Breeding New Life Into Melbourne’s Landmark Sites

Pentridge Prison, CoburgTHIRTY years ago a three-bedroom house in Thomastown cost more than a three-bedroom house in Fitzroy – that’s testament to how much Melbourne’s attitude to housing has changed.

In the 1970s, to live in Collingwood, Port Melbourne or Yarraville meant to be entrenched in Melbourne’s working class. Houses could languish on the market for months – unsellable, unrentable and not worth fixing up.

Today, to own properties in these and many other particularly inner-city suburbs, is to own the real estate equivalent of a gold mine. Since the 1980s, but especially since the turn of this century, where and how Melburnians want to live has shifted and many disused, derelict but once significant sites have been redeveloped. We look at some of the biggest:

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Troubled Truck Giant’s Melbourne Headquarters For Lease

THE Sunshine West headquarters of troubled trucking company 1st Fleet, which shut its doors last month, has quietly been listed for lease by its ASX-listed owner, Valad Property Group.

The purpose built transport and warehouse facility in Strezlecki Avenue, abutting Kororoit Creek which is also the Brooklyn suburb border, measures about 7100 square metres. On a 2.4 hectare block (pictured, right), the facility also includes expansive concrete hardstand for truck access and parking.

1st Fleet, which owns about 1000 trucks and employs about 1000 people nationally went into administration eight weeks ago.

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US-based Pramerica Buys 575 Bourke Street, Melbourne, For Speculated $75 Million

PRAMERICA, US-based global real estate investor, is reported to be paying about $75 million for a 16-level office building in Melbourne’s CBD.

The 16,200 square metre office at 575 Bourke Street was offloaded by the Valad Property Group’s V Fund. The fund manager acquired the asset for $50.87 million in 2005.

Pramerica’s acquisition, reported in The Australian’s Primespace section, is the latest in a string of national commercial assets.

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Sheraton Noosa Resort and Spa Withdrawn From Sale

WALL Street heavyweight Blackstone Group, which recently announced an $806 million buyout of the debt laden Valad Property Group, has withdrawn a high-profile hotel from the market.

The 22-year old Sheraton Noosa Resort and Spa in the Sunshine Coast has frontage to the Hastings Street retail strip, and mooring facilities to the Noosa Valley. With 176 rooms and on almost 10,000 square metres of land, Valad listed the hotel for sale in March, with price expectations of about $70 million.

Valad paid $93.6 million for the resort in 2007. The value has dipped to about $85 million, according to the AFR which reported the resort being withdrawn from sale.

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Valad to Sell Sheraton Noosa Resort and Spa Complex

VALAD Property Group is expected to take a hit from the sale of its Sheraton Noosa Resort and Spa facility (right) at Noosa Heads.

Valad paid $93.6 million for the asset in 2007, but its value has fallen to about $85 million.

The unrenovated complex opened in 1989 and is on a 9946 square metre site with a private mooring facility on the Noosa River.

It includes 176 rooms, suites and villas, seven shops and five food and beverage outlets.

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Valad May Make Loss From Sale of Sheraton Noosa Resort and Spa

VALAD Property Group is expected to take a hit from the sale of its Sheraton Noosa Resort and Spa facility at Noosa Heads.

Valad paid $93.6 million for the asset in 2007, but its value has fallen to about $85 million.

The unrenovated complex opened in 1989 and is on a 9946 square metre site with a private mooring facility on the Noosa River.

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Valad Sells St Leonards Office Building at a Discount, For $19 Million

VALAD Property Group has recorded a huge loss from the sale of a seven-level office building on Sydney’s North Shore.

The 39 – 41 Chandos Street office sold to fund manager Markham Corp for $19.05 million in September, after previously being valued this year at $20.9 million.

Valad paid just over $24 million for the office in late 2007.

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Upmarket Furniture Retailer Quits Collins Street’s Georges Building

Upmarket furniture and homeware retailer Radstock + Kendall will vacate its prominent retail space at the Georges building at 162 Collins Street, and lease about 250 square metres at the ground floor of Valad’s 575 Bourke Street office tower.

Knight Frank retail leasing director Gary Loo said the retailer is following office workers and city shoppers which are increasingly commuting around the western edge of the CBD.

He said interstate travelers accessing the CBD from Southern Cross station was another factor driving tenant interest in the area.

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Radstock and Kendall Furniture Goes West in Melbourne

Upmarket furniture and homeware retailer Radstock + Kendall will vacate its prominent retail space at the Georges building at 162 Collins Street, and lease about 250 square metres at the ground floor of Valad’s 575 Bourke Street office tower.

Knight Frank retail leasing director Gary Loo said the retailer is following office workers and city shoppers which are increasingly commuting around the western edge of the CBD.

He said interstate travelers accessing the CBD from Southern Cross station was another factor driving tenant interest in the area.

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