Top End Residential Continues to Grind

AUSTRALIA’s prestige property market appears to still be in deceleration mode.

In Sydney, the Vaucluse mansion being offloaded by the Cattell family has been reduced from $21 million to $18 million. Nearby, property developer Paul Smith sold his Bellevue Hill home for a price believed to be “a heavy discount” to the $14 million he first asked last year.

SQM Research managing director Louis Christoper said the Sydney and Melbourne prestige market are recording modest price falls.

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Catholic Leadership Centre to Start Construction, East Melbourne

COMMUTERS stuck at the congested intersection best dubbed a traffic sewer will be able to watch a $25 million redevelopment of a prominent East Melbourne church site.

The Catholic Leadership Centre will be developed within buildings, and on surplus land surrounding the prominent Celtic Church on the south-west corner of Hoddle and Victoria streets – about three blocks away from the Fitzroy Gardens, and five blocks from the MCG.

The centre will include a new short term accommodation complex for 45 people, a dining room for 400, and a basement car park with 59 bays. Existing heritage buildings will be refurbished, while a glazed roof walkway will be developed through the spine of the complex.

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Former AFL House sells for $9.65m

AN East Melbourne office built for, and occupied by the VFL/AFL sports code has sold for $9.65 million.

The five-level, 2759 square metre office at 120 Jolimont Road sold before a crowd of about 60 people to a private investor.

Based on the potential annual rent of $727,000, the office sold on a yield of 7.5 per cent. However, about a quarter of 120 Jolimont Street is vacant.

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East Melbourne Offices Once Occupied by Paul Dainty, For Lease

EAST Melbourne offices once owned and occupied by rock promoter Paul Dainty have hit the market for lease.

A historic building at 14 – 18 Morrison Place, near the St Patrick’s Cathedral, is asking $100,000 per annum.

While occupied by Dainty, from the 1990s to about mid 2005, some of the world’s greatest acts including the Rolling Stones, were reported to have passed through the building.

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ING Real Estate Healthcare Sells Half Interest in East Melbourne Hospital For $14 Million

ING Real Estate Healthcare Makes Huge Profit Selling Half Interest in East Melbourne Hospital For $14 Million.

ING Real Estate Healthcare Fund (IHF) has made $14 million from the sale of a half share freehold interest, in the Epworth Freemasons Private Hospital in Clarendon Street, East Melbourne.

The Epworth Foundation (Epworth), which has been a tenant in the building, has bought the other half, at the buildings December 31 2009 book value.

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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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