VICROADS – whose days headquartered from dank offices in one of Melbourne’s ritziest suburbs are reportedly numbered – is expecting some $15 million from the sale of a 31.3 hectare residential development site on what is now Melbourne’s northern outskirts, but will soon be considered a middle-ring suburb. The Craigieburn site with a street address of 650 Hume Highway, is spread over two sides of the recently opened Hume Freeway*, which connects commuters to the Western Ring Road and the CBD in one direction, or the Metropolitan Ring Road, and a Greensborough traffic jam at the other. The Melbourne-Sydney railway line dissects the southern edge of both VicRoads sites, some 25 kilometres from town. [...]
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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. [...] AS PART of its push to ensure there is a 20 – 25 year supply of land available for residential development, the new state government’s development agency, VicUrban, has outmuscled developers for one of the western suburb’s most prominent future development sites. VicUrban is believed to be paying about $21 million for the outgoing Le Mans Toyota car dealership, overlooking the banks of the Maribyrnong River and at the suburb border of Footscray and West Melbourne. The 1.3 hectare site is opposite the Hopetoun Bridge, which connects Hopkins Street to Dynon Road, near Melbourne’s Market precinct. [...] APARTMENT construction at the bottom end of Albert Park Lake looks set to intensify with Deaf Children Australia listing major residential development site for sale, abutting Wesley College’s St Kilda Road campus. Local agency sources expect DCA will reap between $16 – $20 million from the sale of the 5471 square metre site which is being marketed as a multi-level development site at lot 1, 597 St Kilda Road. Most of the site is an open air car park with frontage to (the less exclusive) High Street, just west of Punt Road. The precinct is classified as Melbourne, with postcode 3004, however many of the occupants in the area, including Wesley and the Alfred Hospital, also classify their addresses as Prahran. [...] CHEAP holiday makers will need to cross another caravan park off their wish-list, soon. The Bella Vista Holiday Park, in Rosebud West, on the Mornington Peninsula, has been listed for sale as a residential development site. At 15 – 33 Truemans Road, and near the north-east corner of the waterfront Point Nepean Road, the 5689 square metre block is leased to the current operators until winter 2012. It’s for private sale asking $4 million, plus GST. The selling agent is Paul Basso of Fruit Property in Tootgarook. [...] GEELONG identity Frank Costa has entered a joint venture agreement to redevelop 40 hectares of land in Armstrong Creek near Geelong. Costa Property Group will team with Integrated Development to build the $65 million, 400-lot residential village called Baron Rise, on the corner of Barwon Heads and Reserve roads, south-east of the Marshall train station near Grovedale. The affected land is currently being rezoned as part of the Horseshoe Bend Precinct Structure Plan. [...] 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. [...] 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. [...] A MAJOR development site offloaded by the State Government six years ago for $2.8 million, has hit the market again, and is expected to sell for almost twice that amount. The former Box Hill dog pound at the south-east corner of Canterbury Road and Hay Street is being offloaded by retirement village operators, who have decided against building a major 76-unit aged care facility on the site. The block will be sold with two permits – allowing for an aged care redevelopment, or a more medium density traditional residential development with ground floor shops. [...] MIRVAC is believed to have made about $13 million from the sale of a 4.4 hectare Port Melbourne development site, once owned by General Motors Holden. The Sydney-based developer this week exchanged contracts to sell the cleared block of land, to a private investment company. Mirvac’s Victorian development manager Christian Graham confirmed the sale but declined to comment on the details including buyer or price. [...] |
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