Asia Based Investor Buys Second Victorian Golf Course in a Month, Major Redevelopments Planned

FOR the second time this month, an Asia-based developer has purchased a prominent Victorian golf course, and is proposing to build a $55 million hotel, apartment-based complex and new 18-hole golf course, next door.

An as-yet-undisclosed syndicate, which will be part controlled locally, is understood to have paid more than $7 million for the massive St Andrews Beach Golf Course and Resort, on the Mornington Peninsula.

As well as the Gunnamatta course, a temporary club room and 20 apartments, the purchase includes an adjoining development site, which will yield another 18-hole course, club room, 40-room hotel, licensed commercial premises, and about 120 apartments.

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Macquarie, Lustig & Moar to Sell Prominent Southbank Apartment Tower Site

THE consortium that developed St Kilda Road’s luxurious Lucient apartment tower, has decided to sell, rather than develop, a prominent Southbank property.
Boutique architect firm Lustig & Moar, and Macquarie Real Estate Capital can expect to make about $14 million from the sale of prominent triangle shaped development site which abuts almost 100 metres of the busy off ramp between the West Gate Freeway and Kings Way.
The 42 – 48 Balston Street property will be sold with a development permit for a unique 37-level, 306-unit apartment complex. 

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Caydon Pays Mirvac $12 Million For Hawthorn Super Site Overlooking Glenferrie Oval

COLLINGWOOD-based developer Caydon is the mystery buyer to pay more than $12 million for a major Hawthorn development site, overlooking the Glenferrie Oval.
The collection of properties was offloaded by Mirvac, which had quietly spent several years amalgamating adjoining warehouses and offices between 291 and 311 Burwood Road, to create the 5,000 square metre super site.
Soon before listing the property for sale in August, the Victorian Civil and Administrative Tribunal granted Mirvac a permit to build a $120 million, 5-level office which at 18,800 square metres, would have been one of the biggest in the suburb. 

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Canberra-Based Transurban Developments Pays $13.5 Million for Wyndham Vale Development Site

CANBERRA based private investment company Transurban Developments has paid $13.5 million for a residential development site in the west Melbourne suburb of Wyndham Vale.

The 24-hectare development site at 445 – 479 McGrath Road has development approval for 231 new homes.

The site was offloaded by private investment group the Ballan Brothers, which also own car dealerships in the western suburbs. The site is less than 3 kilometres from shopping centres and schools, and is near the Werribee train station.

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3AW South Melbourne Studios to Become Apartments

FAIRFAX Media has reaped more than $5.5 million from the sale of its outgoing 43 Bank Street studio in South Melbourne.
A residential developer will build a high rise apartment complex on the site, which has been home to Fairfax Media-owned Southern Cross Broadcasting since 1991. The 2,600 square metre building – which is expected to be demolished – is home to talkback radio station 3AW693, and music station Magic1278.
When the 1,441 square metre development site came on the market last month, it was expected to sell for about $4.5 million. Lemon Baxter marketed the property.

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