Commercial and residential property news
THE massive Highett headquarters of security transaction products giant Leigh Mardon is understood to have sold to developer Hallmarc for more than $17 million.
The 2.13 hectare complex, within walking distance of the Southland Shopping Centre and Highett train station, includes a 4,643 square metre vacant site, which is expected to be developed into a retail, office and apartment complex.
AN Indonesian timber merchant is understood to have paid $24.3 million for one of Box Hill’s most prominent office buildings.
The government leased 883 Whitehorse Road office was quietly sold this week, reflecting a yield of about 8 per cent, based on the suburban office’s annual income of just over $1.98 million.
HAWTHORN’s former Vecchi office building at 50 Burwood Road will be put to the market, and is expected to sell for about $17 million.
The 5,000 square metre office, which hugs the western edge of the Hawthorn train station, will be sold with a permit for a 2,500 square metre extension.
Colliers International director Rob Joyes said he expects the site to arouse interest from residential developers, as well as investors, because of a flexible zoning that would allow a straightforward conversion into apartments, presumably with ground floor retail.
THE ING Office Fund has sold a suburban office in Melbourne for $43.8 million, reflecting a high yield of 10 per cent.
The 990 Whitehorse Road office in the eastern suburb of Box Hill is fully occuped by the Australian Taxation Office for whom it was purpose built. The ATO’s lease at the 21,235 square metre multi-level building expires in 2014.
Views currently enjoyed by the building’s tenants over the Box Hill railway line may soon be lost if a proposed 38-level mixed use tower, mooted for a car park site at the corner of Station and Carrington streets in behind the Centro Box Hill shopping centre, proceeds.
Read moreUNLISTED property giant Investa is understood to be close to selling its “Wool House” office building at 369 Royal Parade, opposite the Princess Park football oval.
Sources say an Asian based private investor is in advanced negotiations to buy the B-grade, 11-level building on the south-west corner of Walker Street, for about $22 million, less than the $26.6 million Investa paid for the asset in September 2006.
The same buyer is understood to be looking at another suburban office owned by Investa, but this could not be confirmed.
THE University of Melbourne is continuing to seize properties around the northern city-fringe, this time paying about $30 million for the brand new C100 office complex in Carlton.
The University is believed to have made an offer to purchase the flash nine-level office at 100 Leicester Street last month, after negotiations to lease the entire 6,783 square metre building, fell through.
The University of Melbourne manager corporate affairs Christina Buckridge said C100 will accommodate the new Melbourne Graduate School of Education. She said the building is being fitted out, and will be occupied from early next year. The property was previously used as a car yard.
MIRVAC Real Estate Investment Trust has sold two investments for a combined total of $27.4 million.
In Melbourne, the group offloaded the Doncaster Corporate Centre at 591 – 609 Doncaster Road for $17.3 million. The sale includes a purpose built Silverstone Jaguar showroom and three office buildings. CB Richard Ellis was marketing agent for this property.
Mirvac also sold the Pender Place Shopping Centre in the NSW Hunter Valley town of Maitland for $10.1 million – about the same price it was purchased for in 2007.
Read moreMIRVAC is understood to be close to selling a suburban office building for about $7.75 million.
Sources say the Sydney-based developer, which last week announced a $1.08 billion loss for the year to June, is in negotiations to sell the former National Foods headquarters in Mulgrave to an investor.
The 2,600 square metre A-grade office at 30 – 32 Compark Circuit, near the busy intersection of Springvale and Wellington roads, has only recently been re-let to biotechnology tools company Life Technologies which formed last year when Mt Waverley-based Invitrogen Corporation and Scoresby-based Applied Biosystems amalgamated.
