Carrick Institute of Education Leases Southbank Building
THE Carrick Institute of Education has leased some space for now, and some space for later at an office building in Southbank.
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Salvation Army Commits to New Blackburn Office Building
THE Salvation Army will relocate its Australia Southern Territorial Headquarters to a new purpose-built office development in Blackburn.
Read moreWest Australian Syndicate Buys Six Units at Lend Lease’s Mosaic Development, Docklands
A MYSTERY Western Australian- based syndicate of property investors swooped in to Lend Lease’s Mosaic apartment tower in Docklands last weekend, buying six units and spending $3.5 million.
Read moreInterest Rates, Land Values to Increase Until 2009
INTEREST rates are likely to stay at or slightly above current levels until 2009 before heading down, according to property experts at a seminar hosted by the Urban Development Institute of Victoria at Crown Casino earlier this week.
Read moreGood Guys Andrew Muir Pays $17.75 Million for Steve Vizard’s Orrong Road Mansion
INSIDERS are all but certain the mystery buyer of Steve Vizard’s Orrong Road mansion is Good Guys electrical retailer Andrew Muir. Early speculation was that the house had been bought by Peter Edwards of the Smorgon family but he has vehemently denied this. Mr Muir is overseas and unavailable for comment.
Read morePlanning Eagle Clem Newton Brown Sells Toorak Site
FORMER Melbourne deputy lord mayor and planning legal eagle Clem Newton-Brown has sold a unique 508-square-metre block of land on the banks of the Yarra in Toorak.
Read moreSupply Shrinks for CBD Office Buyers
FEWER Melbourne CBD offices are being put on the market this year as investors hold on to assets to take advantage of rising rents and surging building values.
Read moreCar Park Squeeze for Office Developers
CAR park ratios are set to become the new buzz term in Melbourne’s fringe office market, with councils getting tougher about the number of parking bays developers can put into new office buildings.
Read moreCommonwealth Bank Reissues Melbourne CBD Office Leasing Requirement
THE tenant representative acting for Commonwealth Bank of Australia has issued a new CBD office leasing requirement, replacing two other require-ments it put to the market late last year.
Read moreSt Kilda Road Airlie Mansion to Get High Rise Apartment Backdrop
THE Deague family’s Asian Pacific Building Corporation has swooped on a St Kilda Road site marked for residential development, in a deal worth more than $12 million.
Read morePrice Quoting Guidelines Create Grey Area
NEW Real Estate Institute of Victoria guidelines implemented to tackle underquoting in Melbourne’s real estate game are confusing the public and creating an "alarming grey area" for agents to continue the outlawed practice, according to buyers’ advocates.
Read moreSkilled Group Boss to Sell Luxury City Apartment
LESS than a year after paying a record $7 million for a block of land in Flinders on Western Port, former managing director of the Skilled Group Greg Hargrave and wife Mardi have put their luxury city apartment on the market, in a deal expected to be worth more than $3.7 million.
Read moreSuzie Wilks Changes Rooms
A Hawthorn home once owned by television show host and model Suzie Wilks has for an undisclosed price, believed to be around $1.3 million.
Read moreAlmost $17m in Service Station Sales This Week
ALMOST $17 million in suburban service stations changed hands this week on low yields, as demand from private investors for securely leased retail assets intensified.
Read moreRecord Retail Rents for Bourke Street Mall CBD
AGENTS expect ground-floor rentals of a high $6000 a square metre for a Bourke Street Mall shop across the road from Myer’s main entrance.
Read moreAspen Groups Buys Mulgrave Business Park
THE West Australian-based Aspen Group is believed to be the mystery buyer of a business park in Mulgrave, in a deal worth about $18 million.
Read moreNo Pub is Safe From Alternative Redevelopment
POPULAR hotels in prime suburban strips may not escape the demolition ball either, with recent sharp increases in retail land values also affecting the best use for several of Melbourne’s biggest pubs.
Read moreHoteliers Brace for Pain as Big Butt Out Looms
HOTEL owners say next month’s indoor smoking bans will have a negative effect on their businesses, but anticipate the number of non-smoking patrons to increase in the medium term.
Read moreAustraland to Buy Industrial Site in Mulgrave Technology District
DEVELOPER Australand is believed to be in exclusive due diligence to buy a 3.5-hectare industrial development site in Mulgrave’s technology district in a deal worth about $15 million.
Read moreSalvation Army Sells Williamstown Industrial Facility
THE Salvation Army has sold an industrial facility in Williamstown for $2.5 million.
Read moreSpace Time Research Leases 630 Church Street Richmond
ONE of the first office buildings developed by private developer Michael Yates has managed to avoid mass vacancy when a lease to its major tenant, Thales ATM, expires next month.
Read moreMacquarie Goodman Spends $41 Million For 72 Hectares of Industrial Land
MACQUARIE Goodman Industrial has bought 72 hectares of industrial land in two separate deals worth about $41 million.
Read moreStockland to Start Developing Tooronga Village Site in 2008
DEVELOPER Stockland hopes to start demolition on its high-profile Tooronga Village shopping centre, and associated car park by the end of the year, after a consultation period regarding the controversial site lapsed. The development is expected to receive a sign-off from the minister soon.
Read moreMary Coustas Sells Waterfront St Kilda Road Apartment
COMEDIAN and actress Mary Coustas sold her beachfront apartment before a scheduled auction last weekend, for an undisclosed amount believed to be around $660,000.
Read moreScotch College Sells South, Buys North
SCOTCH College has been bolstering its property portfolio in Hawthorn’s exclusive Scotch Hill pocket, recently snapping up two prestigious homes near its stately Morrison Street entrance.
Read moreRMIT Buys City Building and Development Site for $7.25 Million
RMIT University is believed to have paid about $7.25 million for two office buildings on Victoria Street and a development site in Cardigan Street, close to the Carlton and United Brewery site it sold to developers last year.
Read moreVision Australia to Sell Heritage Listed St Kilda Road Headquarters
VISION Australia has put its heritage-listed Royal Victorian Institute for the Blind property on the market, in an expression of interest campaign that could reap the organisation about $20 million. The 1.5-hectare property at 557-563 St Kilda Road, on the corner of Moubray Street, is identified by an imposing four-level, bluestone building, part-leased to the Belgian Beer Cafe.
Read moreInstitutions Dominate Shopping Centre Sales
INSTITUTIONS bought half the shopping centres put to the Melbourne market in 2006-07, up from a third of centres bought in 2005-06.
Read moreLand Values Boom Around Eastlink Freeway
AVERAGE industrial land values in Melbourne’s eastern suburbs increased a staggering 41 per cent in the 2006-07 financial year in anticipation of the opening of the EastLink toll road next year. Industrial land values in the east now average $325 a square metre, up from $230 a square metre this time last year.
Read moreStubborn office owners press yields to record lows
OWNERS of Melbourne CBD office buildings held onto their properties in the 2006-07 financial year, on the back of rising rents and capital values, and a lack of alternative investment options. The gridlocked environment has resulted in record low yields being achieved for what limited major office buildings have become available.
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