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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. [...]
 AHEAD of a move to an as-yet-undeveloped facility at Cheltenham, the Returned and Services League is selling its Beaumaris facility in a deal expected to pocket the club around $17 million. The 1.1 hectare property (aerial shot, right) has a large frontage to exclusive Bolton Street. According to the RSL’s website, the site is 300 metres above sea level at the suburb’s highest point. The clubhouse, which is expected to be demolished after the sale, is also currently used by the suburb’s Lions Club, Legacy Widows’ Club, and a unit of the Red Cross. [...]
IN THE week the Melbourne City Council legislated for higher-density development in the inner north-western suburbs, it can also be revealed Planning Minister Matthew Guy is reviewing plans to replace two historic West Melbourne factories with two landmark apartment buildings – the tallest soaring 44 levels. The sites, at 371 – 379 Spencer Street and 83 – 113 Batman Street, will be combined to create a new village with a gross floor area of some 85,000 square metres – about the same size as the Rialto. Proposed by local investment house Bennelong Group, two towers – one rising 39 levels, and another, 29, will be developed atop a five level podium which will include 548 car park bays and 223 bike spaces. [...]
 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. [...]
 SIXTEEN months after it first hit the market, the outgoing Pakenham Racecourse and Showgrounds site is believed to have found a buyer. Well placed industry sources say the vendor, the Pakenham Racing Club, is set to pocket about $30 million from the sale of the 25.85 hectare property, which abuts the Pakenham train station, about 55 kilometres south-east of town. The estimated sale price is far less than the reported $38 million developer The Corcoris Group agreed to pay for the site early last year, before withdrawing from the transaction in September. [...]
The Australian Property Growth Fund is expected to reap about $30 million, sources say, for a large Richmond office building which is occupied as offices for Solomon-Lew backed retailer Country Road. Part of a business park at 658 Church Street, near the Yarra River and South Yarra border, the Country Road headquarters is visible to Citylink commuters around Richmond. Colliers International director Peter Bremner is marketing the Richmond property, a former electrical substation, with Dawkins Occhiuto’s Andrew Dawkins and Walter Occhiuto. [...]
 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. [...]
 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 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. [...]
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