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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Forza Capital Pays $20.6 Million For Carlton Office

FORZA Capital, the new investment vehicle created by breakaway Drapac senior directors Ashley Wain and Adam Murchie  have made another commercial property play – paying $20.6 million for a low-rise office with redevelopment potential adjacent to the Exhibition Gardens and Melbourne Museum.

The five-level office (pictured, right) with 175 basement car parks at 15-31 Pelham Street in Carlton, near the CBD border, returns $1.74 million in annual rent and sold on a yield of 8.4 per cent.

Much of the asset’s value lies in its development potential – with the 3772 square metre block able to accommodate three or more major towers down the track.  Carlton accommodates some of Melbourne’s most dense accommodation, configured as studios, or student accommodation.  In 2010 local developer Grocon proposed a 280-metre, 89-level tower with 800 flats for a nearby Carlton site. It developed Victoria’s tallest skyscraper – the 297-metre 90-level Eureka Tower in Southbank, with 556 flats.

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Shark Fin House Building, Chinatown, Melbourne, To Sell for Some $7 Million

THE Little Bourke Street building that houses popular Chinatown restaurant Shark Fin House is for sale and expected to sell for about $6.8 million.

At 131 – 135 Little Bourke Street, the four-level building includes approximately 930 square metres of net lettable area, and sits on a 288 square metre block between Russell and Exhibition streets.

Built in 1987, the building returns annual rent of almost $400,000, and is leased until 2018 with a ten year option.

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Nurses Board of Victoria to Reap More than $12.5 Million From Two Adjoining Melbourne CBD Offices

RESIDENTIAL developers are circling two adjoining office buildings at the “Docklands” end of the CBD – being offloaded by the Nurses Board of Victoria.

The buildings, at 595 and 597 Little Collins Street, are expected to reap a total of about $12.5 million at auction next month.

The Board paid $4.1 million in March 2000 for 595, and $4.9 million in June 2008, for 597.

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$200 Million College Set For Opposite Queen Victoria Market

A $200 million Business and IT-focussed college, and student accommodation apartment complex will be developed on the prominent City Mazda car dealership, opposite the southern boundary of Melbourne’s popular Queen Victoria Market.

The Melbourne Institute of Technology, headed by Shesh Ghale, has paid $16.2 million for a portion of the dealership, which will make way for a new college campus capable of accommodating 3000 students, and an apartment tower. The development is estimated to have an end value of between $150 million and $200 million.

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