Commercial and residential property news
MURRUMBEENA’s former Christian Guest House has sold for $6.15 million to boutique residential builder Pace Developments.
The 5,290 square metre site, which had also previously been used as an aged care facility, will make way for a 4-level, 100 unit apartment complex with a speculated end value of more than $40 million.
CHARTER HALL has sold its half share interest in a portfolio of ten inner-city investment properties, with redevelopment potential.
Charter Hall will sell its share in the “Fosters Abbotsford” portfolio to its consortium partner for the investment, the Wyllie Group. The $18.3 million sale price reflects a yield of about 8.15 per cent for Wyllie, and a 9 per cent discount to the Charter Hall December 2008 independent book value.
MIRVAC has abandoned plans to build a $120 million office building in Burwood Road, Hawthorn, in Melbourne’s leafy eastern suburbs.
The Sydney-based developer has decided to sell the 5,000 square metre development site, months after obtaining VCAT approval to build a 5-level, 18,800 square metre office, with 557 car parks.
Mirvac can expect to make about $12 million for the 291 – 311 Burwood Road site.
EASTERN GOLF Club board members will sell their massive Doncaster golf course, paving the way for a mixed use development of bulky good shops, offices, apartment towers and houses, with a potential end value of more than $1 billion.
The 48-hectare property, accessed by more than 12 suburban streets, is expected to sell for about $100 million to a developer, which sources expect will capitalise on the prominent Doncaster Road frontage with commercial and high density residential buildings, and subdivide what is currently an 18-hole golf course, into more than 1,000 housing lots.
