Calendar

May 2012
M T W T F S S
« Apr    
 123456
78910111213
14151617181920
21222324252627
28293031  

Auction Ending For Ansett Office Dispute

Thumbnail

THE falling-out of two of Melbourne’s biggest private developers will be played out publicly at the end of the month when agents auction a landmark city office building – on court orders. The imminent sale of the former Ansett headquarters at 501 Swanston Street (pictured, right), for a price expected to surpass $50 million, is also fascinating those within the real estate industry for being likely to smash the record price paid for a CBD office at auction. Interestingly, each of the co-owning vendors of the building, Vince Giuliano, head of PDG Corporation, and Mario Salvo, director of Salvo Property Group, is expected to bid for full control of the asset. [...]

Deague Family to Sell Petrol Station Turned Development Site, Prahran

AFTER canning plans to develop a ritzy hotel, local development family the Deague’s are selling a petrol station-turned residential development site in Prahran. The small site, at the south-west corner of High and Thomas streets, is opposite Swinburne University’s Prahran campus, and walking distance to retail mecca Chapel Street – which commands the highest retail rents of any inner-city shopping strip. The Deagues purchased the 118 High Street site about four years ago with plans to build a hotel, the Larwill, as part of its “art” series chain. However, like many projects by the Deague family’s Asian Pacific Building Corporation, it’s been canned. The site is expected to sell at a premium given it now has a permit – prompting speculation the wealthy family is property speculating. [...]

Colonial Sells Richmond Office For $18.35 Million

INTERESTS associated with Perth based Property Bank Australia and Security Capital Corporation have paid $18.35 million for a 5122 square metre office building in Richmond. Building 8 of 658 Church Street was offloaded by Colonial First State Global Asset Management. The asset is fully leased to DDB and Optus (trading as Uecomm). Based on the annual net rent of $1.637 million, the asset sold on a yield of 8.9 per cent. [...]

Kew’s Sholom Lodge Likely to be Melbourne’s Next Historic Home to be Demolished

ANOTHER historic home in Melbourne’s ritzy east is set to be replaced with apartments. The grand Kew home, currently known as Sholom Lodge and used as a 14-bed aged care facility, is being sold as a residential development site with a permit for 12 flats. Sholom Lodge is near the busy roundabut of Princes Street, and the entrance to the Kew Cottages redevelopment, being undertaken by Sydney-based private developer Walker Corporation. [...]