SachsenFonds Expected to Make Small Loss Selling South Melbourne Office

GERMAN based SachsenFonds is hoping to break-even from the sale of a major inner-city office it bought three years ago for $137 million – $22 million more than its then book value.

The 11-level glass office at 209 Kingsway (pictured), on the south-east corner of Dorcas Street is built on the site of the South Melbourne tram depot.

Private investor Clement Lee purchased the entire tram depot site from the Kennett government in 1997 for $18 million.

The day after settlement, Mr Lee famously sold a portion to residential developer Central Equity for $18 million. The 9,632 square metre balance sold to Multiplex for $20 million.

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Victorian Government Awards Clement Lee Control of North Wharf Development Site, Melbourne

PRIVATE developer Clement Lee has paid an as-yet-undisclosed sum for a prominent riverside piece of Melbourne’s central business district.

Months after paying the state government $40 million for the former convention centre, Mr Lee has acquired control of a 12,386 square metre block known as North Wharf.

The block is opposite the South Wharf project, near the Seafarers Mission building and several other office investments Mr Lee owns.

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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.

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Clement Lee’s Riverlea to Build Apartment Complex at 108 Flinders Street Melbourne

HERITAGE Victoria noted artwork at the ground level of a nondescript, low-rise office building at 108 Flinders Street will be moved, and reinstalled into the ground level of the city’s next major apartment building.

Fender Katsalidis Architects, a boutique architect collaboration headed by designers Karl Fender and Nonda Katsalidis, have proposed a new tower for the site which would offer views of Birrarung Marr, Federation Square and the Flinders Street rail yards – another city site earmarked for redevelopment.

Rising 12 levels, and due for completion in 2012 the development will include 189 apartments starting at $345,000 for a one bedroom unit and $535,000 for a two bedroom flat.

The proposal will see a new restaurant built at the end of AC/DC Lane, which this site backs onto.

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Victorian Government Reaps $40 Million From Sale of Old Melbourne Convention Centre

THE Victorian Government has made about $40 million from the sale of the old Melbourne Convention Centre.

A joint venture between local developer Clement Lee and Eureka Funds Management has purchased the development site on the south-west corner of Flinders and Spencer streets.

A $300 million mixed use village is planned, according to the AFR which reported the sale.

Eureka owns the neighbouring Crowne Plaza Hotel, while Mr Lee’s Asset 1 owns the World Trade Centre, to the west of the former state government site.

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