Devine Limited Goes on Spending Spree
QUEENSLAND based Devine Limited has purchased a 107-unit apartment complex in the fringe Brisbane suburb of Teneriffe, and a 22
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Melbourne Residential Development Site Sale
Golden Group Pays $36 Million For 64 Hectare Tarneit Development Site, Melbourne
FOR Melbourne’s newest millionaire farmer, the west has proven lucky in more ways than one, with Perth-based development giant Golden Group revealed as the buyer to pay $36 million for the Tarneit farm once known as Shanahans House, and later, Wyndham Park.
The 64 hectare estate, some 28 kilometres of town at 1070 Sayers Road, was one of the first major farms publicly listed for sale after the former state government significantly expanded Melbourne’s Urban Growth Boundary by some 46,000 hectares last June.
That expansion, which built on a 23,000 hectare expansion a year earlier, allowed for new homes to be developed on what was previously Green Wedge land, parkland and rural zoned properties.
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Local Resident Outmuscles Developers For Prominent Kew Site, Melbourne
THE street may share the same name as redundant, pro-development Planning Minister Justin Madden.
But around ritzy Madden Grove, Kew, residents value the character of their streets – and are prepared to pay to avoid being overrun by medium density development.
In an extraordinary deal, a local resident has paid a speculated $9 million for the former University of Melbourne Early Childhood Development campus, which the school sold 12 years ago, and was to become that suburb’s next major apartment complex.
The imposing property at 6 – 12 Madden Grove has been handpassed to a variety of developers since 1999. What was a 4973 square metre campus that started at #2, was sliced to become a 3502 square metre site, which was offered for sale late last year.
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Major Riverfront Footscray Site Hits The Market
IT’S bad enough if the site next-door to the one you just bought gets listed for sale, targeting developers.
It’s worse when you just spent $21 million of taxpayer money, and if the redevelopment next door robs the million dollar views you planned to exploit in your own marketing.
Sadly this is what’s happening on the Footscray waterfront right now.
Read moreDennis Family Pays Reported $30 Million for Clyde North Development Site, Melbourne
ADVANCE to Clyde-Five Ways Road, about 45 kilometres from town, if you want to know where Melbourne’s south-east suburbs have sprawled to – and will soon overrun.
A swag of farms and major homestead estates listed for sale along the soon-to-be-major road last year, sold over the festive break.
The “farm sale” trend is not novel to the south-east, where large parcels are also selling around Langwarrin, Pearcedale and Skye.
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New David Devine Enterprise, Metro, Makes Major Melbourne Development Site Purchase
QUEENSLAND-based property developer David Devine is wasting no time getting back into the Melbourne development scene.
Four months since retiring from the listed development giant he established in 1983 – now known as Devine Limited – Mr Devine’s newest incarnation, Metro Property Development, has paid $10.2 million for an eight hectare site in Doreen.
The land, at 60 Orchard Road, on the corner of Garden Road, will be subdivided into about 150 lots and carry an average block price of about $200,000. Assuming homes worth $250,000 are developed on each block, Metro’s Doreen project could have an end value of close to $70 million.
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Swenrick Constructions to Sell Springvale Headquarters, Apartments Expected
HOME builder Swenrick Constructions is offloading its south-east Melbourne headquarters ahead of a relocation.
The 6738 square metre Springvale supersite, with street addresses of 782 – 794 Princes Highway and 2 – 4 Hillside Street (image, right), is used by Swenrick as offices and display suites. It’s spread over nine adjoining titles.
It’s expected to sell for between $4 and $4.5 million, and be redeveloped into a medium density townhouse or apartment project with an end value of about $50 million.
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VicRoads lists prominent Craigieburn site
VicRoads has listed a 31.3 hectare mixed-use development site at what is presently Melbourne’s northern outskirts, but will soon be
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AMF Northcote Bowl Centre Sells For $6.7 Million to Another Residential Developer
ONE of the northern suburb’s most controversial residential development sites has sold for $6.7 million.
The vacant AMF Northcote Bowl complex at 166 – 174 Victoria Street, on the north-east corner of Separation Street, was listed for sale by Hong Kong based conglomerate Far East Consortium last October.
It paid Macquarie $5 million for the 4716 square metre site in early 2009, and shortly after, convinced VCAT to approve a permit which would see the distinctive centre demolished and replaced with 73 flats and 18 townhouses.
One of the proposal’s criticisms was that the busy intersection, with thin roads, would be even more overrun with cars. Others argue the site’s previous use as a bowling centre would have contributed somewhat to the traffic in the area.
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Delfin Lend Lease Pays $30 Million For Plumpton Block, Melbourne
DESPITE fears Melbourne’s $4.3 billion regional rail link might be shelved, Australia’s biggest developers are exploiting last year’s Urban Growth Boundary changes, continuing to quietly snap up farmland in Melbourne’s mid-west.
This time, in Plumpton, Sydney-based Delfin Lend Lease has paid about $30 million for an approximate 63 hectare site on Beattys Road.
The land was included within the revised UGB last year, and was understood to have been sold by Oliver Hume director – special projects, Peter Vassallo, who was unavailable for comment.
Toni Mills, head of Delfin Lend Lease, told The Saturday Age’s Capital Gain it planned to undergo a planning and community consultation process to determine the most appropriate vision for the site.
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Williamstown’s Gasometer Site Sells After Two Years
WILLIAMSTOWN’s contaminated gasometer site, south west of Melbourne, sold to a developer for a speculated $3.5 million before a scheduled auction, earlier this month.
The new owner is expected to undertake remediation works before marketing a residential project, likely after 2012 sources say.
The spectacularly located 3583 square metre site at 87 – 93 Stevedore Street, near Williamstown’s retail centre, and the waterfront, abuts an open-air car park and supermarket.
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Developer Pays $5.95 Million For Maidstone Development Site, Melbourne
A DEVELOPER has paid $5.95 million for a 2.7 hectare site abutting a residential area in Maidstone, some eight kilometres
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Former Mushroom Records office sells to developer
A historic West Melbourne warehouse-converted-office, once Mushroom Music’s headquarters, sold this week for $3.6 million. Configured over two floors and
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UGB Changes Great For Truganina Sale Campaign
THE timing of last week’s Urban Growth Boundary changes couldn’t have come at a better time for the syndicate of investors selling Melbourne’s biggest development site, measured by area.
The massive 555 hectare site at Truganina, in Melbourne’s west, is expected to sell for $100 million – after failing to sell for about that amount two years ago, at the start of the economic downturn, and before the site’s zoning future was confirmed.
“Under the rezoning the site will be a keystone property for the future development of Melbourne,” said CB Richard Ellis director Walter Occhiuto, who is selling the site with Tom Hayes, said.
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UGB Changes Great For Truganina Sale Campaign
THE timing of last week’s Urban Growth Boundary changes couldn’t have come at a better time for the syndicate of investors selling Melbourne’s biggest development site, measured by area.
The massive 555 hectare site at Truganina, in Melbourne’s west, is expected to sell for $100 million – after failing to sell for about that amount two years ago, at the start of the economic downturn, and before the site’s zoning future was confirmed.
“Under the rezoning the site will be a keystone property for the future development of Melbourne,” said CB Richard Ellis director Walter Occhiuto, who is selling the site with Tom Hayes, said.
Read moreFirst Major Development Site Within Melbourne’s Revised UGB Hits The Market
AND so the first of many development sites within the recently extended Urban Growth Boundary has hit the market, in Tarneit.
The 64 hectare farm – once known as Shanahans House, and later Wyndham Park – is expected to sell for about $25 to $30 million, sources say, and attract interest from “local, national and international residential developers”.
Jones Lang LaSalle said two upcoming infrastructure projects – including a new Tarneit train stations, and the Outer Metropolitan Ring Road – will contribute to council’s ambitions to boost Tarneit’s population by more than 21,000 by 2020.
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555 Hectare Truganina Site, Melbourne, Relisted For Sale
MELBOURNE’s biggest residential development site, measured by area, was quietly relisted for sale this week.
After failing to sell last year, the private families that control a 555 hectare block of land at 65 – 453 Hopkins Street, in Truganina, are trying their luck in a more buoyant market.
The land is near the new Western Freeway extension (known during construction as the Deer Park Bypass), which opened last year, and marries into the Western Highway at the suburb border of Caroline Springs, Ravenhall and Rockbank.
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Avenue of Honour Part-Demolition Starts Local Development Site Sell Off Around Bacchus Marsh
DEVELOPERS and land owners are rubbing their hands with excitement at the prospect of a roundabout being developed at the Avenue of Honour in Bacchus Marsh, north-west of Melbourne.
Large tracts of used and disused farmland in the pockets around the proposed new road – including around Hopetoun Park, Parwan and Pentland Hills – are expected to be redeveloped as housing estates in coming years.
Tenders closed for one such site this week: the massive 168 hectare Underbank Stud Farm.
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Glenvill Homes Buys former Joshua Pitt Factory, Northcote
Prestige builder Glenvill Projects Pty Ltd is speculated to be paying about $15 million for the former Joshua Pitt leather manufacturing site which spreads over two streets and 13,450 square metres of prime real estate in Melbourne’s inner-north.
Joshua Pitt has reportedly been based at the 52 – 79 Gadd Street, Northcote property for 121 years.
Glenvill is expected to redevelop the site into a major apartment complex but this could not be confirmed with managing director Len Warson, who was unavailable for comment.
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Buxton Buys St Kilda Development Site
MELBOURNE-based developer Buxton Group has been revealed as the buyer of a prominent St Kilda development site near the Acland Street shopping strip.
The group is believed to be paying about $7.5 million for a 1000 square metre site at the corner of Barkly and Belford streets previously occupied by the Vasiliki lobster shop and Earls Hardware.
The site was sold with a permit for a $50 million, five-level tower with about 84 units but it’s believed Buxton may propose a higher density redevelopment, a practice which is becoming increasingly common all around Melbourne.
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ALP Considers Selling Prominent VicRoads Headquarters, Kew
THE Victorian State Labor government is continuing to offload its most spectacularly located real estate assets, with a major site in ritzy Kew expected to wind up in the hands of residential developers – possibly as early as next year.
The Department of Treasury and Finance is understood to have employed a private consultant to conduct a feasibility study into the future use of the 60 Denmak Street office site, currently occupied by government agency VicRoads.
A confidential Request for Quotation seen by The Age suggests moving VicRoads staff within three to four years.
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Bible College of Victoria Reaps $8.525 Million From Sale of Long Time Lilydale Campus
THE BIBLE College of Victoria has amassed $8.525 million from the sale of the Lilydale site it has used as its main campus for more than 30 years.
The college split its prominent college into three, before listing it for sale earlier this year.
In the biggest sale, Mount Waverley based property services business Three Pillars paid $5.9 million for a 4.1 hectare main campus site. It plans to refurbish existing buildings into residential accommodation – most likely a mix of apartments, units and townhouses.
Read moreProminent Bulleen Corner to See Redevelopment
A SITE at one of the busiest intersections of the north-eastern suburbs, looks set to be redeveloped at last.
Seven years since closing as a service station, a cleared site on the corner of Manningham and Thompsons roads, in Bulleen, has sold to a local developer for $1.85 million.
The 2180 square metre block was marketed with a permit for a four-level, 31 unit apartment complex with a two level basement car park.
Read moreResidential Developer Pays $2.3 Million For Northern Melbourne Site
A RESIDENTIAL developer has paid $2.3 million for a unique development site with two street frontages at the suburb border of Lalor and Thomastown.
The triangle-shaped 5315 square metre site is nestled behind the back fence of about 20 established homes, and is accessed via Dalton Road and The Boulevard – busy thoroughfares within the suburb, about 17 kilometres north of the CBD.
A residential developer is expected to propose an apartment complex with more than 20 units.
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Stockland Pays $58 Million For Two Major Development Sites, Melbourne
SYDNEY-based developer Stockland has paid about $58 million for two major residential development sites in Melbourne’s outer north.
In the same week the company announced it would focus less on developing apartments, and more on providing low density housing, the group announced two separate land purchases, of 52.4 hectares, and 65 hectares, in Wollert, about 25 kilometres from town.
Stockland is expected to yield 1100 housing lots from the sites, giving it exposure to Melbourne’s burgeoning Epping growth corridor for some years.
Read moreCentral Equity Pays Crown Casino $13.1 Million For Southbank Site
MAJOR apartment developer Central Equity has purchased Crown Casino’s outgoing training college in City Road, Southbank.
The former ASX-listed developer, now commandeered by directors Eddie Kutner, Dennis Wilson and John Bourke, paid $13.5 million for the site this week.
The property includes two historic buildings between 141 and 155 City Road, and sits on 2,527 square metres of land. Sources expect the site to be redeveloped into at least two apartment towers, but this could not be confirmed with a Central Equity representative, who was unavailable for comment. CB Richard Ellis marketed the site.
Former Flinkiers Footscray Site Sold to Residential Developer
A massive Footscray property – occupied for years by used car dealership Flinkiers – has sold for $5.25 million, and is expected to be developed into one of the inner-city suburb’s tallest buildings.
Fitzroys selling agent Julian Heatherich said a private developer has snapped up the 5,320 square metre development site, which fronts Hopkins, Whitehall and Warde streets, about five kilometres west of town and near the Maribyrnong River and West Melbourne suburb border.
The site is expected to make way for a 10-level mixed use building incorporating ground floor retail, and apartments and which would offer postcard CBD views over the river.
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