MELBOURNE’s next major shopping centre will be developed in Brunswick East, after a prominent 1.9 hectare factory, formerly occupied by Tontine Pillows, sold to developers. The site at 127 – 137 Nicholson Street was listed by receivers for the Letten Group of companies, and sold to the Melbourne-based Banco Group, a representative of which was unavailable for comment. Banco is believed to have paid $15 million for the huge Brunswick East site, which also has frontage to John, Gamble and Rickard streets, offering flexible and mixed-use redevelopment approval. Any sale to Banco would follow a $20 million purchase of the Footscray Plaza shopping centre in February. [...]
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APARTMENT construction at the bottom end of Albert Park Lake looks set to intensify with Deaf Children Australia listing major residential development site for sale, abutting Wesley College’s St Kilda Road campus. Local agency sources expect DCA will reap between $16 – $20 million from the sale of the 5471 square metre site which is being marketed as a multi-level development site at lot 1, 597 St Kilda Road. Most of the site is an open air car park with frontage to (the less exclusive) High Street, just west of Punt Road. The precinct is classified as Melbourne, with postcode 3004, however many of the occupants in the area, including Wesley and the Alfred Hospital, also classify their addresses as Prahran. [...] APARTMENT construction at the bottom end of Albert Park Lake looks set to intensify with Deaf Children Australia listing major residential development site for sale, abutting Wesley College’s St Kilda Road campus. Local agency sources expect DCA will reap between $16 – $20 million from the sale of the 5471 square metre site which is being marketed as a multi-level development site at lot 1, 597 St Kilda Road. Most of the site is an open air car park with frontage to (the less exclusive) High Street, just west of Punt Road. The precinct is classified as Melbourne, with postcode 3004, however many of the occupants in the area, including Wesley and the Alfred Hospital, also classify their addresses as Prahran. [...] IT’s the kind of development you’d expect to see approved in King Street, in the city. But instead, in downtown Bendigo, plans are afoot to build a multi-level, 420-bay car park and office building at one of the city’s busier intersections. The City of Greater Bendigo council this week approved a $15 million redevelopment of what is currently an open-air car park bound by Edward, Queen and King streets. The redevelopment will include a 1500 square metre office, pre-committed to government agency State Trustees, which also has naming rights. [...] IT’s the kind of development you’d expect to see approved in King Street, in the city. But instead, in downtown Bendigo, plans are afoot to build a multi-level, 420-bay car park and office building at one of the city’s busier intersections. The City of Greater Bendigo council this week approved a $15 million redevelopment of what is currently an open-air car park bound by Edward, Queen and King streets. The redevelopment will include a 1500 square metre office, pre-committed to government agency State Trustees, which also has naming rights. [...] MAB Corporation plans to build a $60 million business park at a prominent Port Melbourne site it bought last month from the redundant Brumby government (highlighted, red, right). The St Kilda Road based private developer, which at one stage was linked to buying Doncaster’s massive Eastern Golf Course, says it expects to lodge redevelopment plans for its new Cook Street site by the middle of this month. The Port Melbourne property is due to settle on January 7, 2011. MAB commercial and industrial general manager Richard Johnston said the former Vicroads toll collection facility for the West Gate Bridge has a 500 metre frontage to the West Gate Freeway, and passing traffic of some 160,000 vehicles a day. [...] QUEEN Street’s historic Lombard Building, in Melbourne, sold to a private investor at auction earlier this month for $9 million. Recognised by Heritage Victoria as one of the city’s first office blocks developed with passenger lifts, the extravagantly designed eight-level, 2370 square metre building sold on a yield of 6.5 per cent, based on the asset’s annual income of $588,000. Savills directors Clinton Baxter and Nick Peden received 67 bids from five separate bidders, before 15 – 17 Queen Street, which was built in 1888, sold to a Melbourne-based investor. In July, another historic CBD building at 167 – 173 Flinders Lane sold for $13.31 million, to businesswoman Carol Schwartz. [...] AUSTRALIAN Unity has sold another Melbourne asset, this time in the bayside suburb of St Kilda. The prominent black office at 180 St Kilda Road was occupied for years by Austereo as the studio headquarters of radio stations Fox FM and Triple M. Austereo recently relocated to a new state-of-the-art facility in South Melbourne, but sublet its offices at 180 St Kilda Road, where it is committed until June 2014. Based on the building’s current annual rent of $854,000, and sale price of $10 million, the asset sold on a yield of 8.5 per cent. The office measures 2956 square metres and includes a 61-bay basement car park and residential redevelopment potential. [...] IT MUST be with a great deal of despondency former members of the recently defunct Naval & Military Club “keep under surveillance” what is happening at their former headquarters, at 27 Little Collins Street, Melbourne. The mission-brown building was sold by receivers to Chinese developers during the economic downturn, and after a series of legal disputes prevented the NMC organising a joint venture partner to redevelop the site into a club room, hotel and apartment tower. NMC’s proposed redevelopment was expected to save its future – and indeed give it an income stream which could have allowed it to grow. [...] CASHED-up design practice Metier3 is understood to have paid $25 million for a development site near the retail epicentre of Chapel Street and Toorak Road. The 3,537 square metre parcel is one of the last remaining major industrial sites within the South Yarra pocket known as Forrest Hill, bound by Alexandra Avenue, Chapel Street, Toorak Road and the train station (which runs parallel to Yarra Street). Forrest Hill has seen rampant high density redevelopment in recent years. One developer’s ambitious 38-level skyscraper proposal was given the green light 16 months ago. [...] |
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