Victorian State Government Reaps $16 Million From Education Sites

AS TEACHERS and the cashed-up education unions bully for more pay, the cash-strapped Baillieu government has been forced to sell two prime assets including the landmark former Kangan TAFE in Gwynne Street Richmond, expected to one day make way for a  $200-million plus mixed use village.

In a busy week for school sales and listings, the state has reaped $9.25 million for the 7637 square metre inner-east site which will cease operating as a Kangan next March.

The Business 1 zoned property (aerial pic, right) is heralded as the largest commercial development site to sell in Melbourne this year measured by value – but it’s estimated the property could have been worth more than $20 million should it have sold with a more flexible zoning allowing for residential redevelopment.

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Woolworths, ALH, Move to Gain Control of Even more Poker Machines with Laundy Group JV

AHEAD of the federal government introducing new gaming regulations, retail giant Woolworths is believed to be in discussions with a burgeoning pub operator, to own a joint venture portfolio which would give it control of even more pokie machines.

It’s reported Woolworths has approached one of New South Wales largest publicans, the Laundy Hotel Group, which owns about 47 hotels and is considering proceeding with a $330 million purchase of another 20 hotels being sold the National Leisure & Gaming and Redcape Property Fund.

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Lease at Frank Costa’s Richmond Office to An Ex AFL President

Frank CostaKEEPING it in the AFL family, a company chaired by former Melbourne Football Club president Paul Gardner has leased offices at a Richmond project being developed by the current president of the Geelong Football Club, Frank Costa.

Financial services group Grey Australia New Zealand, of which Mr Gardner is an executive, will lease 940 square metres, being the entire second level, at Mr Costa’s 4 – 12 Amsterdam Street development, at the Cremorne end of the trendy inner-city suburb.

Market rents at the new three-storey building are between $300 and $320 per square metre, per annum.

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Austfin Pays $10 Million For Office Component of Richmond Development

THE Austfin Growth Property Syndicate No 1 is reported to have paid $10 million for the small office component of a mixed use development in Melbourne’s inner-eastern suburb of Richmond.

Austin has picked up level 1 and 2 of the 159 – 161 Cremorne Street building, which also includes ground floor retail space and a high rise apartment complex, above, branded ERA.

The 2,444 square metre office component is leased to New York-headquartered John Wiley & Sons, which pay a current annual rent of $846,241 per annum. Based on the selling price, the building is reported to have sold on a yield of 8.46 per cent.

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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. 

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Richmond’s Tallest Office Earmarked For Viva Plastics Site on the, Monash Freeway Onramp

Cremorne OfficeRICHMOND’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.

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