Abbotsford Apartment Development – realestatesource https://www.realestatesource.com.au Commercial and residential property news Sun, 05 Jun 2011 04:07:47 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Abbotsford Apartment Development – realestatesource https://www.realestatesource.com.au 32 32 Australian Education Union Spends $16 Million on Neighbouring Abbotsford Office https://www.realestatesource.com.au/australian-education-union-spends-16-million-on-neighbouring-abbotsford-office/ Sun, 05 Jun 2011 04:07:47 +0000 http://realestatesource.com.au/wordpress/australian-education-union-spends-16-million-on-neighbouring-abbotsford-office.html THE Victorian Branch of the Australian Education Union, presided by Mary Bluett, may need to rely on fee revenue from government educators to pay off a spectacularly located office building it has purchased on the banks of the Yarra River in Abbotsford – next door to its current HQ.

The AEU’s off-market acquisition comes three years after the Association of Independent Schools of Victoria paid about $6 million for a massive art-deco office complex in Rosslyn Street, West Melbourne, and some two years since the National Union of Workers paid almost $7 million for a Bourke Street, Docklands head office.

The AEU is headquartered at a large building at 112 Trenerry Crescent, and rents out surplus office space. That building could be extended, and the site has redevelopment potential, sources say.

]]> Its purchase of the neighbouring 126 Trenerry Crescent site for almost $16 million in March, gives the AEU a riverside supersite speculated to be worth $30 million in the current market.

The unique parcel abuts parkland overlooking Dights Falls and is at a sharp bend in the road where Trenerry Crescent meets a wall that is the Punt Road offramp of the Eastern Freeway.

An AEU spokesman said it eventually plans to relocate staff to a new office at #126 once leases and associated options in place in that building, which was sold by Kane Constructions, expire.

Earlier this week, the new owners of a site at 86 Trenerry Crescent, which abuts the AEU’s compound to the south, unveiled plans for a 10-level, 109-unit residential tower.

The proposed complex is one of several high density buildings earmarked to replace low-rise commercial buildings on Abbotsford’s Yarra River banks.

Last year – and despite an objection from the Stonnington City Council – the Yarra City Council and the Victorian Civil and Administrative Tribunal approved a $250 million redevelopment of the former Honeywell office building site, opposite Victoria Gardens.

That project, Eden, will include 586 flats in several towers, the tallest rising 11 levels.

Plans have also been mooted for a 17-level tower at another site in Johnston Street.

All proposed buildings are substantially lower than commission flat towers in neighbouring Collingwood, Fitzroy and Richmond, which rise more than 20 levels.

 

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