Administrators to Recover Just Half of Mowbray’s Debts From Campus Sales

ADMINSTRATORS for defunct western suburb private college Mowbray are likely to recover just half of the school’s $18 million debts from the sale of its three campuses alone.

In what is described as a complicated sale campaign in which value will depend on potential land usage and in particular if the sites can be rebuilt as residential projects – the three school campuses are speculated to be worth a total of about $9 million.

The largest school – the 17.75 hectare Patterson campus in Melton is expected to sell for about $6 million, according to sources. Two smaller campuses in Caroline Springs, including the 1.25 hectare Residential 1 zoned Town Centre Campus at 183-191 Caroline Springs Boulevard, and the 1.06 hectare Brookfield campus at 5 Stevenson Crescent are expected to each reap about $1.5 million.

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Baillieu Government $5.5 Million Richer After Parkville Police Station Sale

THE cash-strapped Baillieu government is some $5.5 million richer after selling a prominent Parkville property to developers.

The former Parkville police station at 155 Royal Parade was listed for sale after the boys in blue relocated to a new four-storey facility in Wreckyn Street, North Melbourne.

On an 1802 square metre block and with two street frontages (see aerial picture, right), the site is expected to be replaced with an apartment complex exploiting unobstructed park views. It is unknown whether an original station building, developed in 1878 will be retained as part of the redevelopment.

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Development Site, Southbank, For Sale With Permit

PLANS are afoot to develop another major skyscraper on a Southbank site abutting the West Gate Freeway.

The affected site at 61-71 Haig Street, with rear access to Blakeney Place, is on the city side of the major freeway, near Crown Casino, the Melbourne Exhibition Centre and Clarendon Street shops.

Now being offered for sale, and with price expectations of about $14 million, the 1857 square metre site is not being offered with a permit. However the area is permitted for buildings of about 100 metres, meaning the commercial sites could make way for a residential tower of about 30 levels.

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Vasey RSL To Sell Hawthorn Hostel For $7 Million

ANOTHER property in Lisson Grove, one of Hawthorn’s most revered tree-lined streets, may be replaced with a medium density, luxury apartment village.

At #20, Vasey RSL Care has listed for sale a 3560 square metre hostel that is being marketed as a development site, and is expected to sell for about $7 million.

The property includes a historic building up front, and a 1960s rear extension with a communal kitchen, dining  and recreation rooms and 58 independent living units mostly configured as bedsits and one-bedroom flats.

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South Yarra Development Site Sells For $5.5 Million

A SOUTH Yarra development site within the Forrest Hill precinct that is quickly becoming a high-rise apartment compound, has sold for $5.5 million to a consortium of off-shore and local investors.

The 10 Claremont Street residential development (artist impression, right) is one of the areas densest proposals – permitted to rise 17 levels and include 104 flats of which 89 are configured with one bedroom.

When apartments first hit the market for sale last year, one bedroom flats were priced from $350,000.

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Prominent North Melbourne Development Site Expected to Fetch $20 Million

ANOTHER development site has hit the market within the vicinity of the recently re-aligned Haymarket roundabout, where North Melbourne connects with Parkville and Carlton.

At 19 – 25 Flemington Road (highlighted, right), next door to a RMIT student village complex that was once the prestigious Apollo Old Melbourne Hotel, the 4000 square metre site is expected to fetch about $20 million and sell to  a developer likely to replace the existing c1964 showroom with a landmark apartment tower.

Built for Southern Motors, the asset is being sold by interests associated with that owner-occupier, after being leased to short-term tenants over recent years.

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Outgoing Pakenham Racecourse and Showgrounds Site Close to Sale For Circa $30 Million

SIXTEEN months after it first hit the market, the outgoing Pakenham Racecourse and Showgrounds site is believed to have found a buyer.

Well placed industry sources say the vendor, the Pakenham Racing Club, is set to pocket about $30 million from the sale of the 25.85 hectare property, which abuts the Pakenham train station, about 55 kilometres south-east of town.

The estimated sale price is far less than the reported $38 million developer The Corcoris Group agreed to pay for the site early last year, before withdrawing from the transaction in September.

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Australian Unity Sells Prahran Medical Centre For $18.7 Million

AFTER retaining it for five years, the Australian Unity Investments’ Healthcare Property Trust has sold an inner-city medical complex in a prime residential area to a syndicate of private investors.

The Victoria House Medical Centre and Victoria Clinic complexes at 314 – 324 Malvern Road in Prahran (pictured, right) sold for $18.7 million, reflecting a yield of 8.3 per cent based on the asset’s annual rental income of $1.55 million.

Australian Unity paid $17.53 million for the Residential 1 zoned asset in 2006, on a yield of 7.8 per cent.

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VicUrban Poised to Seize CSIRO Highett Site, Melbourne

THE state government’s development arm is poised to seize control of a highly-anticipated infill site within a south-eastern suburb that may soon have its own skyline.

Well placed industry sources say VicUrban is negotiating to acquire the CSIRO’s outgoing Land and Research Highett Laboratory some 16 kilometres south-east of town near the Southland Shopping Centre and an as-yet-undeveloped train station.

The CSIRO laboratory has been anticipated as a residential development site for years but particularly since 1996 when council rezoned land in Highett, and neighbouring Sandringham and Cheltenham from Industrial 1 to Business 3, and increased height limits to 14 metres to allow for the construction of commercial premises.

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Westfield Sells Site Abutting Doncaster Shoppingtown

SYDNEY based shopping centre giant Westfield has sold an open-air car park abutting the Doncaster shopping centre’s north-east boundary.

The 5457 square metre site with a street address of 1 Grosvenor Street is believed to have sold for about $10 million after a public marketing campaign.

Westfield offered the site with a permit for a 185-unit apartment complex penned by boutique architect firm Rothelowman. The site, which backs onto the Saxon Reserve, was marketed by Knight Frank Glen Waverley’s Ken Smirk, Paul Henley and Todd Schaffer who declined to comment when contacted by The Age.

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Prominent Pubs, and a Western Suburbs Development Site, Offered in $80 Million Portfolio

SOME of Melbourne’s most popular hospitality venues – and a major western suburb development site – form part of an $80 million portfolio of properties set to hit the market next month.

A consortium of Melbourne-based private investors, including Sebastian Catalfamo and Gilbert Cabral, will share in the spoils of the eight properties which are being offered separately.

In Melbourne, hospitality venues include The Point on Albert Park Lake – a 940-seat venue which is expected to sell for about $3 million.

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Victorian Police Association Sells 46.5 Hectare Coldstream Site

THE Police Association has snaffled a reported $2 million from the sale of a 46.5 hectare block of land abutting the outer north-eastern township of Coldstream.

The site (pictured, right), which was marketed throughout the summer by agency RT Edgar as “The Police Block”, is currently used for grazing – but is said to have attracted interest from developers, and land bankers, being on the edge of the Urban Growth Boundary.

Melbourne’s UGB – a controversial invisible line dividing where builders can and can’t develop – was revised several times by the previous state government, much to the delight of developers who bought land cheap, outside the zone gambling when the government would run out of room to zone as housing, and need them.

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Thakral Sells Collins Street Hotel and Shopping Centre For $200 Million

LaSalle Investment has paid a speculated $200 million for the Novotel hotel on Collins Street, and neighbouring Australia on Collins Shopping Centre. Thakral Holdings offloaded the assets, after late last month withdrawing two other assets, in Queensland, from sale. Those assets were also expected to reap the company about $200 million. For LaSalle, the transaction

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Prominent Docklands Development Site Listed For Sale

A PROMINENT Docklands development site has hit the market after years of frustration from real estate agents, who claim never to have been given the opportunity to offer the site to their clients.

Victoria’s new planning minister Matthew Guy has ordered VicUrban list for sale a major 2 hectare ste at the corner of Collins and Flinders streets.

VicUrban had previously give nmanagement control of the site to developer Sama Dubai, but a proposed $1.5 billion redevelopment, which was to have included a 60-level tower, was never marketed. The site abuts Lang Walker’s precinct of the multi-billion Docklands redevelopment.

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Australia Post to Sell Prized Melbourne Asset

GOVERNMENT owned goods and services provider Australia Post is offloading its most prized Melbourne asset – the former Australia Post Mail Centre on the south-west corner of Spencer and La Trobe streets.

The 1.2 hectare property, with a 10,400 square metre building, is being offered with vacant possession after a reported lease to hardware chain Bunnings last August did not proceed.

Wesfarmers controlled Bunnings is moving to multi-level inner city sites as part of a strategy to boost its inner-city presence, and outmuscle new Woolworths controlled rival, Lowes.

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Stockland Pays $300 Million For Massive Kalkallo Site, Melbourne

SYDNEY-based Stockland Limited has committed to paying $300 million for a 1,121 hectare development site north of Melbourne, reportedly Australia’s largest ever individual land transaction.

The Lockerbie sheep station, about 35 kilometres north of Melbourne, falls within the recently redefined Urban Growth Boundary, now, effectively allowing it to be rezoned for residential use.

To date Melbourne has sprawled substantially east, and south, but less so, to the north and south.

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Hong Kong Listed Developer Far East Consortium to Sell Controversial Melbourne Development Site

HONG Kong based developer Far East Consortium is selling a controversial development site, so that it can concentrate on another one.

Far East, which has been listed on the Hong Kong stock exchange since 1972, can expect about $6.25 million for the former AMF Bowling Centre at the north-east corner of Victoria Road and Separation Street in Northcote.

It paid Macquarie $5 million for the 4716 square metre site in early 2009, before pushing ahead with a major residential proposal.

Macquarie acquired the asset in 2004 when it paid AMF Bowling Centres $67.4 million for its Australian portfolio.

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CBUS Property Buys Former North Brighton Croquet Club

CBUS Property, a subsidiary of industry superannuation fund CBUS, has seized control of one of bayside Melbourne’s most controversial development sites – the disused North Brighton Croquet Club, in Warleigh Grove.

CBus, which represents workers in the construction and building industry, has paid $18.6 million for the 9015 square metre site and, having grabbed the mallet proverbially, immediately pitched plans to build a high-end, high-density residential complex with flats and townhouses.

The completed product could have an end value of more than $150 million, sources speculate, making it one of the biggest projects to start construction in Melbourne’s bayside suburbs.

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Woolworths Pays $21 Million For North Melbourne Development Sites

RETAIL giant Woolworths has paid $21 million for two adjoining development sites in North Melbourne.

The sites are opposite a collection of high-rise commission flat towers, and are spread over two addresses:

• 2 – 24 Vaughan Terrace (3066 square metre site); and
• 101 – 117 Canning Street (5000 square metre site).

The sites were sold by interests associated with motorcycle retailer Peter Stevens.

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Pakenham Racecourse Site to Fetch More Than $40 Million

THE Pakenham Racing Club is expecting about $40 million from the sale of its prominent but outgoing Pakenham Racecourse & Showground site in Melbourne’s outer south-east.

The club is moving to a 243-hectare purpose built facility with an event centre and night race-appropriate lighting at Tynong, some 16 kilometres east of Pakenham past Nar Nar Goon.

Construction of the new facility is expected to start in August 2013, and after the sale of the Club’s existing 25.85 hectare complex abutting the Pakenham train station and near the suburb’s town centre.

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