ASCOT Vale’s Laurel Hotel sold at auction on Thursday for $3.32 million.

The prominent Mount Alexander Road pub sits on a massive 1167 square metre site and was sold with a five year lease, with two options, each of six years.

Sources say an opportunist owner could develop a high density apartment project above the existing structure while still allowing the drinking hole to operate and fulfil its lease below.

Read more...

STAFF of the Federal Government’s divisive $43 billion National Broadband Network program – which earlier this year leased luxury offices in one of Melbourne’s few “Premium” grade office buildings – will soon have new neighbours.

ME Bank and Allianz Insurance have leased a combined 16,439 square metres at the landmark Melbourne Central tower, reportedly paying a rental of between $400 and $420 per square metre, per annum.

NBN Co is understood to be paying more than $500 per square, per annum for its space, in a deal reported by BusinessDay, earlier this year.

Read more...

MELBOURNE Victory senior executive Richard Wilson is understood to have quietly sold one of Hawthorn’s most exclusive homes for about $9 million.

The historic Grace Park House in Chrystobel Crescent was one of the first estates established in the suburb, and was the original mansion house, for the land now known as the Grace Park Estate in Hawthorn.

As one of the earliest surviving mansions in the Hawthorn area, Grace Park House was included on the Historic Buildings Council Register in 1989.

Read more...

A WEEK after music promoter Michael Coppel reaped $15 million from the sale of an under-utilised commercial building at a prominent CBD intersection opposite the State Library of Victoria – and even higher profile “corner site” has hit the market.

The distinctive 1960s Bradman’s Handbags and Travel Goods building, at the north-west corner of Bourke and Swanston streets is expected to sell for about $17 million.

On land of 134 square metres, the four-level building, which is part of the Bourke Street Mall, cannot be demolished, but can be reconfigured, and possibly extended, by a new buyer, sources say.

Read more...

FOR the second time this month, an Asia-based developer has purchased a prominent Victorian golf course, and is proposing to build a $55 million hotel, apartment-based complex and new 18-hole golf course, next door.

An as-yet-undisclosed syndicate, which will be part controlled locally, is understood to have paid more than $7 million for the massive St Andrews Beach Golf Course and Resort, on the Mornington Peninsula.

As well as the Gunnamatta course, a temporary club room and 20 apartments, the purchase includes an adjoining development site, which will yield another 18-hole course, club room, 40-room hotel, licensed commercial premises, and about 120 apartments.

Read more...

HAWTHORN East’s former Preshil School site has re-opened as a small, new housing estate.

A spokeswoman for the Boroondara Council said a Plan of Subdivision was certified on July 9, in which Daniel Court replaces a site previously known as 462 – 466 Barker Road.

The planning application to replace the school with a new street was lodged in early 2006.

Daniel Court has eight blocks, ranging in area from about 550 square metres to just over 720 square metres.

Read more...

IT might have seemed like just another inner-city development site sale, but it’s actually the end of an era.

The Australian Red Cross has sold another major piece of land near its outgoing Southbank headquarters, now that it is based across town.

The charitable organisation made $5 million from the sale of the 1448 square metre site at 127 – 129 Kavanagh Street, which is expected to make way for apartments.

Read more...

AN OPPORTUNITY to purchase a lifestyle home, and business has come up, in one of the most picturesque parts of Victoria.

Barcaldine House, at 238 Dairy Flat Road in Musk, near Daylesford, is set on 15 hectares and includes a 60 square homestead with wine cellar, bed and breakfast accommodation, a café/function room and commercial kitchen.

RT Edgar Macedon Ranges director Tom May is expecting between $1.85 million and $2 million for the estate, which goes to auction at 3pm today.

Read more...

THE Monash City Council didn’t want it – but Planning Minister Justin Madden did - and now one of the south-eastern suburb’s biggest public-private housing developments is set to start construction soon, in Clayton.

After more than ten years of debate, a $270 million apartment-based complex will replace a low-rise shopping centre at the busy north-east corner of Dandenong and Blackburn roads.

Approximately 400 apartments will be developed as part of The Nova Centre redevelopment – many to accommodate public housing residents, and students. A hotel and shopping centre will also be built on the site.

Read more...

GONE are the days when St Kilda Road complexes were limited to about 12 levels.

With the sky now the limit in regard to residential development in Melbourne – the value of a low rise office, with three street frontages at 472 - 474 St Kilda Road has ballooned over the past four years.

Sources say Industry Superannuation Property Trust has entered advanced negotiations with an as-yet-undisclosed residential developer, to sell the Clemenger BBDO House building for about $37.5 million.

ISPT paid $29.6 million for the asset in October 2006.

Read more...