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. [...]
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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. [...] 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. [...] |
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