A Review of Melbourne Apartment Projects: Those Marketed; Those Canned

INCENTIVES offered to stimulate apartment construction during the economic downturn, such as record low interest rates, and first home owner grants, have resulted in some of the city’s biggest, boldest apartment-based projects being offered to the market.

But not all developers could get their projects out of the ground.

Domain took a look at some of the more ambitious redevelopment proposals launched, and canned, since its last Apartment Guide, in Spring 2010:

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Sentinel Spends $15.6 Million on Mackay Bulky Goods Complex, Queensland

SENTINEL Property Group has paid $15.6 million for the Northpoint Homemaker Centre in Mackay, Queensland.

The purchase is the second bulky goods complex acquired by the group in the state after it paid $25.75 million last December for The Zone complex at Rothwell.

The Mackay investment occupies a 29,191 square metre site, and has 11,407 square metres of net lettable retail area. It is leased to ten retailers including the listed Super Retail Group and The Good Guys.

The vendor according to the AFR which reported the deal was the 360 Capital Retail Fund.

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North Sydney Office Sell-Off in First Quarter

NORTH Sydney’s office investment market has recorded several major sales in the first quarter of this year.

In the most recent deal, Colonial First State Global has offloaded 50 Berry Street for about $30 million to local investment company Kingsmede. The 14-level office was marketed by Chesterton International.

Elsewhere in North Sydney, 90 and 100 Mount Street sold to Laing O’Rourke for about $50 million, according to the AFR. The site is set to be redeveloped into an A-grade office tower. It was sold by Winten Property Group with plans for a $157 million tower.

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Altis Property Pays Becton $38.25 Million For North Sydney Office

BECTON Office Fund has sold a North Sydney office to Sydney-based private equity group, Altis Property Partners for $38.25 million.

The office at 2 Elizabeth Plaza spreads over 12 floors and sold on a yield of 10 per cent, according to the AFR, which reported the transaction.

Becton paid $53.9 million for the office investment in February 2007.

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Becton Understood to Have Sold Melbourne CBD Office

EAST Melbourne based developer and fund manager Becton is understood to have sold another office asset, this time in the CBD.

Becton is speculated to have reaped about $18 million from the sale of 422 Little Collins Street. On that assumed figure, the group made a loss on the $22.2 million it paid Vicland for the asset four years ago.

The eight-level, 5246 square metre building is 98 per cent leased, with education service provider Cambridge International College the largest tenant. The asset returned almost $1.7 million per annum in rent, and is understood to have sold to a private investor.

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Becton to Sell 422 Little Collins Street

422 Little Collins StreetDEVELOPER and fund manager Becton is still in a selling mood.

This time, the East Melbourne-based group is offloading a Little Collins Street office building it bought from Vicland for $22.2 million in September 2006.

The 422 Little Collins Street office is expected to fetch about $17.5 million this time around, reflecting a yield of about 10 per cent based on the assets approximate annual income of $1.75 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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Adelaide Syndicate Pays Becton $27 Million For East Melbourne Office

A BRANCH of Adelaide-based property syndicate Harmony Group has paid $27 million for an office building at the bottom of an apartment complex, in East Melbourne.

The Wellington Parade South office building failed to sell for $30 million when it first hit the market last year. It came onto the market as Becton also offloaded the Wang House office in the CBD, and another office in St Kilda Road.

Andrew Cain, director of Harmony Group, told the AFR, which reported the deal, the investment group specialises in offering property syndicates which would appeal to high net worth individuals.

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Becton Sells Collins Street Office For $21 Million

BECTON Investment Management has quietly offloaded a CBD building it purchased at the peak of the market two years ago.
 
The 446 Collins Street office building is speculated to have sold for about $21 million, reflecting an approximate 7.1 per cent yield, based on the building’s annual net income of about $1.5 million.
 
Allard & Shelton directors Patrick Barnes and Joseph Walton marketed the 11-storey, 5,543 square metre office, but declined to elaborate on a buyer or price. 

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Wesfarmers-owned OAMPS, Irwinconsult Fill New Becton East Melbourne Office

WESFARMERS owned insurance and financial services provider OAMPS has leased the last chunk of office space, in a distinctive new Becton building opposite the Treasury Gardens on the city’s eastern fringe.
 
OAMPS will lease 2,568 square metres of high end office space at 289 Wellington Parade South, in East Melbourne, relocating from an office at 176 Wellington Parade nearby.
 
Engineering consulting firm Irwinconsult has leased 1,868 square metres and will relocate from Southbank.

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