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We’re passionate about property REALESTATESOURCE.COM.AU is published by Marc Pallisco, who joined the industry as a CBRE analyst in the

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News 

Masterplan Approved For New $3.3 Billion Township: Caloundra South

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PLANS for a $3.3 billion new community, known as the Caloundra South project, have advanced with the Queensland Urban Land Development Authority approving the master plan.

The project will be developed over the next 20 to 30 years by Sydney based developer Stockland.

It will include a new commercial centre with about 650,000 square metres of space. It will also include up to 20,000 dwellings capable of accommodating some 50,000 people.

The master plan includes infrastructure, environmental protection, open space, community facilities, commercial uses and housing. It will also include a new town centre, three district centres, six neighbourhood centres and an industrial zone.

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Victoria 

Major Industrial Development Sites in Truganina Expected to Fetch $12 Million

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RECEIVERS for the owners of a versatile 555-hectare Truganina property, the largest asset measured by area to hit the market last year, are selling down the property in smaller chunks.

After failing to sell for a total $100 million in separate campaigns in 2010, and 2011, four industrial development sites, each measuring about 42 hectares are now for sale, in a campaign being managed by Biggin Scott Commercial’s Andrew Egan and Frank Nagle.

Accessed via Hopkins Road, the blocks are expected to sell for about $3 million each.

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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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Victoria 

Billionaire Businessman Lloyd Williams Buys Adjoining South Yarra Development Sites

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BILLIONAIRE businessman Lloyd Williams is continuing to reweight his property portfolio.

This time, in South Yarra, the racehorse owner, investor and high-density apartment builder has paid $13 million for two adjoining, historic homes (aerial pic, right) in the heart of the suburb’s uber-exclusive,  low density Botanic Gardens precinct.

Williams is expected to bulldoze the homes on the combined 1632 square metre site – including a 1930s mansion – and replace it with something more efficient, presumably a multi-level apartment complex built atop an underground car park.

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Victoria 

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

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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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Victoria 

Deaf Children Australia to Sell a Portion of its St Kilda Road Site

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APARTMENT construction at the bottom end of Albert Park Lake looks set to intensify with Deaf Children Australia listing major residential development site for sale, abutting Wesley College’s St Kilda Road campus.

Local agency sources expect DCA will reap between $16 – $20 million from the sale of the 5471 square metre site which is being marketed as a multi-level development site at lot 1, 597 St Kilda Road.

Most of the site is an open air car park with frontage to (the less exclusive) High Street, just west of Punt Road. The precinct is classified as Melbourne, with postcode 3004, however many of the occupants in the area, including Wesley and the Alfred Hospital, also classify their addresses as Prahran.

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Victoria 

Metier3 Buys CR Kennedy Site, South Yarra, Melbourne

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CASHED-up design practice Metier3 is understood to have paid $25 million for a development site near the retail epicentre of Chapel Street and Toorak Road.

The 3,537 square metre parcel is one of the last remaining major industrial sites within the South Yarra pocket known as Forrest Hill, bound by Alexandra Avenue, Chapel Street, Toorak Road and the train station (which runs parallel to Yarra Street).

Forrest Hill has seen rampant high density redevelopment in recent years. One developer’s ambitious 38-level skyscraper proposal was given the green light 16 months ago.

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A.C.T. 

Emboss Capital Pays $55 Million For Civic Office, Canberra

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EMBOSS Capital has paid $55 million for a Canberra office building – its second major transaction on Australia’s east coast recently.

The A-grade, six-level, 9000 square metre office, in the suburb of Civic, was sold with a long lease to the federal government.

According to the selling agencies, Colliers International and Jones Lang LaSalle, the building sold on a yield of 7.4 per cent.

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Frank Costa
Victoria 

Costa Property Group Teams with Integrated Development to Deliver $40 Million Village Near Geelong

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GEELONG identity Frank Costa has entered a joint venture agreement to redevelop 40 hectares of land in Armstrong Creek near Geelong.

Costa Property Group will team with Integrated Development to build the $65 million, 400-lot residential village called Baron Rise, on the corner of Barwon Heads and Reserve roads, south-east of the Marshall train station near Grovedale. The affected land is currently being rezoned as part of the Horseshoe Bend Precinct Structure Plan.

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199 Toorak Road
Victoria 

Zig Inge Outmuscles Developers For Prime South Yarra Office

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199 Toorak RoadFUND manager and developer Zig Inge Group is believed to have paid close to $18 million for a rundown but spectacularly located office investment at 199 Toorak Road in South Yarra.

The blue, glass, four-level building with ground floor shops is at the north-east corner of Claremont Street and will be renovated, and slotted into Zig Inge Group’s Core Plus Portfolio.

Zig Inge, which built its business developing retirement villages, outmuscled several high-rise residential developers for the 199 Toorak Road site, which measures 1689 square metres.

An adjoining site at 2 – 4 Claremont Street, measuring 908 metres was listed for sale with 199 Toorak Road, but after failing to attract interest as a whole – was sold separately after auction for a speculated $6.5 million.

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Victoria 

First Major Development Site Within Melbourne’s Revised UGB Hits The Market

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AND so the first of many development sites within the recently extended Urban Growth Boundary has hit the market, in Tarneit.

The 64 hectare farm – once known as Shanahans House, and later Wyndham Park – is expected to sell for about $25 to $30 million, sources say, and attract interest from “local, national and international residential developers”.

Jones Lang LaSalle said two upcoming infrastructure projects – including a new Tarneit train stations, and the Outer Metropolitan Ring Road – will contribute to council’s ambitions to boost Tarneit’s population by more than 21,000 by 2020.

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Victoria 

Charter Hall Starts Marketing Townhouses at Former Nylex Mentone Site

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CHARTER Hall is set to start building a $75 million housing estate on part of Nylex’s former industrial products manufacturing and distribution complex in Mentone, a site which it has snapped up in stages over the past four years.

In a trend that is seeing interstate builders increasingly look to Melbourne’s outer suburbs for opportunity, the Sydney-based developer plans to build 119 townhouses on the 3.3 hectare site at the south-west corner of Warrigal Road and Oak Avenue.

Construction of the project, to be known as Aquilo, is set to start within weeks. Marketing of the first townhouses, priced from just under half a million each, commences today.

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Victoria 

Site 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.

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Saltwater Coast
Victoria 

FKP Gets Started on $600 Million Saltwater Coast Estate, Point Cook

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Saltwater CoastIT 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.

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Victoria 

Planning Strategy Affecting 2400 Hectares Between Caroline Springs and Melton Being Formalised, Tenders Called

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THE FORMER “thoroughbred country” of Melton is a step closer to becoming part of metropolitan Melbourne, with the council formalising a major planning strategy affecting 2400 hectares of vacant land – effectively creating two new suburbs and allowing for the area’s population to more than double within 15 years.

The affected land between Paynes Road at Rockbank (some 30 kilometres from town) and Toolern Creek, at Melton South (40 kilometres away) is proposed to make way for two new activity centres, shops, offices, a new train station, and low, medium and high density residential.

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Belgian Beer Cafe
Victoria 

Hudson Conway Speculated to be Buying St Kilda Road’s Former Vision Australia Site For $22 Million

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St Kilda Road Belgian Beer CafeDEVELOPER Hudson Conway is speculated to be paying about $22 million for a prominent St Kilda Road development site opposite Wesley College, capable of accommodating several high rise apartment towers.

Hudson Conway is believed to be in advanced negotiations to buy the St Kilda Road site, which Sydney-based developer Stockland purchased off Vision Australia for $28.3 million in 2007.

Stockland reportedly sold the subdivided Belgian Beer Cafe bluestone building that was part of the Vision Australia property, for a speculated $7 million last year, after undertaking a $2 million renovation.

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Victoria 

Stonnington City Council Approves 227 Toorak Road Redevelopment

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ANZ’s former data centre building in Toorak Road is to be demolished and replaced with a $100 million luxury apartment tower.
 
Stonnington City Council this week approved the demolition of the 227 Toorak Road office, which ANZ sold for $33 million in 2007 to Little Project Developments, the construction company of Toll Holdings chief, Paul Little.
 
The redevelopment will see all Toorak Road car access closed off permanently. The apartment tower that will replace the ANZ office, will be set back 45 metres from the road.

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Victoria 

Vision Australia’s Former Prahran Office Expected to Hit the Market, With Apartment Permit

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ALL eyes will turn to Prahran’s former Vision Australia site, which is understood will come back onto the market early next year, with a development permit for a $68 million, 330-unit residential village.
 
Gersh Investment Partners and Pomeroy Pacific agreed to pay Vision Australia $25.1 million for the 201 – 209 High Street office at the peak of the boom in 2007, but this deal has yet to settle.

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New South Wales 

Valad Sells St Leonards Office Building at a Discount, For $19 Million

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VALAD Property Group has recorded a huge loss from the sale of a seven-level office building on Sydney’s North Shore.

The 39 – 41 Chandos Street office sold to fund manager Markham Corp for $19.05 million in September, after previously being valued this year at $20.9 million.

Valad paid just over $24 million for the office in late 2007.

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Pentridge Prison, Coburg
Articles 

Breathing New Life Into Melbourne’s Landmark Sites

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Pentridge Prison, CoburgTHIRTY years ago a three-bedroom house in Thomastown cost more than a three-bedroom house in Fitzroy – that’s testament to how much Melbourne’s attitude to housing has changed.

In the 1970s, to live in Collingwood, Port Melbourne or Yarraville meant to be entrenched in Melbourne’s working class. Houses could languish on the market for months – unsellable, unrentable and not worth fixing up.

Today, to own properties in these and many other particularly inner-city suburbs, is to own the real estate equivalent of a gold mine. Since the 1980s, but especially since the turn of this century, where and how Melburnians want to live has shifted and many disused, derelict but once significant sites have been redeveloped. We look at some of the biggest:

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Aerial Camberwell
Victoria 

Camberwell Junction’s Former Henley Honda Site to be Developed Within Months

Aerial CamberwellFKP Property Group expects to start marketing apartments on its controversial former Henley Honda site at the Camberwell Junction within months.
 
The Victorian Civil and Administrative Tribunal has approved a revised proposal by FKP, in which it asked to build 38 more apartments within the walls of two apartment towers it won approval to build last year.
 
An FKP spokesman said “significant changes” in the property market in the latter part of last year, led the Queensland-based developer to change 2008-approved plans for the East Hawthorn project branded Aerial.

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Victoria 

SKM May Leave Armadale Home, for CBD

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THE ritzy south-eastern suburb of Armadale is about to lose one of its biggest office tenants, if speculation engineering, science and project delivery giant Sinclair Knight Merz has found a new city headquarters are true.
 
Well placed industry sources say the Orrong Road based consultancy is formalising plans to lease about 12,000 square metres of CBD office space, with Stockland’s 452 Flinders Street building understood to be the frontrunner.

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Victoria 

Colonial First State to Reap $59 Million From 215 Spring Street Sale

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COLONIAL First State will reap $59 million from the sale of its 215 Spring Street office building, once the headquarters of professional services giant PricewaterhouseCoopers.
 
Private investor and developer the Knowles Group has purchased the 22-year old, 9-level building which has three street frontages and is opposite a Parliament train station entrance, and the Parliament Gardens.
 
CFS, via a previous Commonwealth Bank association, paid $42 million for the 15,549 square metre office in March 2000.

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New South Wales 

Orchard Puts 233 Castlereagh Street on the Market

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MONTHS after listing its 350 Collins Street office for sale in Melbourne, Orchard Funds Management has put a Sydney CBD building on the market, in a deal which could be worth $130 million.

Orchard is selling its 31-level 233 Castlereagh Street building in Sydney, three years after buying it for $120 million with joint venture partners Leighton Properties and Lend Lease Real Estate. The office building is now 95 per cent occupied, returning about $9 million per annum. This compares to 40 per cent when the consortium bought the building in 2006.

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Victoria 

Plans to Turn Ormond Hall, St Kilda Road, Into Hotel

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The bluestone Ormond Hall in St Kilda Road, home to Victoria’s first Belgian Beer Cafe, will become a boutique hotel, under plans by Stockland, the site’s new owner.

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