Prominent Fitzroy Site Set to Become Major Mixed Use Village, Melbourne

A SUPERSIZED block in bohemian Fitzroy is expected to make way for an $80 million-plus mixed use development after selling off-market to a developer.

On the north-east corner of Johnston and Gore streets, the 2122 square metre site sold for more than $8 million reflecting a land rate per square of some $4000.

Close to the corner of the Smith Street retail strip the former warehouse at 239-247 Johnston Street have been occupied in recent years by retail users including homewares and replica furniture store, The Dogs Breakfast Trading Company.

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Ringwood Regent Motor Inn Site Sells to Apartment Developers

IN the 1990s, it was considered one of the outer eastern suburb’s ritziest hotels.

But the former Sundowner Ringwood complex, since rebranded the Ringwood Motor Inn, has now sold to a residential developer with vacant possession.

The 31-year old, 39-room brick hotel is expected to be replaced with a higher density apartment based project which sources estimate will have an end value of more than $40 million and may include high rise buildings.

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Private Sector to Develop Melbourne’s Next Hospital

50 Burwood Road, HawthornMELBOURNE’s next hospital and major medical clinic will be developed by the private sector in Hawthorn.

The City of Boroondara council has issued a permit allowing for the former VECCHI building at 50 Burwood Road to be converted from offices into a 40-bed hospital, and associated medical centre allowing up to 15 practitioners.

Sydney-based Healthbridge, a health based fund of manager Ironbridge, outmuscled several residential property developers to buy the prominent Hawthorn site for $17.1 million in April. It struck a deal to relocate the office tenants that were still based at the office, while pushing its conversion plans with council.

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ALP Considers Selling Prominent VicRoads Headquarters, Kew

John BrumbyTHE Victorian State Labor government is continuing to offload its most spectacularly located real estate assets, with a major site in ritzy Kew expected to wind up in the hands of residential developers – possibly as early as next year.

The Department of Treasury and Finance is understood to have employed a private consultant to conduct a feasibility study into the future use of the 60 Denmak Street office site, currently occupied by government agency VicRoads.

A confidential Request for Quotation seen by The Age suggests moving VicRoads staff within three to four years.

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Controversial Planning Policy Claims Eastern Suburbs Most Prized Development Site

Geoffrey RushTHE CONTENTIOUS planning policy that eastern suburb-based actor Geoffrey Rush warned in 2004 “would fundamentally alter the tone and character of Melbourne in a way that I don’t believe people are quite aware of” has finally claimed the eastern suburb’s most prized development site.

The Camberwell Station redevelopment – one of the earliest and highest profile planning disputes to arise after the 2002 Melbourne 2030 blueprint (since turned into the Melbourne @ 5 Million planning policy) – should see construction start this year.

Boutique builder Arno (a brand of the developer reported previously as Tenterfield) is accepting registrations of interest for apartments in a major new development, The Place.

 

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Cheap Rents Drive St Kilda Road Office Leasing Activity

St Kilda RoadSEVERAL major office lease deals have been signed in St Kilda Road, in what is hoped will bring down vacancy from dangerous new highs recorded earlier this year.

The biggest deal is to Fujitsu Australia Limited, which will lease 25 car spaces and 3131 square metres over three levels at 570 St Kilda Road.

Fujitsu staff will relocate from offices in the CBD and at its prominent 1230 Nepean Highway office in Cheltenham.

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Dry Zones Facing Extinction in Melbourne’s East

RESIDENTS in Melbourne’s ritzy east are increasingly voting to remove the “dry zone” restrictions around their streets, in what could result in the government and council putting forward a ballot, to remove these zones altogether.

The Director of Liquor Licensing, via the Victorian Electoral Commission, this week distributed ballot papers asking residents to vote for, or against, a liquor licence application at 732 Burke Road – or on the “dry side” of the popular retail strip.

Any venue in a dry zone that wishes to obtain a liquor licence needs to win approval of local residents on a case-by-case basis.

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News Limited to sell Blackburn’s former Leader Newspaper office

NEWS LIMITED can expect to make about $12 million from the sale of an outgoing eastern suburbs office site, used for years by its Leader Newspaper staff.

The prominent 8,767 square metre site, on the corner of Whitehorse Road and the busy Railway Parade, in Blackburn, has a total road frontage of 162 metres.

One sixty Whitehorse Road could make way for several types of projects including medium and high density apartments, or offices, with ground floor retail.

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Renovating, and Building Equity in Your Home: Tips For Owner-Builders

HOME renovation is one of the soundest investments an owner-builder can make. But with about a quarter of makeovers estimated to be done by owner-builders, you have to do it right.

Renovation-related television shows, magazines and seminars are inspiring would-be renovators and making people realise that investing in real estate does not necessarily mean buying an investment property. Many are unlocking potential in the family home and benefiting from the tax-free windfall.

“Property renovation is one of the soundest investments you can make,” says Robert Caulfield, managing director of Archicentre, which provides pre-purchase and renovating advice to home buyers, builders and renovators. “When done properly, it can make you money – and have you living in style.”

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Melbourne’s Most Reinvented Suburbs

Beacon Cove, Port MelbourneONE has to wonder what “great Australian dream” some Melburnians were being sold last century.

Until recently – the 1980s and 1990s for most inner-city areas – owning an inner-city terrace was not necessarily a big deal. More often than not, according to veteran agents, they were used as “stepping stone” investments that could be paid off in a few years and sold on the basis of being “more attractive than renting”.

Buyers – particularly immigrants from Italy and Greece – bought in Richmond, North Fitzroy or Northcote, in order to save a deposit to build new, larger homes in Avondale Heights, Glenroy or – if they invested well – Doncaster.

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Top Melbourne Suburbs to Invest, For Budgets of Less Than $500,000

Flemington Post OfficeMELBOURNE’s once booming real-estate market has finally decelerated – and for the first time in a long time, buyers are calling the shots.

If you have a secure job, low debt and a will to own real estate – banks, developers and the Government want to talk.

But a word of advice: if you do take the plunge, spend what you can afford, rather than the maximum amount you can borrow.

Saturday Domain talks to some experts on which suburbs you should look at, no matter what your budget:

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

Toorak Park, ArmadaleLEND 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.

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