Commercial and residential property news
Cbus Property or Mirvac will be allowed to build a c$2 billion mixed-use village on outgoing public land described in 2012 by late lord mayor and businessman, Ron Walker, as “Melbourne’s front yard”. The high-profile 1.4 hectare holding being sold by the state government’s VicTrack – to one of two groups left on a shortlist,
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Beds, couches, ironing boards, lamps, alarm clocks and several smaller items, left at the Mercure Melbourne Treasury Gardens Hotel, which closed last month, are being donated by the site’s new owner. Cbus Property said its gift to The Salvation Army is anticipated to be one of the largest corporate contributions in Victoria this year. The
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Cbus Property and Nielson Properties have shortlisted four teams of global architects to design the $600 million 205 North Quay office in the Brisbane CBD. They are: Hassell, Rex (which is based New York) and Richards & Spence; Cox Architecture, SOM (Chicago) and Rapt Studio; BVN and SHoP Architects (New York); and Architectus and WOHA
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Cbus Property has banked $4.25 million selling a modern warehouse built on part of a former General Motors Holden car making plant, in Dandenong South. The deal for 49 Assembly Drive, a fully leased investment tenanted to a food distributor, was struck at $350,000 more than the guide price. Based on the annual rental return,
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CBUS Property, a subsidiary of industry superannuation fund CBUS, has seized control of one of bayside Melbourne’s most controversial development sites – the disused North Brighton Croquet Club, in Warleigh Grove.
CBus, which represents workers in the construction and building industry, has paid $18.6 million for the 9015 square metre site and, having grabbed the mallet proverbially, immediately pitched plans to build a high-end, high-density residential complex with flats and townhouses.
The completed product could have an end value of more than $150 million, sources speculate, making it one of the biggest projects to start construction in Melbourne’s bayside suburbs.
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DEVELOPER CBus Property has secured the National Australia Bank as tenant for an as-yet-undeveloped office in Docklands.
The 61,000 square metre, 15-level tower is set to be developed at 700 Bourke Street, and near National Australia Bank’s world headquarters, on Victoria Harbour (at 800 Bourke Street) which it first committed to a decade ago.
The new building will also include a child care centre, and retail, according to a CBUS media release, and published on the Melbourne Docklands website.
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AS reported in The Age last year, CBUS Property has confirmed it is the mystery buyer of a half share interest in Melbourne’s 171 Collins Street development.
CBUS has paid Sydney-based owner Charter Hall $15.5 million, to take its share in the $280 million office development, which challenged a previous planning precedent, restricting height around the “Collins Street spine”.
It’s understood the developers are targeting the National Australia Bank which has a 40,000 to 60,000 square metre requirement in the market at the moment.
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MACQUARIE Office Trust is believed to be selling a half share interest in a proposed $260 million office, in Collins Street’s “Paris end”, to CBus Property.
Sources say Macquarie will reap between $15 million and $20 million for a 50 per cent stake of the 171 Collins Street office proposal, which set a landmark planning precedent last July, by more than doubling the regulated height of a building in the “Swanston Street spine”.
Earlier this year, Macquarie lodged an application to add an 18th level to the proposed glass building, bringing the total lettable commercial and retail area to about 42,329 square metres.
Construction of a $260 million office building at the Paris end of Collins Street could start as early as June.
Read moreThe iconic RAAF Association Building in South Yarra, famous for a huge propeller suspended from its exterior wall, is no longer.
Read moreIndustry Superannuation Property Trust (ISPT), Cbus Property and EPC Partners today announced their joint venture to develop the new $700 million South East Stadium Precinct (SESP) at Docklands in Melbourne.
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Sydney based Mirvac has unveiled three projects of varying budgets in the capitals north and south of it. In Melbourne’s east Doncaster, on part of the 47 hectare ex-Eastern Golf Club course which is making way for the Tullamore housing estate, it has started converting historic stables Elephant House into a hospitality venue – and
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Sheng Le Group has listed a 1.5 acre Southbank site stretching about half the east side of Queens Bridge Street from Crown Casino to Kings Way. The parcel comprises five properties consolidated between 2014 and 2016 for a total $103 million – about the price expected this time around. Two years ago, City of Melbourne
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Local syndicate Southern Cross Investment Group has sold National Australia Bank’s Adelaide CBD headquarters to a Singaporean family for $47.2 million. The 14-storey building known as NAB House at 22-28 King William Street contains 9640 square metres of B-grade office area and ground floor retail. The bank occupies 63 per cent of the commercial space
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A Chinese investor is paying $29.1 million for The Village Dandenong shopping centre, in Melbourne’s south east. The off-market deal was brokered by JLL director, Retail Investments, Stuart Taylor and Ming Xuan Li, associate, on behalf of Perth-based RG Property. The result reflects a low 5.19 per cent initial yield (it is six per cent
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Daisho has settled on the $220 million purchase of the hotel component within Cbus Property and Industry Superannuation Property Trust’s Collins Arch. The property sale was announced in late 2016. At the same time, Marriott International confirmed it as Melbourne’s first W Hotel (the country’s maiden inn opened in Brisbane two years ago). The complex,
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General Motors Holden’s landmark Lang Lang proving ground is being touted off-market. Abutting Bass Highway, 85 kilometres south east of Melbourne – about 10 kilometres from the main township, which is seeing planning change for, and development of, low-density housing – the 877 hectare block is offered with vacant possession from this September. The car
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Newmark Capital is paying $121 million for the prominent David Jones menswear store in Melbourne’s Bourke Street Mall. The deal, mooted in early April, follows a public sales campaign launched last December. However a few months earlier, a pre-marketing announcement about the listing was leaked. In both cases, the historic seven level, 11,814 sqm building
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Luxcon Developments intends to create a prestige apartment complex out of an East Melbourne building it is picking up off-market for c$30 million opposite Fitzroy Gardens. The nine level B-grade office on the site had been owned by Run Property founder Nathan Cher via Yentaprises Pty Ltd, since 2002. The purchaser is also acquiring it
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EXCLUSIVE The Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG) is selling its East Melbourne headquarters to Queensland developer Pask Group. College House, at 254-260 Albert Street, is trading for about $22 million. Opposite Fitzroy Gardens, the RANZCOG site includes a double-storey residence-converted-office, constructed in 1873 – which can’t be razed. However,
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