Commercial and residential property news
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.
Read moreTHE AUSTRALIAN Retailers Association – which commonly appears in the mainstream media encouraging people to spend – is indeed now cashing itself up, by listing for sale its long-time headquarters at the top of the CBD.
The ARA can expect to make about $5 million for the three-level, B-grade building – which because of a ground floor retail lease – is expected to attract investors and owner occupiers, who may wish to rent or occupy approximately 1040 square metres on the upper two levels.
Read moreHIGH rise apartment builder Brady Group has decided to offload a residential development site in the Melbourne CBD’s trendy Bennetts Lane Jazz Club precinct.Melbour
Brady Group paid $1.65 million for the 113 square metre development site in 2007, using a building on the property as an office, while it developed a much larger 35-level tower nearby.
Read morePROMINENT property investor Michael Buxton has sold one of the city’s biggest student accommodation development sites for $18 million.
The 410 Elizabeth Street office building, which Mr Buxton bought off the Royal Melbourne Institute of Technology five years ago for $8.25 million before obtaining a redevelopment permit, is expected to make way for a 50-level, 240-unit tower.
According to council reports, the new tower is expected to be delivered over the next three to five years.
