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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. [...] GONE are the days when St Kilda Road complexes were limited to about 12 levels. With the sky now the limit in regard to residential development in Melbourne – the value of a low rise office, with three street frontages at 472 – 474 St Kilda Road has ballooned over the past four years. Sources say Industry Superannuation Property Trust has entered advanced negotiations with an as-yet-undisclosed residential developer, to sell the Clemenger BBDO House building for about $37.5 million. ISPT paid $29.6 million for the asset in October 2006. [...] AFTER picking up a prominent eastern suburb development site at a particularly depressed time in the property cycle last year, fast food chain McDonalds is readying to play property developer. McDonalds is looking to replace part of a prominent former Patterson Cheney car dealership at 43 – 57 Maroondah Highway in Ringwood, with a 24-hour restaurant. It paid about $15 million for the massive 16,380 square metre site, near the Maroondah Highway exit of Eastlink, almost a year ago. [...] |
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