Queens Road stacks up with more flats

Another low-rise building on a super-site opposite Albert Park Lake will be replaced with a major apartment complex.

Another low-rise building on a super-site opposite Albert Park Lake will be replaced with a major apartment complex.

A local developer is paying about $13.5 million for a 2329-square-metre block at 77 Queens Road in a precinct zoned as Melbourne, with postcode 3004, but which is actually about four kilometres south of the GPO, near Prahran and St Kilda.

Currently a three-level block of 36 flats developed in the 1960s, the site was listed in June with concept plans for a 12-level building - the maximum permissible height in the area. The new owner is expected to proceed with that $150 million Elenberg Fraser-designed building, adding more than 200 flats to the street.

Queens Road runs parallel to the tree-lined St Kilda Road but has postcard views over Albert Park Lake and Port Phillip Bay that can never be built out.

In recent years, some of Melbourne's wealthiest business identities have bought development sites in the street, including, in May, Dodo founder turned property developer Larry Kestelman who paid $21.3 million for a 19-level office capable of being refitted as apartments.

In September an Asian developer paid $15.3 million for the former Green Room at 12 Queens Road. In February developer Hallmarc paid $13 million for a rundown office at 14 Queens Road.

In late 2010 a consortium led by former Melbourne lord mayor Ron Walker paid $15 million for the former Suntory restaurant at 74 Queens Road, which is nearing completion as a 12-level, 228-unit apartment complex called Monarc.

The historic Avalon mansion at 70 Queens Road was also demolished to make way for a 12-level building. Avalon was one of the last surviving homes of architect William Pitt, who designed the Princess Theatre.

Colliers International's Bryson Cameron marketed 77 Queens Road for a Melbourne investor who owned the block for 47 years.

Car park up for grabs

Queensland property magnate Kevin Seymour and his daughter, Leigh, are selling a prominent car park they only bought two years ago in Melbourne's city centre.

The nine-level complex is beneath an office building at 300 Flinders Street, at some stage to be vacated by occupant Victoria University. It is for sale with a new 10-year lease to Secure Parking, which pays a starting annual rent of about $2.4 million.

The Seymour family paid Victoria University $28.2 million for the car park in 2010. It is now expected to sell for about $35 million, according to Savills selling agents Clinton Baxter and Nick Peden.

Lofty hopes for tower

A Charter Hall property trust is preparing to sell St Kilda Road's tallest office building.

Brixton House, at 390 St Kilda Road, is expected to sell for about $55 million. The property was bought at the peak of the 2007 property boom for $63.3 million by a trust that is now controlled by Charter Hall.

The 22-level building with a lettable area of 16,638 square metres and 219 car park bays, is at the more valuable northern end of the boulevard, near the Shrine of Remembrance.

Colliers International's Nick Rathgeber and Leigh Melbourne are representing Mirvac.

Long time going

The vendors of a prominent Southbank site abutting the Kings Way off-ramp of the West Gate Freeway have finally sold.

A Chinese developer is understood to have paid just under $7 million for the 1455-square-metre block at 42-48 Balston Street.

The site was offered with a permit for two apartment buildings of 37 and 34 levels, capable of accommodating about 350 flats.

It was last for sale in 2010, when a permit only existed for a 37-level tower. The asking price at the time was about $11 million.

Colliers International's Matt Stagg with Savills' Clinton Baxter and Nick Peden sold the asset. The new owner will immediately market units in the proposed development.

Stamped for progress

Developer Crema Group will develop a 10-level landmark in central Heidelberg after paying $4.5 million for a 780-square-metre block with a permit.

The former Australia Post outlet at 112-120 Burgundy Street was only listed for sale in July. It sold with a permit for a 50-unit complex with ground-level retail and two levels of basement car parking.

The site has side and back laneway access and is in the heart of a thriving retail strip that's only two blocks from the Austin Hospital.

Vinci Carbone director Joseph Carbone, who sold the asset with Frank Vinci, said there was strong demand for land with permits allowing construction to start immediately.

Not far away, in Preston, the Valmorbida family are replacing their Conga Foods headquarters with a retail complex that will include a supermarket, ancillary shops and a bulky goods component. More than 10,000 square metres are available for lease - not for sale as incorrectly reported last week - via agency Butera & Company.

Retreat split up

A former holiday retreat for the elderly, built in the 1950s and for decades owned by late radio, racing and television broadcaster Bill Collins, is for sale in smaller subdivided portions.

The 3642-square-metre, north-facing waterfront block at 2079 Point Nepean Road in Rye has been split into eight residential blocks and is expected to sell for a total of $2 million at auction this month. Upon development, a common road slicing through the centre of the site will be named Richardson Way.

Remnants of the Eldercit hostel are still on Google Maps' Street View. However, selling agent Max Prentice of Prentice Real Estate says the complex was demolished a couple of years ago.

Mr Prentice is marketing the land with Colliers International's Jeremy Gruzewski and Hamish Burgess.

Corridor set to grow

A developer has paid about $6.3 million for a 6.2-hectare development site in Melbourne's northern growth corridor.

The land at 965 Mickleham Road in Greenvale includes a 2400-square-metre block earmarked for a medium-density project and 79 standard housing lots.

The block abuts Australand's Greenvale Gardens and Pask Group's Providence estate.

Oliver Hume director Robbie Demian was the marketing agent.

Greenvale, which is about 20 kilometres north of the city, is set to become a middle-ring suburb, with recent planning changes allowing metropolitan Melbourne to expand as far as Beveridge, more than 40 kilometres from the city centre.


Twitter: @marcpallisco

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