Queensland 

Offshore Investor Pays $80 Million For Surfers Paradise Supersite

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AN undisclosed overseas investor is understood to have outbid several local players, to buy a 1.13 hectare block of land in Old Burleigh Road, Surfers Paradise, for about $80 million.

The disposal is the first since Balmain Trilogy took control of the $630 million First mortgage Fund from the beleagured City Pacific in July. The property, spread over 94 titles, was sold with two first mortgages and caveats, for debts which are expected to be paid off. The property was put to the market in May by mortgagee Fortress Credit.

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Victoria 

VicUrban Poised to Seize CSIRO Highett Site, Melbourne

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THE state government’s development arm is poised to seize control of a highly-anticipated infill site within a south-eastern suburb that may soon have its own skyline.

Well placed industry sources say VicUrban is negotiating to acquire the CSIRO’s outgoing Land and Research Highett Laboratory some 16 kilometres south-east of town near the Southland Shopping Centre and an as-yet-undeveloped train station.

The CSIRO laboratory has been anticipated as a residential development site for years but particularly since 1996 when council rezoned land in Highett, and neighbouring Sandringham and Cheltenham from Industrial 1 to Business 3, and increased height limits to 14 metres to allow for the construction of commercial premises.

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Queensland 

Harry Triguboff’s Meriton Set to Receive Planninng Approval For 77-Level Brisbane CBD Tower

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THE Brisbane City Council is expected to approve construction of a 77-level, 250-metre mixed use tower in the CBD’s Herschel Street next week.

The octagonal shaped building will include 422 serviced apartments, 209 traditional “own your own” apartments, 10,197 square metres of office space and an 11-level basement car park with 348 bays. It also is expected to include some form of ground floor retail.

The proposed building is earmarked for a site at 43 Herschel Street in the city’s North Quay precinct, near the corner of George Street.

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Victoria 

Flinders Street Development Site Sells After Auction

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A PROBLEMATIC city development site with a permit sold after auction on Thursday for an as-yet undisclosed price.

The 556 – 560 Flinders Street property, at the north-west corner of Downie Street, has been earmarked over the years for a variety of developments, of varying heights.

At one stage a scheme was prepared for a 33-level commercial tower with 25-levels of strata office suites. Another proposal would have seen 101 apartments squeezed onto the 291 square metre block, opposite the new Northbank Place complex, between Spencer and King streets.

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National 

South African’s Redefine Properties in Talks to Buy a Share of Cromwell

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SOUTH African property group Redefine Properties is reported to be in discussions to buy a 25 per cent stake in the Brisbane-based Cromwell Group property trust.

Cromwell revealed it was in talks with the South African company in statements to the market.

“Cromwell is discussing corporate opportunities with a number of parties, includign some potential institutional investors,” the trust said in a market announcement reported by the AFR.

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Queensland 

CBIC Spends $22 Million on Brisbane CBD Office Building

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THE controversial new City of Brisbane Investment Corporation has made its first foray into commercial property, paying $22 million for the Brisbane CBD’s 157 Ann Street office building.

The former Flight Centre building measures 6,000 square metres, and was reported to have been last valued in March at $30.1 million. CBIC will lease the building to the Council, while City Hall undergoes a $30 million refurbishment, due for completion in about 2013.

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Victoria 

Kew’s Shalom Lodge to be Redeveloped as Esque Apartment Tower

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FORMER aged care facility Shalom Lodge is the victim of the medium-density apartment boom taking place around Kew, about six kilometres east of town.

A historic building at 4 Willsmere Road that occupied the nursing home is being marketed as a ritzy apartment complex, Esque.

The 1350 square metre Kew site was offered for sale in July 2010 with a permit for a 12-unit development.  The site’s asking price was $2.98 million.

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Anna Bligh
Queensland 

High Density Housing Here to Stay as Bligh Government Releases South East Queensland Regional Plan

Anna BlighQUEENSLAND’s Bligh Government has identified Brisbane including Chermside, Indooroopilly and Cleveland as “high density development” areas, as part of a plan to stop urban sprawl.

The government’s new South East Queensland Regional Plan (link to the report below) has been released, in an attempt to cope with the areas expected surge in population from 2.8 million today, to 4.4 million in 2031.

The plan calls for 138,000 of the 156,000 additional new homes requirement in Brisbane, to be developed within existing growth boundaries, and alongside existing housing.

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Victoria 

Skyscraper Approved Behind 420 Spencer Street, Site Now For Sale

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ONE of the inner-city’s most distinctive art deco commercial buildings – on a gateway site connecting West Melbourne to the CBD – will be retained and form the entrance of a major apartment skyscraper.

Planning minister Matthew Guy has approved the development of a 32-level, 368 unit apartment tower on land behind the Streamline Moderne building at 420 Spencer Street, near the Flagstaff Gardens, at the north-west tip of town and within an area that is quickly becoming a development hot-spot.

Constructed in 1930 as the headquarters and showroom for Australian Glass Manufacturers, and extended in 1937, 420 Spencer Street (pictured) was until recently occupied by retailer Nightingale Electrics. The building, recognised by the National Trust, used materials such as metal window door frames in its then-modern design.

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National 

Sydney-Based Chef Tetsuya Wakuda to Open Second Restaurant, in Singapore

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JAPANESE-born, Sydney-based restaurateur Tetsuya Wakuda will open a second restaurant next June – in Singapore.

The chef will open at a Las Vegas style resort currently under construction at Marina Bay Sands in Singapore. He will join international restaurateurs including Wolfgang Puck, Mario Batali and Daniel Boulud from the United States, Guy Savoy from France and Santi Santamaria, from Spain.

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Wayne Carey
Queensland 

Wayne Carey to Sell $3 Million Gold Coast Mansion

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Wayne CareyFORMER AFL footballer Wayne Carey has listed for sale a newly built Broadbeach Waters mansion he was to have occupied with his ex-girlfriend.

Agents are expecting about $3 million for the 70 square waterfront home, which includes four bedrooms, a media room, 15 metre tiled lap pool, private beach and 11 metre boat jetty.

Wayne Carey purchased the home in late 2007 for $1.265 million before undertaking a major renovation.

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Victoria 

Penthouse Within Sydney’s The Cove Tower Lists With $15 Million Price Expectations

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A PENTHOUSE within Harry Seidler’s Sydney CBD apartment tower, The Cove, has hit the market with price expectations of about $15 million.

The penthouse with views of the Sydney Opera House and Darling Harbour (image, right) is being offloaded by UK entrepreneur Graham Hellier, who has reportedly spent several million on a refurbishment. It was previously owned by another business identity Koyelan Bangaru.

The penthouse includes four bedrooms, an office and media room and several living zones.

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National 

ASIC Issues Proceedings Against Centro Executives

THE Australian Securities and Investments Commission has launched proceedings against current and former officers at Centro.

Executives associated with the Centro Retail Trust and Centro Properties Group will need to defend claims they did not breach their duties of care, related to the accuracy of information in the company’s public financial reports.

A full copy of ASIC’s statement of claim is available at this link:

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Dunk Island
Queensland 

Dunk Island, Bedarra Island, Sold to Canadian Humanitarian Group

Dunk IslandQUEENSLAND’s Dunk Island, and the smaller Bedarra Island nearby, have been sold to humanitarian group McCall MacBain Foundation for an undisclosed sum.

The two islands were offloaded by Voyages, which has been trying to sell down its portfolio of tourist accommodation assets for about a year.

McCall MacBain Foundation affiliate Pamoja Capital has purchased the islands.

Pamoja – which means “togetherness” in Swahili, undertakes socially responsible global investments within a number of sectors including education, renewable energy and natural resources, life sciences, information technology, real estate and media and communications.

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Victoria 

Springvale Homemaker Centre Opens, Melbourne

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THE massive Springvale Homemaker Centre has opened in Melbourne’s outer-south east.

The 205,000 square metre (gross) complex, a joint venture between Harvey Norman and IKEA (Sweden) has been in the works since 2006.

The double storey complex and 2800 car parks (impression, right) is anchored by the two retailers: Harvey Norman occupies a 10,000 store, while IKEA will trade from a huge 36,000 square metre facility.

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New South Wales 

Dee Why Grand SC Sells For $68 Million

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DEE Why’s Grand Shopping Centre in Sydney has sold to a private investor for $68 million.

The 10,000 square metre centre, with 30 specialty stores on Sydney’s northern beaches, was offloaded by grocery wholesaler John David and hotel owner the Bayfield family.

Institutions including Charter Hall, Colonial First State, the Future Fund and Lend Lease reportedly threw their hat in the ring for the centre, which sold on a yield of between 7.5 and 8 per cent, based on a fully let income.

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Queensland 

Colonial First State Makes Loss on 300 Queen Street Office

QUEENSLAND businessman Kevin Seymour will pay $110 million for an office building in the Brisbane CBD.

Vendor Colonial First State confirmed negotiations are underway to sell the 25-level 300 Queen Street office building at a $22 million loss to its $132 million March 31, 2009 book value.

The sale price reflects a yield of 8.35 per cent for Mr Seymour, who is reported to be “a renowned counter-cyclical investor”.

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Victoria 

26-Level Tower Approved For Site Near St Kilda Junction

VICTORIAN planning minister Matthew Guy has approved the construction of a 26-level, 272 unit apartment complex near the frantic St Kilda Junction, in Melbourne’s inner-south.

Set to be developed on a 2845 square metre block at the intersection of St Kilda Road and Barkly Street, the proposed building (artist impression, right) will also include triple storey townhouses, a pedestrian walkway and a podium garden.

A ground floor artist studio and gallery space which will be made available for local artisans. One bedroom units will range in size between 37 and 47 square metres.

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New South Wales 

Land Rezoned in Sydney’s North West

ENOUGH land for more than 15,000 homes has been rezoned in Sydney’s north-west – but bureaucracy might mean it’s a while before construction begins.

The New South Wales government are pushing to see development in the Riverstone and Alex Avenue precincts, two of 16 areas targeted in the state’s North West Growth Centre Plan.

It’s expected 45,000 additional people will call the area home. Six schools and recreation facilities will also be developed.

The Opposition planning spokesman Brad Hazzard told the AFR the “fragmented ownership of land in the precincts meant that it would be nigh on impossible to get a cohesive development plan and the necessary infrastructure to support housing”.

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National 

Institutions Encouraged to Apply For Third Stage of the National Rental Affordability Scheme

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INSTITUTIONAL developers are being encouraged to submit applications, for the third stage of the Federal Government’s National Rental Affordability Scheme.

The scheme gives developers incentives of almost $8,700 per dwelling built, with the properties then rented out at a substantial discount to market rates.

More than successful 10,500 applicants, including groups such as teachers, have already taken advantage of the government hand-out.

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Victoria 

Phillip Island’s Isle of Wight Pub Site Listed For Sale

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SIXTEEN months after it was destroyed by fire – which was a month after it was permitted for demolition – the waterfront site where Phillip Island’s popular Isle of Wight hotel once stood is for sale.

The prominent and elevated property – which stares down the Cowes Jetty – measures 9197 square metres and runs behind many shops on the western side of Thompson Avenue, which is the sleepy hamlet’s main retail strip.

The Bass Coast council controversially approved the historic pub (pictured, above) be demolished in April 2010, despite it being recognised as one of South Gippsland’s most significant landmarks. The site is for sale with a permit for a nine-level resort and retail development with hotel rooms and apartments.

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New South Wales 

Prominent North Sydney Site to be Developed

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PLANS to develop a $291 million office, retail and hotel development in central North Sydney, have been given the green tick by the New South Wales government.

Planning Minister Tony Kelly approved the controversial project after the height was reduced.

The site, on the corner of Walker and Berry streets, will see a 32-level commercial tower rise at 77 – 81 Berry Street, and a 33-level, 200-room hotel, open at 88 Walker Street.

The developer Eastmark Holdings, headed by Jin Yong Park, had originally planned to develop a 37-level office.

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National 

Lend Lease Announces Stapling Proposal

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Lend Lease today announced a plan to become a stapled entity, with newly created trust: Lend Lease Trust (LLT).

A copy of the announcement is below:

Lend Lease Corporation (“Lend Lease”) today announced a proposal to become a stapled entity (“Stapling Proposal”) on ASX. This will be achieved by distributing units in a newly created trust, Lend Lease Trust (“LLT”) to shareholders on a 1:1 basis and “stapling” each unit and share together so that they trade on ASX as a stapled security.

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Queensland 

Queensland’s LM Investment Disposes More Serviced Apartment Investments

Queensland-based financier LM Investment Management has offloaded 15 self contained serviced apartment suites, occupying one entire floor within the Mantra on Little Bourke hotel, at 471 Little Bourke Street.
 
A Chinese investor living in Perth has paid $2.8 million for the entire first level of the building, a 27-year old former office converted into hotel suites 11 years ago.

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Victoria 

Federal Government to Offload CSIRO Highett Site Soon

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ENDING years of speculation, the federal government is readying to sell one of the south-eastern suburb’s most anticipated development sites.

Under the guidelines of the Commonwealth Property Disposals Policy, the 9.5 hectare CSIRO Land and Research Highett Laboratory is expected to be offered for sale this financial year.

Bayside City Council held a meeting with the federal government late last month to pitch its thoughts for the site which runs between Highett and Bay roads, near the Highett train stations, about 16 kilometres from the CBD and near the more exclusive suburbs of Hampton and Sandringham.

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New South Wales 

Penrith’s Glenmore Park SC Sells For $40 Million

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AMP Capital Investors has offloaded its Glenmore Park shopping centre near Penrith for a reported $40 million.

The purchasers, a family syndicate called Village Fair Group, plan to expand the centre to include a discount department store and about 30 specialty shops.

The 4.5 hectare site includes as tenants: Woolworths, McDonald’s, ANZ and Australia Post.

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National 

Grocon, Oaktree Capital Management Make Bid for Multiplex Prime Property Fund

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THE funds management division of Melbourne-based developer Grocon, and US-based private equity firm Oaktree Capital Management have made an offer for the Multiplex Prime Property Fund, with a $109 million cash and hybrid security offer.

The move would see Grocon take over the management of the fund, and unit holders walk away from a second instalment obligation, due in 2011. Investors would sell their units for 2 cents each, they are currently worth 1 cent.

It’s reported discussions have been underway between the groups since May this year, and that any deal would see the Grocon-Oaktree consortium pay an upfront $45 million to banks, and a further $56 million to pay some of the upcoming second instalment liability.

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Victoria 

CR Kennedy Site, South Yarra, Relisted For Sale

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ONE of last year’s biggest development site sales has fallen through forcing the asset to be relisted for sale this week.

The South Yarra property at 661 – 669 Chapel Street is one of the last undeveloped sites within a former industrial precinct known as Forrest Hill that is being rebuilt by various builders as a new village with residential and office skyscrapers.

Occupied and still owned by photographic distributor CR Kennedy, the 3537 square metre site was reported to have sold for $25 million last December to design practice Metier3, which had just offloaded its interest in a Docklands office worth $240 million. It was expected Metier3 would exploit the South Yarra site’s 65 metre frontage to Chapel Street with an apartment-based village.

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Woolloomooloo Bay
New South Wales 

FKP Buys Sydney’s Eye and Ear Hospital Site

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Woolloomooloo BayFKP Property Group has purchased Sydney’s eye hospital site in the inner-city suburb of Woolloomooloo, for an as yet undisclosed amount.

FKP executive general manager Evian Delfabro confirmed the purchase of the site from the Tieck family which paid $15 million in 2002.

The 1986 square metre site on Sir John Young Crescent was reported to have been worth about $25.5 million in 2008.

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National 

Japan’s Sumitomo Forestry Buys Half Share of Henley Homes

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A HALF share of Australia’s fourth largest home builder – Henley Homes – has been sold to Japanese industrial business Sumitomo Forestry for an undisclosed sum.

The deal comes after a four year negotiation, but the developers have worked together on two projects in Melbourne.

Sumitomo builds about 10,000 houses a year in Japan, and is also involved in projects at Wangaratta, in Victoria, Nelson in New Zealand, China, Korea and the United States.

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Queensland 

Devine Temporarily Defers 145 Ann Street Office Building, Brisbane CBD

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QUEENSLAND-based developer Devine Property Group, now backed by Leighton Holdings, has shelved plans for a $300 million office building in central Brisbane, citing the economic downturn.

The 37-level, 33,000 square metre office building was to have started construction in the middle of last year, and be complete in 2011. However evidence is emerging that the once-darling Brisbane CBD office market is oversupplied, meaning the project could be deferred for a long period, or shelved completely.

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Victoria 

Westfield Sells Site Abutting Doncaster Shoppingtown

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SYDNEY based shopping centre giant Westfield has sold an open-air car park abutting the Doncaster shopping centre’s north-east boundary.

The 5457 square metre site with a street address of 1 Grosvenor Street is believed to have sold for about $10 million after a public marketing campaign.

Westfield offered the site with a permit for a 185-unit apartment complex penned by boutique architect firm Rothelowman. The site, which backs onto the Saxon Reserve, was marketed by Knight Frank Glen Waverley’s Ken Smirk, Paul Henley and Todd Schaffer who declined to comment when contacted by The Age.

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New South Wales 

Sydney Mansion Sells For $30 Million

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AUSTRALIA’s prestige real estate market seems to be going from strength to strength, with an overseas-based investor paying close to $30 million for a villa style mansion in Sydney’s ritzy Vaucluse.

The six-bedroom home was marketed by Ray White Real Estate’s Prestige Sales Michael Finger, who said five parties competed for the property, which has Sydney Harbour views.

The sale price surpasses the 2010 record held when the former Toorak estate of Diana Baillieu, in Melbourne, sold to a property developer for $25 million – or about $10 million more than the price it sold for, a year earlier.

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Victoria 

Bunnings Pays $25 Million For Doncaster Supersite

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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.

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New South Wales 

Mirvac Makes $29.5 Million From Chester Square Shopping Centre Sale

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MIRVAC Group has made $29.5 million from the sale of its Chester Square shopping centre in Sydney’s west.

The Chester Hill sale follows that last month of the Moonee Beach Shopping Centre, on the NSW north coast to the listed Gowing Brothers for $12.5 million.

The company has also sold its Kwinana Hub shopping centre in Perth for $25 million.

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Victoria 

Another Brighton Bathing Box Sells For Over $200,000

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SOME Brighton mansions may be languishing on the market for months – and then end up selling for far less than initial asking prices. But demand for the suburb’s smallest real estate is continuing unabated – even selling for a nifty profit between economic downturns.

This week new Brighton agency Nick Johnstone Real Estate sold bathing box 40 on Dendy Beach, for $210,000 before a scheduled auction. The vendor bought the cream coloured wooden box two years ago for $170,000.

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St Kilda Triangle site
Victoria 

St Kilda Triangle Proposal Back on the Agenda

A LEANER, greener proposal to redevelop the 1.5-hectare St Kilda Triangle site should be unveiled by next year – allowing construction to start soon after.

The City of Port Phillip, which includes many new councilors elected on the back of protesting a controversial 2007 proposal – has started a community consultation program designed to create a new vision for the blue ribbon asset, next door to the Palais Theatre, opposite St Kilda Beach.

Its recently released Toward a Shared Vision document summarises feedback from a public ideas forum held about the redevelopment in June. Amongst the 40 attendees were architects, planners, council staff and members of the Acland and Fitzroy street traders’ associations.

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National 

Billionaire James Packer Sells Sunland Shares For $28 Million

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BILLIONAIRE James Packer has sold his interest in Gold Coast based developer Sunland, for $28 million.

It is reported Sunland purchased about half of the 35 million shares, which were valued at 80 cents each.

Mr Packer held a near 12 per cent stake in the developer, whose portfolio includes developments in Australia and the Middle East.

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Victoria 

CGA Bryson to Sell Camberwell Development Site

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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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National 

Lend Lease to Acquire Balance of Lend Lease Primelife Group

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Lend Lease today announced a bid to acquire almost 57 per cent of the Lend Lease Primelife Group.
A copy of the announcement is below:

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Lend Lease Corporation (“Lend Lease”) today announced that it has entered into a Scheme Implementation Agreement (“SIA”) with Lend Lease Primelife Group (“Primelife”) under which Lend Lease will acquire all of the securities it does not already own in Primelife for A$0.31 per security. Lend Lease currently owns 43.2% of the securities in, and is the manager of, Primelife.

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Victoria 

Bendigo Art Gallery to be Expanded Again

THE popular Bendigo Art Gallery (part of interior pictured, right) is to expand, again, to cater for two new gallery spaces, a bigger entrance and new storage and loading facilities.

The $7.55 million project will be funded by a $3.8 million state government contribution, a $3.3 million council contribution and a $450,000 philanthropic offering.

City of Greater Bendigo Mayor Cr Rod Fyffe said the expansion is part of councils View Street Arts Precinct Master Plan.

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National 

Translator Service For Online Property Listings Could be Australian First

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BURGEONING demand from overseas investors, has resulted in developer and agency TS2 creating a translation service for its online property listings.
 
In what director Richard Luff believes is a first of its kind in the country, users select one of ten flags to translate the website into different languages, including Arabic, Chinese, French, Italian, Japanese and Korean.
 
Mr Luff said overseas investors are learning our markets beyond the traditional blue ribbon heartland of Toorak, and there is clear evidence of demand for new and old homes in suburbs including Balwyn, Brighton, Canterbury, Kew, South Yarra and Templestowe.

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Victoria 

Another College to Make Way For Apartments, Melbourne

THE new owners of a disused city college near the Queen Victoria Market in the Melbourne CBD have lodged an application which would more than doubles the size of a proposed apartment tower approved by council just four months ago.

If permitted, the former Carrick Education College, on a battle-axe shaped site at 48 – 50 A’Beckett Street could make way for a 39-level tower rising 121 metres, and distinguished by a 40-metre podium at street level.

The new proposal would replace a permit issued in April by the City of Melbourne to redevelop the 723 square metre block into an 18-level apartment building rising 60 metres. This permit was issued after council rejected another application, lodged in November 2010 and for a 45-level tower, based on height and setback.

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National 

Sanity Entertainment, Owner of Virgin, HMV, Sells to Management Team for Undisclosed Sum

SANITY Entertainment has been sold to its management team for an undisclosed sum, signalling the end of the retail music business for entrepreneur Brett Blundy.

Sanity Entertainment, established 17 years ago by Blundy’s Brazin Group and later becoming part of the Brett Blundy Retail Capital (BBRC) fund is reported will now focus on music, and movies, going forward.

Sanity Entertainment includes 238 stores around the country, branded as Sanity, Virgin and HMV.

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Queensland 

Cromwell Offers Stake in Brisbane Property

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Property trust and funds manager Cromwell Group (ASX: CMW) has launched a PDS to raise up to $91 million in its new unlisted Cromwell Riverpark Trust.  The Trust has entered into conditional agreements with FKP Property Group to acquire the site at 33 Breakfast Creek Road Newstead, Brisbane on which construction of a 30,904 sqm, A-Grade commercial office and retail building has commenced.

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Victoria 

Melbourne’s Target Centre Sells For $89.2 Million

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SINGAPORE based private investor Philip Lim is understood to be the mystery buyer paying $89.2 million for an asset on the footsteps of the Bourke Street Mall.

The Target Centre, at 222 – 244 Bourke Street was listed for sale earlier this year by Wesfarmers controlled Coles Group.

The asset includes 10,077 square metres of retail space, and an 11,113 square metre office component. Tenants include Vintage Cellars, Gloria Jeans, Jetstar and Monash College but Target occupies the majority of the building which returns $6.4 million in annual rent, and is said to be selling on a yield of 7.2 per cent.

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National 

REIA Criticises AHURI Housing Report, Likening Suggestions to Treating a Headache With a Hammer

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In responding to the Australian Housing and Urban Research Institute (AHURI) and Brotherhood of St Laurence Tax Expenditures &Housing Report, the Real Estate Institute of Australia (REIA) says that the research fails to address the problem of housing supply.

“This report does not deal with housing supply and assumes that by addressing the demand side that this will solve the problem for many aspiring home buyers,” said REIA President, Mr David Airey.

“You cannot penalise current home owners by adding Capital Gains Tax (CGT) or Land Tax to solve the problem of a lack of supply,” continued Mr Airey.

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Victoria 

Doncaster Hill Site Sells For $3 Million

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A CHINA-based developer is understood to have paid $3 million for a 1465 square metre development site near a prominent Doncaster Hill junction, about 13 kilometres east of town.

The 86 – 88 Tram Road sold with a permit for a six-level, 28-unit tower, each with balconies and car parks. The site is about 150 metres from the corner of busy Doncaster Road, and near Westfield Doncaster – the site Sydney-based retail giant Westfield chose to develop its first Melbourne shopping centre in 1969.  Savills Nick Peden and Nick Dempsey were the marketing agents.

Manningham City Council has been encouraging high density housing for arguably for longer than any suburban council – mainly around Doncaster Road.

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New South Wales 

PWC Considering Leasing Office Space at Barangaroo

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PRICEWATERHOUSECoopers – which recently went against the grain by leasing an office building just out of the Melbourne CBD as its headquarters – may be looking to do the same in Sydney.

The professional services group is reportedly considering leasing an office building at the Barangaroo project.

Lend Lease will develop the $6 billion project, which is expected to have about 350,000 square metres of offices, with towers permitted to rise as high as 213 metres.

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Victoria 

Skinny Skyscraper to Replace Historic La Trobe Street Building, Melbourne

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IT’S not just developers pushing Melbourne’s planning limits.

Entrepreneurs who earn their living outside of real estate are also dreaming up the city’s next landmark towers – cashing in on Melbourne’s trifecta of a booming population, the need to create construction jobs and a so-called collapse in housing affordability.

This time, at 36 – 40 La Trobe Street, lawyer and migration agent Konfir Kabo is proposing to demolish the historic low-rise GMK House building and replace it with one of Melbourne’s skinniest residential skyscrapers.

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New South Wales 

Sydney’s 179 Elizabeth Street Office Close to Sale

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SYDNEY’s 179 Elizabeth Street office building is reportedly close to sale for a price speculated to be about $95 million.

Echo Capital Partners, run by former Valad co-founder Stephen Day, is “in talks” to buy the building on a yield of about 7.5 per cent, according to the AFR.

GPT is selling 179 Elizabeth Street, in a deal expected to arm with it funds to buy a half share in the $800 million 163 Castlereagh Street.

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