Newport site to be milled into an $80m village

Planning Minister Justin Madden has approved plans to exhibit a major redevelopment proposal for the 8800-square-metre site, which will incorporate a heritage-protected two-storey brick storage and dispatch building constructed in about 1903.

Four metal silos, rising six levels, and four smaller concrete silos, rising eight-levels familiar sights around Newport since about 1908 will be demolished to make way for the mixed-use development, to be known as The Flour Mill.

Towers rising three, four and five levels, including about 120 apartments, will be developed on the derelict and partly burnt factory site. A further 36 townhouses will also be dotted around the property, as will commercial offices.

The developer, Massi, will build a soundproof "green" wall alongside the development, to block out train noise and the easterly view over Shell's petrochemical plants.

Massi director Simon Cleal said he expected the first units within The Flour Mill to be marketed within 12 months, and after a property rezoning, expected to occur later this year.

Newport is Melbourne's most affordable inner-city bayside suburb, wedged between Yarraville to the north and Williamstown to the south.

The Flour Mill development will be prominent between the Spotswood and Newport railway stations, and the junction of the busy Melbourne and Hall roads. The site's street address is 1 McRobert Street.

Massi Property Solutions, with joint-venture partner JG King Projects, recently bought into an $80 million Clifton Hill residential development being developed by Folkestone on the former Spicer clothing dye factory, near the Trenerry Crescent underpass of the Eastern Freeway.

The company also redeveloped King Street's Melbourne Steamship Co office into boutique apartments.

Sunday Domain will have details of the $30 million St Helena project Massi is developing on a site where 800 double-sized semi-trailers were required to transport decomposed pigs that were found buried under the soil.

St Kilda revamp

ST KILDA properties that previously accommodated two well-established local businesses have sold to a developer.

The single-level Vasiliki lobster site, and an adjoining two-level building that for years traded as Earl's Hardware, will be cleared to make way for a $50 million-plus luxury apartment project, with ground-floor retail space.

The buildings are spread across two properties between 173-177 Barkly Street, at the corner of Belford Street which is one of just two roads that intersect with the popular Acland Street shopping strip nearby.

It is believed that the 1000-square-metre development site sold to a local builder for about $7.5 million.

Beller Commercial's Fred Nucara and Andrew Fawell marketed the property with Gross Waddell's Jonathon McCormack and Michael Gross, but all declined to comment on any part of the deal.

It was put to the market with a permit for a five-level, 84-unit serviced apartment complex but it's believed the new owner will submit new plans, for a traditional "own-your-own" residential development.

Elsewhere in the area, developer Arno is replacing Acland Street's former Greasy Joe's restaurant with a distinctive building, designed to look like liquid gold, called The Face. Arno is also responsible for a controversial mixed-use redevelopment of the Camberwell railway station, to be called The Place.

Around the block

IT WAS rightly marketed as one of Richmond's last major development sites when it hit the market in late 1990s.

And now, the one-hectare former Jaques industrial facility, occupying an "island site" bound by four streets is ready to be redeveloped into an apartment-based project.

Marketing boards have been erected around the property directing prospective purchasers to a website, where Melbourne Real Estate is accepting registrations of interest for the first dwellings.

Sources say that approval is imminent and the development is expected to add hundreds of residents to a block between Highett, Coppin, Palmer and Griffiths streets.

Jaques made rock-crushing machines at the Richmond site, which it expanded by offering the owners of surrounding work cottages a job for life, as well as market price for their homes.

The former industrial site sold in 1997, to private property investor Clement Lee, who outmuscled heavyweights Becton, Central Equity, MAB Corporation, Mirvac and Walker Corporation by paying $6.13 million.

In a show of how fast commercial property values have moved in the past 13 years, sources estimate the property, which Mr Lee onsold, would be worth between $50 million and $60 million were it put to the market today.

APBC's $12.5m

ASIAN Pacific Building Corporation has pocketed $12.5 million from the sale of nine city shops, at the ground floor of the Oaks on Collins serviced office and serviced apartment building, at 480 Collins Street.

Only two of the retail investments had frontage to Collins Street, both of which are leased to Oaks.

The remaining shops basically trading as a drinking, dining and food hall sold individually to private investors, according to CB Richard Ellis selling agents Mark Wizel, Sebastian Drapac and Max Cookes.

Asian Pacific Building Corporation, headed by establishment family the Deagues, can expect to make another $12 million from the sale of 10 shops, as part of its 1 Queens Road strata office building. The Deagues paid $11.8 million for that building in 2000, before extending it and filling it with shops at ground level, apartments up top, and offices in between.

Those with longer memories may remember 1 Queens Road when it was known as the Tabcorp building, and before that, the Racing Industry Building.

Bonnie Doon sale

BONNIE Doon's Peppin Point Holiday Village sold at auction on Thursday for $1.7 million.

The 17-hectare site overlooking Lake Eildon includes 181 caravan park sites, two residences, a 48-person bunk house and recreation facilities.

The tourist accommodation complex, 180 kilometres north-east of Melbourne, is leased for 25 years, with the tenants paying a rent of $171,360.

On those numbers, the complex sold on a yield of 10.1 per cent.

Receiver and manager Ferrier Hodgson acted as vendor for the site. CBRE's Scott Callow was marketing agent.

The Goulburn Murray Water Authority leases 1.5 hectares of waterfront land, with a licence over a small pontoon, at the lake.

Beechworth healthy

THE compound known for years as the Ovens Benevolent Asylum in Beechworth has hit the market as a development site.

The state government can expect to make up to about $2 million from the sale of the 6.5 hectare property, which includes five heritage-protected historic buildings, and a subdivided vacant tract of land.

Construction of the first asylum building started in 1862, with buildings added in 1867, according to the Heritage Council of Victoria.

The asylum complex has been known as the Ovens Benevolent Home, and Ovens and Murray Home and Beechworth Hospital.

The complex, near the town centre, was built and expanded to accommodate the families of miners who were injured at work.

Other similar facilities existed in Bendigo and Castlemaine.

LJ Hooker's Dean Lupson is marketing the development, which he expects will arouse interest from developers who may propose an aged-care facility, boutique tourist accommodation complex or art museum.

Alternatively, Mr Lupson said, an education facility might be interested in the site. La Trobe University operates from a former mental asylum in Beechworth, he said.

Elsewhere in the area, the former Beechworth prison is being redeveloped into a major tourist attraction after being sold about five years ago.