YET another house of worship is deferring to the medium density redevelopment trend. This time, in West Footscray, a former Uniting Church on the corner of Ormond and Glamis roads will be pulled down and replaced with 12 double-storey townhouses, in a development called Trugo. Two bedroom townhouses start from $499,000. Prices rise for three bedroom units, available from $570,000, and the biggest four bedroom homes, which start at $670,000. JG King Projects is redeveloping the church. Building manager Ryan L’Huillier says Trugo will set a new benchmark for townhouse living in Melbourne’s west. [...]
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 MELBOURNE’s top-end may be deflating faster than some agents would have you believe. In St Kilda West, a historic waterfront four-level mansion with six bedrooms on Beaconsfield Parade has just been discounted to $4.95 million after failing to sell last June for $7 million. Around the corner in tree-lined Mary Street, Channel Nine managing director Jeff Browne is asking $3.975 million for his outgoing terrace after it failed to sell at auction in February, with price expectations of up to $4.4 million. At another Mary Street, in Hawthorn, a modern family home was discounted this week to $4.65 million after being advertised for most of the year at $4.95 million. [...] ENERGY broker energywatch.com.au has leased about 2000 square metres of refurbished office space in the historic Melbourne Steamship Company building at 27 – 31 King Street. Energywatch will consolidate from four separate Melbourne offices, having signed a lease at King Street for four years, with a four year option. The company recently said it wanted to grow its employee base from 200, to 500, as part of an expansion into other IT businesses. It will pay a starting annual rent of about $500,000. [...] STAWELL Chambers, the free-standing, historic office that was for years occupied by solicitor Isaac Brott, has sold. The building at 493 – 495 Little Bourke Street, opposite the southern boundary of the Supreme Court in Melbourne’s legal precinct is speculated to have traded for about $4 million. Days after an auction last Friday, a “sold” sticker appeared on a board outside the 121-year old, four-level 650 square metre office (pictured, right). But Savills directors Nick Peden and Clinton Baxter declined to comment on any part of a deal when contacted by The Age. [...] 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. [...] IT’S back to the drawing board for the owners of Russell Street’s Rido House office, after the Melbourne City Council refused its application to replace it with a 36-level tower. The council blamed height, setback, wind impacts, general amenity to adjacent buildings and an excessive site plot ratio as reasons for rejecting the proposal. However – and as is increasingly the case in Melbourne planning – the developer has appealed, and the matter is currently being heard by the Victorian Civil and Administrative Tribunal. If approved, the 42-year old office on a compact 381 square metre block at 276 – 284 Russell Street will be replaced with a 117-metre tower with 154 flats or hotel suites, but no car parks. [...] IT’S back to the drawing board for the owners of Russell Street’s Rido House office, after the Melbourne City Council refused its application to replace it with a 36-level tower. The council blamed height, setback, wind impacts, general amenity to adjacent buildings and an excessive site plot ratio as reasons for rejecting the proposal. However – and as is increasingly the case in Melbourne planning – the developer has appealed, and the matter is currently being heard by the Victorian Civil and Administrative Tribunal. If approved, the 42-year old office on a compact 381 square metre block at 276 – 284 Russell Street will be replaced with a 117-metre tower with 154 flats or hotel suites, but no car parks. [...] ESTABLISHMENT family the Smorgon’s have sold a Melbourne CBD office for $16.35 million. The Katherine Place complex at 517 – 537 Flinders Lane was developed in the 1980s by the Becton Group and includes two buildings, known as 517 – 525 Flinders Lane (rising four levels and with 5609 square metres) and 533 – 537 Flinders Lane (a smaller four-level 1556 square metre office). Both assets are flanked with ground floor retail. Private investor Brendan Sullivan has been reported as the buyer, purchasing the asset on a low yield of 6.2 per cent. [...] ONE of the Melbourne CBD’s few remaining ghost towers has sold to a Chinese developer for $45 million. The 21-level Communications House at 199 William Street (right) includes a 19,500 square metre office that has been vacant for more than ten years. The asset was offloaded by another Asia based investor with the registered company name Memo Corporation. The building’s site area is 3318 square metres and the building is in the heart of what is known as the Melbourne CBD legal precinct. It’s residential redevelopment potential was touted throughout marketing. [...] SUPERANNUATION giant Sunsuper has paid a reported $108 million for Melbourne’s 330 Collins Street office building (right). The 17-level renovated building, which made headlines when a previous owner found asbestos while undertaking a renovation, includes 18,337 square metres of net lettable area. A lot of the sites value is in its ground floor tenancies – on the corner of Collins and Elizabeth streets – both expensive retail thoroughfares in the Melbourne CBD. [...] |
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