A local housing estate developer is paying a speculated $30 million to buy into the booming suburb of Point Cook, 25 kilometres south-west of Melbourne.
The 14-hectare farm at 400-448 Point Cook Road abuts an area known as Aviators Field, which is mooted to make way for a series of residential housing estates in the medium term.
Frasers Property controls another large parcel of land adjoining the site – its Life, Point Cook estate is set to accommodate some 1800 people in 600 dwellings. Life, Point Cook, being marketed at present, will also include 9.9 hectares of park, wetlands and reserves.
Sanctuary Lakes Golf Course, Point Cook Coastal Park, Cheetham Wetlands and numerous sports and recreation facilities are also nearby. Student-aged residents who move into this area, about four kilometres south of the Point Cook town centre, will be in the catchment for entry into Alamanda College.
According to Domain Group data, Point Cook’s median house price has risen from $450,000 in 2015 to $628,000 today (for four-bedroom dwellings).
Biggin & Scott Land directors Andrew Egan and Frank Nagle marketed 440-448 Point Cook Road. The deal comes five months after the pair sold 18 hectares of Green Wedge-zoned land in Point Cook for a speculated price of more than $9 million.
MFB lists Moonee Ponds ghost building
After seizing control of a central Moonee Ponds office seven years ago – then keeping it vacant – the Metropolitan Fire Brigade has decided to sell.
The nondescript building on a 1608-square metre plot at 579-591 Mount Alexander Road is part of a portfolio of three properties listed for individual sale this week, worth a total of about $18 million.
Another Moonee Ponds asset near to this office – a car park on 1106sq m at 325 Ascot Vale Road – is also on offer.
Any buyer wishing to re-open the three-level workplace, which was once occupied by Foxtel, would need to purchase the car park to meet dispensation requirements.
A more likely scenario, according to sources, is that these two sites, six kilometres north-west of the CBD, will sell to apartment developers.
The third MFB site offered as part of the portfolio, in Croydon, about 27 kilometres east of the CBD, covers a 1630sq m area, and includes three buildings with the potential to derive a commercial rental income.
This site is also being marketed as a premium residential development opportunity.
Knight Frank’s Danny Clark, Andrew Greenway and Tom Zhou are representing the MFB.
Carlton corner sells
A local private investor has offloaded a site at one of the most prominent corners in Melbourne’s inner-north, for a speculated $10 million.
The 1609-square metre Carlton holding at the south-west corner of Elgin and Rathdowne streets, and also with access to Pinky’s Lane, is zoned Commercial 1, and as such was targeted to developers of high-density, mixed-use projects.
Presently the site is configured with a low rise retail complex, a warehouse and car park – so it was also marketed to passive investors, too.
A kilometre from the CBD, and close to the University of Melbourne, the Melbourne Museum, Carlton Gardens and Lygon Street retail strip, the properties known as 129-135 and 137-143 Elgin Street were marketed by Hockingstuart’s Scott McElroy with CBRE’s Scott Orchard, Julian White and Jimmy Tat.
The site is not far away from the former historic Corkman pub, which developers controversially demolished without a permit last year.
Another Mercure sold
An award-winning, state-of-the-art hotel in the township of Warragul, just over 100 kilometres south-east of Melbourne, is selling for $7.8 million, a fortnight after agents closed an expressions of interest campaign.
The two-year old complex known as the Mercure Hotel Warragul, at 23 Mason Street, includes 47 four-star rated suites, numerous function, meeting and conference rooms and a two-bedroom manager’s residence.
It is part of a wider development within Warragul’s commercial precinct which includes a gym, restaurant, medical facility and car park.
Offered with a 20-year lease to Mercure, backed by the global AccorHotels chain, the asset returns annual rent of $570,028.
Mercure has five lease renewal options – each for five years – once its initial rental agreement ends.
The hotel recently won the Regional Accommodation Venue of the Year award at the 2017 Tourism Accommodation (Vic) Awards for Excellence.
Colliers International’s Guy Wells with Wilson Property Residential Commercial Industrial’s Ben Wilson, sold the asset to a Gippsland-based investment syndicate.
Last month it was reported a park-front Mercure Hotel in the city’s Spring Street is selling to developer CBus Property, which plans to replace the land with a 30-plus level apartment building.
RSPCA offloads Box Hill North site
The Victorian arm of the Royal Society for the Prevention of Cruelty to Animals – more commonly known as the RSPCA – is banking a speculated $6.5 million from the sale of a suburban development site in Box Hill North.
The 4036-square metre holding at 83-87 Dorking Road, on the north-west corner of Medway Street, includes five adjoining plots, one which is configured with a period style residence.
Just a kilometre from central Box Hill, and 14 kilometres east of the CBD, the tract was marketed to developers, including ones considering a residential or aged-care complex.
The vacant site was marketed by CBRE’s David Minty, Scott Orchard and Chao Zhang.
Neighbouring businessmen offer South Yarra supersite
Two prominent Melbourne businessmen have united their small, neighbouring, but spectacularly located South Yarra holdings – to create a supersite some sources are tipping could make way for the city’s most exclusive apartment tower.
The rectangle-shaped 969-square metre plot on a street L-bend known as 49-55 Claremont Street, opposite and with unobstructed views over the Melbourne High School oval, is expected to sell for about $35 million.
Two of the sites – 49 and 51 – are investments retained by AES Cleaning director George Haritos and his partners.
The neighbouring site was purchased by high-profile South Yarra developer Michael Yates about three years ago. Mr Yates is understood to have pursued plans to build a medium-density apartment complex on his small block.
Combined with the Haritos-controlled holding, the site, also with CBD and Yarra River vistas, can make way for something taller, possibly of more than 30 storeys.
CBRE’s Julian White and Mark Wizel are the marketing agents.
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