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 SIXTEEN months after it first hit the market, the outgoing Pakenham Racecourse and Showgrounds site is believed to have found a buyer. Well placed industry sources say the vendor, the Pakenham Racing Club, is set to pocket about $30 million from the sale of the 25.85 hectare property, which abuts the Pakenham train station, about 55 kilometres south-east of town. The estimated sale price is far less than the reported $38 million developer The Corcoris Group agreed to pay for the site early last year, before withdrawing from the transaction in September. [...]
 THE Victorian leg of Chain Reaction, the week-long event that has become the commercial real estate sector’s highest profile charitable exercise, starts in Melbourne next month. The bike challenge, in which members of several agencies and other associated industries are represented, will take participants through 1000 kilometres to Mt Buller and back, and through Ballarat, Heathcote, Nagambie, Violet Town, Whitfield, Mt Buller, Mansfield, Yea and Flowerdale. [...]
 THE Victorian leg of Chain Reaction, the week-long event that has become the commercial real estate sector’s highest profile charitable exercise, starts in Melbourne next month. The bike challenge, in which members of several agencies and other associated industries are represented, will take participants through 1000 kilometres to Mt Buller and back, and through Ballarat, Heathcote, Nagambie, Violet Town, Whitfield, Mt Buller, Mansfield, Yea and Flowerdale. [...]
FORMER aged care facility Shalom Lodge is the victim of the medium-density apartment boom taking place around Kew, about six kilometres east of town. A historic building at 4 Willsmere Road that occupied the nursing home is being marketed as a ritzy apartment complex, Esque. The 1350 square metre Kew site was offered for sale in July 2010 with a permit for a 12-unit development. [...]
 A CHINA-based developer is understood to have paid $3 million for a 1465 square metre development site near a prominent Doncaster Hill junction, about 13 kilometres east of town. The 86 – 88 Tram Road sold with a permit for a six-level, 28-unit tower, each with balconies and car parks. The site is about 150 metres from the corner of busy Doncaster Road, and near Westfield Doncaster – the site Sydney-based retail giant Westfield chose to develop its first Melbourne shopping centre in 1969. [...]
 THE private owners of homes in Pin Oak Court, Vermont South (which is beamed across the world as Ramsay Street, Erinsborough in TV show Neighbours and pictured, right) must be pleased with impressive recent sale results in the area. Vermont South, some 20 kilometres east of the CBD, was part-chosen for its proximity to Forest Hill studios used by network producers when Neighbours was first mooted in the mid 1980s. [...]
 AWARD winning Alpine chalet Under The Moonlight has been listed for private sale. The opulent Dinner Plain home, developed by R&R Van Heek Builders, won the 2009 Housing Industry Association’s Colorbond Most Innovative Use of Steel award. Judges said Under The Moonlight “commands attention and yet does not over-impose on the area’s natural landscape.” Under the Moonlight is part of the highest approved freehold land in Australia, and ten minutes from Mount Hotham. Dinner Plain is about a five hour drive, or almost 400 kilometres from Melbourne. [...]
BULLDOG ruckman Ilija Grgic can expect about $420,000 from the sale of an investment property in Albion – the pocket regarded by residents, and agents, as the nicest part of Sunshine. The fully renovated three-bedroom weatherboard home in Norwood Street sits on a 607 square metre block and is near Selwyn Park and the Albion train station, some 13 kilometres west of town. In recent years that train station has been mooted to become a major depot as part of a proposed rail link connecting Melbourne Airport to the CBD, via an existing but largely disused track between Albion and Jacana, which crosses many north-western suburbs. That Airport rail link proposal would also result in a major upgrade of the Footscray train station – which is just five stops from Albion. [...]
THE suburb that recently topped a survey assessing Melbourne gentrification levels is continuing to evolve. Northcote, five kilometres from town, has had a major rezoning approved which will see prominent factories that only a generation ago helped define the suburb, bulldozed and replaced with cafes, shops and apartments. The rezoning will see the precinct’s residential and retail precinct spill over from High Street into Arthurton Road – and in particular a busy thoroughfare full of factories which connects the strip to the Northcote train station. Northcote and Maribyrnong, in the north-west, have experienced the most rapid gentrification in Melbourne since 2001, according to a study conducted by the Australian Housing and Urban Research Institute at Swinburne and Monash universities. [...]
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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