Cars to go at Carlins as towers take over

The owners of South Melbourne automotive auction house Carlins have submitted plans to replace their long-time headquarters with four skyscrapers.

The owners of South Melbourne automotive auction house Carlins have submitted plans to replace their long-time headquarters with four skyscrapers.

Carlins' site falls within the Montague pocket of Fishermans Bend, a 240-hectare parcel rezoned for residential redevelopment by Mr Guy last July.

Since then, 21 residential skyscrapers have been proposed for Montague. One low-rise project for a suburb within Fishermans Bend, to be known as Sandridge, has also been lodged.

Just a few hundred metres from Docklands and Southbank, Carlins' massive block at 6-78 Buckhurst Street is identified by the low-rise auction house that is painted red.

The tallest apartment tower earmarked to replace the auction house will rise 38 levels. The balance of towers will be between 27 and 38 storeys. All up the Carlins site will include 1023 flats, but just 693 spaces for cars and 42 for motorcycles. Retail is expected at ground level.

In March, Carlins director Rob Carlin told The Age that after obtaining permits, his company planned to sell the site off in stages.

Horses for courses

A popular pub in Denis Napthine's county - the Flying Horse Hotel at 10691 Princes Highway in Warrnambool - is expected to sell for about $6 million.

When it was built in mid-2008 The Flying Horse was the largest greenfield venue in Victoria - a title it kept for a couple of years. The complex includes a sports bar, TAB, function and live music venue, public bar, restaurant and bottleshop - with a drive-through pizza and pasta outlet attached.

The Flying Horse Hotel is licensed to accommodate more than 1000 people. The freehold or leasehold for the pub, 270 kilometres south-west of Melbourne, is available for sale.

"Since opening its doors, The Flying Horse has forged a successful path that is reflected in local sentiment and trading figures," Colliers International director Jeremy Gruzewski said.

At the eastern edge of Warrnambool the modern hotel is accessible from surrounding areas including Panmure, Terang, Camperdown and Cobden, according to conjunctional agent John Ryan of John Ryan Real Estate.

"The hotel is held in high regard amongst locals as it provides patrons with a number of hospitality options under the one roof that is matched by no other venue in the region."

Teachers bank on home

The Victoria Teachers Mutual Bank has made close to $7 million selling its long-time home near the Camberwell Junction.

Agent John Piccolo has purchased the four-level, 2429-square-metre office that was initially offered with vacant possession but is now to be occupied by metropolitan residential agency Woodards Real Estate.

Woodards has 11 offices and is one of the major players in Melbourne's leafy east.

The agency is expected to move to the office building after a major refurbishment takes place.

The Camberwell property was constructed 32 years ago for the Victoria Teachers Mutual Bank. It sits on a 964-square-metre block with redevelopment and extension potential.

Major office occupants in Camberwell include Qantas, Shell, Pacific Brands, Skilled Engineering, Amcor, Pharmaceutical Industries, Colonial First State and Netspace.

Jones Lang LaSalle's Peter Sprekos and Steve Messina marketed the property after a marketing campaign with a different agency last year proved unsuccessful .

Mr Sprekos said the property is in a tightly held pocket of the suburb near the Camberwell Market, The Well Shopping Centre, Rivoli Cinema and Boroondara Recreation Centre.

Site with a plan

A development site with a valuable permit in Hampton's ritzy Hampton Street shopping strip sold this week for $7.1 million. The 1892-square-metre property, known as 427-435 Hampton Street, near the corner of Grenville Street, includes 10 retail shops and 25 spaces for cars.

The block was offloaded by another developer who bought it in 2011 and then pushed for a permit to develop a mixed-use project with 1042 square metres of retail space and 62 apartments. More than half the flats within the five-level project are configured with one-bedroom.

CBRE director Mark Wizel said the new buyer saw value in being able to begin sale of units immediately. He said local and international developers are buoyed by the high auction clearance rates reported this year

and an easing by banks to finance mid-size projects.

Yearly retail rents in Hampton Street are now between $600 and $800 per square metre, according to Mr Wizel. He marketed the site with colleagues Josh Rutman and Scott Orchard.

Sale on Little Bourke

The Little Bourke Street building that accommodates exclusive eatery the Longrain restaurant and bar is for sale and expected to fetch about $4.75 million.

The 1022-square-metre building on a 511-square-metre block returns annual rent of nearly $300,000. Developed in the 1800s, it once housed the Angliss & Co stables. With options, Longrain is committed to the space until 2035.

CVA Property Consultants Ian Angelico will auction 40-46 Little Bourke Street next month.

Village on the block

Aged care developer Country Club Villages can expect about $5 million from the sale of a retirement village in the Ballarat suburb of Sebastopol.

The Rosebank Retirement Village includes 93 independent living units and 11 apartments. It is spread over a 4.2-hectare, residential 1-zoned site about 120 kilometres west of the Melbourne CBD.

The village has a healthy waiting list according to Leigh Morris of Knight Frank, who is selling the property with colleague, director Ken Smirk.

Surplus stock at Aldi

German discount supermarket giant Aldi has offloaded a development site in Burwood East after deciding against building there.

Now in the hands of a local builder, the site is expected to be replaced with a mixed-use project with a residential component.

The 6013-square-metre block at 315-319 Burwood Highway, on the north-west corner of Mahoneys Road, is opposite the Tally Ho Business Park - considered Melbourne's first big suburban office estate, home to Hewlett Packard, Motorola and MYOB. The block is adjacent to the Peter James rehabilitation and aged care centre and near Deakin University's Burwood campus.

Aldi offered the site with a permit for a mixed-use building that would have included 2500 square metres of retail space and about 4300 square metres of offices. It bought the property in May 2008.

Stephen Bolton of Jones Lang LaSalle said the site's flexible mixed-use zoning would allow for a range of development outcomes. He marketed the vacant land with colleague Stuart Taylor. It sold for $5.25 million.

Aldi deemed the site surplus to its needs after opening supermarkets at the nearby K-Mart Plaza (also in Burwood East) and Forest Hill.

marcpallisco@gmail.com

Twitter: @marcpallisco

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