Pace Development Group is banking $31.6 million from the sale of a compact office investment it is completing the construction of, in Melbourne’s inner north east Collingwood. The 11-level, 3082 square metre building at 51 Langridge Street found favour with a private investor in his 70s who grew up in the area and has justRead more
ICD Property has formed a joint venture partnership with Singapore’s listed First Sponsor to redevelop the City Tattersalls Club in the Sydney CBD. ICD was only given the green light for its $200 million proposal 10 days ago. The holding, 194-204 Pitt Street, is near the city’s Westfield Pitt Street Mall – a block fromRead more
Charter Hall Group has scored another coup at its $1.3 billion Wesley Place office development in the Melbourne CBD – securing Australian Federal Police to all of an unbuilt 20-storey building. AFP has signed for an initial 30 year term, with multiple options, for the 22,750 square metre complex to be known as 140 LonsdaleRead more
Prominent Malaysian apartment builder Aikbee Group is paying $13.75 million for a corner pub with development potential in the Melbourne CBD. Hotel Francis, which is leased to Club Retro until 2021, rises three-storeys at 383-387 Lonsdale Street. The art deco pub occupies a 444 square metre site, also with frontage to Niagara Lane. Colliers International’sRead more
Orion International Group has sold the historic Swann House office in the Melbourne CBD for $52 million. The sale price is two and a half times the $21.6 million the vendor paid for 22 William Street five years ago. It is also 15 per cent more than the $45 million guide price attached to theRead more
A historic Art Deco building owned for 63 years until 2011 by members of the wealthy Lechte family is for sale. The Francis Hotel at 383-387 Lonsdale Street is expected to trade for more than $12 million. At the north east corner of Niagara Lane, the three storey complex contains 1029 square metres of area,Read more
Mirvac today announced it completed construction of its $454 million luxury apartment complex, The Eastbourne, which replaced Dallas Brooks Hall, in East Melbourne. The 14-storey project opposite Fitzroy Gardens is a joint venture with the site owner, Freemasons Victoria. The Eastbourne made headlines when more than $300 million in off-the-plan apartment sales took place withinRead more
The penthouse of Melbourne’s luxurious Royal Domain Tower is for sale seeking more than $16 million. Occupying the 42nd floor, the c570 square metre dwelling is being offered by property developer Derek Wong and his wife, May. RT Edgar’s Sarah Case and Rudy Van Der Berg have the listing. Royal Domain Tower, opposite the ShrineRead more
An interstate investor has spent $6.37 million on an as-yet-unbuilt childcare investment in Melbourne’s south-east. The Dandenong South property at 11 Assembly Drive (pictured, top) was sold off-the-plan and off-market by Jones Real Estate’s Tim Spargo and Paul Jones on behalf of a private developer. Zoned Commercial 2, the 3732 square metre site is withinRead more
EXCLUSIVE AustralianSuper – the country’s largest industry superannuation fund – has signed a significant 16,200 square metre lease deal within a Charter Hall office under construction at 130 Lonsdale Street. With this commitment, the 35-level, 60,000 sqm premium-grade commercial building will be fully occupied when it opens in 10 months. AustralianSuper has rented skyrise floorsRead more
Orion International Group is selling its Melbourne CBD headquarters. The developer acquired Swann House at 22 William Street for $21.6 million in August, 2014. Now named Orion House, the property is expected to sell for more than $45 million this time around. Colliers International’s Daniel Wolman, Oliver Hay, Matthew Stagg and David Sia, with CBRE’sRead more
EXCLUSIVE The Uniting Church Synod of Victoria and Tasmania has sold a Melbourne CBD commercial building it has occupied since construction 52 years ago. At 130 Little Collins Street, the brown brick building (pictured, top) carried price hopes of more than $35 million when it hit the market in April. It is selling to JeffRead more
The Collingwood home of alternative radio station Progressive Broadcasting Service – or PBS – will be auctioned next month. The historic red-brick warehouse at 47 Easey Street (pictured, top and below) is expected to trade for about $7 million. PBS signed a 20-year lease in 2001 but has no intention of renewing after committing toRead more
Esteemed chef-restaurateur Andrew McConnell has swooped on a prime retail space in the Melbourne CBD’s east end. The ground floor of Cavendish House at 33 Russell Street was until recently occupied by prestige electrical component manufacturer and retailer Bang & Olufsen. B&O’s expensive fit-out of the store four years ago made headlines in property andRead more
Hines – one of the world’s largest privately owned real estate investment and development firms – is paying $28.5 million for a half acre plot in Collingwood, in Melbourne’s inner north-east. The properties, covering 36-52 Wellington Street, at the south-east corner of Northumberland Street, are set to be replaced with a “highly-sustainable” commercial development. TheRead more
The Australian Financial Complaints Authority (AFCA) – which formed six weeks ago following the merge of the former Financial Ombudsman Services, Superannuation Complaints Tribunal and Credit Investments Ombudsman – has signed a major office rental agreement in the Melbourne CBD. AFCA has agreed to a 12-year lease deal for approximately 7600 square metres, being levelsRead more
Industry Superannuation Property Trust will acquire three Melbourne CBD sites from Victoria University and build a 32-level vertical campus which will be leased by the college for 30 years. ISPT announced today that it was awarded the tender to partner with VU and the Victorian Department of Education and Training. The proposed new building, VURead more
South Korea’s National Pension Service is offering for sale what could be only the fourth Melbourne CBD holding to sell for a nine-figure sum this year. The asset, 595 Collins Street (pictured, top), near the city’s south-west tip, would return a fully-leased annual rental return of $15 million (it is currently 96 per cent leased).Read more
A MAJOR leasing deal for an historic office building known as the “money box” may result in additional levels being added at the centre of Sydney’s banking district.
International law firm Ashurst is reportedly in advanced negotiations for 16,000 square metres of space at the 5 Martin Place office building (pictured, right), once occupied by the Commonwealth Bank.
The $450 million development is co-owned by the Commonwealth Property Office Fund (CPA) and industry super fund Cbus. The addition of nine additional levels in the Sydney CBD is expected to take about 2 ½ years to complete, according to the AFR which reported the Ashurst lease.Read more
CORPORATE heavyweights Bell Potter and Southern Cross Equities, which merged last year, have agreed to lease 3000 square metres of premium grade office space in Sydney’s landmark Aurora Place office building.
The lease, across the 37th and 38th floor, will see Bell and Southern Cross pay rent of about $1300 per square metre, per annum – amongst the highest rent paid for any CBD office in Australia.
Another tenant, Goldman Sachs, has renewed a 5000 square metre lease across three floors at the Grosvenor Phillip Tower, at the corner of Phillip Street and Farrer Place, also in Sydney.Read more