Deague Family to Sell Petrol Station Turned Development Site, Prahran

AFTER canning plans to develop a ritzy hotel, local development family the Deague’s are selling a petrol station-turned residential development site in Prahran.

The small site, at the south-west corner of High and Thomas streets, is opposite Swinburne University’s Prahran campus, and walking distance to retail mecca Chapel Street – which commands the highest retail rents of any inner-city shopping strip.

The Deagues purchased the 118 High Street site about four years ago with plans to build a hotel, the Larwill, as part of its “art” series chain.

However, like many projects by the Deague family’s Asian Pacific Building Corporation, it’s been canned. The site is expected to sell at a premium given it now has a permit – prompting speculation the wealthy family is property speculating.

Read more

Former PM Residence, St Kilda Road, Melbourne, Listed For Sale

ONE of the few remaining historic mansions in Melbourne’s grand St Kilda Road is being offered for sale – but its fate – as a luxury home, or as an equally lavish office – is now in the hands of whoever waves the biggest cheque.

The prominent Airlie mansion at 452 St Kilda Road, on the north-west corner of Arthur Street was once occupied by Prime Minister Stanley Bruce whose Nationalist-Country coalition governed the country between 1923 – 1929.

Built in 1891, Airlie was eminent during a period St Kilda Road was revered as the address of Melbourne’s wealthiest aristocrats and where some of the city’s most grandiose residential real estate was developed.

Read more

APBC Reaps $12.5 Million From 480 Collins Street Shops

480 Collins StreetASIAN Pacific Building Corporation has pocketed $12.5 million from the sale of nine city shops, at the ground floor of the Oaks on Collins serviced office and serviced apartment building, at 480 Collins Street.

Only two of the retail investments had frontage to Collins Street, both of which are leased to Oaks.

The remaining shops – basically trading as a drinking, dining and food hall – sold individually to private investors, according to CB Richard Ellis selling agents Mark Wizel, Sebastian Drapac and Max Cookes.

Read more

APBC to Sell Retail Component of 480 Collins Street, Melbourne

AFTER paying GIO $16.5 million for 480 Collins Street, and then converting the building into a serviced office and apartment complex, Asian Pacific Building Corporation – owned by establishment family the Deagues – are selling the development’s strata titled ground floor retail component.

APBC can expect to make about $11 million from the portfolio of nine fully leased shops, returning between $32,000 and $87,000 in annual rent.

Read more