CFS, Gandel Propose $500 Million Hotel and Office Redevelopment at Chadstone Shopping Centre

THE biggest shopping centre in the southern hemisphere is about to undergo its highest profile redevelopment, some 51 years after it opened (pictured, right).

The owners of the complex now known as Chadstone – The Fashion Capital, are negotiating with the Stonnington City Council to build two glass skyscrapers, each of about 12 levels, at the easternmost edge of the complex near Dandenong Road.

If approved, one tower will accommodate a hotel, and the other, an office.

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Private Investors Spend $87.5 Million on Two Eastern Seaboard Homemaker Centres

TWO major homemaker centres in east coast Australia have sold for a combined $87.5 million.

Colonial First State sold the Homeworks Caringbah complex in Sydney’s south for $49 million. The 14 year old complex on a 2.055 hectare site is anchored by Harvey Norman and a Nick Scali furniture, and is 98 per cent occupied.

In Queensland, Mirvac sold the Morayfield Supa Centre for $38.5 million. The single level complex about 40 kilometres north of Brisbane is anchored by a Spotlight and Fantastic Furniture.

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Colonial First State to Reap $59 Million From 215 Spring Street Sale

COLONIAL First State will reap $59 million from the sale of its 215 Spring Street office building, once the headquarters of professional services giant PricewaterhouseCoopers.
Private investor and developer the Knowles Group has purchased the 22-year old, 9-level building which has three street frontages and is opposite a Parliament train station entrance, and the Parliament Gardens.
CFS, via a previous Commonwealth Bank association, paid $42 million for the 15,549 square metre office in March 2000.

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