Former home to AFL tribunal is up for auction

Just around the corner from the MCG, the spirit of footy and a bit of biffo permeates a five-level office building that is to go under the hammer, courtesy of Savills Australia.

The office block was built by the old Victorian Football League, now the Australian Football League, back in 1981 and occupied by them until the mid-1990s. It was the home of the AFL tribunal, and many infamous tribunal cases.

Appropriately enough, a former Saint, Ross Oakley, ruled the roost there as VFL chief, and his spacious office, complete with bar and ensuite, is still there on the top floor. (Poor Oakley's injury-ridden career meant he played only 62 games with the Saints, missing not only the 1965 and 1966 grand finals, but St Kilda's first VFL premiership in '66).

The view from his old office over the MCG, of course, is quite outstanding, and the views in virtually every direction, including across the parks to the CBD, aren't too bad either. Selling agents are Clinton Baxter and Nick Peden.

The building has a large rooftop, which Mr Baxter said was ideal for future development. It is 70 per cent leased to several tenants. "Excellent rental growth is expected," he said.

The property, which will be sold at executors' auction on Thursday, October 28, at 2pm, is expected to fetch a price of at least $9.5 million.

Blood boost

AUSTRALIAN Red Cross Blood Service is on the move, consolidating its head office on one site. The Red Cross has signed on for 3314 square metres at the refurbished 417 St Kilda Rd the biggest leasing deal in the St Kilda Road precinct this year. A central location still counts for something.

The move will allow Red Cross to combine its operations, which are housed in two separate locations on St Kilda Road. The deal was negotiated by Ben McKendry of Colliers International on behalf of building owner Challenger Financial Services.

Colliers declined to comment on the terms of the deal, but the building is believed to fetch rents of more than $260 per square metre.

Hotel expanding

THINGS are looking up for Victorian regional tourism: the state's largest hotel operator, Accor, will add four new venues to its network, and is very bullish.

Another three Accor hotels will come on stream Mercure Horsham, All Seasons Warrnambool and All Seasons Swan Hill before the end of the year, while a fourth hotel, a Mercure in Rutherglen, is in advanced stages of planning.

They join an existing network of 31 Accor hotels across Victoria, but the new kids on the block are all franchise contracts. The Mercure Horsham would be both the largest hotel and the first internationally branded hotel in the Wimmera, said Scott Boyes, Accor's regional manager for Victoria, Tasmania and South Australia.

Despite new hotels coming on the market, hotel occupancies have not only held up, but have increased in most destinations. Mr Boyes said Accor hotels' occupancy had grown by 6.2 per cent in August compared with the same time last year.

He's tipping growth of up to 14.8 per cent for September, with the hotels set to pass the 80 per cent average mark for the first time since 2008. Sport brings them in the spring racing carnival, Tiger Woods at the Masters, while England and Australia will clash both in rugby league and the Ashes.

Projects approved

TALKING about the regions and tourism, election time is near again. Planning Minister Justin Madden was active this week, giving the go-ahead to projects both in Cowes on Phillip Island and in Warrnambool in south-west Victoria.

Two supermarkets in Cowes' main street received planning permits a 4175-square-metre Woolworths supermarket at 119-135 Thompson Avenue, and a Morgan & Griffin supermarket just opposite at 114-122 Thompson Avenue. M&G will be 2330 sq m and will include speciality shops. Construction of both starts early next year.

Meanwhile, in Warrnambool, the city's Gateway Plaza will be redeveloped. Among the modifications are a food court opening to outdoor seating; a 3350 sq m supermarket and new specialty stores, with total additional space of 8560 sq m; and a new east-west mall with returning north-south entry.

Mr Madden said the proposals had been called in from VCAT after the Coast Shire Council had failed to determine the matters.

He gave the approvals after hearing from appointed advisory committees in both municipalities.

It's all about jobs. Mr Madden said the Cowes developments would provide a $36.5 million boost to regional Victoria, and create up to 440 jobs during construction and development, as well as up to 200 ongoing jobs.

And Gateway? A $50 million boost to the local economy, 400 jobs during construction and up to 260 ongoing direct and indirect jobs.

Chic in Bomberland

THE home of the Bombers footy is the flavour of the day is starting to make its mark in helping Melbourne cope with its soaring population. Two chic apartment projects in Essendon, both designed by South Melbourne-based architects RotheLowman, have permits and are set to go.

The first is at 37 Keilor Road and is the brainchild of Essendon-based Trisand Property Group, while the second, at 1003 Mount Alexander Road, is being developed by Trisand in conjunction with Tissot Property Asset Group.

The $55 million Keilor Road project, which rises to seven storeys and comprises 106 apartments and lots of ground-floor shops, got the thumbs up from VCAT.

The project, won by RotheLowman in a design competition, is the first residential building of its kind in Essendon. Principal Shane Rothe said the design was inspired by the surrounding tram and rail connections at the transport hub on Keilor Road and Collins Street. Tram and railway lines dominated the area, he said.

About 1.5 kilometres away at Mount Alexander Road, the $40 million block has 73 apartments across five storeys. The project, which comprises three separate buildings, frames an existing church that will be partially retained and refurbished to include residential apartments within the design.

"The overall project form was sculpted and articulated to reduce visual bulk, while providing a site-specific design response that acknowledges its context and local character," Mr Rothe said.

Building materials were selected to deliver a building of varied materials, textures and finishes. "Distinctive feature-screen elements aim to reflect the unique brick colours of the church building," he said.

Apartments in both projects will range in price from about $350,000 for one-bedders to $550,000 for two-bedders. Construction of both is set to start next year.

Eureka option

INVESTORS will get a chance for a stake in one of Melbourne's most prestigious buildings next month. An office in the landmark Eureka Tower is for sale and is tipped to fetch more than $5.5 million when auctioned on October 21. The auction will be on site at 1pm.

Victorian architect Fender Katsalidis not only designed Melbourne's tallest building but is also the anchor tenant of this office space, occupying four of the five storeys with a new three-year lease.

Nick Dempsey and Ashley Buller of Jones Lang LaSalle are marketing the investment, which has been fully occupied since Eureka Tower's completion in 2006. Quite a crowd is expected on auction day.

The property has a net rental of $459,138 per annum and lots of depreciation benefits. The property is part of Eureka Tower, but is independently accessed from 70 City Road, Southbank, and has a private lift.

Earth turning

THE earth has been turned on Docklands' latest tower and construction is well under way on the $300 million Lacrosse Apartments, located on La Trobe Street at the north-east corner of Etihad Stadium. Charter Hall Opportunity Fund No. 5 is the senior joint venture partner with Morry Schwartz's Pan Urban.

They are building the first of two towers, over two stages. Finishing time is expected to be mid-2012. Stage one comprises 312 residential apartments in an 18-level, high-rise tower, 1291 square metres of concourse level retail space, and 150 podium car parking spaces.

With an average apartment price of $500,000, about 90 per cent of off-the-plan sales have been completed.