Gillon Group Acquires Brighton East Supersite

BAYSIDE developer Gillon Group has quietly acquired a supersite at one of the south-eastern suburb’s busiest corners.

Gillon has negotiated with residential home owners, commercial property owners, VicRoads and the council to amalgamate some seven Brighton East lots into a 7500 square metre development site. At the north-west corner of Nepean Highway and South Road, the site incorporates Barr Street, and former public land.

It plans to rebuild the site – opposite the Kingston City Hall and Moorabbin train station – into a $100 million-plus mixed-use village with around 200 apartments in what could be a seven level tower.

Gillon has not disclosed the price it paid to buy and amalgamate the sites. Local agent sources however value the land at about $2000 per square metre, meaning Gillon’s block could fetch about $15 million if onsold.

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Ashburton Post Office Set to be Redeveloped Into Apartments

ANOTHER suburban post office is being redeveloped into flats.

This time, in Melbourne’s east, the former Ashburton Post Office at 218 High Street will be replaced with a four-level apartment building.

One bedroom units start at $349,950 – or about the same price as a house on land in the suburb in the late 1990s.

Castran Gilbert selling agents Michael Lang and David Howard say the apartments include reverse cycle heating and cooling, and full security basement car accommodation with direct lift access.

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Hamton, ISPT Forge With Plans to Develop $200 Million Riverfront Village, Abbotsford

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.

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