Fire damaged Shepparton hotel for sale
Another historic regional Victorian pub is for sale. The former Shepparton Hotel, which was part destroyed by fire in late
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Gina Riley to sell Armadale house after short stay
FUNNY girl Gina Riley and television producer husband Rick McKenna are selling their house in Armadale, less than 12 months after moving in.
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Another caravan park to close
Woolworths, which buys, sells, develops and holds real estate, said it is “ready and raring to go” with plans to
Read moreThree Retail Strip Shops Sell
PRIVATE investor demand for suburban shops continues to surge, with three shops selling at auction for far higher than their reserves.
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Docklands Next Retail Strip Taking Shape
THE inner-city’s next retail strip is slowly taking shape in Docklands.
Equiset, the development company owned and managed by the Grollo family, has filled about 1800 square metres, or six stores, at the ground level of Village Street, a thoroughfare connecting Bourke and Collins streets.
The western side of Village Street includes the 12-level A-grade office building that is now home to National Foods. The eastern side of the street, is the Goods Shed building, which is currently being refitted into boutique office space.
Read moreLiberals “War Room” in Collins Street
THE federal Liberal Party has taken a 12-month lease for about 1650 sq m of office space at 120 Collins Street. The space became available earlier this year after Citibank reorganised its office occupation, shrinking its occupancy in the premium-grade building from four levels to three.
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Double Storey Complex in Toorak Road, South Yarra, Sells For $6.7 Million
A DISTINCTIVE Tudor style complex in Toorak Road, South Yarra, with five ground floor shops and an upstairs office, has sold for $6.7 million.
Based on the assets annual rent of $296,021, the 638 square metre building sold on a low yield of 4.4 per cent.
Knight Frank’s Marcus Quinn and Paul Henley sold the asset at 307 – 315 Toorak Road.
Mr Quinn said the property offers the new owner plenty of value-adding potential, covering just 50 per cent of the 1000 square metre land area.
Read moreOmni to Build Bulky Goods Centre and Gynmasium in Carnegie
DEVELOPER preparedness to construct property without a tenant pre-commitment is spilling into the retail sector, with middleweight developer Omni Property Group this week announcing plans to speculatively develop a bulky goods showroom and gymnasium in Carnegie.
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Victorian State Government Offloads More Inner-City Property
THE State Government is continuing to offload prime located development sites around freeway edges and wedges.
The latest listing, by the Victorian Department of Treasury and Finance, is at 12 – 62 Cook Street, Port Melbourne, abutting the West Gate Freeway, on the city-side between Todd Road and Salmon Street.
The 3.1 hectare site is perhaps most recognized as being the VicRoads Westgate Training and Conference Centre.
Read moreMelbourne-Based CEO Serviced Apartment Operator Opens International Office in Manila
MELBOURNE-BASED serviced-office provider Corporate Executive Offices will open its first international office in Manila in August.
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Apartments Released at $440 Million Wyndham Harbour Project in Melbourne’s Outer West
HIGH density development is making its way to Melbourne’s outer western suburbs.
The developer of the $440 million Wyndham Harbour project in Werribee South has released the project’s first apartments to the market, two months after releasing its first staged land subdivision, which has sold out.
Long term wet berths of between 10 and 30 metres have also been released for sale at the development, about 30 kilometres west of town.
Read moreStudent Accommodation Developer Plans Apartments for Skin & Cancer Foundation Carlton Office
BOUTIQUE property developer Piccolo Developments has paid about $6.3 million for the former Skin & Cancer Foundation’s office building in Carlton.
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Locals Buy Into FKP’s Camberwell Junction Redevelopment, Getting Construction out of the Ground
SOME Camberwell residents are not practicing what they preach.
Research by developer FKP, shows 90 per cent of sales at a controversial apartment project being developed at the Camberwell Junction, have been to residents within a five kilometre radius of the site.
FKP would not disclose how many of the 144 available apartments it has sold at its Aerial project, but confirmed it was enough to get construction out of the ground.
Read moreFirst Home Buyers Expo Comes to Melbourne
MELBOURNE will host the country’s inaugural home show dedicated to first-home buyers.
Read moreBPM Outmuscles Investors For Brighton Development Site
BAYSIDE developer BPM has outmuscled international and local buyers for a supersized Brighton property, about 100 metres from the waterfront.
Read moreCricketer Jon moss Sells Elwood Apartment
VICTORIAN cricketer Jon Moss has put his Elwood apartment on the market after moving locally.
Read moreGlenneagles Homes Latest Malvern Project Complete
BOUTIQUE builder Glenneagles Homes Pty Ltd has completed construction of its latest project at 331 Glenferrie Road in Malvern. Two
Read moreMoonlight Cinema founder turns property developer with South Yarra project on the cards
THE young entrepreneur behind the hugely successful Moonlight Cinema business, James Tutton, is turning his hand to property development.
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Vision Australia Sells Prahran Site For $21 Million
Developer Caydon Property has agreed to pay Vision Australia $21 million for a Prahran site with a permit for a major apartment complex.
Vision Australia had agreed to sell the property, and another development site behind it about two years ago, however that deal did not proceed.
The front piece of land, which has just sold, is expected to be developed into a 330 unit apartment complex with ten ground floor shops, according to CBRE’s Mark Wizel and Andrew Dawkins, who marketed the site.
Read moreWestpac Doesn’t Practice What it Preaches, Avoids Going Green
WESTPAC Bank may have some explaining to do after claims it will choose the "least green" of its three shortlisted options, as its Melbourne CBD office digs.
Read moreCentral Equity Pays About $24 Million For Point Cook Site
CENTRAL Equity is believed to be paying about $24 million for a 20.5 hectare parcel of land in Melbourne’s western suburb of Point Cook.
Sources say the privately owned developer, which made its name building Southbank skyscrapers in the 1990s, will land bank the 275 Sneydes Road site until it can get a new low density housing project approved.
The site needs to be rezoned and was not marketed with a permit.
Read moreCarrick Institute of Education Leases Southbank Building
THE Carrick Institute of Education has leased some space for now, and some space for later at an office building in Southbank.
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St Andrews Beach golf club, land for sale again
St Andrews Beach Golf Course and Resort will be auctioned after failing to sell during the economic downturn. Up for
Read moreSalvation Army Commits to New Blackburn Office Building
THE Salvation Army will relocate its Australia Southern Territorial Headquarters to a new purpose-built office development in Blackburn.
Read moreSite on Busy Hawthorn Intersection Sells For $11.2 Million
A FIRST-time property investor has paid $11.2 million for an office building at one of the south-eastern suburbs busiest intersections.
The two-level office sits on a 2439 square metre block at the corner of Auburn and Toorak roads, and is prominent around the busy Citylink freeway junction – which is also the suburb border for Malvern, Hawthorn, Hawthorn East and Glen Iris.
The building, with a street address of 461 – 465 Auburn Road, Hawthorn East, is leased for about four more years, but offers redevelopment potential, being in a pocket of the south-eastern suburbs that is seeing higher density redevelopment.
Read moreWest Australian Syndicate Buys Six Units at Lend Lease’s Mosaic Development, Docklands
A MYSTERY Western Australian- based syndicate of property investors swooped in to Lend Lease’s Mosaic apartment tower in Docklands last weekend, buying six units and spending $3.5 million.
Read moreInterest Rates, Land Values to Increase Until 2009
INTEREST rates are likely to stay at or slightly above current levels until 2009 before heading down, according to property experts at a seminar hosted by the Urban Development Institute of Victoria at Crown Casino earlier this week.
Read moreQLS Pays $9.15 Million for Dandenong Asset, Also Leases Factory
THIRD-party logistics sector group QLS has paid $9.15 million for two adjoining industrial facilities in central Dandenong, a major commercial hub once marketed as Melbourne’s “second city”.
QLS has purchased a 3.2 hectare site at Kitchen Road, which includes two buildings totalling 15,000 square metres.
At the moment, it will play landlord for the two assets which are leased, but the group will eventually move into the buildings.
Read moreGood Guys Andrew Muir Pays $17.75 Million for Steve Vizard’s Orrong Road Mansion
INSIDERS are all but certain the mystery buyer of Steve Vizard’s Orrong Road mansion is Good Guys electrical retailer Andrew Muir. Early speculation was that the house had been bought by Peter Edwards of the Smorgon family but he has vehemently denied this. Mr Muir is overseas and unavailable for comment.
Read moreAustraland to Sell Riverfront Site Near Victoria Park Stadium
AUSTRALAND is selling a 4000 square metre inner-city development site, wedged between Collingwood Football Club’s Victoria Park stadium, and the Yarra River.
The Abbotsford property at 80 – 110 Trenerry Crescent, will be sold with a permit for a nine-level residential building, with 94 units.
Australand has already developed townhouses on part of the site, which is near Dights Falls, and next to the prominent Australian Education Union Victorian Branch offices.
Read morePlanning Eagle Clem Newton Brown Sells Toorak Site
FORMER Melbourne deputy lord mayor and planning legal eagle Clem Newton-Brown has sold a unique 508-square-metre block of land on the banks of the Yarra in Toorak.
Read moreHealth Group Pays $17.1 Million For Hawthorn Office
RESIDENTIAL developers keen to get their hands on a prime 4152 square metre (or an “acre”) site abutting the Hawthorn train station have been left disappointed, with an owner occupier snapping up the Burwood Road property for $17.1 million.
Colliers International director Rob Joyes, who sold the 50 Burwood Road office with Peter Bremner, said a health-related group will redevelop the building into a specialist medical centre.
The 5246 square metre office building was marketed with a permit for a 2500 square metre extension, and included 174 car spaces.
Read moreSupply Shrinks for CBD Office Buyers
FEWER Melbourne CBD offices are being put on the market this year as investors hold on to assets to take advantage of rising rents and surging building values.
Read moreStockland, ID, Prepare to Develop in Melbourne’s Outer North
IT has been another busy week in Melbourne’s outer north, with one company announcing a major $45.8 million acquisition of a residential development site in Craigieburn, and another launching a $60 million housing estate in nearby Mernda.
In the biggest deal, Sydney-based developer Stockland has acquired a 100 hectare development site abutting its hugely successful Highlands development, about 35 kilometres north of town.
The acquisition is the latest in a string for Stockland, which in February paid $58 million for two sites totalling 117.4 hectares in Wollert, not far from Craigieburn.
Read moreCar Park Squeeze for Office Developers
CAR park ratios are set to become the new buzz term in Melbourne’s fringe office market, with councils getting tougher about the number of parking bays developers can put into new office buildings.
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South Yarra’s Newest Skyscraper Set to Rise From Claremont Street
SOUTH Yarra’s latest skyscraper is set to rise from a site near the Melbourne High School oval.
Icon Construction plans to replace a former factory at 45 Claremont Street with SEE, a 15-level, 74-unit apartment tower.
The $34 million complex will include a landscaped rooftop terrace and BBQ area, as well an enclosed timber and steel pergola, with an open air fireplace and communal entertaining area.
Read moreCommonwealth Bank Reissues Melbourne CBD Office Leasing Requirement
THE tenant representative acting for Commonwealth Bank of Australia has issued a new CBD office leasing requirement, replacing two other require-ments it put to the market late last year.
Read moreGardening Australia’s John Patrick to Design New Metung Estate
GARDENING Australia’s John Patrick will design the “hilltop hideaway” that is to become The Plateau, the latest land release at the Kings Cove development at Metung, about 310 kilometres east of Melbourne.
The subdivision includes 16 lots, capturing lake and bush views, with prices starting at $115,000 for a 600 square metre block.
Mr Patrick will design an individual entrance for The Plateau, and use mature trees to landscape around the estate.
Read moreApartments for Brunswick’s Tip Top Bakery site
Diversified developer Omni Property Group is formalising plans to buy the Tip Top Bakery site in Brunswick, for c$11 million.
Read moreNBV Makes $13.85 Million From Two Adjoining CBD Offices
THE NURSES Board of Victoria has reaped a healthy $13.85 million from the sale of two adjoining office buildings at the Docklands-end of Little Collins Street.
The buildings at 595 and 597 Little Collins Street cover a site area of 1248 square metres, and were said to have aroused interest by residential developers.
In the end however, the low-rise buildings went to an investor who will lease them as offices. Savills Clinton Baxter and Ryan McCormack marketed the sites.
Read moreSt Kilda Road Airlie Mansion to Get High Rise Apartment Backdrop
THE Deague family’s Asian Pacific Building Corporation has swooped on a St Kilda Road site marked for residential development, in a deal worth more than $12 million.
Read moreMore Commission Flats for Abbotsford
ANOTHER former commercial building in Abbotsford is being converted into a major residential project.
The former Harold Boot Company factory, at the corner of Gipps and Nicholson streets, is being redeveloped by Common Equity Housing Limited, and the Office of Housing, into a $25 million, five-storey, 59-unit complex.
Twenty five apartments – representing just over 40 per cent of the overall project – will be set aside as public housing, part of the Federal Government’s plan to build 80,000 social and affordable dwellings nationally by 2012.
Read morePrice Quoting Guidelines Create Grey Area
NEW Real Estate Institute of Victoria guidelines implemented to tackle underquoting in Melbourne’s real estate game are confusing the public and creating an "alarming grey area" for agents to continue the outlawed practice, according to buyers’ advocates.
Read moreARC to Sell Southbank Car Park
IT will be the end of an era next year in Southbank, when one of its most prominent office occupants, the Australian Red Cross, relocates to a new headquarters, on the other side of town.
The ARC has listed for sale an open-air car park site, at 127 – 129 Kavanagh Street, near the corner of Balston Street.
The 1448 square metre site, which the ARC will sell with vacant possession or with an 18-month lease back, is expected to arouse interest from residential developers.
Read moreGina Riley sells home after 10 months
COMEDIAN Gina Riley is laughing all the way to the bank, selling her Armadale home for $650,000 more than she paid just 10 months ago.
Read moreDriver Bus Lines to Sell Glen Iris Headquarters of 70 Years
DRIVER Bus Lines, owned by the Driver family, will sell its prominent 1703 square metre Glen Iris Road site, which has been the company’s garage base for 70 years.
The site, next door to popular cafe the Glen Iris Milk Bar, and across the road from Ferndale Park, is roughly half way between two train lines: Alamein and Glen Waverley, making it ripe for residential redevelopment.
Any medium density project can exploit westerly parkland views too, over a walk track to Gardiners Creek and the Glen Iris wetlands.
Read moreSkilled Group Boss to Sell Luxury City Apartment
LESS than a year after paying a record $7 million for a block of land in Flinders on Western Port, former managing director of the Skilled Group Greg Hargrave and wife Mardi have put their luxury city apartment on the market, in a deal expected to be worth more than $3.7 million.
Read moreMarketing Commences of $100 Million Braeside Industrial Estate
BALMAIN Trilogy, the new manager for the embattled Pacific First Mortgage Fund and City Pacific, has seized control of a $100 million industrial development in Melbourne’s outer south-east.
Construction of the first industrial warehouses on the 30-hectare parcel in Braeside, should now start within months.
Balmain has released 33 blocks in the first land subdivision covering 5.7 hectares.
Read moreSuzie Wilks Changes Rooms
A Hawthorn home once owned by television show host and model Suzie Wilks has for an undisclosed price, believed to be around $1.3 million.
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FKP Gets Started on $600 Million Saltwater Coast Estate, Point Cook
IT was one of the most prized assets in the substantial portfolio of Hawthorn-based Wilbow Corporation, when that developer put itself up for sale four years ago.
And now, construction of the first homes in the $600 million village that is Melbourne’s newest waterfront community, is set to begin.
Queensland-based developer FKP has distributed land titles for the first 87 home lots, part of its Saltwater Coast project in Point Cook, about 20 kilometres south-west of town.
Read moreAlmost $17m in Service Station Sales This Week
ALMOST $17 million in suburban service stations changed hands this week on low yields, as demand from private investors for securely leased retail assets intensified.
Read moreSome New Records Set in Melbourne’s West
INTEREST in the streets regarded as “the best in the west” appears to be rampant, with the record price of a Moonee Ponds home speculated to have been smashed twice in the last two weeks.
No sooner had builder Raffaele Aiello set a record, paying about $4.65 million for a home on ritzy Ardmillan Road, did Secret Agent get tipped off about an off-market $5.2 million deal, on Park Street and near the sprawling family home of ex North Melbourne VFL footballer Kerry Good.
Nelson Alexander’s Matthew Febey, who marketed Ardmillan Road, declined to comment on any deals when contacted by Secret Agent.
Read moreRecord Retail Rents for Bourke Street Mall CBD
AGENTS expect ground-floor rentals of a high $6000 a square metre for a Bourke Street Mall shop across the road from Myer’s main entrance.
Read moreResidential Developer Pays $2.3 Million For Northern Melbourne Site
A RESIDENTIAL developer has paid $2.3 million for a unique development site with two street frontages at the suburb border of Lalor and Thomastown.
The triangle-shaped 5315 square metre site is nestled behind the back fence of about 20 established homes, and is accessed via Dalton Road and The Boulevard – busy thoroughfares within the suburb, about 17 kilometres north of the CBD.
A residential developer is expected to propose an apartment complex with more than 20 units.
Read moreAspen Groups Buys Mulgrave Business Park
THE West Australian-based Aspen Group is believed to be the mystery buyer of a business park in Mulgrave, in a deal worth about $18 million.
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Two Prominent Waterfront Properties Hit the Market in Williamstown
THE wind of chain continues to bluster through the peaceful suburb of Williamstown, with two of the western suburb’s most prominent sites, hitting the market this week.
The Anchorage Marina and restaurant, developed on land and a seabed leased but controlled from Parks Victoria, is currently the most prominent of the two sites.
It includes a near new and state-of-the-art 90-berth marina, associated boatsheds and offices, built on what was once the historic Parsons boatshed.
Read moreNo Pub is Safe From Alternative Redevelopment
POPULAR hotels in prime suburban strips may not escape the demolition ball either, with recent sharp increases in retail land values also affecting the best use for several of Melbourne’s biggest pubs.
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Jam Factory to Lose Two of its Most Prominent Retailers
CHAPEL Street’s Jam Factory is set to lose two of its biggest retailers, with music store Virgin, and American coffee giant Gloria Jeans quitting their prominent tenancies.
The Virgin store, which occupies store T9 at the Jam Factory, occupies 938 square metres – or about the size of seven standard shops.
CB Richard Ellis’ executive Max Cookes, who is marketing the space with Travis Osborne, said the space would ideally be suited to an international retailer looking for a Chapel Street flagship store.
Read moreRed Back could sell to developers
HOTEL owners are finding more value in selling their property assets and cashing in on developer demand, than they are keeping them as entertainment venues.
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Smorgon abandons Toorak apartments, lists land
A Toorak apartment proposal the features of a six-star hotel, including a live-in concierge, has been abandoned. Businessman Rodney Smorgon
Read moreHoteliers Brace for Pain as Big Butt Out Looms
HOTEL owners say next month’s indoor smoking bans will have a negative effect on their businesses, but anticipate the number of non-smoking patrons to increase in the medium term.
Read moreUbertas Group to Sell Last Apartments at 505 St Kilda Road
A UNIQUE luxury apartment with a “left-wing” connection has hit the market, as the developer of a new complex clears the last of the unsold apartments.
The double-storey “townhouse-style” apartment is on the ground floor of Ubertas Group’s 505 St Kilda Road complex, a project built on the site of what was St Kilda Road’s first high-rise office.
The 505 complex is absolute park-front, having a security door connecting residents to the massive Fawkner Park. The apartment itself (G02) includes two bedrooms, a study, two car parks, downstairs courtyard and upstairs balcony – both with a park vista.
Read moreWayne Carey sells Red Rooster Richmond
FORMER footballer Wayne Carey has sold two retail premises in Church Street, Richmond, in deals worth about $3.3 million.
Read moreMike Brady lists Separation Creek beach house
The producer behind 1970s/80s songs Shaddap You Face! and Up there Cazaly is selling a Separation Creek beach house. Mike
Read moreAustraland to Buy Industrial Site in Mulgrave Technology District
DEVELOPER Australand is believed to be in exclusive due diligence to buy a 3.5-hectare industrial development site in Mulgrave’s technology district in a deal worth about $15 million.
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WD O’Donnell Building, West Melbourne, to be Sold With Permit
ANOTHER historic factory on the CBD fringe is set to make way for an apartment tower, after being listed for sale with a permit.
The W D O’Donnell building at 33 – 43 Batman Street, in West Melbourne, near the Flagstaff Gardens, is for sale with a VCAT-approved permit for a 14-storey tower, with 135 units.
CVA Commercial director Anthony Carbone expects about $8 million for the site, which is being offloaded by Joe Salvo, the brother of Delta-Europcar founder turned property developer Mario.
Read moreSalvation Army Sells Williamstown Industrial Facility
THE Salvation Army has sold an industrial facility in Williamstown for $2.5 million.
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Melbourne Freeway Apex Set to See Construction of New Tower
THE FREEWAY apex where commuters decide to access the Melbourne CBD via Flemington Road (north), or Citylink (south) – could see the construction of a new landmark this year.
In a sign of how far density levels have come in the inner-city, the 107 – 115 Manningham Street site, opposite Royal Park, in Parkville, will be sold with a permit for a seven-level, 163-unit tower.
It will replace a three-level, 28-unit unrenovated apartment complex currently on the site.
Read moreWholesale office fund buys 222 Exhibition Street at record low yield
The AMP Wholesale Office Fund purchase of 222 Exhibition Street, at a low 6 per cent yield, may result in
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Challenger to Retain Jam Factory Asset, South Yarra
IT was one of the highest profile commercial properties to hit the market during the economic downturn, but with the
Read moreSpace Time Research Leases 630 Church Street Richmond
ONE of the first office buildings developed by private developer Michael Yates has managed to avoid mass vacancy when a lease to its major tenant, Thales ATM, expires next month.
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Pace Developments to Sell Brighton Beach Hotel
A PROMINENT near-new hotel opposite the Royal Brighton Yacht Club has hit the market with a price tag of $25.8 million.
The 59-room Quest complex, at 242 – 254 The Eplanade, is expected to sell to an investor or syndicate, who may sell down the 68-individually titled spaces within the complex, at a premium.
The waterfront property – available for sale as a whole by builder Pace Developments – also includes three penthouse apartments, retail and commercial components.
Read moreMacquarie Goodman Spends $41 Million For 72 Hectares of Industrial Land
MACQUARIE Goodman Industrial has bought 72 hectares of industrial land in two separate deals worth about $41 million.
Read moreAussie Farmers Direct Leases Factory in the West
AUSSIE Farmers Direct, the to-your-door grocery business, has leased a 4744 square metre industrial warehouse in the western suburb of
Read moreGreen Message Getting Through to Home Buyers
THE green message is getting through, if a new survey by the Real Estate Institute of Victoria is anything to go by.
Read moreAustraland Pays MaxiCity $45 Million For Melbourne’s Ex Stock Exchange Building
AUSTRALAND has paid $45 million for the former Australian Stock Exchange building at 357 Collins Street. The vacant 22,000 square
Read moreStockland to Start Developing Tooronga Village Site in 2008
DEVELOPER Stockland hopes to start demolition on its high-profile Tooronga Village shopping centre, and associated car park by the end of the year, after a consultation period regarding the controversial site lapsed. The development is expected to receive a sign-off from the minister soon.
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Australian Unity Sells Footscray Plaza Shopping Centre For Speculated $20 Million
AUSTRALIAN Unity is understood to have made about $20 million from the sale of its Footscray Plaza complex, at a busy intersection, in the burgeoning western suburb.
Private development company Banco Group, headed by Mario Lo Guidice, confirmed he purchased the 13,968 square metre plaza, at the busy corner of Paisley and Albert streets.
Coles and K-Mart are the two biggest tenants in the centre, occupying about 84 per cent of Gross Lettable Area.
Read moreMary Coustas Sells Waterfront St Kilda Road Apartment
COMEDIAN and actress Mary Coustas sold her beachfront apartment before a scheduled auction last weekend, for an undisclosed amount believed to be around $660,000.
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The Reject Shop Issues Major National Leasing Requirement
MELBOURNE born retailer The Reject Shop has issued a major leasing requirement to prospective landlords, in an attempt to further expand its national network.
The discount retailer, which last month reported an $18.9 million half-year profit, and has enjoyed a buoyant business because of the bleak economic backdrop, has targeted locations in every state and territory including the Northern Territory, the only major region it does not trade.
A leasing requirement document issued by the Reject Shop says its strategy is to grow by at least 20 stores a year.
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