stay at the Australian Open are all but gone, according to agents, because rich home owners simply don’t need the money.
Read moreBusiness Heavyweights Buy Into Sorrento Apartment Project
The most expensive apartments to be built on the Mornington Peninsula look unlikely to ever be offered to the public – with some of Melbourne’s biggest business identities flagging almost all of the units on offer, just weeks after the complex was given a permit.
Read moreBrighton record breaker no longer needs the beach house
Who needs for a getaway when your Melbourne home has all the luxuries of a resort and is on the
Read moreUnderworld figure’s Brunswick site for sale
A Brunswick development site once owned by fugitive drug dealer Tony Mokbel will be listed later this month. On Breese
Read moreMetricon beats Henley, Simonds, for top spot
Metricon has again finished the financial year as Victoria’s largest home builder, with 1,475 starts. Henley Properties followed (1,248), with
Read moreTV Personality Sells Milford Mansion in Kew
A Victorian couple has outbid two international parties for the landmark Milford mansion in Kew.
The Italianite mansion, built in the height of the 1850s gold rush, sold for in excess of $4 million after an international marketing campaign which saw five parties hotly contest the property to the very end.
Read moreFormer Labor Minister Sells Home in Thornbury
Former Labor party MP and the third women ever to be elected as a minister in the lower house Kay Setches, is selling the Edwardian terrace in Thornbury she’s called home for 7 years and preparing for a move to Docklands.
Read moreCathy Freeman Buys in Brighton, Sells in Kew
Agents have confirmed Cathy Freeman is the mystery buyer of a Roslyn Street Brighton mansion. The Olympic Gold medalist is said to have paid $2.2 million before auction, and will move in later this year.
Read moreWestern Bulldog Footballers Buy in Maidstone
The western suburb of Maidstone may soon have enough professional footballers to make a team, with Private Property learning four Western Bulldog players have bought into Essence, a new estate being developed by the Stockland group.
Read moreShane Warne’s Middle Crescent Brighton Home on the Market
Industry insiders have confirmed that Shane Warne’s Brighton home is being quietly marketed for sale. The news comes weeks after estranged wife and television identity Simone Callaghan started rebuilding a house she bought in nearby Albert Street earlier this year.
Read moreDeveloper Wilbow Buys Second Residential Development Site in Doreen
It was fun the first time – thats the motto doing rounds at Wilbows Hawthorn headquarters, with the developer this week announcing it picked up a second development site in the north east suburb of Doreen.
Read moreWestpoint Receivers, Mattioli Sell CBD Development Sites
The list of Westpoint assets coming onto the market continues to grow -all the while giving a second bite of the cherry to developers who missed out on those sites not long ago.
Read moreLachlan REIT Leases Heidelberg Building to Hagemeyer Asia Pacific
Leighton Leasing Activity
Lachlan REIT this week announced a string of national lease deals which see two of its four funds become fully leased. The biggest Melbourne deal is the re-signing of Hagemeyer Asia Pacific to 456 Lower Heidelberg Road in Heidelberg for six years. The electrical distributor, responsible for brands including Smeg and Blanco, leases 3,617 square metres of the property.
Read moreSouth Pacific to Build iQ Student Accommodation
With the number of international students in Melbourne university’s growing each year, developer South Pacific has unearthed a niche for premium quality student accommodation in Carlton.
Read morePort Melbourne Film Studio to Make way for Apartments
The Port Melbourne studio that shot award winning films Shine, Muriel’s Wedding and The Man From Snowy River is set to make way for a residential conversion.
Read moreHome Near Neighbour’s Fictional Ramsay Street Comes on the Market
Everybody needs good neighbours, and that’s what’s on offer in Vermont South, just a hop skip and a jump from Erinsborough’s fictional but world famous Ramsay Street, known locally as Pinoak Court.
Read moreArchbishop Little Former Essendon Home on the Market
North of the Yarra River, blue ribbon real estate doesn’t come much more exclusive than Leslie Road and Riverview Road in Essendon. So when a house at the corner of these tree lined boulevards becomes available – it’s the talk of the town in bomber land.
Read moreAnother Bathing Box Comes to the Market
To Melbourne’s bourgeoisies, nothing spells exclusivity like a bathing box.
Read moreMax Beck’s Kinane sells for Brighton record
Kinane, the 6-bedroom mansion on a prime parcel of Brighton’s waterfront has broken the record for the most expensive home in Brighton.
Read moreJazz Festival Director Sells Home
The Kew home of Jazz Festival director Michael Tortoni has sold before selling agent Jason Scillio of Kay and Burton even had time to lodge the first advertisement. The property, on a parcel of more than 2100 square metres, is believed to have sold for around $3.5 million dollars.
Read moreSt Kilda Road’s Yve Apartment Tower Wins Award
The distinctive Yve apartment project on St Kilda Road has won the 2006 Victorian Architect Medal, in a ceremony held on Friday night at the National Gallery of Victoria.
Read moreLasseters International Close to Buying Holiday Inn, Melbourne, For $44 Million
MELBOURNE’s Holiday Inn Hotel in Flinders Street is believed to be close to sale to Singapore’s listed Lasseters International Holdings.
Lasseters is understood to be paying about $44 million fo the 4.5 star, 200-room hotel, which is being offloaded by Eureka Funds Management.
Eureka purchased the Holiday Inn, and eight other hotels as part of the $390 million purchase of the InterContinental Hotel Groups portfolio in 2005.
Read moreLend Lease Appointed to Develop Melbourne’s $870 Million Fruit, Vegetable and Flower Market, Epping
LEND Lease has been named as preferred builder, to develop Melbourne’s wholesale fruit, vegetable and flower market in Epping.
Victorian Major Project Minister Tim Pallas made the announcement today, saying the $870 million project will create about 600 jobs.
The move will also give the government a swag of inner-city land parcels to consider selling, or developing. Much of the land is located in Melbourne’s inner-west, between the Docklands precinct and Footscray.
Read moreRMIT’s Outgoing Building 87 to be Sold With Permit For 50-Level Apartment Tower
A CBD building, offloaded by the Royal Melbourne Institute of Technology five years ago, has been listed for sale this week as a major residential development site.
The 410 Elizabeth Street office, known to RMIT staff and students as Building 87, will be sold with a development permit for a 50-level apartment building, capable of accommodating hundreds of units.
The property is owned by developer Michael Buxton, who paid RMIT $8.25 million for the office in 2004, before working on obtaining a residential development permit.
Crown Casino to Sell Crown College Facility, City Road Southbank
CROWN Casino’s outgoing Crown College training facility in City Road is expected to be sold and developed into a major apartment project.
Sources say two adjoining buildings between 141 and 155 City Road will be surplus to the casino’s needs once it relocates Crown College into the $300 million distinctive Crown Metropol hotel, which has been under construction all year.
Crown declined to comment about mounting speculation it is formalising the sale of the properties on the corner of Power Street, ahead of relocating the College.
Victoria’s Biggest Builders Increase Market Share in 08/09
FIGURES released this week by the Housing Industry Association show Victoria’s biggest builders have managed to increase their market share despite the bleak economic backdrop.
The HIA said of the 41,818 home starts in Victoria for the 2008-2009 financial year, the state’s biggest 20 builders built 13,282 dwellings, compared with 11,727 dwellings in the previous year, when a similar number of new homes were constructed.
The HIA said Victoria’s top 20 builders now have a 32 per cent share of the market, compared to 28 per cent last year.
Read moreDFO South Wharf, Melbourne, to Open October 15
MELBOURNE’s $750 million South Wharf project, at the point where Southbank meets Docklands, will become the city’s next DFO (Discount Factory Outlet).
The owners of the South Wharf and Spencer Street DFO outlet, Austexx, have confirmed a two year rumour that the 60,000 square metres of retail space within the South Wharf complex, will accommodate existing Spencer Street DFO tenants, and then some.
The Spencer Street DFO shopping centre will be refitted and rebranded simply as “Spencer Street”, once DFO tenants start relocating from October 15.
Read moreVCAT approves tower behind Melbourne High
THE Victorian Civil and Administrative Tribunal has approved a high rise residential building abutting Melbourne High School. With 100 apartments,
Read moreMelburnian penthouse sells for $15.4m
A penthouse at the high-end Melburnian complex has sold for $15.4 million. The price is more than $5m over the
Read moreAustralian House Prices Tipped to Rise in 2010: RBA
RESERVE Bank of Australia head of economic analysis Tony Richards has warned Australian house prices will rise in the next 12 months, putting pressure on housing affordability – despite imminent interest rate rises.
At a Committee For Economic Development of Australia conference yesterday, facilitated by The Australian newspaper, Dr Richards said: “It is looking increasingly clear that Australia has avoided the large falls in house prices seen in some other countries over the past two years or so.”
Read moreMelbourne City Council to Consider Shifting East Melbourne Suburb Border, to Appease Angry New Residents
THE Melbourne City Council will meet on October 6 to discuss shifting the suburb boundary of East Melbourne, to include a 19-level unique glass apartment building, built over train tracks, near Federation Square.
Residents have started moving into the prestigious project, which was marketed by developer Becton as “ONE EAST MELBOURNE” – but is in fact in an area defined as ‘Melbourne’, and arguably worth a lot less.
Read moreRose Porteous to Sell Toorak Pad, Again
FLAMBOYANT socialite Rose Porteous has listed her Toorak home for sale, again.
The 60-year old grandmother, who with husband Willie purchased her first Melbourne home in 2005, could reap as much as $7 million for the three-bedroom plus study home, on a 650 square metre block in ritzy Irving Road.
Rose paid a reported $4.9 million for the home in July 2007, before undertaking a renovation. The home includes a double height entrance hall with return staircase, formal and informal living and dining rooms, several private courtyards, and a triple car garage.
Iris Lustig-Moar Sells Lucient Penthouse Shell
BUSINESSWOMAN, and BRW Rich 200 member, Iris Lustig-Moar has made about $4.75 million from the sale of an apartment shell, adjoining her own penthouse, on top of the luxurious Lucient building, at 430 St Kilda Road.
The co-director of architect and development firm Lustig & Moar, had originally planned to incorporate the apartment into her own, to create a super-penthouse some speculate could have had an end value of more than $12 million, and be one of the most expensive in the boulevard.
Number of Retirement Village Units in Australia to Double by 2021: Ernst & Young
BY 2021, Australia will have twice the number of retirement village units than it does now, according to a new report by advisory firm Ernst & Young.
EY Real Estate Advisory Partner Marcus Willison said a new study, based on population trends in Australia and New Zealand, suggests Australia’s stock of retirement village units will increase by about 60,000 to more than 128,000 by 2021.
He said “the ageing population trend within both Austalia and New Zealand will have a marked impact upon the growth of the retirement village industry, with the number of people aged 65 and over forecast to double and triple in both countries within the next 35 years.”
Read moreCentro Sells Rosebud Shopping Centre For $13.14 Million
The beleagured Centro Properties Group has offloaded a shopping centre in the small Victorian coastal hamlet of Rosebud, about 80
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Melbourne Uni Pays $30 Million For New Carlton Office Building
THE University of Melbourne is continuing to seize properties around the northern city-fringe, this time paying about $30 million for the brand new C100 office complex in Carlton.
The University is believed to have made an offer to purchase the flash nine-level office at 100 Leicester Street last month, after negotiations to lease the entire 6,783 square metre building, fell through.
The University of Melbourne manager corporate affairs Christina Buckridge said C100 will accommodate the new Melbourne Graduate School of Education. She said the building is being fitted out, and will be occupied from early next year. The property was previously used as a car yard.
More Than 10,000 White Collar Employees to Move to Docklands, Next 12 Months
TRAMS are being tested, and public transport users have less than a week to wait for the opening a new route connecting Collins Street to Merchant Street, an inland retail strip and a major part of Melbourne’s $12 billion Docklands redevelopment.
Merchant Street will connect the global headquarters of National Australia Bank, on the shores of Victoria Harbour, to the $620 million headquarters of ANZ Banking Group, which is nearing completion, on the banks of the Yarra River.
More than 10,000 white collar employees will relocate to Docklands over the next year, Knight Frank leasing agent Mark Rasmussen said, including staff from BP Australia, Fairfax Media, Myer, the Victorian Building Commission and VicUrban.
St Kilda’s Westbeach Bathers Pavilion to Reopen
HAVING been saved from possible demolition about seven years ago, St Kilda’s Westbeach Bathers Pavilion will re-open next month as a high end café, restaurant and function centre.
The formerly rundown 800 square metre building at 330 Beaconsfield Parade, on the corner of Pier Road has been restored by a development consortium including kite boarding property developers Katani, in association with the City of Port Phillip.
Interiors within the 81-year old building have been refitted in a 1920s theme, and the redevelopment includes a new deck opening out to the beach.
Macquarie, Lustig & Moar to Sell Prominent Southbank Apartment Tower Site
THE consortium that developed St Kilda Road’s luxurious Lucient apartment tower, has decided to sell, rather than develop, a prominent Southbank property.
Boutique architect firm Lustig & Moar, and Macquarie Real Estate Capital can expect to make about $14 million from the sale of prominent triangle shaped development site which abuts almost 100 metres of the busy off ramp between the West Gate Freeway and Kings Way.
The 42 – 48 Balston Street property will be sold with a development permit for a unique 37-level, 306-unit apartment complex.
Caydon Pays Mirvac $12 Million For Hawthorn Super Site Overlooking Glenferrie Oval
COLLINGWOOD-based developer Caydon is the mystery buyer to pay more than $12 million for a major Hawthorn development site, overlooking the Glenferrie Oval.
The collection of properties was offloaded by Mirvac, which had quietly spent several years amalgamating adjoining warehouses and offices between 291 and 311 Burwood Road, to create the 5,000 square metre super site.
Soon before listing the property for sale in August, the Victorian Civil and Administrative Tribunal granted Mirvac a permit to build a $120 million, 5-level office which at 18,800 square metres, would have been one of the biggest in the suburb.
Kraft set for South Wharf move
FOOD and beverage giant Kraft Foods will relocate its Melbourne staff from a Port Melbourne building originally built as a sophisticated British Aerospace research facility, to the $750 million South Wharf village, at the point where Southbank meets Docklands.
Kraft head of corporate affairs Simon Talbot confirmed it will lease 3,800 square metres of offices over two levels at the new South Wharf office building, and an additional 650 square metre balcony, which staff will use to entertain, and retreat.
David Hains Portland Properties to Sell Port Melbourne Asset
PORTLAND Properties, the investment company of Melbourne’s wealthy Hains family, has quietly listed for sale an unusually high income-earning investment in Port Melbourne.
Portland can expect to make about $1 million from the leasehold sale of a property at 38 – 50 Bertie Street, which includes a 1,200 square metre office, and a 4,000 square metre warehouse.
Dromana Sports & Fitness Centre to be Redeveloped Into Townhouse and Apartment Village
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
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
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.
Read moreMirvac Sells Assets in Doncaster, Maitland, For $27.4 Million
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.
Read moreBosch to Move to New 14,000 Square Metre Dandenong Facility
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.
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Lend Lease, Frank Hargrave, to Develop Major Residential Village on SKM Site, Overlooking Toorak Park
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.
Richmond’s Tallest Office Earmarked For Viva Plastics Site on the, Monash Freeway Onramp
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’s South Yarra Hideaway Listed For Sale
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
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
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
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
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
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
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
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.
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Melbourne Metro Train Tunnel, and New Parkville Station, Announced by Government
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:
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Shane Warne spends $3.35m in Sandringham
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.
Read moreTrafalgar to Sell Rhodes Site, Sydney, For $19.5 Million, Subject to FIRB Approval
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.
Read moreCanberra-Based Transurban Developments Pays $13.5 Million for Wyndham Vale Development Site
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.
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Mark Philippoussis sells Williamstown townhouse
Tennis player turned reality TV show judge Mark Philippoussis has quietly sold his waterfront Williamstown townhouse. The Scud, as the
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New 32-Level TIARA Apartment Complex Earmarked For Opposite Crown Casino, Southbank
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.
Read moreGalvin Construction First Tenant at Les Smith’s 108 Power Street Hawthorn Office
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
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
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
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
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
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
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.
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GPT Pays $206.3 Million For Share of Highpoint Shopping Centre
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.
Read moreToll Holdings Makes $22 Million From Sale of Altona Warehouse
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.
Read moreColes opens $40m Showgrounds supermarket
State Melbourne member Bronwyn Pike on Saturday opened a $40 million shopping centre, developed by Coles on a former
Read morePerth-Based ABN Group Buys Melbourne Docklands 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
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.
