Performance of Melbourne’s Southern Suburbs This Spring

THE performance of Melbourne’s southern suburb’s reflects the truism that the rich are getting richer.

Nine of the ten best performing suburbs had annual median house growth of more than 10 per cent, with the best performer, Toorak, increasing by an astounding 33.6 per cent. If you’re aspiring to get into the suburb, you’d better have found an extra $560,000 since last year – with the median house price now $2,230,500, almost double that of Melbourne’s second most expensive suburb, Brighton.

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RSL to Sell Prominent Beaumaris Facility

AHEAD of a move to an as-yet-undeveloped facility at Cheltenham, the Returned and Services League is selling its Beaumaris facility in a deal expected to pocket the club around $17 million.

The 1.1 hectare property (aerial shot, right) has a large frontage to exclusive Bolton Street. According to the RSL’s website, the site is 300 metres above sea level at the suburb’s highest point.

The clubhouse, which is expected to be demolished after the sale, is also currently used by the suburb’s Lions Club, Legacy Widows’ Club, and a unit of the Red Cross.

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Prominent Pubs, and a Western Suburbs Development Site, Offered in $80 Million Portfolio

SOME of Melbourne’s most popular hospitality venues – and a major western suburb development site – form part of an $80 million portfolio of properties set to hit the market next month.

A consortium of Melbourne-based private investors, including Sebastian Catalfamo and Gilbert Cabral, will share in the spoils of the eight properties which are being offered separately.

In Melbourne, hospitality venues include The Point on Albert Park Lake – a 940-seat venue which is expected to sell for about $3 million.

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Becton Sells Beaumaris Pavilion Pub to Footballers

Beaumaris PavilionBECTON Property Group has finally offloaded the prominent Beaumaris Pavilion hotel and adjoining car park, in Melbourne’s south.

The East Melbourne-based developer is speculated to have made about $9 million from the sale of the waterfront site, which it bought for $11 million toward the peak of the commercial property market three years ago.

Becton had planned to develop a 65-unit aged care facility on the site, as part of a push into that sector.

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