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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Schiavello Buys Queensbridge Hotel, Southbank

Queensbridge HotelMILLION dollar views enjoyed by residents at Australand’s luxurious Freshwater Place complex in Southgate have officially become a privilege and not a right, after furniture magnate and property developer Tony Schiavello picking up a prominent riverfront property next door, once home to notorious nightclub QBH.

Mr Schiavello is speculated to be paying about $10 million for the 717 square metre block which abuts other property acquired by the developer over the years.

The Queensbridge Hotel at 1 Queensbridge Street, was first speculated to have been on the market in February, when a dispute to sell the property to fashion designer Christopher Chronis came to light.

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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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Developer Pays $90 Million For 256 Hectare Melton South Site

A DEVELOPMENT parcel in Exford Road, Melton South, has sold to Geelong-based developer Peter Mortimer for about $90 million.

The 256 hectare site on Exford Road includes 186 hectares of developable land, according to the AFR which reported the deal today.

Two primary schools and 13 hectares of recreational space are also earmarked for the site, as is a new town centre, community space and 3100 new dwellings.

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Developer Morry Scwartz Continues to Offload Melbourne Assets

401 St Kilda RoadPRIVATE developer Morry Schwartz is continuing to line his pockets, reaping $1.63 million from the sale of the fourth, of seven shops, at the ground level of his boutique 401 St Kilda Road complex.

All four sold shops have now sold to owner occupiers, including one to celebrity chef Shannon Bennett, which opened Cafe Vue at the premises last year.

Colliers International executive Bryson Cameron said the newest 401 retail owner plans to establish a boutique bottle shop in the St Kilda Road premises, which includes 148 square metres at ground level, and another 68 square metres in the basement.

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Hudson Conway Speculated to be Buying St Kilda Road’s Former Vision Australia Site For $22 Million

St Kilda Road Belgian Beer CafeDEVELOPER Hudson Conway is speculated to be paying about $22 million for a prominent St Kilda Road development site opposite Wesley College, capable of accommodating several high rise apartment towers.

Hudson Conway is believed to be in advanced negotiations to buy the St Kilda Road site, which Sydney-based developer Stockland purchased off Vision Australia for $28.3 million in 2007.

Stockland reportedly sold the subdivided Belgian Beer Cafe bluestone building that was part of the Vision Australia property, for a speculated $7 million last year, after undertaking a $2 million renovation.

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Another Major South Yarra Development Site Hits the Market

THE WELL walked path between the South Yarra train station, and Chapel Street, could see even more construction activity in 2010.

A major development site at the north-east corner of Toorak Road and Claremont Street, is set to hit the market soon, and sell for about $25 million.

The South Yarra site is expected to arouse interest from residential developers who can cite the Melbourne @ 5 Million planning strategy, to propose a high density project.

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Australand Pays $11.9 Million For Nine-Hectare Rowville Development Site

AUSTRALAND has paid $11.9 million for nine hectares of business zoned land in the south-eastern Melbourne suburb of Rowville.

“If ever there is a sign that the market is looking more positive, its when you start to sell development sites,” Colliers International’s Barry Marks told the AFR, which reported the sale.

Anthony Maugeri, southern region manager for Australand, said the group would consider selling Stud Road land outright. It will also offer land and build-and-leasing packages.

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St Kilda’s Former Post Office Sells For $4.75 Million to Asian Apartment Developer

St Kilda Post OfficeST Kilda’s historic Post Office building, at the corner of St Kilda Road and Inkerman Street, has sold to an Asian developer for $4.75 million.

The 1,236 square metre site at 306 – 310 St Kilda Road, sold with a permit for a five-level, 40-unit serviced apartment building, with a ground floor restaurant to be built into the existing Post Office building.

The sale reflects a price of about $3,843 per square metre of land.

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Villa Maria Pays $8.75 Million For Camberwell Development Site

NOT for profit organisation and retirement village specialist Villa Maria has paid $8.75 million for a 6,215 square metre Camberwell development site.
 
The 450 Camberwell Road property was sold with a permit for a 64-unit retirement village, capitalising on the site’s other street frontages to Athelstan Road, and Bowen Street, opposite the Camberwell Central Bowling Club.
 
Nichols Crowder director Matt Nichols sold the Camberwell property on behalf of the Macquarie affiliated Retirement Villages Group. Buildings on the site were once used by the Salvation Army. RVG recently sold a slice of the land to another aged care developer.

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