Glen Iris – realestatesource

THE State government has outbid a brigade of owner occupiers to snap up a hot office building in the heart of Melbourne’s south-eastern suburbs, which will eventually become home to the Melbourne Fire Brigade.

The MFB has paid $6.45 million for a double-storey standalone office at 1721 Malvern Road in Glen Iris, near the train station and High Street intersection.

On a block measuring 1603 square metres, the 1893 square metre building was last renovated in 2006. It includes 57 basement car parks, and currently returns a yearly rent of $523,450, mostly from tenant Preston Aviation Solutions.

Victoria

Ultra Tune Buys Strata Office in Stockland’s Tooronga Redevelopment

June 29, 2010 Marc Pallisco Glen Iris, Melbourne Strata Office, Stockland

DESPITE a job in which driving luxury cars is a perk, Ultra Tune boss Sean Buckley doesn’t want to travel for too long, to get to work.

Mr Buckley will relocate the company’s headquarters from Box Hill, to Glen Iris, after paying a speculated $2.4 million for a 400 square metre strata office suite, part of Stockland’s massive $500 million Tooronga Village redevelopment, about nine kilometres south-east of town.

Even though development at the Glen Iris site has been rampant in recent years, Stockland is only into the first redevelopment stage, of five.

Victoria

Toorak Road Suburban Office Sells For $10.14 Million

May 31, 2010 Marc Pallisco Camberwell, Glen Iris, Melbourne suburban office sale

A LOW-rise office building at the suburb border of Camberwell and Glen Iris has sold to a private investor for $10.14 million.

The 990 Toorak Road office is leased to ASX listed groups National Australia Bank and Uniliver.

Based on the annual rental return of $856,048, the building sold on a yield of 8.44 per cent.

Victoria

Driver Bus Lines to Sell Glen Iris Headquarters of 70 Years

April 19, 2010 Marc Pallisco Glen Iris, Melbourne suburban development site

DRIVER Bus Lines, owned by the Driver family, will sell its prominent 1703 square metre Glen Iris Road site, which has been the company’s garage base for 70 years.

The site, next door to popular cafe the Glen Iris Milk Bar, and across the road from Ferndale Park, is roughly half way between two train lines: Alamein and Glen Waverley, making it ripe for residential redevelopment.

Any medium density project can exploit westerly parkland views too, over a walk track to Gardiners Creek and the Glen Iris wetlands.