Capital Gain

THE global financial crisis clearly hasn't hurt everybody, with Eddie McGuire forking out a speculated $11 million for a Toorak palace.

The former Channel Nine boss is expected to have pocketed $4million after resigning last May. He has used his spare time to reacquaint himself with Melbourne's blue-ribbon market after calling Sydney home for more than 15 months.

McGuire's Toorak domain, just off St Georges Road in Greenknowe Court, is on a massive block and includes a tennis court, swimming pool and garden big enough for some kick-to-kick.

Title records show the property was sold by Applied Chemicals executive Ian Hicks, but will be registered in the name of McGuire's wife, Carla.

Local agency sources say the house was built by prominent commercial property developer David Deague more than 10 years ago.

They said it was only a matter of time before McGuire upgraded from his Dunraven Street house, which despite being in a "AAA-street" is on a relatively small block.

McGuire paid $1.275million for the block in October 1996 and rebuilt a contemporary house. Part of this house was destroyed by fire in 2001.

Kay & Burton director Michael Gibson, who represents McGuire's property possessions and disposals, declined to comment when contacted by Capital Gain. McGuire did not return calls.

Since announcing his resignation, McGuire has worked on network projects including current affair interviews and game shows. With ELI GREENBLAT

Game on, brother

ELECTRONICS gaming giant Nintendo and retailer EB Games will team to create what is billed as the country's "premier video gaming concept store" on Swanston Street.

EB Games confirmed a "fully interactive" Nintendo gaming and entertainment centre was being built on the second floor of its flagship outlet, opposite City Square.

EB merchandising director Shane Stockwell said the 200-square-metre centre was inspired by the Nintendo World centre in New York City, which is five times as big.

"That's the level we're aiming at for Swanston Street. It's a first for Australian retail and you've never seen the like," Mr Stockwell said. "We're happy to be marrying up the two biggest brands in gaming in the land."

The prime retail spot, at 67 Swanston Street, formerly the Graham Hotel and occupied by the Melbourne Sports Depot until 2006, includes a basement, ground floor and mezzanine level totalling 600 sq m. EB Games moved in three months ago in a deal negotiated by Allard & Shelton.

The official launch of the centre is scheduled for December 1. CHRIS VEDELAGO

Breaking out of its box

BOX Hill's office leasing market has been bubbling, with Colliers International research showing vacancy is just 3.92% - a far cry from its 18% peak in 2004.

Major tenants to lease office space recently include diesel engine group Cummins, which leased 2000 sq m at 15 Prospect Street Synchronised Software, which leased

1445 sq m at 19 Prospect Street, and FRM Management, which leased about 927 sq m at 26 Prospect Street.

Colliers International leasing manager Travis Myerscough said Box Hill established itself as a major office market in the early 1990s and measured about 132,315 sq m.

He said the recent sharp in vacancy had contributed to a jump in office rents from an average $215 a square metre last year to $240 a square metre today.

It's a deal

IT MIGHT have been corporate training that drove Jones Lang LaSalle city fringe office leasing manager Matt Collins to "deal" at Channel Seven's "Deal-a-drome" recently. But in the end, he really shouldn't have.

The Britain-born agent, who backpacked to Australia 10 years ago before setting up camp, walked away from the game show Deal Or No Deal this week with $23,000. While this is an excellent outcome, Mr Collins would have been better "holding off" on a deal and winning a $50,000 prize.

Mr Collins will use the cash to pay for his wedding with his Australian bride, who also picked up a $500 prize in the show.

Banana appeal

SEVERAL of the 19th-century Banana Alley Vaults are getting a spring cleaning before a leasing push by owner VicTrack.

The fit-outs left behind by tenants in three full-size vaults (310 sq m each) and one half-size vault (142 sq m) are due to be stripped out and cleaned up in a fortnight.

VicTrack says the empty shells will be returned to the leasing market, although an agency has not been appointed. Industry sources estimate rents in the vaults are $350 a square metre.

In other recent activity at Banana Alley, music store and long-time tenant Metal Mayhem has departed its vault for a Northcote location. An existing Banana Alley tenant is expected to occupy the space - which is being renovated - although VicTrack would not disclose its identity. CHRIS VEDELAGO

Drapac sells third site

HAVING sold two slices of the former City Mazda site last week, Drapac will sell the biggest site in its five-lot subdivision and is expected to reap more than $15 million.

The 3996 sq m dealership site at the corner of William and Franklin streets is opposite Flagstaff Gardens and the Queen Victoria Market car park.

This time last year, the site was being marketed as a major campus-style, low-rise office development.

Victoria Police and petroleum giant BP were believed to have considered but rejected the site for their new offices.

Knight Frank agents Clinton Baxter and Langton McHarg will auction the site next month.

Drapac has also listed for sale a fourth development site of 1670 sq m, available for private sale at $7.5 million.

It's speculated the developer will retain the fifth site.

Mover and shaker

FORMER Savills agent Matt Kent will reacquaint himself with Collins Street, joining "top four" agency CB Richard Ellis this week.

Mr Kent will work in the central business district sales division, which has been a lucrative department for CBRE, reaping about $445 million in transactions so far this year.

Publicis seeks home

HAVING snared a lucrative digital media contract with Telstra, advertising agency Publicis Mojo is believed to be looking for new offices.

Sources say the French-controlled company is close to leasing about 3500 sq m at Australand's Twenty8 Freshwater Place at Southbank.

Colliers International is leasing the property but declined to comment. A Publicis Mojo representative did not return calls.