Supply Shrinks for CBD Office Buyers
FEWER Melbourne CBD offices are being put on the market this year as investors hold on to assets to take advantage of rising rents and surging building values.
Read moreReal Estate News
Car Park Squeeze for Office Developers
CAR park ratios are set to become the new buzz term in Melbourne’s fringe office market, with councils getting tougher about the number of parking bays developers can put into new office buildings.
Read moreCommonwealth Bank Reissues Melbourne CBD Office Leasing Requirement
THE tenant representative acting for Commonwealth Bank of Australia has issued a new CBD office leasing requirement, replacing two other require-ments it put to the market late last year.
Read moreSt Kilda Road Airlie Mansion to Get High Rise Apartment Backdrop
THE Deague family’s Asian Pacific Building Corporation has swooped on a St Kilda Road site marked for residential development, in a deal worth more than $12 million.
Read morePrice Quoting Guidelines Create Grey Area
NEW Real Estate Institute of Victoria guidelines implemented to tackle underquoting in Melbourne’s real estate game are confusing the public and creating an "alarming grey area" for agents to continue the outlawed practice, according to buyers’ advocates.
Read moreSkilled Group Boss to Sell Luxury City Apartment
LESS than a year after paying a record $7 million for a block of land in Flinders on Western Port, former managing director of the Skilled Group Greg Hargrave and wife Mardi have put their luxury city apartment on the market, in a deal expected to be worth more than $3.7 million.
Read moreSuzie Wilks Changes Rooms
A Hawthorn home once owned by television show host and model Suzie Wilks has for an undisclosed price, believed to be around $1.3 million.
Read moreAlmost $17m in Service Station Sales This Week
ALMOST $17 million in suburban service stations changed hands this week on low yields, as demand from private investors for securely leased retail assets intensified.
Read moreRecord Retail Rents for Bourke Street Mall CBD
AGENTS expect ground-floor rentals of a high $6000 a square metre for a Bourke Street Mall shop across the road from Myer’s main entrance.
Read moreAspen Groups Buys Mulgrave Business Park
THE West Australian-based Aspen Group is believed to be the mystery buyer of a business park in Mulgrave, in a deal worth about $18 million.
Read moreNo Pub is Safe From Alternative Redevelopment
POPULAR hotels in prime suburban strips may not escape the demolition ball either, with recent sharp increases in retail land values also affecting the best use for several of Melbourne’s biggest pubs.
Read moreHoteliers Brace for Pain as Big Butt Out Looms
HOTEL owners say next month’s indoor smoking bans will have a negative effect on their businesses, but anticipate the number of non-smoking patrons to increase in the medium term.
Read moreAustraland to Buy Industrial Site in Mulgrave Technology District
DEVELOPER Australand is believed to be in exclusive due diligence to buy a 3.5-hectare industrial development site in Mulgrave’s technology district in a deal worth about $15 million.
Read moreSalvation Army Sells Williamstown Industrial Facility
THE Salvation Army has sold an industrial facility in Williamstown for $2.5 million.
Read moreSpace Time Research Leases 630 Church Street Richmond
ONE of the first office buildings developed by private developer Michael Yates has managed to avoid mass vacancy when a lease to its major tenant, Thales ATM, expires next month.
Read moreMacquarie Goodman Spends $41 Million For 72 Hectares of Industrial Land
MACQUARIE Goodman Industrial has bought 72 hectares of industrial land in two separate deals worth about $41 million.
Read moreStockland to Start Developing Tooronga Village Site in 2008
DEVELOPER Stockland hopes to start demolition on its high-profile Tooronga Village shopping centre, and associated car park by the end of the year, after a consultation period regarding the controversial site lapsed. The development is expected to receive a sign-off from the minister soon.
Read moreMary Coustas Sells Waterfront St Kilda Road Apartment
COMEDIAN and actress Mary Coustas sold her beachfront apartment before a scheduled auction last weekend, for an undisclosed amount believed to be around $660,000.
Read moreScotch College Sells South, Buys North
SCOTCH College has been bolstering its property portfolio in Hawthorn’s exclusive Scotch Hill pocket, recently snapping up two prestigious homes near its stately Morrison Street entrance.
Read moreRMIT Buys City Building and Development Site for $7.25 Million
RMIT University is believed to have paid about $7.25 million for two office buildings on Victoria Street and a development site in Cardigan Street, close to the Carlton and United Brewery site it sold to developers last year.
Read moreVision Australia to Sell Heritage Listed St Kilda Road Headquarters
VISION Australia has put its heritage-listed Royal Victorian Institute for the Blind property on the market, in an expression of interest campaign that could reap the organisation about $20 million. The 1.5-hectare property at 557-563 St Kilda Road, on the corner of Moubray Street, is identified by an imposing four-level, bluestone building, part-leased to the Belgian Beer Cafe.
Read moreInstitutions Dominate Shopping Centre Sales
INSTITUTIONS bought half the shopping centres put to the Melbourne market in 2006-07, up from a third of centres bought in 2005-06.
Read moreLand Values Boom Around Eastlink Freeway
AVERAGE industrial land values in Melbourne’s eastern suburbs increased a staggering 41 per cent in the 2006-07 financial year in anticipation of the opening of the EastLink toll road next year. Industrial land values in the east now average $325 a square metre, up from $230 a square metre this time last year.
Read moreStubborn office owners press yields to record lows
OWNERS of Melbourne CBD office buildings held onto their properties in the 2006-07 financial year, on the back of rising rents and capital values, and a lack of alternative investment options. The gridlocked environment has resulted in record low yields being achieved for what limited major office buildings have become available.
Read moreLou Abrahams Almost Sold Out of Luxury Brighton Apartments
Year 2008 will indeed be one of closure for colourful business identity, and yachting veteran Lou Abrahams.
Read moreAbbotsford Property Market
Abbotsford is a riverside suburb, about 3 kilometres north east of the Melbourne CBD.
It is bound by Hoddle Street, the Eastern Freeway, Victoria Street and the Yarra River, and bordered by the suburbs of Collingwood, Richmond, Clifton Hill and Kew.
Read morePrivate Investor Forks Out $16.6 Million for Unrenovated Queen Street Office Building
A local private investor has paid $16.6 million for a Queen Street office building he plans to refurbish into a “high end” B-grade property.
Read moreChannel Deepening in Port Phillip Bay.
The Port of Melbourne Corporation’s Channel Deepening Project intends to deepen the main commercial shipping channels in Port Phillip Bay to allow larger container ships to enter the port.
Read moreLPT Sector Now a Riskier Deal
Former Mirvac managing director Robert Hamilton should be patting himself on the back.
In January 2004, the businessman who co-founded the Mirvac development empire 35 years ago, dared criticise what was becoming a growing trend by listed property trusts in Australia – to target property assets internationally, particularly in the United States where high property yields made them attractive, relative to local property asset offerings.
Read moreCentro Biggest Australian Casualty of Global Credit Crunch
Five weeks after telling shareholders the US sub-prime housing crisis has not had any impact on the operation of Centro’s US portfolio, Centro Property Group is in turmoil, with its share price crashing to less than $1.30 per share – down some 77 per cent since last Thursday, when executives imposed a trading halt of trade for the $26.6 billion fund and asset manager.
Read more