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 THE Royal Automobile Club of Victoria is some $2 million richer, after selling a 9711 square metre development site in Frankston South (pictured, right). The undeveloped block at 6 Robinsons Road sold to an investor, and is expected to make way for a residential redevelopment in the medium to long term. The asset derives annual rent of $110,000 from leases to five telecommunication companies. It’s next door to the Village Baxter retirement village and a caravan park and is close to what will be an onramp to the $759 million Peninsula Link freeway, which is under construction. [...]
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. [...]
ANOTHER prominent inner-city site, formerly occupied by 63-year old car dealership Flinkier Motors, has hit the market. This time at 390 – 396 Dynon Road in West Melbourne, a 1517 square metre site with residential or commercial redevelopment potential is expected to fetch about $1.4 million. The site was until recently occupied by National Hire and is still configured as an office warehouse. It’s surrounded by a mix of low rise industrial warehouses and the Maribyrnong River, which is also the Footscray suburb border. [...]
A HISTORIC West Melbourne building, once the headquarters of Mushroom Records, sold this week for $3.6 million. Currently configured as a double storey, 650 square metre office, 27 -31 Dudley Street is on a 613 square metre block and sold to a developer who is said to be considering a residential redevelopment in the medium term. Savills directors Clinton Baxter and Nick Peden marketed the vacant building. [...]
A PAKENHAM development site until recently earmarked to become a school has hit the market, and is likely to become a shopping centre-based mixed use village. The Sale Diocese of the Catholic Church is offloading the prominent 6.7 hectare site, with street frontage to Princes Highway, Thewlis and Mulcahy roads, near the Pakenham town centre. The property abuts the Worthington housing estate and is near the suburb border of Officer – which, like Pakenham, is seeing increasing residential redevelopment. [...]
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