Kingston residents to pay for green wedge land

The proposal to fill 2071 hectares that divide Bentleigh East, and Springvale South is expected to result in shops, offices, factories, houses and apartments being developed in green zones of Heatherton, Clarinda, and the Dingley Village.

Like many other master-planned communities proposed in Melbourne at the moment, the redevelopment is expected to include a component of public housing, possibly more than 20 per cent.

The green wedge land affected does not appear to have been included in Thursday's state government announcement that it would expand the urban growth boundary by some 45,000 hectares - mostly in the north and west.

A media adviser for Planning Minister Justin Madden did not return calls to elaborate.

A Kingston City Council representative told Capital Gain a special council meeting is scheduled for August 16 to decide on the proposal, after a community consultation period.

The council could not confirm how much it plans to spend acquiring sites, but it is collecting money from a levy imposed on residents from this financial year.

The council also refused to shed light on whether the major redevelopment would see the proposed Dingley Freeway finally constructed. This freeway would connect South Road, at Bentleigh East and Moorabbin, to the Dingley Arterial (which is under construction) and the Eastlink tollway.

It's expected to be a hit with truck drivers, who can reach the Nepean Highway at Bentleigh.

Becton sells pub

BECTON Property Group has finally offloaded the prominent Beaumaris Pavilion hotel and adjoining car park, in Melbourne's south.

The East Melbourne-based developer is speculated to have made about $9 million from the sale of the waterfront site, which it bought for $11 million towards the peak of the commercial property market three years ago.

Becton had planned to develop a 65-unit aged care centre on the site as part of a push into that sector.

But a subsequent economic downturn, coupled with an unsuccessful business partnership with the Beaumaris RSL, saw the 122-year-old pub relisted for sale late last year, and then languish unsold on the market for months.

It was offered for sale with a permit to build 16 townhouses on the pub's car park.

CB Richard Ellis was the marketing agent.

A Becton representative was unavailable for comment. It is believed the site's new owners, private investors, plan to continue to operate the Beaumaris Pavilion as a pub.

Park Street offices

AN OVERSEAS owner-occupier is believed to have paid Southern Cross Broadcasting a speculated $6 million for its vacant office at 70 Park Street, in South Melbourne.

The 1415-square-metre building, on a 768-square-metre block between Kings Way and St Kilda Road was put on the market after Southern Cross decided to relocate to the CBD.

With parking spaces for 21 cars, the site was expected to find its way into the hands of a residential developer.

Knight Frank director Paul Henley was the marketing agent for the site, but declined to comment on any part of a deal when contacted by Capital Gain.

Penguin on the move

PENGUIN Books is understood to be in advanced negotiations to lease new offices in Melbourne's inner west.

Sources say the publisher, which is now based at 250 Camberwell Road, near the Camberwell Junction, will lease around 8000 square metres at the Kuok-Walker-controlled Goods Shed South, in Docklands.

It was just nine years ago that the publisher leased 5000 square metres in Camberwell, in an office building developed by Morry Schwartz's Pan Urban on leasehold land owned by the St John's Anglican Church.

At about the same time, Penguin leased a 17,000-square-metre warehouse in Stud Road, Scoresby.

A Penguin representative was unavailable to comment on speculation that it will move to Docklands.

A spokesman for the Kuok-Walker consortium failed to return calls and emails.

Docklands deal

ONE of the year's biggest inner-city office lease deals is believed to be taking place in Docklands.

It is believed that financial services giant Marsh Mercer will relocate from two CBD offices, at 555 Lonsdale Street, and 11 Exhibition Street, and move to a 23,000-square-metre high-end office, in a pocket of Docklands controlled by the Kuok Group and Walker Corporation.

Marsh Mercer would be the latest in a string of financial services giants to relocate to Melbourne's waterfront. ANZ and National Australia Bank are the two biggest tenants in the area.

Representatives from Marsh Mercer, and Kuok-Walker failed to return calls.

Model sale

THE 1970s model-turned-restaurateur, Janni Goss, is selling a prominent corner shop in Carlton North's Rathdowne Village.

Ms Goss can expect to make about $2.7 million from the sale of the double-storey Carlton Paragon Cafe building, at the south-west corner of Rathdowne and Newry streets, opposite the Curtain Square park.

With first husband Ian, Ms Goss pioneered Carlton's Cafe Paradiso in the mid-1970s, which was shut in 1985, as Paragon opened.

The 170-square-metre North Carlton site can also be reached by a third road, Henry Street, and is expected to attract developers, as well as investors, who might add levels to the existing shell, or propose a new project, better exploiting the site's location and views.

Ms Goss purchased the building as an unrenovated Victorian.

Teska Carson selling agent Michael Taylor will auction the property at 651 Rathdowne Street at 1pm on Friday, August 27.