Subdivide and conquer strategy on track to net Melbourne syndicate c$15m profit
A syndicate is on track for a multi-million dollar windfall after spending the last three years subdividing one of Melbourne’s
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Portmans founders sell two suburban Melbourne assets for $22m
The Bloom family – who are behind numerous retail brands including fashion label, Portmans, established in the 1940s – has
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Trophy clifftop estate, Pelican, sells for speculated $12m+
After eight months on the market and a $1 million-plus discount, Mt Eliza’s spectacularly located Pelican estate has sold for
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Iconic Campari Restaurant For Sale, Melbourne
THE Dubai-based investors who in 2009 paid about $4.8 million for landmark city restaurant Campari, are relisting the asset for sale.
The renovated 800 square metre, four-level retail space at 23-25 Hardware Lane opened as Campari in 1968 but closed for a period before opening again in August 2009.
The vendors purchased the site from restaurateur Nick Zampelis, who paid $1.46 million for it in 2000. Mr Zampelis operated from the premises for a couple of years before leasing it to other occupiers. The current tenants, Australian Pacific Hospitality Management are behind other local dining institutions including Scusa Mi in Southbank.
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Vasey RSL Care Sells Hawthorn Hostel For $7 Million
VASEY RSL Care has reaped almost $7 million from the sale of a disused hostel on a massive block of land in one of Hawthorn’s more revered streets.
The 3560 square metre block at 20 Lisson Grove not far from the Yarra River and Richmond border is understood to have sold to a residential developer, but this could not be confirmed with Kliger Wood selling agents Nick Breheny or Eugene Wood.
Not far away on the corner of Lisson Grove and Glenferrie Road, the former Hawthorn Receptions Centre hit the market earlier this month with price expectations of about $8.5 million.
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Auction Ending For Ansett Office Dispute
THE falling-out of two of Melbourne’s biggest private developers will be played out publicly at the end of the month when agents auction a landmark city office building – on court orders.
The imminent sale of the former Ansett headquarters at 501 Swanston Street (pictured, right), for a price expected to surpass $50 million, is also fascinating those within the real estate industry for being likely to smash the record price paid for a CBD office at auction.
Interestingly, each of the co-owning vendors of the building, Vince Giuliano, head of PDG Corporation, and Mario Salvo, director of Salvo Property Group, is expected to bid for full control of the asset.
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Lloyd Williams to sell St Kilda Road site
Developer Hudson Conway, headed by billionaire businessman Lloyd Williams has relisted a development site at 557 St Kilda Road, on
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CGA Bryson to Sell Camberwell Development Site
LOCAL developer CGA Bryson is selling a prominent Camberwell development site it bought just 15 months ago.
Opposite the City of Boroondara council offices, and the Camberwell Civic Centre, the 4383 square metre site at 347 Camberwell Road (aerial shot of site, pictured, right) is being offered with a permit to develop an 8277 square metre office building. Commercial office rents in Camberwell are amongst the most expensive in suburban Melbourne, achieving more than $300 per square metre, per annum in some cases.
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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.
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Australia Post to Sell Prized Melbourne Asset
GOVERNMENT owned goods and services provider Australia Post is offloading its most prized Melbourne asset – the former Australia Post Mail Centre on the south-west corner of Spencer and La Trobe streets.
The 1.2 hectare property, with a 10,400 square metre building, is being offered with vacant possession after a reported lease to hardware chain Bunnings last August did not proceed.
Wesfarmers controlled Bunnings is moving to multi-level inner city sites as part of a strategy to boost its inner-city presence, and outmuscle new Woolworths controlled rival, Lowes.
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AMF Northcote Bowl Centre Sells For $6.7 Million to Another Residential Developer
ONE of the northern suburb’s most controversial residential development sites has sold for $6.7 million.
The vacant AMF Northcote Bowl complex at 166 – 174 Victoria Street, on the north-east corner of Separation Street, was listed for sale by Hong Kong based conglomerate Far East Consortium last October.
It paid Macquarie $5 million for the 4716 square metre site in early 2009, and shortly after, convinced VCAT to approve a permit which would see the distinctive centre demolished and replaced with 73 flats and 18 townhouses.
One of the proposal’s criticisms was that the busy intersection, with thin roads, would be even more overrun with cars. Others argue the site’s previous use as a bowling centre would have contributed somewhat to the traffic in the area.
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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.
China Based Developers Flood Melbourne
CHINA-based developers are swarming to redevelop Melbourne residential projects, with 11 projects, yielding some 3000 flats on the cards.
Last month the Jiangxi-based Lyz Group paid the Deague family about $23 million for a major residential development site in Daly Street, South Yarra.
North of the city, Chinese developers are also behind a controversial redevelopment of the Northcote AMF Bowl Centre.
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APBC to Sell Frankston’s Most Distinctive Building
EIGHT months after the Frankston City Council deferred plans to build the multimillion dollar Frankston Safe Boat Harbour, city developer Asian Pacific Building Corporation has decided to offload the area’s most prominent property.
In doing so, Frankston’s most ambitious privately proposed redevelopment – the $50 million-plus Peninsula Centre – may be no more.
The distinguishing 12-level building at 435 Nepean Highway – once described by comedian Barry Humphries as “the worst building in Australia” is for sale with price expectations of between $13 and $16 million.
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Michael Coppel to Sell Office at Prominent Melbourne CBD Corner
MUSIC promoter Michael Coppel is offloading a low-rise office building with redevelopment potential at one of the CBD’s busiest intersections.
Mr Coppel can expect to make about $12.5 million, sources say, from the sale of 389 – 391 Swanston Street, at the north-west corner of La Trobe Street.
The site is almost encapsulated by the Royal Melbourne Institute of Technology – a possible buyer – and opposite Melbourne Central and the State Library of Victoria.
Hungry Jacks leases the ground floor of the three-level, 1355 square metre building, which returns a total annual rent of $610,987.
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Dainty Leases Prominent Federation Square Building to Host Local Leg of ABBAWorld
DAINTY Consolidated Entertainment has chosen boutique space formerly occupied by the Australian Racing Museum, to host the local leg of the ABBAWorld tour from June.
ABBAWorld will be based at Federation Square’s Yarra Building, which overlooks the Yarra River, between the Transport building (currently for sale at around $30 million) and the BMW Edge building.
The Yarra Building will be reconfigured into an interactive museum with 25 themed rooms, ABBA memorabilia – and a space visitors can digitally appear in film clips and on album covers with the band.
Read moreAPBC to Sell Retail Component of 480 Collins Street, Melbourne
AFTER paying GIO $16.5 million for 480 Collins Street, and then converting the building into a serviced office and apartment complex, Asian Pacific Building Corporation – owned by establishment family the Deagues – are selling the development’s strata titled ground floor retail component.
APBC can expect to make about $11 million from the portfolio of nine fully leased shops, returning between $32,000 and $87,000 in annual rent.
Read moreLondon and Lancashire Building, 400 Collins Street, Sells After Auction For $7.5 Million
COLLINS Street’s National Trust listed London & Lancashire Building sold after auction last Friday for for $7.5 million to a private investor.
The 1,927 square metre, seven-level freestanding office with roof-top terrace, is expected to undergo a renovation before being leased to the market as boutique offices.
Valad to Sell Riverside Alphington Development Site at a Loss
VALAD Property Group has abandoned plans to build a major apartment and townhouse development on the banks of the Yarra River in Alphington, about eight kilometres north-east of Melbourne.
The developer has listed the 9 – 23 Rex Avenue site for sale, in a deal sources expect will reap between $10 million and $12 million – a big drop on the $14 million Valad paid Amcor for the disused site at the peak of the property boom in 2007.
Only Melbourne Asset in $40 Million Singapore Airline Portfolio, Sold Separately
THE joint venture investment consortium which paid just over $40 million for a swag of national Singapore Airline owned properties in 2007, has sold the only Melbourne asset in that portfolio, for $2.18 million.
Real Estate Capital Partners and Investec have offloaded two strata floors of the 416 Collins Street office building to a private investor.
The office is used as Singapore Airline’s Melbourne headquarters, but that tenant’s lease is due to expire next year, and there is no option to renew.
CitiPower Pays Drapac $4 Million For Southbank Site
Leading electricity distributor CitiPower has outlaid $4 million to secure one of its key substation sites in Melbourne. The Southbank
Read moreCentro to Sell Two More Victorian Shopping Centres
THE FIRST listed property trust casualty of the global financial crisis – Centro Properties Group – has put two more
Read moreGE to Sell 333 Exhibition Street, Again
GE Real Estate Group is trying its luck to sell a B-grade office building overlooking the Carlton Gardens – again. GE
Read moreDrapac to Sell Southbank Electricity Substation
A MASSIVE and prime located substation which pumps electricity to the inner-southern suburbs is expected to sell for more than
Read moreJames Coppell Lee workshop, City, to be Sold
Private investor Dicky Herman will auction the former James Coppell Lee copper and metal alloys workshop at 500 La Trobe Street, near the corner of Spencer Street.
Read moreQBE Pockets $5.85 Million For City Office Building
QBE Aviation pocketed $5.85 million at auction yesterday, from the sale of a CBD office building it no longer needs, at the corner of Queen Street and Guildford Lane.
Read moreQBE to Sell City Building
Publicly listed QBE Insurance is expected to make more than $5 million from the sale of a Queen Street office it owner occupied.
Read moreRetail Rents Drop in the CBD, But Vacancy Still Low
Owners of city shops have weathered an influx of retail space added to the central business district market at the start of last year, with vacancy levels halving from almost 3% to 1.49% over 18 months.
Read moreTea House Building, Southbank, Sells. Boutique Hotel Proposed.
A consortium of five cashed-up, China-based investors are believed to have made their first foray into Australia’s property market, beating local and international developers for a prime city-fringe development site sold by the State Government.
Read moreGreen light for $300m Lacrosse Docklands project
Construction of the $300 million Lacrosse Docklands precinct will start in August, after developer Pan Urban confirmed almost half the project has sold to private investors.
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