Commercial and residential property news
BILLIONAIRE businessman Lang Walker has decided against another fight with Kew residents, east of Melbourne.
Announcing the final stage of the $400 million Kew Cottages site redevelopment this month, his company, Walker Corporation, shelved plans for five level apartment complexes capable of including 100 flats, and instead will build eight standalone $2 million homes on the 3240 square metre final portion of land.
Read more
A PORTFOLIO of four Freedom petrol stations in Gippsland has sold for $7.6 million to United Petroleum, which will be an owner-occupier.
The most expensive asset, a 1812-square-metre station overlooking Western Port in San Remo, South Gippsland, sold for $3.59 million (image of pelicans at San Remo, right).
The other stations are in Churchill, Traralgon and Newborough.
In conjunction with these property sales, a 14-site retail network of Freedom Fuel stores also sold to United Petroleum for an undisclosed price.
FORMER aged care facility Shalom Lodge is the victim of the medium-density apartment boom taking place around Kew, about six kilometres east of town.
A historic building at 4 Willsmere Road that occupied the nursing home is being marketed as a ritzy apartment complex, Esque.
The 1350 square metre Kew site was offered for sale in July 2010 with a permit for a 12-unit development. The site’s asking price was $2.98 million.
Read more
THE new owners of a prominent car yard near the busy Kew Junction (pictured, right) have wasted no time speeding through a new high-density proposal.
After selling to developers in late 2009, the 118 – 120 High Street site, which has been for years occupied by Q-Cars, will make way for a 12-level, 46 unit apartment tower with ground floor shops and 36 car park bays.
The Rothelowman designed tower – Clara Q – will be the Kew Junction’s tallest building, and will make the suburb easier to identify from other elevated parts of Melbourne with an eastern suburb outlook.
Read more
THE street may share the same name as redundant, pro-development Planning Minister Justin Madden.
But around ritzy Madden Grove, Kew, residents value the character of their streets – and are prepared to pay to avoid being overrun by medium density development.
In an extraordinary deal, a local resident has paid a speculated $9 million for the former University of Melbourne Early Childhood Development campus, which the school sold 12 years ago, and was to become that suburb’s next major apartment complex.
The imposing property at 6 – 12 Madden Grove has been handpassed to a variety of developers since 1999. What was a 4973 square metre campus that started at #2, was sliced to become a 3502 square metre site, which was offered for sale late last year.
Read more
THE Kew home of embattled AFL player manager Ricky Nixon reportedly sold off-market last week for $2.2 million. The sale
Read more
ELEVEN years after the University of Melbourne sold its former Early Childhood Development School campus to builders, the prominent Kew building finally looks set to be redeveloped.
The Madden Street campus, in the suburb’s ritzy Studley Park precinct, has been sliced and diced and sold several times over the past decade.
At one stage retirement village operator Primelife controlled the site, with plans to redevelop the main imposing existing brick building into a 98-unit aged care facility, Carrington Square.
Read more
ANOTHER historic home in Melbourne’s ritzy east is set to be replaced with apartments.
The grand Kew home, currently known as Sholom Lodge and used as a 14-bed aged care facility, is being sold as a residential development site with a permit for 12 flats.
Sholom Lodge is near the busy roundabut of Princes Street, and the entrance to the Kew Cottages redevelopment, being undertaken by Sydney-based private developer Walker Corporation.
Read more
THE Victorian State Labor government is continuing to offload its most spectacularly located real estate assets, with a major site in ritzy Kew expected to wind up in the hands of residential developers – possibly as early as next year.
The Department of Treasury and Finance is understood to have employed a private consultant to conduct a feasibility study into the future use of the 60 Denmak Street office site, currently occupied by government agency VicRoads.
A confidential Request for Quotation seen by The Age suggests moving VicRoads staff within three to four years.
Read more
ANOTHER Kew motel with redevelopment potential has hit the market.
The Pathfinder Motel at the south-west corner of Cotham and Burke roads is expected to sell for about $6 million as a development site.
The 24-room hotel, on a 1760 square metre block, is said to be attracting interest from builders who may propose a medium or high density apartment redevelopment – as has been developed on sites next door.
Read more
THE development consortium which bought three low-rise offices on the banks of the Yarra River, is forging ahead with plans to demolish two of the buildings, and replace the space with a $200 million residential village.
Developers Hamton and Industry Superannuation Property Trust have started marketing apartments at 677 – 679 Victoria Street, opposite the Victoria Gardens shopping centre in Abbotsford, at the suburb border of Kew and Hawthorn.
The developers are reported to have paid Becton about $30 million for the office complex late last year, outmuscling traditional property investors sniffing the market out at the time for good bargains.
Read moreThe Kew home of Jazz Festival director Michael Tortoni has sold before selling agent Jason Scillio of Kay and Burton even had time to lodge the first advertisement. The property, on a parcel of more than 2100 square metres, is believed to have sold for around $3.5 million dollars.
Read more