Arthouse Cinema Coming to Hawthorn

TRAFFIC in busy Glenferrie Road looks set to intensify if the Boroondara council approves an application to redevelop a dank, part-vacant arcade into a new shopping centre, topped by a 1050 seat arthouse theatre and a 100-seat rooftop cinema.

Independent theatre operator Eddie Tamir has applied to rebuild The Glen arcade at 673 – 681 Glenferrie Road, Hawthorn, with The Lido, a new ITN Architects designed cinema complex.

Tamir owns Belgrave’s Cameo Cinema and is a co-owner of renovated movie house The Classic, in Elsternwick.

With his father David, who owns Prahran’s Station Hotel and the Argo, in South Yarra, Eddie paid $15 million for the double-storey Hawthorn facility last August.

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Solid Leasing Results for Macquarie Office Highlight Quality Portfolio

The Trust’s proactive asset management approach has delivered strong leasing performance across its global portfolio over the three months to 31 March 2008.
These results have been achieved during challenging capital market conditions and highlight the sound underlying fundamentals of the Trust’s assets.

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More Northcote Land Rezoned For Residential Use

THE suburb that recently topped a survey assessing Melbourne gentrification levels is continuing to evolve.

Northcote, five kilometres from town, has had a major rezoning approved which will see prominent factories that only a generation ago helped define the suburb, bulldozed and replaced with cafes, shops and apartments.

The rezoning will see the precinct’s residential and retail precinct spill over from High Street into Arthurton Road – and in particular a busy thoroughfare full of factories which connects the strip to the Northcote train station.

Northcote and Maribyrnong, in the north-west, have experienced the most rapid gentrification in Melbourne since 2001, according to a study conducted by the Australian Housing and Urban Research Institute at Swinburne and Monash universities.

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Golden Group Pays $36 Million For 64 Hectare Tarneit Development Site, Melbourne

FOR Melbourne’s newest millionaire farmer, the west has proven lucky in more ways than one, with Perth-based development giant Golden Group revealed as the buyer to pay $36 million for the Tarneit farm once known as Shanahans House, and later, Wyndham Park.

The 64 hectare estate, some 28 kilometres of town at 1070 Sayers Road, was one of the first major farms publicly listed for sale after the former state government significantly expanded Melbourne’s Urban Growth Boundary by some 46,000 hectares last June.

That expansion, which built on a 23,000 hectare expansion a year earlier, allowed for new homes to be developed on what was previously Green Wedge land, parkland and rural zoned properties.

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Local Resident Outmuscles Developers For Prominent Kew Site, Melbourne

THE street may share the same name as redundant, pro-development Planning Minister Justin Madden.

But around ritzy Madden Grove, Kew, residents value the character of their streets – and are prepared to pay to avoid being overrun by medium density development.

In an extraordinary deal, a local resident has paid a speculated $9 million for the former University of Melbourne Early Childhood Development campus, which the school sold 12 years ago, and was to become that suburb’s next major apartment complex.

The imposing property at 6 – 12 Madden Grove has been handpassed to a variety of developers since 1999. What was a 4973 square metre campus that started at #2, was sliced to become a 3502 square metre site, which was offered for sale late last year.

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Prominent Docklands Development Site Listed For Sale

A PROMINENT Docklands development site has hit the market after years of frustration from real estate agents, who claim never to have been given the opportunity to offer the site to their clients.

Victoria’s new planning minister Matthew Guy has ordered VicUrban list for sale a major 2 hectare ste at the corner of Collins and Flinders streets.

VicUrban had previously give nmanagement control of the site to developer Sama Dubai, but a proposed $1.5 billion redevelopment, which was to have included a 60-level tower, was never marketed. The site abuts Lang Walker’s precinct of the multi-billion Docklands redevelopment.

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Centro MCS Says Pelorus Cancellation of Meetings Disenfranchises Investors

Centro MCS today expressed disappointment and surprise that Pelorus have purported to cancel a series of meetings of Centro MCS investors with little warning and immediately prior to the first meeting scheduled for Monday. Centro MCS Manager is considering whether this purported cancellation is effective and urges investors to check for any updates in relation to the meeting on its website at centro.com.au.

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MAB Launches $350 Million Docklands Towers

ANOTHER year, and MAB Corporation is releasing another major Docklands project.

This time, the development – The Quays – will include two towers.

A south tower will rise 32 storeys and include 275 units. It will be the tallest building in MAB’s 5.3 hectare Docklands pocket.

A north tower will include 230 flats. At ground level, a walkway aims to create a new retail laneway, with cafes and shops.

The project (artist impression, right) will also include 95 serviced apartments. Residents within The Quays will be able to utilise hotel functions like a spa, pool, sauna, health club, gym and yoga studio.

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MFS Rebrands to OCTAVIAR, and Delivers Market Update (March 28, 2008)

Name change

�� MFS to transfer and assign to Massachusetts Financial Services of Boston,USA its Australian registered trademark “MFS”
– Resolves ongoing litigation between the parties
– MFS to receive a payment from Massachusetts of a confidential amount
�� World branding agency was used to develop the new name “Octaviar”
– New brand and corporate imagery to be launched following today’s shareholder approval
– ASX Code to change to “OCV”

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Katherine Place Complex Sells For $16.35 Million

ESTABLISHMENT family the Smorgon’s have sold a Melbourne CBD office for $16.35 million.

The Katherine Place complex at 517 – 537 Flinders Lane was developed in the 1980s by the Becton Group and includes two buildings, known as 517 – 525 Flinders Lane (rising four levels and with 5609 square metres) and 533 – 537 Flinders Lane (a smaller four-level 1556 square metre office).

Both assets are flanked with ground floor retail. Private investor Brendan Sullivan has been reported as the buyer, purchasing the asset on a low yield of 6.2 per cent.

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Pelorus Reschedules Centro Meetings, Nominates Trust Co as Responsible Entity

Dear Investor,

Rescheduling of Meetings for Centro MCS 16, 19NZ/I and 11

Attached are notices with respect to meetings (Meeting) of unit holders of Centro MCS 16, Centro MCS 19 NZ/I and Centro MCS 11 (Syndicates). The notices advise unit holders that the meetings in relation to the Syndicates have been rescheduled to 20 May 2008.

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Melbourne Ghost Office Sells to Chinese Investor For $45 Million

ONE of the Melbourne CBD’s few remaining ghost towers has sold to a Chinese developer for $45 million.

The 21-level Communications House at 199 William Street (right) includes a 19,500 square metre office that has been vacant for more than ten years. The asset was offloaded by another Asia based investor with the registered company name Memo Corporation.

The building’s site area is 3318 square metres and the building is in the heart of what is known as the Melbourne CBD legal precinct. It’s residential redevelopment potential was touted throughout marketing.

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Update on World Trade Centre Litigation, from Bovis Lend Lease

Bovis Lend Lease LMB, Inc. (“Bovis Lend Lease”), a US subsidiary of Lend Lease Corporation Limited, is a defendant to proceedings brought against the City of New York and a number of other parties who, like Bovis Lend Lease, responded to the World Trade Center emergency and assisted with the rescue, recovery, and
debris removal following the terrorist attacks of 11 September 2001.

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Grocon Unveils Carbon Neutral, Wooden Inner-City Apartment Complex

MELBOURNE based developer Grocon has unveiled plans for a carbon neutral apartment complex built entirely from timber.

The complex, Delta (pictured, right) will be developed on the former Carlton United Brewery site, on the Carlton-CBD suburb border.

Delta will include 50 flats, and be one storey taller than a similar tall timber structure, the Stadthaus in Hackney, East London, which currently holds the title as the tallest building of its type in the world.

Copied below is a Grocon statement about Delta:

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Coles to Sell Target Centre, Bourke Street, Melbourne

WESFARMERS owned retail giant, Coles Group, is expected to make about $100 million from the sale of a prominent Bourke Street retail complex in the Melbourne CBD.

Coles will sell the 1982 Target Centre building (pictured, right) with a 20 year lease to Target. The complex also includes speciality retail stores, currently leased to Jetstar and Monash University.

Coles is expected to spend funds raised from the sale into its supermarket operations.

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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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MFS Group Announces Breach of Loan Facility to Customers

Dear Investor

I write to you on behalf of MFS Investment Management Limited (‘MFSIM’), as Responsible Entity of the MFS Premium Income Fund (‘the Fund’) to provide an update on the recent events and the MFSIM Board’s strategy and proposals for the management of the Fund subsequent to our last letter.MFSIM understands the significance of these decisions and the impact on investors. Given current market conditions and the position of the Fund, MFSIM, in the interests of all unit holders, has sought to preserve the capital value of the Fund.The MFSIM Board and its advisors are now focused on exploring initiatives to improve liquidity and allow the payment of income to unit holders and expect significant progress to be made before the end of the financial year 2008. Below we set out the key issues facing the Fund at this time. We will continue to update unit holders on developments with the Fund on a regular basis.

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Mount Macedon Hotel Sells For $1.74 Million

MOUNT Macedon is no longer a town without beer.

The abandoned Mount Macedon Hotel, described by Macedon Ranges councillor Helen Relph as the soul of the mountain, sold for $1.74 million at auction on Thursday to a local who plans to re-open it as a drinking hole.

The pub closed in 2005 when its license holder Xavier David Holden was suspended for breaching the Liquor Control Act.

At 694 – 696 Mount Macedon Road, the 2.15 hectare property includes a hotel, accommodation sheds, a three bedroom home, and land for redevelopment.

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Council Adjusts to Being Landlord Snaring APT as Tenant

FIVE months after paying ING a speculated $22 million for the prominent Cheltenham office it was renting (pictured), the City of Kingston council has snared one of Australia’s biggest tour providers as a tenant.

Australian Pacific Touring – more commonly known as APT – has quit its 36-year headquarters at Hampton Street, Hampton, and will move to the 1230 Nepean Highway office known for years as the Fujitsu building.

APT, which established locally in 1920, will lease 3200 square metres of B-grade offices space, paying a speculated $200 per square metre, per annum in rent.

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Iconic Bookshop Returns to Melbourne CBD After Hiatus

WEATHERING the rise of what it called (in a 1993 Age feature) the “big boy” retailer – boffin retailer The Little Bookroom has leased space on the same block its bullish rival, Angus & Robertson may soon be moving out of, after going into administration last week.

The Little Bookroom has leased a 30 square metre shop in Degraves Street, one of Melbourne’s most popular and expensive laneway retail strips.

In doing so The Little Bookroom returns to town after a six year hiatus.

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Major Riverfront Footscray Site Hits The Market

IT’S bad enough if the site next-door to the one you just bought gets listed for sale, targeting developers.

It’s worse when you just spent $21 million of taxpayer money, and if the redevelopment next door robs the million dollar views you planned to exploit in your own marketing.

Sadly this is what’s happening on the Footscray waterfront right now.

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Forza Capital Pays $14 Million for Cheltenham Office, Melbourne

ONE of Melbourne’s bigger mid-suburban office sales this year has quietly taken place in Cheltenham.

Property investment group Forza Capital has paid private developer Glenuc $14 million for 294 Bay Road, which includes a new 4,772 office building, and 4900 square metre adjoining development site.

The office is leased to service provider iSelect and will initially accommodate 320 of its employees. iSelect has an option to occupy a 10,000 square metre office earmarked for the vacant block.

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Dennis Family Pays Reported $30 Million for Clyde North Development Site, Melbourne

ADVANCE to Clyde-Five Ways Road, about 45 kilometres from town, if you want to know where Melbourne’s south-east suburbs have sprawled to – and will soon overrun.

A swag of farms and major homestead estates listed for sale along the soon-to-be-major road last year, sold over the festive break.

The “farm sale” trend is not novel to the south-east, where large parcels are also selling around Langwarrin, Pearcedale and Skye.

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CBRE Tops Lipsey Brand Survey For Seventh Consecutive Year

New York, NY – March 5, 2008 – For the seventh year in a row, CB Richard Ellis has been named the leading global brand in commercial real estate, according to a survey of real estate professionals from around the world. CB Richard Ellis has been named the top brand every year since the survey’s inception in 2002.

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SachsenFonds Expected to Make Small Loss Selling South Melbourne Office

GERMAN based SachsenFonds is hoping to break-even from the sale of a major inner-city office it bought three years ago for $137 million – $22 million more than its then book value.

The 11-level glass office at 209 Kingsway (pictured), on the south-east corner of Dorcas Street is built on the site of the South Melbourne tram depot.

Private investor Clement Lee purchased the entire tram depot site from the Kennett government in 1997 for $18 million.

The day after settlement, Mr Lee famously sold a portion to residential developer Central Equity for $18 million. The 9,632 square metre balance sold to Multiplex for $20 million.

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Binks Ford Pays $1.35 Million For West Footscray Showroom

BINKS Ford, which has been trying to offload various commercial sites in Melbourne’s west, has paid $1.35 million for an industrial unit in Geelong Road, West Footscray.

The vacant 1000 square metre showroom warehouse is on a 1250 square metre block and sold after an auction.

About two years ago Binks listed a major car dealership in Footscray, in Melbourne’s inner west. That site was expected to sell for about $8.5 million.

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Lend Lease Expecting $120 Million From Sale of Docklands Office

PROPERTY giant Lend Lease is expecting about $120 million from the sale of an as-yet-incomplete office in Melbourne’s Docklands – a near new city, effectively, on disused industrial land abutting the western edge of the CBD.

The 17,000 square metre office recently secured engineering firm Aurecon as an anchor tenant for 9500 square metres. Aurecom was formerly known as Connell Wagner

The building is due for completion in the second half of 2012.

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Devine Fires Two Staff for Conflict of Interest

Devine Limited advises that two senior managers of its Construction Division, Devine Constructions, had their employment with the company terminated on Friday 29th February 2008. This action resulted from clear evidence of breaches of the company’s policies in relation to “Ethical Code of Conduct” and “Conflicts of Interest” and evidence that both have undertaken fraudulent activities in respect of the Devine Group.

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LIMS Building Starts Construction in Bundoora

MELBOURNE’s next unique office – which will in this case be configured as a laboratory and classrooms – starts construction in Bundoora this month.

La Trobe University’s $93 million La Trobe Institute of Molecular Science (LIMS) project will rise six levels from Science Road, at its Bundoora campus, about 17 kilometres north of town.

The biotechnology and nanotechnology education facility is due for completion late next year.

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New David Devine Enterprise, Metro, Makes Major Melbourne Development Site Purchase

QUEENSLAND-based property developer David Devine is wasting no time getting back into the Melbourne development scene.

Four months since retiring from the listed development giant he established in 1983 – now known as Devine Limited – Mr Devine’s newest incarnation, Metro Property Development, has paid $10.2 million for an eight hectare site in Doreen.

The land, at 60 Orchard Road, on the corner of Garden Road, will be subdivided into about 150 lots and carry an average block price of about $200,000. Assuming homes worth $250,000 are developed on each block, Metro’s Doreen project could have an end value of close to $70 million.

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Swenrick Constructions to Sell Springvale Headquarters, Apartments Expected

HOME builder Swenrick Constructions is offloading its south-east Melbourne headquarters ahead of a relocation.

The 6738 square metre Springvale supersite, with street addresses of 782 – 794 Princes Highway and 2 – 4 Hillside Street (image, right), is used by Swenrick as offices and display suites. It’s spread over nine adjoining titles.

It’s expected to sell for between $4 and $4.5 million, and be redeveloped into a medium density townhouse or apartment project with an end value of about $50 million.

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Hamton Dodges High Rise Development Dispute

AND so all eyes turn to 50 Albert Road, in South Melbourne, after the decision this week by new planning minister Matthew Guy to reject a 29-level, 88-metre proposal across the road at #35, based on height.

Hamton Property Group is planning to build a 28-level, 89-metre tower on its site at 42 – 50 Albert Road, having marketed the project, Fifty Albert, since the middle of last year.

Both the Asia-based owner of 35 Albert Road, and Hamton, paid about $15.5 million for their respective South Melbourne sites last April.

Hamton’s site was purchased with a permit for a 220-dwelling apartment complex. However it shrunk the size of the units so that 294 flats could fit within the approved building’s shell.

The Victorian Civil and Administrative Tribunal approved that major amendment last August.

By comparison the owner of 35 Albert Road proposed 420 apartments within an 88 metre tower. Another tower of similar height is proposed at 60 Albert Road, too.

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Lend Lease Delivers Strong Half Year Profit Result Amid Tough Market Conditions

Lend Lease delivers strong half year profit result amid tough market conditions    

* Statutory Profit After Tax up 49% to A$259.6m
* EPS on Operating Profit up 60% to 65.5 cents
* Net Operating Profit After Tax up 61% to A$262.8m  Interim dividend up 23% to 43 cents a share

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Westfield Group Announces Solid Growth in Operational And Development Earnings

The Westfield Group (ASX:WDC) today announced its full year results, reporting operational segment earnings for the year ended 31 December 2007 of $1.79 billion, up 11.6% over the prior year.  This represents 96.12 cents per security, an increase of 6.0% on a constant currency basis.

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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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Valad Announces 139% Increase in Underlying Earnings; Reaffirms FY08 Forecast

* Solid performance from diverse operations across 13 countries
* Proven funds platform, raising A$1.2 billion of equity and debt in 2H08
* AUM of A$20.5 billion, diversified by sector, geography and business line
* Continued focus on integration and consolidation of Australasian, European and UK platforms

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Delfin Lend Lease Pays $30 Million For Plumpton Block, Melbourne

DESPITE fears Melbourne’s $4.3 billion regional rail link might be shelved, Australia’s biggest developers are exploiting last year’s Urban Growth Boundary changes, continuing to quietly snap up farmland in Melbourne’s mid-west.

This time, in Plumpton, Sydney-based Delfin Lend Lease has paid about $30 million for an approximate 63 hectare site on Beattys Road.

The land was included within the revised UGB last year, and was understood to have been sold by Oliver Hume director – special projects, Peter Vassallo, who was unavailable for comment.

Toni Mills, head of Delfin Lend Lease, told The Saturday Age’s Capital Gain it planned to undergo a planning and community consultation process to determine the most appropriate vision for the site.

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Macquarie CountryWide Announces Results Six Months to December 2007

Macquarie CountryWide Trust (ASX: MCW) today announced a 2.5 per cent increase in distributable earnings to A$97.7 million for the six months to 31 December 2007, representing 7.35 cents per unit. Earnings before losses on asset sales were 7.76 cents per unit. The Trust distributed 7.80 cents per unit to investors on 22 February 2008.

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Brodie Holland to Sell Moonee Ponds Terrace

RECENTLY retired Collingwood footballer Brodie Holland, and his wife, model, Sarita Stella-Holland, are set to outgrow their Moonee Ponds terrace.

The couple are expecting twin boys later this year, and with nine month old daughter Stevie, are looking for something bigger.

Their outgoing home, in Normanby Street, in Moonee Ponds, is now for sale with agency Nelson Alexander Essendon.

A twilight auction at 7:30pm on Thursday March 3 will be managed by selling agent John Matthews.

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Aspen Announces Strong Half Year Result

Aspen Announces Strong Half Year Result

Aspen Group (ASX: APZ) is pleased to report a strong performance for the half year to 31 December 2007, with the Group’s underlying net profit after tax up 63% at $19.0 million. Contributions across all business divisions have combined to produce this result, leaving the Group well placed to record a strong full year performance.

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