BAYSIDE developer Gillon Group has quietly acquired a supersite at one of the south-eastern suburb’s busiest corners. Gillon has negotiated with residential home owners, commercial property owners, VicRoads and the council to amalgamate some seven Brighton East lots into a 7500 square metre development site. At the north-west corner of Nepean Highway and South Road, the site incorporates Barr Street, and former public land. It plans to rebuild the site – opposite the Kingston City Hall and Moorabbin train station – into a $100 million-plus mixed-use village with around 200 apartments in what could be a seven level tower. Gillon has not disclosed the price it paid to buy and amalgamate the sites. Local agent sources however value the land at about $2000 per square metre, meaning Gillon’s block could fetch about $15 million if onsold. [...]
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PLANS to redevelop Brighton’s historic Khyats Hotel into an apartment village are proceeding. The pub, at 21 – 25 Wilson Street, raised eyebrows in late 2009, after the Victorian Civil and Administrative Tribunal made the highly unusual decision not to raze the historic building, as part of a residential redevelopment. The Bayside council and former planning minister Justin Madden previously refused to put a heritage overlay over the hotel, which is opposite the Brighton Town Hall and Clocktower Theatre. [...] 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. [...] 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. [...] IN the 1990s, it was considered one of the outer eastern suburb’s ritziest hotels. But the former Sundowner Ringwood complex, since rebranded the Ringwood Motor Inn, has now sold to a residential developer with vacant possession. The 31-year old, 39-room brick hotel is expected to be replaced with a higher density apartment based project which sources estimate will have an end value of more than $40 million and may include high rise buildings. [...] IT IS out with the old and in with the new at an increasing number of council planning meetings – with another site once earmarked to become a retirement village winding up in the hands of residential developers, which have had reconfigured projects approved. This time, near the Phillip Island retail township of Cowes, AMP Capital Investors has sold out of a $40 million aged-care based village it earmarked for 26 hectares of former farmland on Ventnor Road. The new owner, a residential developer is now proposing a standard “house-and-land package” based redevelopment, Whyte Sands. Greg Price of selling agency Alex Scott says the reinvented project will yield about 300 lots and be developed over four years. [...] ONE of the few remaining historic mansions in Melbourne’s grand St Kilda Road is being offered for sale – but its fate – as a luxury home, or as an equally lavish office – is now in the hands of whoever waves the biggest cheque. The prominent Airlie mansion at 452 St Kilda Road, on the north-west corner of Arthur Street was once occupied by Prime Minister Stanley Bruce whose Nationalist-Country coalition governed the country between 1923 – 1929. Built in 1891, Airlie was eminent during a period St Kilda Road was revered as the address of Melbourne’s wealthiest aristocrats and where some of the city’s most grandiose residential real estate was developed. [...] 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. [...] THE National Museum and State Library buildings could be overshadowed by a 36-level skyscraper proposed for a Russell Street site, opposite the eastern most edge of the historic complex. The Melbourne City Council says it is reviewing an application which would see the 42-year old Rido House building at 276 – 284 Russell Street, on the south-east corner of Little Lonsdale Street, demolished and replaced with a 117 metre tower of shops, offices and flats. Unusually, the proposal doesn’t allow for car park bays, suggesting the 154-unit residential component might be better suited (and more easily marketable) as serviced apartments, student accommodation, or both. [...] |
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