Michael Yates to Sell South Yarra Office

SOUTH Yarra based developer Michael Yates is selling a near new office building, in what is fast becoming the centre of South Yarra.

The three-level, 2246 square metre office at 15 – 19 Claremont Street is leased to international publishing house Macmillian Publishing, which pays a current annual rent of $886,929.

The office is expected to fetch about $11 million, which would reflect a yield of about 8 per cent.

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Double Storey Complex in Toorak Road, South Yarra, Sells For $6.7 Million

307 - 315 Toorak Road, South YarraA DISTINCTIVE Tudor style complex in Toorak Road, South Yarra, with five ground floor shops and an upstairs office, has sold for $6.7 million.

Based on the assets annual rent of $296,021, the 638 square metre building sold on a low yield of 4.4 per cent.

Knight Frank’s Marcus Quinn and Paul Henley sold the asset at 307 – 315 Toorak Road.

Mr Quinn said the property offers the new owner plenty of value-adding potential, covering just 50 per cent of the 1000 square metre land area.

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South Yarra’s Newest Skyscraper Set to Rise From Claremont Street

SOUTH Yarra’s latest skyscraper is set to rise from a site near the Melbourne High School oval.

Icon Construction plans to replace a former factory at 45 Claremont Street with SEE, a 15-level, 74-unit apartment tower.

The $34 million complex will include a landscaped rooftop terrace and BBQ area, as well an enclosed timber and steel pergola, with an open air fireplace and communal entertaining area.

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Jam Factory to Lose Two of its Most Prominent Retailers

CHAPEL Street’s Jam Factory is set to lose two of its biggest retailers, with music store Virgin, and American coffee giant Gloria Jeans quitting their prominent tenancies.

The Virgin store, which occupies store T9 at the Jam Factory, occupies 938 square metres – or about the size of seven standard shops.

CB Richard Ellis’ executive Max Cookes, who is marketing the space with Travis Osborne, said the space would ideally be suited to an international retailer looking for a Chapel Street flagship store.

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Challenger to Retain Jam Factory Asset, South Yarra

IT was one of the highest profile commercial properties to hit the market during the economic downturn, but with the market improving, Sydney-based fund manager Challenger has decided to hold on to the Jam Factory. The prominent Chapel Street site, with street frontage to Garden and Palermo streets, in South Yarra, was in 2008 ago

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India-Based DEC to Start Building Apartments Next Door to Beverley Hills Building, South Yarra

Elan South YarraDEC, the India-based development company whose star-studded Australian launch last year saw Planning Minister Justin Madden skip one of his six November parliamentary sittings, has started construction of a luxury apartment complex, next door to South Yarra’s distinctive Beverley Hills building.

The Elan complex, at 59 Darling Road, opposite the Yarra River, will include seven two-bedroom apartments, and a penthouse, taking out all of the top two levels of the six level complex.

A Moreton Bay Fig Tree, once a part of the Beverley Hill’s apartment building’s famous side  garden, and valued by council at more than $2 million, will be retained.

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Another Major South Yarra Development Site Hits the Market

THE WELL walked path between the South Yarra train station, and Chapel Street, could see even more construction activity in 2010.

A major development site at the north-east corner of Toorak Road and Claremont Street, is set to hit the market soon, and sell for about $25 million.

The South Yarra site is expected to arouse interest from residential developers who can cite the Melbourne @ 5 Million planning strategy, to propose a high density project.

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Stonnington City Council Approves 227 Toorak Road Redevelopment

ANZ’s former data centre building in Toorak Road is to be demolished and replaced with a $100 million luxury apartment tower.
Stonnington City Council this week approved the demolition of the 227 Toorak Road office, which ANZ sold for $33 million in 2007 to Little Project Developments, the construction company of Toll Holdings chief, Paul Little.
The redevelopment will see all Toorak Road car access closed off permanently. The apartment tower that will replace the ANZ office, will be set back 45 metres from the road.

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Another Apartment Tower Earmarked For Behind Melbourne High School

ANOTHER week, and another high rise apartment project has been unveiled in South Yarra.
This time, the former Kookai office and warehouse at 50 Claremont Street will be demolished, and replaced with a 20-level, 188-unit apartment building, designed by architect Bird de la Coeur, with interiors by Hassell.
Many of the units in the $110 million Claremont South Yarra development will offer unobstructed city and township views over Melbourne High School.

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South Yarra’s Best Located Eyesore to be Replaced with $100 Million Tower

Proposed new towerOutgoing 227 Toorak Road, South Yarra siteSOUTH Yarra’s best located eyesore may be demolished and replaced with a chic $100 million apartment tower – designed by the same architect that penned Melbourne’s distinctive Rectangular Stadium.
Little Project Developments has lodged a development application with the Stonnington City Council to build a 24-level, 350-unit apartment complex on the site of an ANZ data centre at 227 – 233 Toorak Road, near the busy Chapel Street intersection.
LPD paid ANZ about $33 million for the office in 2007, and was expected to incorporate the 1970s brick building into a new 32-level residential development, possibly adding a second tower to vacant land at the rear of the site.

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Dr Turf’s Watergrill Restaurant, 300 Toorak Road South Yarra, to be Developed Into Apartment Tower

FORMER 3AW radio commentator John Rothfield, otherwise known as Dr Turf, will develop a major apartment building on the prominent Watergrill restaurant site in South Yarra.
The sports enthusiast, bookie and author has appointed boutique architect firm Rothelowman to dream a new future for the 1,629 square metre site, which has a 41 metre frontage to Toorak Road, and is on the south-eastern corner of Cunningham Street.
The proposed development is expected to rise no higher than ten levels, and could include more than 100 apartments as well as offices, and ground floor retail, capitalising on the site’s high profile position opposite the Como Centre, and near the busy corner of Chapel Street. 

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