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LEXUS of Blackburn – whose radio advertisements wake tens of thousands of Victorians ahead of 3AW’s popular Rumour File – has itself settled speculation it has made a major property play. The prestige car dealership is understood to have paid about $12 million for News Limited’s former Leader Newspaper facility at 160 Whitehorse Road, near its existing facility at 146 Whitehorse Road. Lexus will develop an iconic, new car facility on the site at the corner of Railway Road and near the Blackburn train station – set to highlight the brand’s environmental credentials. [...]
THE State government has outbid a brigade of owner occupiers to snap up a hot office building in the heart of Melbourne’s south-eastern suburbs, which will eventually become home to the Melbourne Fire Brigade. The MFB has paid $6.45 million for a double-storey standalone office at 1721 Malvern Road in Glen Iris, near the train station and High Street intersection. On a block measuring 1603 square metres, the 1893 square metre building was last renovated in 2006. It includes 57 basement car parks, and currently returns a yearly rent of $523,450, mostly from tenant Preston Aviation Solutions. [...]
THE National Museum and State Library buildings could be overshadowed by a 36-level skyscraper proposed for a Russell Street site, opposite the eastern most edge of the historic complex. The Melbourne City Council says it is reviewing an application which would see the 42-year old Rido House building at 276 – 284 Russell Street, on the south-east corner of Little Lonsdale Street, demolished and replaced with a 117 metre tower of shops, offices and flats. Unusually, the proposal doesn’t allow for car park bays, suggesting the 154-unit residential component might be better suited (and more easily marketable) as serviced apartments, student accommodation, or both. [...]
MELBOURNE’s next hospital and major medical clinic will be developed by the private sector in Hawthorn. The City of Boroondara council has issued a permit allowing for the former VECCHI building at 50 Burwood Road to be converted from offices into a 40-bed hospital, and associated medical centre allowing up to 15 practitioners. Sydney-based Healthbridge, a health based fund of manager Ironbridge, outmuscled several residential property developers to buy the prominent Hawthorn site for $17.1 million in April. It struck a deal to relocate the office tenants that were still based at the office, while pushing its conversion plans with council. [...]
LAVERTON North’s former McCubbins Pet Food Factory has sold for about $6 million to Queensland based pet food mogul and multi-millionaire, Tony Quinn. The 10,600 square metre parcel at 75 – 77 Dohertys Road includes offices, cold stores, blast and plate freezers and two warehouses totalling 2300 square metres. The existing building occupies just 22 per cent of the overall site, offering development potential down the track, should Mr Quinn’s pet food company, VIP Pet Food, decide to expand further. [...]
ARMADALE’s next major mixed use project looks likely to rise from the site of a rundown collection of buildings between 1196 – 1200 High Street. A local private investor and developer paid $5.525 million for the 706 square metre site, which is expected will make way for an apartment building with ground floor retail, and maybe some upper level offices. Property developer and the former owner of Malvern’s Giorgio’s restaurant, George Saade, bid at the auction according to sources. [...]
A MAJOR residential development site near central Wallan has sold to Sydney-based property group, Oracle Estates, for a speculated $14 million. The 40.3 hectare former farm extends from the north-west corner of Rowes and Taylors lanes, through to a new housing estate which is also accessed by Taylors Lane, and the Northern Highway. The property is about two kilometres from the Hume Freeway, a proposed major retail centre and the Wallan train station. [...]
CHAPEL Street’s historic Conways Building sold at auction on Thursday for $12.8 million. On a 1000 square metre site, the 2372 square metre Prahran building is configured as four ground floor retail shops, and ten upper floor commercial studios. On a fully let basis, the property could rent for $775,000 per annum, meaning the asset sold on a 6 per cent market yield. [...]
FUND manager and developer Zig Inge Group is believed to have paid close to $18 million for a rundown but spectacularly located office investment at 199 Toorak Road in South Yarra. The blue, glass, four-level building with ground floor shops is at the north-east corner of Claremont Street and will be renovated, and slotted into Zig Inge Group’s Core Plus Portfolio. Zig Inge, which built its business developing retirement villages, outmuscled several high-rise residential developers for the 199 Toorak Road site, which measures 1689 square metres. An adjoining site at 2 – 4 Claremont Street, measuring 908 metres was listed for sale with 199 Toorak Road, but after failing to attract interest as a whole – was sold separately after auction for a speculated $6.5 million. [...]
ANOTHER suburban post office is being redeveloped into flats. This time, in Melbourne’s east, the former Ashburton Post Office at 218 High Street will be replaced with a four-level apartment building. One bedroom units start at $349,950 – or about the same price as a house on land in the suburb in the late 1990s. Castran Gilbert selling agents Michael Lang and David Howard say the apartments include reverse cycle heating and cooling, and full security basement car accommodation with direct lift access. [...]
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