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 THE Little Bourke Street building that houses popular Chinatown restaurant Shark Fin House is for sale and expected to sell for about $6.8 million. At 131 – 135 Little Bourke Street, the four-level building includes approximately 930 square metres of net lettable area, and sits on a 288 square metre block between Russell and Exhibition streets. Built in 1987, the building returns annual rent of almost $400,000, and is leased until 2018 with a ten year option. [...]  PICKLES Auctions has signed a short-term lease for 60,000 square metres of industrial space, until recently occupied by one of its rivals, Fowles. In the western suburb of Braybrook, the property at 594 – 598 Geelong Road was required to cope with an influx of some 10,000 vehicles which recently found their way onto the company’s books following the hail storms of Christmas Day. [...] IN THE east Melbourne suburb of Doncaster, a Manningham City Council has suggested long-time dweller Westfield financially contribute to an infrastructure project designed to cope with the traffic it will permit for development along the eastern corridor. Cr Stephen Mayne this week said the Sydney based property company would be the biggest beneficiary of a train line to Doncaster Shoppingtown – currently Westfield’s third best centre measured by sales, after Bondi Junction in Sydney and Chermside in Brisbane. The Eastern Golf Course nearby has also been sold to a developer (Mirvac) and is expected to be replaced with a $1 billion residential-based village with apartment, office and hotel towers, and streets built around fairways, once an orchard. [...]  CENTRAL Melbourne is set to expand under a new proposal by the Baillieu liberal government. Dubbed the “Grand CBD” proposal, planning minister Matthew Guy introduced the policy last week. It aims to transform the city into a “Manhattan-style metropolis” five times its present size. Melbourne’s tallest buildings will be permitted to rise from what are currently factories around Fishermans Bend, a pocket of Port Melbourne, south-east of the CBD, or in an area defined as E-gate, north of Docklands and between the Southern Cross and North Melbourne train station (which is actually in West Melbourne). Using a new Capital City Zone, height restrictions will be abolished. [...]  A YARRA Glen farm on [...]  A HISTORIC CBD property, purchased by barristers almost 30 years ago, and occupied as legal industry offices since, is expected to fetch about $5 million at auction next month. Seabrook Chambers, at 573– 577 Lonsdale Street (pictured, right), was for years a warehouse facility, and later, between 1968 and 1979, home to Seabrook Wines. Built in 1854, the double-storey bluestone building includes about 979 square metres of lettable office space and sits on an approximate 411 square metre block. It is being sold with vacant possession. [...]  A SOUTH Yarra development site within the Forrest Hill precinct that is quickly becoming a high-rise apartment compound, has sold for $5.5 million to a consortium of off-shore and local investors. The 10 Claremont Street residential development (artist impression, right) is one of the areas densest proposals – permitted to rise 17 levels and include 104 flats of which 89 are configured with one bedroom. When apartments first hit the market for sale last year, one bedroom flats were priced from $350,000. [...]  AHEAD of a move to an as-yet-undeveloped facility at Cheltenham, the Returned and Services League is selling its Beaumaris facility in a deal expected to pocket the club around $17 million. The 1.1 hectare property (aerial shot, right) has a large frontage to exclusive Bolton Street. According to the RSL’s website, the site is 300 metres above sea level at the suburb’s highest point. The clubhouse, which is expected to be demolished after the sale, is also currently used by the suburb’s Lions Club, Legacy Widows’ Club, and a unit of the Red Cross. [...]  A near-new, neighbourhood shopping centre on a massive 9.3 hectare site, most of which can’t be redeveloped, sold for $8.4 million last month to a local private investor. The Yarra Glen Shopping Centre (aerial, right) was one of several Mortgagee Sale campaigns offered last year. A supermarket – leased to Ritchies Supa IGA until 2028 – fills 70 per cent of the 3747 square metre complex which also includes 11 specialty stores. [...] IN THE week the Melbourne City Council legislated for higher-density development in the inner north-western suburbs, it can also be revealed Planning Minister Matthew Guy is reviewing plans to replace two historic West Melbourne factories with two landmark apartment buildings – the tallest soaring 44 levels. The sites, at 371 – 379 Spencer Street and 83 – 113 Batman Street, will be combined to create a new village with a gross floor area of some 85,000 square metres – about the same size as the Rialto. Proposed by local investment house Bennelong Group, two towers – one rising 39 levels, and another, 29, will be developed atop a five level podium which will include 548 car park bays and 223 bike spaces. [...] |
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