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 A SOUTH Yarra development site within the Forrest Hill precinct that is quickly becoming a high-rise apartment compound, has sold for $5.5 million to a consortium of off-shore and local investors. The 10 Claremont Street residential development (artist impression, right) is one of the areas densest proposals – permitted to rise 17 levels and include 104 flats of which 89 are configured with one bedroom. When apartments first hit the market for sale last year, one bedroom flats were priced from $350,000. [...]
 NEW plans are in the works to redevelop the Box Hill car park which four years ago was earmarked to become suburban Melbourne’s tallest skyscraper. Developer AXF Group is in discussion with the Whitehorse City Council to build another landmark project at the 545 Station Street site, near the corner of Whitehorse Road and behind the Centro Box Hill shopping centre, which is atop the busy train station. In 2008, The Age reported plans by the site owner to replace the 2417 square metre site, currently an open-air car park, with a 39-level tower, offering office and retail space, as well as an unconfirmed number of apartments (some of which would have been managed as hotel suites) estimated by some to be a couple of hundred. [...]
 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. [...]
 ANOTHER development site has hit the market within the vicinity of the recently re-aligned Haymarket roundabout, where North Melbourne connects with Parkville and Carlton. At 19 – 25 Flemington Road (highlighted, right), next door to a RMIT student village complex that was once the prestigious Apollo Old Melbourne Hotel, the 4000 square metre site is expected to fetch about $20 million and sell to [...]
 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. [...]
 SYDNEY based fund manager Charter Hall has paid $32.5 million for the Lansell Plaza near Bendigo in regional Victoria. The purchase, from the Centro Group is expected to settle at the end of January. According to the AFR which reported the deal, the shopping centre (black and white image from the National Gallery of Victoria) reportedly sold on a yield of 9 per cent. [...]
 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. [...]
 THE biggest shopping centre in the southern hemisphere is about to undergo its highest profile redevelopment, some 51 years after it opened. The owners of the complex now known as Chadstone – The Fashion Capital, are negotiating with the Stonnington City Council to build two glass skyscrapers, each of about 12 levels, at the easternmost edge of the complex near Dandenong Road. If approved, one tower will accommodate a hotel, and the other, an office. [...]
 AFTER recently moving some of its staff to new offices in inner-city Abbotsford, pharmaceutical and healthcare giant GlaxoSmithKline (GSK) is selling a chunk of the prominent Boronia site that has for years been its national headquarters (pictured, right). The largely vacant 7.32 hectare parcel with a street address of Lot A, 1061 Mountain Highway, is expected to interest developers which may subdivide and on-sell the land, or propose a business park, exploiting the sites frontage to Colchester Road and Kalman Drive. [...]
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. [...]
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