Southbank riverfront about to get neighbours

Mr Schiavello is speculated to be paying about $10 million for the 717-square-metre block, which abuts other property he has bought over the years.

The Queensbridge Hotel at 1 Queensbridge Street was first speculated to have been on the market in February, when a dispute to sell the property to fashion designer Christopher Chronis came to light.

A spokesman for Australian Leisure & Hospitality Group Property Holdings confirmed this week that the property was sold to a residential developer. ALH is a joint venture between pokies king Bruce Mathieson and retailer Woolworths.

In its short life, QBH has been the scene for many violent attacks including murder and bashings. Its patron limit was slashed from 2200 to 1500 after a brawl.

Mr Schiavello, speaking from overseas, confirmed he bought the QBH site in a deal to settle next month.

He said at this stage the priority was to refit the former QBH space into a Schiavello Furniture showroom. But he acknowledged the waterfront site between Crown Casino and the mixed-use Freshwater Place complex would lend itself to a high-rise apartment development.

Nearby, at 31-49 Queensbridge Street, Mr Schiavello recently lodged an application to develop a 66-level, 616 unit skyscraper, Prima, which would soar 225 metres. The Eureka tower is Melbourne's tallest building, at 297 metres.

Mirvac is sitting on some of Southbank's most precious real estate, currently configured as low-rise offices, wedged between Freshwater Place, Eureka Tower, and CBD views that can never be built out.

While the planning focus in recent years has been on height controls in the suburbs, some proposals within the CBD, Southbank and Docklands area have been approved, with towers of about 70-levels expected to become more common.

Clubbers to share

REVELLERS at Docklands Neverland one of the southern hemisphere's biggest drinking barns may soon be sharing dawn with construction workers.

A prominent 9775 square-metre development site next door to the 1500-capacity club has been listed for sale and is expected to sell for about $6 million.

Zoned Industrial 1, the site is expected to arouse interest from owner-occupiers to developers, who may exploit the site's position within walking distance to the CBD with a high-tech industrial business park.

CB Richard Ellis directors Andrew Dawkins and Walter Occhiuto are marketing 60-82 Johnson Street on behalf of a private investor, who has owned the site for nearly 20 years.

Neverland was developed on the site of a Saab car dealership, and is near the frantic freeway merger of Montague Street and Citylink, near South Wharf.

14-level hotel for CBD

THE inner-city's next major hotel looks likely to be developed at a West Melbourne site near the suburb border of the CBD and Docklands.

Businessman and philanthropist Les Erdi is believed to have paid about $8 million for a 1526 sq m development site at 33-43 Batman Street.

The site currently includes a single-level factory known as the WD O'Donnell building, and was put to the market in March with a permit for a 14-level, 136-unit complex.

CVA director Anthony Carbone confirmed the sale but declined to elaborate on any part of the deal.

The site was offloaded by property developer Joe Salvo.

Mr Erdi, 88, owns and operates several national budget hotel brands, including Ibis, Mercure, Urban and The Swanston Hotel.

He was unavailable for comment, but sources expect Mr Erdi will proceed with developing the site, as per the permit, rather than propose something higher density.

Nearby, a 67-level skyscraper with 471 apartments is planned for a much smaller 1030 sq m site that was once the Stork Hotel.

$2.4m for Vision

VISION Australia has reaped $2.4 million from the sale of a major residential development site at the suburb border of Essendon, Moonee Ponds and Brunswick West.

The 1643 sq m property, at the north-east corner of Albion and Lawson streets, sold to a local private investor, who is expected to develop a medium-density residential project.

An existing building, built in 1987 and renovated in 1995, will be demolished. Vision Australia occupied this site until two months ago.

Knight Frank selling agents Marcus Quinn and Ken Smirk auctioned 43A Albion Street in Essendon, for Vision Australia last week.

Ironbridge acquisition

A HEALTH-BASED fund controlled by Sydney manager Ironbridge has been revealed as the buyer of Hawthorn's prominent 50 Burwood Road office, abutting the Hawthorn railway station.

Healthbridge Property Hawthorn Pty Ltd paid a speculated $17.1 million for the four-level, 5247 sq m office, formerly owned by VECCI.

Ragg Weir Accounting, a tenant in the building, offered a relocation incentive to surrender their lease before Healthbridge settled on the property, has now leased an 1100 sq m office at LAS Investments 108 Power Street office, near the corner of Burwood Road.

Colliers International's Rob Joyes said Ragg Weir had taken a 10-year lease for the nearby offices, paying a net rent of $320-$330 per sq m a year.

New Quay goes Indian

AN UPMARKET Indian restaurant has leased a prominent Docklands retail space which has sat vacant for two years.

Shiraaz will replace the restaurant known as the Quay Bar and Brasserie, leasing 744 sq m of indoor and outdoor space at the ground level of 12-16 New Quay Promenade, within MAB Corporation's New Quay precinct.

The building is prominent to anybody walking into New Quay from the CBD via Harbour Esplanade, and is at the eastern-most edge of MAB Corp's prominent Docklands development.

CB Richard Ellis senior negotiator Max Cookes said the Indian restaurant had leased the restaurant for 10 years, with a further five-year option.

Shiraaz is paying a starting rent of $350,000 gross, and its lease includes a six-month rent-free period.

Rock'n'roll history

EAST Melbourne offices once occupied by rock promoter Paul Dainty are up for lease. The historic building at 14-18 Morrison Place, near St Patrick's Cathedral, will bring in $100,000 a year.

While occupied by Dainty, from the 1990s to 2005, some of the world's greatest acts including the Rolling Stones, were reported to have passed through the building.

Dingle Partners Anton Wongtrakun says the 350 sq m office is a block from the CBD, while also close to the Fitzroy and Collingwood suburb borders. He said the sumptuous office was fitted in timber and suede.

Burnham Beeches

READ Sunday Domain tomorrow for sale details of Sherbrooke's extravagant Burnham Beeches estate, built in the 1930s for members of the family that invented Aspro.