Charter Hall Disposes of $34.65 Million in Assets

CHARTER Hall today announced its Diversified Property Fund (DPF) has contracted to sell Spinifex House at 46 – 50 Kings Park Road (pictured, right), West Perth to a private syndicator for $28.25 million, or $6900 per square metre.

The sale price reflects a premium price of 6.3 per cent to the assets June 30, 2011 value.

Charter Hall has also sold a smaller office building at 22 – 28 Compark Circuit, in the south-east Melbourne suburb of Mulgrave. This asset sold for $6.4 million to an owner occupier.

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Breeding New Life Into Melbourne’s Landmark Sites

Pentridge Prison, CoburgTHIRTY years ago a three-bedroom house in Thomastown cost more than a three-bedroom house in Fitzroy – that’s testament to how much Melbourne’s attitude to housing has changed.

In the 1970s, to live in Collingwood, Port Melbourne or Yarraville meant to be entrenched in Melbourne’s working class. Houses could languish on the market for months – unsellable, unrentable and not worth fixing up.

Today, to own properties in these and many other particularly inner-city suburbs, is to own the real estate equivalent of a gold mine. Since the 1980s, but especially since the turn of this century, where and how Melburnians want to live has shifted and many disused, derelict but once significant sites have been redeveloped. We look at some of the biggest:

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Adidas to Move From One Mulgrave Address to Another

SPORTS brand Adidas will relocate from one Mulgrave office to another, after signing a 3600 square metre lease deal at the Nexus business park on Dunlop Road.

Adidas will relocate from a Springvale Road office it has occupied for about 15 years.

The group is reportedly paying a rent of $275 per square metre, per annum, though it is not known if this is gross or face. The AFR reports average office rents in the area are between $270 to $280 per square metre, per annum.

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Mirvac Building Wall That Will Block Waverley Park Eyesore From Melburnians

SYDNEY-based developer Mirvac is building a giant freeway wall which will block Melburnian’s travelling on the Monash Freeway from seeing one of the south-eastern suburb’s most familiar eyesores.

As part of its Waverley Park stadium townhouse redevelopment, which is nearing completion, Mirvac is required to build a freeway wall to mitigate traffic nose for new residents.

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Trinity Offloads $25 Million in Melbourne Assets

A WEEK after agreeing to sell a 50 per cent stake in its $800 million wholesale funds management business to Clarence Property Corp, the Queensland-based Trinity Funds Management Limited is offloading some Melbourne assets.

In the biggest deal, a Mulgrave asset co-owned by two Trinity trusts has sold for $23 million. The property included three office buildings, 11 industrial office warehouse units and was spread over almost 5 hectares.

CB Richard Ellis director Andrew Stewart negotiated that sale.

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Adidas in the Market for new Suburban Office Digs

Sportswear retailer and manufacturer Adidas could be the latest tenant to migrate from its suburban office, to a new premises closer to town. The German-based company, currently based in Mulgrave, is looking for up to 5000 square metres of new A-grade space in the inner city, or middle south-eastern suburbs.

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