MELBOURNE Water can expect about $6.5 million from the sale of a development site on the corner of Colemans and Frankston-Dandenong roads in Dandenong South. Being offered with vacant possession, the site is spread over 5.5 hectares and includes about 4000 square metres in building improvements. Knight Frank selling agents Martin Bourke, James Templeton and Adrian Garvey are marketing the site. Last year Melbourne Water successfully rezoned two hectares of land abutting the Arthurs Seat State Park in Dromana in a move expected to see the site attract residential developers. [...]
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 THE owners of a 26-hectare Phillip Island farm, until three years ago owned by AMP Capital Investors and earmarked to become a retirement village, have applied to Bass Coast Shire Council to remove the entire aged-care component of the proposal. The owner of the site paid AMP a reported $8 million for the Ventnor Road block and a permit for a 184-lot residential subdivision. A major aged-care complex and community facilities were required to be developed as part of that permit. However, the council will now decide on whether to issue a new permit resulting in the entire farm, about three kilometres south-west of the centre of Cowes, being subdivided into 304 standard residential lots. [...]  A PROMINENT Camberwell development site opposite the suburb’s Town Hall and until recently earmarked to become a $50 million office building, has sold for $7.7 million to residential developer, Trenerry Property Group. The site at 347 Camberwell Road, north-west of the busy Camberwell Junction, sold with a permit for a four-level, 8277 square metre office. However given the recent success apartment projects in the area recently, including Aerial at the Camberwell Junction, the vendor, local developer CGA Bryson, was pursuing another permit for a residential based project with just 1000 square metres of office space, and 112 flats. [...]  PLANS are afoot to develop another major skyscraper on a Southbank site abutting the West Gate Freeway. The affected site at 61-71 Haig Street, with rear access to Blakeney Place, is on the city side of the major freeway, near Crown Casino, the Melbourne Exhibition Centre and Clarendon Street shops. Now being offered for sale, and with price expectations of about $14 million, the 1857 square metre site is not being offered with a permit. However the area is permitted for buildings of about 100 metres, meaning the commercial sites could make way for a residential tower of about 30 levels. [...]  ELECTRICITY transmission network owner and operator SP-AusNet can expect to make about $5 million from the sale of two Victorian properties, effectively development sites. The first site, at 785 Thompsons Road in Lyndhurst in Melbourne’s outer south-east, measures 23.7 hectares and is opposite the Sandhurst Club Golf Course and Links Living residential estate. It’s expected to sell to a residential developer for about $4 million, according to sources. [...]  Sydney-based developer EG Funds Management has lodged plans to replace a rundown Kensington wool store (pictured, right) with a major residential village. The 110-year old historic building, next door to flour processing plant Allied Mills, whose factory is prominent to commuters taking the Bolte Bridge, is expected to be retained in any redevelopment. EG is seeking to build at least one tower, rising up to 12 levels, on its site, according to The Age which reported the development application that has been rejected by council. [...]  AFTER retaining it for five years, the Australian Unity Investments’ Healthcare Property Trust has sold an inner-city medical complex in a prime residential area to a syndicate of private investors. The Victoria House Medical Centre and Victoria Clinic complexes at 314 – 324 Malvern Road in Prahran (pictured, right) sold for $18.7 million, reflecting a yield of 8.3 per cent based on the asset’s annual rental income of $1.55 million. Australian Unity paid $17.53 million for the Residential 1 zoned asset in 2006, on a yield of 7.8 per cent. [...]  IT’S been the host of many a celebration, but now the former Banksia Court Reception Centre (pictured, right) in ritzy Eaglemont, north-east of town, will be redeveloped as a residential village. The 109 – 111 Banksia Road site is opposite the picturesque Remembrance Park and Austin Hospital, which is classified as being in Heidelberg – a suburb that shares the same 3084 postcode as Eaglemont. The 4046 square metre site sold with plans for an 18-dwelling redevelopment. Six of the new units will be developed within the walls of a prominent heritage building, which was developed in 1912. [...]  TWO disused bowling alleys, north and south of the Yarra River, give an indication of how fast planning attitudes have reformed, as architects, developers and planners maximised the former government’s redundant Melbourne @ 5 Million planning strategy. In Mentone, some 21 kilometres south of the CBD, council has just rejected plans to replace the Mentone Bowl site with a 170-unit residential village topped by two towers of eight and 12 levels. [...]  SOON, Melbourne’s eyesore commission flat towers might not be the tallest buildings within their suburbs. Far from being daunted by new planning minister Matthew Guy shredding of the Brumby government’s problematic Melbourne 2030 planning policy (which he argued in Opposition treated metropolitan Melbourne like one giant development zone), residential developers are still proposing big, bold buildings. This is despite Melbourne planning being a relative state of limbo until a new planning strategy is formulated. This time, in Magpie land and near the Victoria Park stadium (pictured) and train station, a proposal has been lodged to build a 204-unit residential village with ground floor shops and a 17-level tower. [...] |
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