Deague Family to Sell Petrol Station Turned Development Site, Prahran

AFTER canning plans to develop a ritzy hotel, local development family the Deague’s are selling a petrol station-turned residential development site in Prahran.

The small site, at the south-west corner of High and Thomas streets, is opposite Swinburne University’s Prahran campus, and walking distance to retail mecca Chapel Street – which commands the highest retail rents of any inner-city shopping strip.

The Deagues purchased the 118 High Street site about four years ago with plans to build a hotel, the Larwill, as part of its “art” series chain.

However, like many projects by the Deague family’s Asian Pacific Building Corporation, it’s been canned. The site is expected to sell at a premium given it now has a permit – prompting speculation the wealthy family is property speculating.

Read more

Melbourne Metro Train Tunnel, and New Parkville Station, Announced by Government

John BrumbyPLANS 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:

Read more

Costco to Enter Lucrative Australian Petrol Market

US retail giant Costco – reportedly the world’s eighth largest retailer – is looking to enter the lucrative Australian petrol market.

Following in the footsteps of local rivals Woolworths, and the Wesfarmers backed Coles, Costco has applied to build service stations at as-yet-undeveloped stores in Sydney and Brisbane.

The retailer reportedly sold 8.7 billion litres of fuel at its 500+ US stores in 2010.

Read more

Bunnings Pays $25 Million For Doncaster Supersite

HARDWARE giant Bunnings is believed to have paid about $25 million for a collection of adjoining sites abutting a major entrance of Westfield Doncaster shopping centre, about 14 kilometres east of town.

The ASX listed company is planning to build a warehouse on the 1.1 hectare supersite though a permit request has not yet been lodged with council.

Bunning’s parcel includes a 5250 square metre former service station site at 659 – 667 Doncaster Road which was until recently earmarked to become a major apartment tower. It also acquired the site next door, a 7-Eleven convenience store, at 669 – 671 Doncaster Road at the north-west corner of Council Street.

Read more

Deague Family Sells Prahran Apartment Site For $5.1 Million

A PRAHRAN petrol station that was to be redeveloped as a ritzy hotel has sold to developers which plan to rebuild the site as a conventional apartment complex.

The 118 – 126 High Street property, on the south-west corner of Thomas Street and opposite Swinburne University, near Chapel Street, was offloaded by the Deague family’s Asian Pacific Building Corporation this week for $5.1 million.

APBC paid $10 million for the High Street service station, along with another Prahran site – a former Bob Jane T-Mart, at 160 Commercial Road – in late 2006.

It planned to build swank hotels on both sites to slot into its “art series” portfolio, which it has been developing over recent years.

Read more

Woolworths to 31 Retail Assets

WOOLWORTHS has launched a campaign to sell 31 Australian shopping centres and three development sites.

Most of the centres are anchored by Woolworths, as service stations, supermarkets, Big W, BWS and Dan Murphy liquor outlets.

Twenty of the assets have been developed already. Another 11 are under construction and three are blocks of land with permits and Woolworth related lease agreements in place.

Read more

Prominent Bulleen Corner to See Redevelopment

A SITE at one of the busiest intersections of the north-eastern suburbs, looks set to be redeveloped at last.

Seven years since closing as a service station, a cleared site on the corner of Manningham and Thompsons roads, in Bulleen, has sold to a local developer for $1.85 million.

The 2180 square metre block was marketed with a permit for a four-level, 31 unit apartment complex with a two level basement car park.

Read more