prahran – realestatesource

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.

Victoria

Australian Unity to Sell $19 Million Prahran Properties

July 29, 2011 Marc Pallisco Australian Unity, hospital, Medical Centre, prahran

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.

Victoria

Deague Family Sells Prahran Apartment Site For $5.1 Million

April 4, 2011 Marc Pallisco Deague Family, hotel sale, prahran, Prahran Residential Development Site Sale

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.

Victoria

Deague Family to Sell Petrol Station Turned Development Site, Prahran

February 9, 2011 Marc Pallisco Abandoned Project, Asian Pacific Building Corporation, prahran, Prahran Development Site Sale

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.

News Victoria

Chapel Street’s Conways Buildings sells for $12.8m

August 30, 2010September 22, 2021 Marc Pallisco chapel street, Melbourne Suburb Retail Sale, prahran

CHAPEL 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.

Victoria

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

July 14, 2010 Marc Pallisco Caydon, prahran

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.

Victoria

Prominent Prahran Commercial Property to be Redeveloped Into Apartments

June 30, 2010 Marc Pallisco chapel street, prahran, Windsor

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.

Victoria

Zagame Buys Prahran Residential Development Site

May 19, 2010 Marc Pallisco Melbourne Residential Development Sit Sale, prahran

BUSINESSMAN 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.

Victoria

Vision Australia Sells Prahran Site For $21 Million

April 28, 2010 Marc Pallisco Gersh Investment Partners, Melbourne Suburb Development Site Sale, prahran, Vision Australia

Developer 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.

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.

Victoria

Ravida Group Announces Windsor Life, Prahran

January 25, 2009 Marc Pallisco prahran, Ravida Group Announces Windsor Life, Real Estate News, victoria

Boutique architectural firm Hayball and builders Ravida Group and Market Corporation have unveiled plans for Windsor Life, an apartment project, to be developed in the inner-city pocket of Windsor, south of Melbourne.