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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. [...]
ELEVEN years after the University of Melbourne sold its former Early Childhood Development School campus to builders, the prominent Kew building finally looks set to be redeveloped. The Madden Street campus, in the suburb’s ritzy Studley Park precinct, has been sliced and diced and sold several times over the past decade. At one stage retirement village operator Primelife controlled the site, with plans to redevelop the main imposing existing brick building into a 98-unit aged care facility, Carrington Square. [...]
WHILE attention has focussed recently on the New Delhi Commonwealth Games Village site, builder LU Simon has been refitting part of the 2006 former Melbourne village into a luxury retirement living complex. The $23 million redevelopment has seen the Parkville site, at Cade Way rebuilt as Mercy Place Apartments a high end development with 52 units configured as one, two and three bedroom flats. Residents must be 65 years or older to buy into Mercy Place Apartments. The complex includes an internet kiosk and rooftop entertaining and function room with a city skyline backdrop. [...]
FUND manager and developer Zig Inge Group is believed to have paid close to $18 million for a rundown but spectacularly located office investment at 199 Toorak Road in South Yarra. The blue, glass, four-level building with ground floor shops is at the north-east corner of Claremont Street and will be renovated, and slotted into Zig Inge Group’s Core Plus Portfolio. Zig Inge, which built its business developing retirement villages, outmuscled several high-rise residential developers for the 199 Toorak Road site, which measures 1689 square metres. An adjoining site at 2 – 4 Claremont Street, measuring 908 metres was listed for sale with 199 Toorak Road, but after failing to attract interest as a whole – was sold separately after auction for a speculated $6.5 million. [...]
IT was described as the “best bargain development site” to sell during the economic downturn, and now builder EG Funds Management is ready to cash in. The former Hedley Sutton Retirement Village, on the corner of Canterbury Road and Gascoyne Street, is being replaced with a medium density housing project, called The Canterbury. EG paid Baptcare just $12.53 million for the 8161 square metre site in late 2008, at a particularly depressed time in the residential development site market. [...]
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