Iconic arcade on the block

MELBOURNE’S famed Block Arcade has been put on the market with the estate of John Kearney QC expecting to reap $100 million from the art deco retail complex. The mall sits within a portfolio of six properties that the decorated legal eagle amassed over a 14-year period for a little over $40m. If the desired […]

Australia 108 finds World Class new owner

Singaporean property developer World Class Land, a subsidiary of Aspial Corporation, has confirmed it paid $42.3 million for the Southbank tower Australia 108 hotel and apartment complex. It is the latest sale to overseas interests and agents are expecting more such deals, boosted by the lower Australian dollar and favourable financing conditions. On Wednesday, the […]

Busy year predicted as Chinese group snares Melbourne’s Park Hyatt for $135m

More than $150 million has changed hands in the Melbourne hotel and industrial property sector in the past 24 hours, a figure which experts say is an indication of a busy year ahead. In the largest deal, private Chinese investor Fu Wah International Group has made its first significant foray into the Australian property market […]

CEL Australia buys office building in St Kilda Road for $45.28 million

The Australian subsidiary of a large Singaporean property developer has bought a 12-level office building in St Kilda Road for $45.28 million. CEL Australia, an offshoot of Singapore-listed Chip Eng Seng, sealed the deal this week for the large, mirror-clad building on the corner of Kings Way and St Kilda Road. The transaction caps a […]

BROOKFIELD MULTIPLEX COMPLETES $210 MILLION PETER DOHERTY INSTITUTE FOR INFECTION AND IMMUNITY

Brookfield Multiplex has completed the $210 million Peter Doherty Institute for Infection and Immunity on behalf of the University of Melbourne, which owns the building. Located on the corner of Royal Parade and Grattan Street, Parkville, Melbourne the state-of-the-art bio-medical institute will accommodate around 700 expert scientists, researchers, clinicians, academics, staff and students. Designed by […]

Buyers have upper hand in festive run-up as Melbourne property market cools

John Khoury, a business associate of Mick Gatto, made a tidy profit at the weekend, flipping a large Princes Hill property he had owned for six months. Four bidders pushed the price to $3.85 million in front of a crowd of about 150 people, many of them neighbours keen to spot the new owners. Mr […]

Tiny shop sells for a huge price

The smallest shop in Melbourne has sold for, nearly but not quite, the city’s highest price. The tiny boutique coffee outlet, a mere three square metres in size, located in Little Collins Street’s art deco Causeway building, sold for $380,000 at a hotly contested auction on Thursday. Eight bidders fought over the micro shop before […]

Smorgy’s restaurant fire site to become eight-storey apartment tower

The site of the Smorgy’s restaurant that went up in flames this month will be redeveloped into a major multi-tower residential complex. The Victorian Civil and Administrative Tribunal found in favour of developer Park Rise Australia, which had appealed against Darebin council’s rejection of its application last year. The decision was made just days before […]

Punt Road brothel terraces for sale

The imposing Victorian terrace on Punt Road was known intimately to thousands of Melbourne’s football fans even if they did not utilise the services within. While parents hurried past with children in tow on their way to the MCG, Ladies for Gentlemen operated as one of Richmond’s oldest licensed brothels, from two double storey terraces […]

80,000 tipped to call Vic’s Fishermans Bend home

THE Victorian government has released its vision for the Fishermans Bend precinct, with long-term plans for the urban renewal project including two underground train stations and the extension of the Collins Street tram over the Yarra River. The industrial area abutting Southbank and across the river from the Docklands has been earmarked for five new […]

Melbourne puts its assets in the open

THE City of Melbourne has released details of its top 20 property holdings, valued at close to $1.5 billion, and is calling on other large councils in Australia to match its new disclosure practices. Leading the disclosure charge is councillor and corporate cage rattler Stephen Mayne, best known for his hard-ball questioning of company executives […]

State steps in as block finds itself surrounded

THE Victorian government has offered to purchase 159 off-the-plan apartments from buyers at a Pace Group development after government plans for the East-West Link showed the block would be surrounded by freeways. The Victorian government’s controversial plans for the East-West Link will see a freeway stretching through much of Melbourne’s east linked to freeways in […]

Asian buyers face shortfall

State-owned Chinese property players are looking to follow a recent surge of south-east Asian investment in Melbourne’s commercial market, but they may be confronted by a shortage of quality assets, agents say. The heritage-listed Equity Chambers building at 472 Bourke Street was the latest development-ready property to change hands on Tuesday after being bought by […]

Singapore firms buy up Melbourne sites

Foreign investors are buying about 25 per cent of commercial properties offered in Melbourne’s CBD, a record level, Savills Australia maintains. Two Singaporean listed companies have splashed out a combined $226.1 million to buy four Melbourne properties over the past month and a Hong Kong-based private investor has bought an office block for $31.5 million. […]

Melbourne inner suburb auctions rise into spring

Melbourne is set to host a significant 709 auctions this weekend, which is 230 more homes than the 479 auctions conducted over the same weekend a year ago. It is also 120 more than last weekend. The higher auction numbers for Saturday is likely due to the federal election next weekend, with some sellers choosing […]

Sydney and Melbourne property boosted by yield hunters, but beware rising unemployment

Experts says Sydney and Melbourne’s housing markets are reaching record levels, as investors shun flat investment markets and weak financial deposit rates and pour money into bricks and mortar. Sydney posted a weekend auction clearance rate of 79 per cent and Melbourne reached a strong result of 82 per cent. Australian Property Monitors senior economist […]

Malaysian group buys Docklands supermarket

A Malaysian investment group is believed to have paid at least $14.5 million to buy the only full-line supermarket in Docklands. Industry sources say the deal was finalised this week on the 2735-square-metre retail space Lend Lease built in Victoria Harbour. It was listed in April with an asking price of $14 million. Listing agents […]

Inge drops village plan as Ingenia jumps in

THE wealthy Inge family has dumped plans to develop a $100 million retirement village and commercial complex in inner Melbourne and has put the site on the market with a price tag of $13m. Patriarch Zig Inge, who is thought to be worth $540m, sold about 20 villages to FKP-managed Retirement Villages Group in 2007 […]

New York firm Cohen & Steers takes 5pc bite of Federation

HAVING spent more than $56 million since March to acquire securities in the Melbourne-based Federation Centres, leading global property securities investor Cohen & Steers has emerged as a substantial shareholder. The New York-based firm notified the Australian Securities Exchange last Friday that as of July 23, it held more than 71 million securities, giving it […]

Mirvac in talks to snap up Melbourne city tower at 161 Collins Street

MIRVAC Group is understood to be in talks to purchase the $200 million-plus leasehold of 161 Collins Street in the Melbourne CBD. The leasehold over the 27,000sq m premium tower is owned by German fund manager SachsenFonds. SachsenFonds, a subsidiary of Germany’s KanAm, purchased the leasehold in 2006 for $250m in a deal brokered by […]

Docklands hotel complex gets green light

An artist’s impression of the 37-level tower approved for the Digital Harbour precinct. Planning Minister Matthew Guy has granted approval to build a $130 million hotel and residential complex on one of the few remaining undeveloped spots in the northern end of Docklands. The new project will be part of the Digital Harbour precinct and […]

Neighbouring city sites expected to fetch $20m

Two more development sites are being offered for sale just a week after a Melbourne private investor sold a portfolio of three properties for more than $80 million. The two low-rise buildings, on neighbouring sites on the corner of King and Batman streets in the city’s north, were expected to fetch more than $20 million. […]

Investor snaps up CBD building for $17 million

A prominent 10-storey Exhibition Street building occupied and owned by the State Trustees has sold for about $17 million to a private investor. The freehold building at 168 Exhibition Street in the east end of the CBD was on the market for the first time in 40 years, after selling in August 1972 for $2,775,000. […]

Rich 200 member Paul Little takes control of embattled Essendon Football Club

Rich 200 member and former Toll Holdings boss Paul Little has been appointed chairman of the Essendon Football Club, the AFL club at the centre of a drugs crisis, two days after the shock resignation of former chairman David Evans. “I’m very honoured and privileged to be elected as chairman of the Essendon Football Club,” […]

Goh set to make $33m

Melbourne property investor Jimmy Goh is close to finalising the sale of a portfolio of large CBD development sites for more than $80 million – a substantial jump on the $47 million he paid for them separately between 2008 and 2012. The three properties, which include a large, multi-storey car park in La Trobe Street, […]

Melbourne’s ultimate residential address selling fast

Cbus Property’s flagship residential development, 35 Spring St has had enormous appeal to buyers since opening its display suite doors in March. Although inspections have been by appointment only, more than 50 per cent of the apartments have been committed prior to the commencement of any advertising. Positioned in one of Melbourne’s key culturally and historically […]

Church takes legal action on property feud

The Presbyterian Church of Victoria has become embroiled in a bitter fight with the trustees of one of its property portfolios, launching a lawsuit that alleges its commercial holdings in the CBD have been mismanaged. The dispute has broken out over control of the income from a 99-year lease of a prime Russell Street property […]

Mill Park mixed-use site hits the market

One of the last remaining mixed-use sites in Melbourne’s South Morang Activity Centre has hit the market, offering a wide range of development opportunities for investors and owner-occupiers alike. Located at 2 Oleander Drive, Mill Park, the 5,167sqm site is being offered for sale with development approval for residential, commercial and retail projects. CBRE’s Jamus […]

Yarraville Gardens site to hit the market

Almost 25ha of prime land within the exclusive Yarraville Gardens estate has hit the market, offering the rare opportunity to secure residential property just six kilometres from the Melbourne CBD. The 24.3ha site is located in Melbourne’s premier western suburb of Yarraville. It is being offered with development approval for 1,500 dwellings, comprising a mix […]

Pacific Brands takes lease on fringe

Pacific Brands is headed to Port Melbourne in what is reportedly the largest office leasing deal seen in the city fringe market this year. The clothing retailer, whose marquee brands include Bonds, Hard Yakka, Holeproof and Mossimo, is consolidating some of its smaller suburban operations but will continue to keep its head office in Hawthorn. […]

Melbourne sales surge

The value of commercial sales in Melbourne for the 2013 financial year grew by 22 per cent, according to Knight Frank. The combined value of office, retail and industrial sales was $2.962 billion this financial year, compared with $2.31 billion the previous year, Knight Frank’s analysis shows. Offices in the city, Southbank, St Kilda Road […]

Foreign buyers boost market

Melbourne property market’s last hurrah before school holidays and the dormant winter market resulted in another strong 71 per cent auction clearance rate amid signs the low Australian dollar could be drawing in overseas buyers. Low interest rates and increased consumer confidence have all contributed to resurgent property markets in Melbourne and Sydney this year. […]

MAB sells shopping centre at University Hill

The University Hill Town Centre, located within the established University Hill precinct, has been sold for to a private Victorian family for $37,200,000. Developed by MAB Corporation, the neighbourhood shopping centre – which is anchored by a full line Coles Supermarket – was offered via a public sale through CBRE Victorian Retail Investments. Buyers were […]

Lips tight: Welsh Church sells CBD land for $20m

A major development site behind Melbourne’s Welsh Church has reportedly sold for close to $20million. The Welsh Church, on La Trobe Street between Elizabeth and Queen, owned a sizeable chunk of valuable CBD real estate that stretches beside and behind the 1871 Gothic Revival building to A’Beckett Street. The church had subdivided the block and […]

Why Melbourne Is The World’s Best Place To Live

In a recent ranking of the world’s “most livable” cities, Melbourne, Australia took the number one spot. The Economist Intelligence Unit gave the city perfect marks for education, healthcare, and infrastructure. Melbourne’s total score was 97.5 out of 100, only losing a few spare points for climate, petty crime, and culture. Australia had five other cities in […]

Grollo group in talks to secure historic site

Equiset, established by the Grollo Group, is in talks to buy a $15 million office building on the corner of Melbourne’s Bourke and Little Queen streets for a potential boutique hotel development. Malaysian-listed DKLS Industries Berhad is selling the property, which includes the historic Equity Chambers Building, and said it had heads of agreement to […]

Lend Lease’s wooden Forté in Melbourne Docklands reaches halfway sales point

Lend Lease’s wooden residential tower construction Forté has sold half of its 23 apartments with another few deals in the pipeline. Two owner-occupiers have settled and moved into the groundbreaking tower, situated in Melbourne’s Docklands, while a mix of investors and owner-occupiers are in the process of settling. The marketing campaign for the building began on February […]

Offshore buyers gain prime real estate in Melbourne

The Holiday Inn on Flinders in Melbourne has been bought for nearly $50 million by Christchurch’s richest resident, Philip Carter of Carter Group. Sold by Singapore-listed Lasseters International Holdings, to Priscilla David Ltd, believed to be associated with Mr Carter, the 4 ½-star hotel covers 1729 square metres of land and is within walking distance of […]

GPO gets facelift to woo tenants

Melbourne’s GPO is set to undergo another costly redevelopment as the $81 million premium retail centre battles competition from the new Emporium centre under construction nearby on the old Myer site. But owner ISPT said the GPO was ‘‘not closing’’ and would ‘‘definitely not’’ become a hotel, denying claims on social media the retail precinct […]

House prices point to mild recovery

Australian house prices have edged higher in February, with Melbourne bouncing back from a two-year slump and Sydney posting a minimal rise. Across Australia, house values rose in February by a combined rate of 0.3 per cent, suggesting the housing market is experiencing a mild recovery. In Melbourne values were up 1.5 per cent. Sydney’s […]

Defence site reprises Melbourne 2030 plan

WITH a new metropolitan planning strategy still two years away, government planners are continuing to cite the unpopular and supposedly redundant Melbourne 2030 planning strategy that supports high-density apartment proposals in the suburbs. In Coburg North, Moreland City Council is formalising the rezoning of a 2.5-hectare site that was for generations home to Australian Defence […]

Lend Lease completes work on Peninsula Link road project in Victoria

Lend Lease today announced that it has received the certificate of completion of its work on the Peninsula Link freeway project in Melbourne, Victoria. The road opened for morning peak hour on Friday 18th January 2013. Lend Lease, through Abigroup, is part of the Southern Way consortium contracted to design, build, construct, finance, operate and […]

Melbourne property values slump by 8.4 per cent

MELBOURNE’S property market has posted its weakest performance in nearly a generation as home prices continue to fall despite deep interest rate cuts. Defying hopes of home owners for a recovery, the city’s property slump is set to continue as new figures show prices fell nearly 3 per cent last year. Values have now slid […]

Centruria sells 601 Bourke Street for $29.1m and acquires 19 Corporate Drive for $23.3m

A private European fund has acquired 601 Bourke Street, in Melbourne’s CBD for $29.1million. The 11-level building at 601 Bourke Street has 7980 square metres of net lettable area and basement parking for 26 vehicles. Jones Lang LaSalle agents James Kaufman and Rob Anderson and CBRE agents Mark Coster and Mark Granter brokered the sale. The vendor, Centuria […]

Hecker Guthrie receives IDEA 2012 Gold Medal

Paul Hecker and Hamish Guthrie, the duo behind Melbourne-based interior design practice Hecker Guthrie, were awarded the prestigious IDEA 2012 Gold Medal award on Friday in Sydney. The IDEA Gold Medal is the most prestigious award at the Interior Design Excellence Awards and is awarded in recognition of a distinguished contribution to the design industry over the […]

2012 Interior Design Excellence Awards (IDEA) winners revealed

Inside magazine announced the winners of the 2012 Interior Design Excellence Awards (IDEA) at its Gala Party tonight, held at the Seymour Centre in Sydney. This year’s top prize was awarded to Billard Leece Partnership and Bates Smart for the Royal Children’s Hospital in Melbourne. Setting a new benchmark for hospital design, this project is a deserving recipient of […]

Grocon feels the pain in Docklands

BIG builder Grocon is facing a damages claim after its work on a $200 million Docklands apartment tower was delayed. And in a frank internal email its high-profile chief executive Daniel Grollo has told two of his senior staff of his plan to negotiate with developer Mirvac over the dispute by saying the firm would […]

BlackRock office assets sale hints at rosy outlook

Private property syndicates and small-to-medium superfunds are in due diligence over more than $300 million worth of prime national office assets that are being sold by the asset manager BlackRock. The sales campaign for the assets closed last Friday and the prospective buyers have 20 days to register an offer. It comes amid an improving […]

Derby takes shine off Melbourne home auctions

Melbourne auctions hardly made it to the starter’s gun on Saturday as the city turned its attention to Derby Day, the start of Melbourne Cup carnival. Only 151 properties were auctioned compared with 1128 for last weekend’s “Super Saturday”. The Real Estate Institute of Victoria said the clearance rate was 62 per cent, down from […]

Emporium Melbourne likely to open with 85% occupancy rate in 2013

Goldman Sachs has downgraded its leasing expectations for Colonial First State’s Emporium Melbourne retail complex, now a year away from completion on Lonsdale Street in the Melbourne CBD. Goldman Sachs Australia senior REIT analyst Simon Wheatley expects the retail development to be 85% leased on completion, having previously forecast it to be fully leased. The […]

Homeowners confident but luxury market loses lustre

Australia’s housing recovery in 2012 is likely to remain a “main street” affair for some time to come. Luxury homes worth more than $1 million in non-mining states, which represent less than 5 per cent of all sales, will face structural headwinds deriving from the downgrade in earnings expectations in the financial services sector. Based […]

Big-city sales show spark of recovery

Sydney and Melbourne property markets are showing signs of strength, with auction clearance rates remaining above 60 per cent. Sydney’s clearance rate over the weekend rose to 64 per cent from 60 per cent last week, Australian Property Monitors figures showed. In Melbourne, the clearance rate remained steady at 62 per cent, according to the Real […]

Smart design a means to green esteem

Owners and tenants are moving into one of Melbourne’s first apartment buildings to achieve a four-star Green Star rating. Lend Lease’s newly completed Serrata building, a bold sculpted-concrete complex in Docklands, gained its green credentials from innovative design rather than expensive features, according to its architect, Robert Stent of Hayball. Many modern green buildings incorporate […]

Stockland tips earnings slide

Property company Stockland says profits may slump by 10 per cent this year as it struggles with sales in the ”worst new housing market” in more than 20 years. The company is facing a ”deep cyclical low” and tough conditions in Victoria, the location of its most profitable residential estates, managing director Matthew Quinn told […]

Singapore developer ‘cheeky’ for selling unapproved Melbourne CBD high-rise project off the plan

A Singapore developer has been called “a bit cheeky” and “a little bit arrogant” by Melbourne lord mayor Robert Doyle for selling apartments in proposed CBD skyscraper Melbourne Tower to Asian investors, despite not yet receiving planning approval from Victorian Planning Minister Matthew Guy. CEL Australia, a subsidiary of Singapore-based developer Chip Eng Seng Corporation, […]

Docklands apartment sales help Lend Lease weather challenging residential market conditions

The practical completion of the Convesso and Serrata apartment projects in Victoria Harbour at Melbourne’s Docklands helped push up Lend Lease apartment sales over 2012, but the overall residential outlook remains challenging with residential lot settlements down 10%. Settlements on Victorian apartments rose from 351 to 523 over the 2012 financial year ending June 30, […]

RP Data identifies Australia’s Top 25 Richest Suburbs

In the weekly RP Data Property Pulse out yesterday, research director Tim Lawless revisits one of the all-time favourite property-related topics – Australia’s Property Rich List. Using median values analysis for houses rather than median prices, Mr Lawless identifies where the most expensive locations are in Australia for home ownership. In compiling the data, he has […]

David Jones wants bang for buck

The property jewels are not for sale but David Jones is looking to get the most out of its famed Sydney and Melbourne stores. A frenzy was sparked by the company’s September release of a report by property consultant Cushman & Wakefield valuing its four key stores at $612 million. There had been estimates that […]

Local architects build a global reputation

A strong Australian presence was felt at the World Architecture Festival in Singapore last week, with local firms shortlisted in 24 of the 33 categories. There were 50 Australian-designed projects considered for 301 prizes, the most successful being Hassell, which took home three first places. Winning prizes in the “future projections” section, Hassell was the […]

Fulton Lane Melbourne residential tower offers Malaysian buyers exclusive sweeteners

Malaysian developer SP Setia has been offering Malaysian investors exclusive deals for Fulton Lane, Melbourne purchases. Potential buyers at a recent showcase at the luxury Marriott Hotel in Kuala Lumpur were offered 10% interest per annum on off-the-plan deposits for the final release of apartments as well as a cash rebate of 1% of the purchase price. The developer is […]