R.Corporation Pays Australia Post Nearly $11.5 Million For Prominent Maidstone Site

SOUTH Yarra based developer R.Corporation has acquired another prime-located residential development sites that its rivals might have avoided.

This time, at 29 Hampstead Road in Maidstone – overlooking the Maribyrnong Detention Centre – the builder has paid government monopoly Australia Post almost $11.5 million for a two hectare property until recently used as a sorting and distribution centre.

R.Corporation – which once employed bikini model Jodhi Meares to market a high end apartment project it was building on the former “Prahran Destructor” tip and incinerator site in South Yarra – is expected to build a $100 million village at its new Maidstone site which has four street frontages.

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Australia Post to Sell Prized Melbourne Asset

GOVERNMENT owned goods and services provider Australia Post is offloading its most prized Melbourne asset – the former Australia Post Mail Centre on the south-west corner of Spencer and La Trobe streets.

The 1.2 hectare property, with a 10,400 square metre building, is being offered with vacant possession after a reported lease to hardware chain Bunnings last August did not proceed.

Wesfarmers controlled Bunnings is moving to multi-level inner city sites as part of a strategy to boost its inner-city presence, and outmuscle new Woolworths controlled rival, Lowes.

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Australia Post Hopes to Make $21m From Sale of Ex Port Melbourne Logistics Centre

AUSTRALIA Post is hoping to achieve a price of about $21 million from the sale of a city fringe bulky goods asset, that was once owner occupied by the government arm.

Bunnings has refurbished the 10,600 square metre building, on a 3.3 hectare block and signed a 12 year lease. CB Richard Ellis is the marketing agent.

Previously, Australia Post used the 501 Williamstown Road facility as a logistics centre.

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