A Review of Melbourne Apartment Projects: Those Marketed; Those Canned

INCENTIVES offered to stimulate apartment construction during the economic downturn, such as record low interest rates, and first home owner grants, have resulted in some of the city’s biggest, boldest apartment-based projects being offered to the market.

But not all developers could get their projects out of the ground.

Domain took a look at some of the more ambitious redevelopment proposals launched, and canned, since its last Apartment Guide, in Spring 2010:

Read more

Performance of Melbourne’s Southern Suburbs This Spring

THE performance of Melbourne’s southern suburb’s reflects the truism that the rich are getting richer.

Nine of the ten best performing suburbs had annual median house growth of more than 10 per cent, with the best performer, Toorak, increasing by an astounding 33.6 per cent. If you’re aspiring to get into the suburb, you’d better have found an extra $560,000 since last year – with the median house price now $2,230,500, almost double that of Melbourne’s second most expensive suburb, Brighton.

Read more

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.

Read more

Australian Unity to Sell $19 Million Prahran Properties

AUSTRALIAN Unity is offloading one of its most prized located medical centres in Prahran, just 200 metres from retail mecca Chapel Street.

The Victoria House Medical Centre and Victoria Clinic complexes, between 314 – 324 Malvern Road, are spread across 5939 square metres of land, most of which is zoned Residential 1.

The asset will be sold with leases in place to six tenants. Leading private healthcare group Healthscope is committed to the site until 2018.

Read more

Deague Family Sells Prahran Apartment Site For $5.1 Million

A PRAHRAN petrol station that was to be redeveloped as a ritzy hotel has sold to developers which plan to rebuild the site as a conventional apartment complex.

The 118 – 126 High Street property, on the south-west corner of Thomas Street and opposite Swinburne University, near Chapel Street, was offloaded by the Deague family’s Asian Pacific Building Corporation this week for $5.1 million.

APBC paid $10 million for the High Street service station, along with another Prahran site – a former Bob Jane T-Mart, at 160 Commercial Road – in late 2006.

It planned to build swank hotels on both sites to slot into its “art series” portfolio, which it has been developing over recent years.

Read more

Deague Family to Sell Petrol Station Turned Development Site, Prahran

AFTER canning plans to develop a ritzy hotel, local development family the Deague’s are selling a petrol station-turned residential development site in Prahran.

The small site, at the south-west corner of High and Thomas streets, is opposite Swinburne University’s Prahran campus, and walking distance to retail mecca Chapel Street – which commands the highest retail rents of any inner-city shopping strip.

The Deagues purchased the 118 High Street site about four years ago with plans to build a hotel, the Larwill, as part of its “art” series chain.

However, like many projects by the Deague family’s Asian Pacific Building Corporation, it’s been canned. The site is expected to sell at a premium given it now has a permit – prompting speculation the wealthy family is property speculating.

Read more

Chapel Street’s Conways Building Sells for $12.8 Million

Conways BuildingCHAPEL Street’s historic Conways Building sold at auction on Thursday for $12.8 million.

On a 1000 square metre site, the 2372 square metre Prahran building is configured as four ground floor retail shops, and ten upper floor commercial studios.

On a fully let basis, the property could rent for $775,000 per annum, meaning the asset sold on a 6 per cent market yield.

Read more

Malon Lodge, Prahran, Could Wind up in The Hands of Residential Developers

A HUGE property in Prahran, Melbourne, listed for sale as an investment, could wind up in the hands of residential developers, cashing in on the current inner-city high density building boom.

The Malon Lodge in tree-lined The Avenue, is expected to sell for about $2 million.

Currently configured as a 24-room special accommodation home, O’Donoghues First National Camberwell’s Fred Barlett is selling Malon Lodge with a lease to the hospital operators until 2013, with renewal options.

Read more

Prominent Prahran Commercial Property to be Redeveloped Into Apartments

CHAPEL Street wasn’t always about designer brands and snootily staffed cafes.

Up until five years ago, one remnant of the street’s working class origins – the massive three level furniture emporium once known as Horderns and later, Rabenault, traded proudly on the south-east corner of Chapel and High streets.

For a century the retailer would strap mattresses to its beautiful but at times derelict shopfront.

Read more

Zagame Buys Prahran Residential Development Site

223 High StreetBUSINESSMAN and hotelier Robert Zagame, of the Zagame Group, is believed to have paid about $1.725 million for a Prahran development site.

The 295 square metre property at 223 High Street, was sold with a permit for an $8 million, five-level, seven-unit apartment complex, with a ground floor showroom.

However it’s speculated Mr Zagame will revise that application to include around 20 one-bedroom units or studios.

Read more

Vision Australia Sells Prahran Site For $21 Million

Chapel Street, PrahranDeveloper Caydon Property has agreed to pay Vision Australia $21 million for a Prahran site with a permit for a major apartment complex.

Vision Australia had agreed to sell the property, and another development site behind it about two years ago, however that deal did not proceed.

The front piece of land, which has just sold, is expected to be developed into a 330 unit apartment complex with ten ground floor shops, according to CBRE’s Mark Wizel and Andrew Dawkins, who marketed the site.

Read more

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

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.

Read more
error: Content is protected !!