Melbourne suburban residential development site sale

BOUTIQUE builder R.Corporation has purchased its first major development site since the 2008 economic downturn, and is said to be planning a $150 million-plus mixed use village which would be amongst the biggest projects in the developer’s portfolio.

The South Yarra based developer, headed by Andrew Rettig, is understood to be paying about $20 million, sources estimate, for a vacant four hectare site at 98 – 116 Cavanagh Street in Cheltenham, 20 kilometres south east of town.

R.Corporation is reputedly planning to replace the site with a mix of shops, offices and apartments.

Victoria

Pace Developments Pays $5.1 Million For Collection of St Kilda Buildings, Apartments Planned

December 15, 2009 Marc Pallisco Melbourne suburban residential development site sale, Pace Developments, st kilda

BRIGHTON-based builder Pace Developments has paid $5.1 million for a collection of offices and warehouses overlooking Dandenong Road.

The 11 – 17 Wellington Street properties cover 1,250 square metres, and offer a second street frontage to Nelson Street.

The six buildings on the site will be demolished and replaced with a six-level apartment tower with more than 100 units, offering views over Albert Park Lake toward Port Phillip Bay and the CBD.

Victoria

Vision Australia’s Former Prahran Office Expected to Hit the Market, With Apartment Permit

December 15, 2009 Marc Pallisco Gersh Investmetn Partners, Melbourne suburban residential development site sale, Pomeroy Pacific, prahran, Stockland, Vision Australia

ALL eyes will turn to Prahran’s former Vision Australia site, which is understood will come back onto the market early next year, with a development permit for a $68 million, 330-unit residential village.

Gersh Investment Partners and Pomeroy Pacific agreed to pay Vision Australia $25.1 million for the 201 – 209 High Street office at the peak of the boom in 2007, but this deal has yet to settle.