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 selling Parkville police station

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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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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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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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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Wallan Development Site Sells For $14 Million

A MAJOR residential development site near central Wallan has sold to Sydney-based property group, Oracle Estates, for a speculated $14 million.

The 40.3 hectare former farm extends from the north-west corner of Rowes and Taylors lanes, through to a new housing estate which is also accessed by Taylors Lane, and the Northern Highway.

The property is about two kilometres from the Hume Freeway, a proposed major retail centre and the Wallan train station.

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Williamstown Gasometer to be Auctioned

AFTER failing to sell for more than a year, a massive Williamstown development site with a catch will be auctioned next month.

The former Williamstown gasometer site at 87 – 93 Stevedore Street is expected to attract interest from residential developers who would need to remediate the site and have it rezoned, before undertaking a redevelopment.

Measuring 3600 square metres, the property is expected to fetch some $3 million when it is put to auction at 2pm on Wednesday September 29, in a campaign being managed by Century 21 Wilson Pride Prahran’s David Lowenstein.

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Becton Sells Beaumaris Pavilion Pub to Footballers

Beaumaris PavilionBECTON Property Group has finally offloaded the prominent Beaumaris Pavilion hotel and adjoining car park, in Melbourne’s south.

The East Melbourne-based developer is speculated to have made about $9 million from the sale of the waterfront site, which it bought for $11 million toward the peak of the commercial property market three years ago.

Becton had planned to develop a 65-unit aged care facility on the site, as part of a push into that sector.

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Major $50m-Plus Project Earmarked For St Kilda’s Vasiliki Lobster Crayfish Site

ST KILDA properties that previously accommodated two of the area’s most established local businesses have sold to a developer.

The single-level Vasiliki lobster crayfish site, and an adjoining two level building which for years traded as Earl’s Hardware, will be cleared to make way for a new $50 million-plus luxury apartment project, with ground floor retail.

The buildings are spread across two properties between 173 – 177 Barkly Street, at the corner of Belford Street – which is one of just two roads that intersect with the popular Acland Street retail strip nearby.

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Readings Cinema to Sell Major Burwood Development Site, Melbourne

MACQUARIE Capital Investors has been appointed to sell a 50 acre Burwood asset, in Melbourne, acquired by cinema group Reading in the mid 1990s.

The Burwood Square development site, approved by the Whitehorse Council in 2008, is reported to be worth about $46.7 million on Reading’s books.

The development proposal provides housing for more than 1000 residents on one part, according to the AFR. A mixed use residential, office and retail complex, and a 17-screen cinema is earmarked for another part.

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Kew’s Pathfinder Motel to be Sold

Kew's Pathfinder MotelANOTHER 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.

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Mirvac Reaps $13 Million From Port Melbourne Site Once Owned by GM Holden

MIRVAC is believed to have made about $13 million from the sale of a 4.4 hectare Port Melbourne development site, once owned by General Motors Holden.

The Sydney-based developer this week exchanged contracts to sell the cleared block of land, to a private investment company.

Mirvac’s Victorian development manager Christian Graham confirmed the sale but declined to comment on the details including buyer or price.

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Mirvac Reaps $13 Million From Port Melbourne Site Once Owned by GM Holden

MIRVAC is believed to have made about $13 million from the sale of a 4.4 hectare Port Melbourne development site, once owned by General Motors Holden.

The Sydney-based developer this week exchanged contracts to sell the cleared block of land, to a private investment company.

Mirvac’s Victorian development manager Christian Graham confirmed the sale but declined to comment on the details including buyer or price.

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Les Erdi Buys West Melbourne Development Site

Proposal: 33 - 43 Batman Street, West MelbourneTHE inner-city’s next major hotel looks likely to be developed at a West Melbourne site near the suburb border of the CBD, and Docklands.

Businessman and philanthropist Les Erdi is believed to have paid about $8 million for a 1526 square metre development site at 33 – 43 Batman Street.

The site currently includes a single-level factory known as the WD O’Donnell building, and was put to the market in March with a permit for a 14-level, 136 unit complex.

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Vision Australia Sells Essendon Site For $2.4 Million

VISION Australia has reaped $2.4 million from the sale of a major residential development site at the suburb border of Essendon, Moonee Ponds and Brunswick West.

The 1643 square metre property, at the north-east corner of Albion and Lawson streets, sold to a local private investor, who is expected to develop a medium density residential project.

An existing building, built in 1987 and renovated in 1995 will be demolished. Vision Australia occupied this site until two months ago.

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Another Northcote Commercial Site to be Redeveloped Into Apartments

ANOTHER prominent Northcote commercial property is set to be redeveloped, most likely into a mixed use village with shops and apartment towers.

After 121 years, the building occupied by leather manufacturer Joshua Pitt will be sold, after being rezoned Residential 1.

Manufacturing at the building ceased in 2004.

All up, the 52 – 79 Gadd Street site covers 13,450 square metres over two streets, and has a total street frontage of about 380 metres.

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Double Storey Complex in Toorak Road, South Yarra, Sells For $6.7 Million

307 - 315 Toorak Road, South YarraA DISTINCTIVE Tudor style complex in Toorak Road, South Yarra, with five ground floor shops and an upstairs office, has sold for $6.7 million.

Based on the assets annual rent of $296,021, the 638 square metre building sold on a low yield of 4.4 per cent.

Knight Frank’s Marcus Quinn and Paul Henley sold the asset at 307 – 315 Toorak Road.

Mr Quinn said the property offers the new owner plenty of value-adding potential, covering just 50 per cent of the 1000 square metre land area.

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