Two towers with hotel planned at Chadstone
Sydney-based CFS Retail Trust and local private investor Gandel Group have released details of ambitious plans to build two big towers on an open-air car park at Chadstone Shopping Centre, the largest mall in the southern hemisphere.
The tallest tower, at 11 levels, will run alongside the Princes Freeway south of the complex's Myer section. Upper levels will be fitted with up to 240 hotel suites, with restaurant and conference space expected for the balance. A tender to operate the hotel is expected to be called later this year.
A second building of 10 levels will be developed east of the hotel and connect to the busy open-air car park off Warrigal Road, near a shopping centre entrance. This building will include about 16,000 square metres of high-end office space and, like the hotel, be retained by the owners as an investment.
Both towers will capitalise on leafy views over Melbourne's south-eastern suburbs to the CBD. Like the shopping centre they will have a Malvern East address.
The $500 million proposed development is also expected to increase the shopping centre's retail space to about 155,000 square metres, from about 130,000. After the development the shopping centre is expected to include 10,800 car parks and be worth about $2 billion.
A development site near Camberwell Junction, owned by the same investors for 40 years, is expected to sell for about $16 million.
The 5180-square-metre block, stretching from Camberwell to Burwood roads, includes showrooms and offices that return $600,000 in annual rent.
Known as 47-53 Camberwell Road and 710 Burwood Road, the sites are expected to be replaced with at least two landmark projects, possibly an office and apartment tower. Jones Lang Lasalle's Steve Messina and Matthieu Lucas with Kelly and Kelly's Jake Eisen are the marketing agents.
Earlier this month, developer FKP settled on the first of 144 apartments within the region's most controversial apartment project - the 14-level Aerial complex. The developer said 90 per cent of apartment sales in Aerial's first release were to locals.
In 2011, the Victoria Teachers Credit Union paid $26 million for an office at 117 Camberwell Road, also in East Hawthorn.
ING Real Estate is the latest developer to propose Docklands apartments, lodging plans to build two towers within its $1.2 billion Waterfront City precinct, north of Victoria Harbour.
The tallest building at 28-38 Pearl River Road will rise 17 levels and include 296 units, of which 256 will be configured with one bedroom. On average the complex will include 19 apartments per level.
A second proposed building at 3-43 Waterfront Way will rise 16 levels and include 240 flats, or an average of 16 per level. In this building, 217 apartments will offer one bedroom.
The ground level of both buildings will offer retail. Combined, the projects will have an end market value of about $200 million.
Waterfront City already includes low-rise apartments developed to allow views around the troubled Southern Star Observation Wheel that is expected to reopen later this year.
In March, it was reported MAB was proposing to build two new apartment towers within its precinct, NewQuay, which abuts Waterfront City.
In February it was reported that Digital Harbour, a precinct connecting Docklands to the CBD, north of Etihad Stadium, would be redesigned to allow for high-rise apartment complexes and a hotel.
South of Victoria Harbour, developer Mirvac announced last year plans to build a 39-level, 205-unit residential building, Array.
Beleaguered Places Victoria can expect about $25 million selling an office that is under construction 50 kilometres south-east of town.
Upon completion next March, the four-level, 5066-square-metre building in Officer will be fully occupied by the Cardinia Shire Council, which is paying a starting rent of about $2 million.
With 200 car spaces, the office is being built on a portion of land Places Victoria will develop in stages as the Officer Town Centre. It is near the Officer train station, connecting commuters to Pakenham in five minutes and to Dandenong in 20. CBRE's Justin Clarkson and Mark Coster are the marketing agents.
Places Victoria is also expecting about $18 million from the LeMans Toyota car dealership site at 4-16 Hopkins Street, Footscray, which it bought for $21 million in 2011 and plans to replace with a mixed-use village.
Values in Melbourne's newest inner-city suburb - Montague - are set to be tested at an auction on Anzac Day eve.
The 1211-square-metre site at 125-133 Thistlethwaite Street includes a low-rise office warehouse. It's within the Montague precinct of urban infill project Fishermans Bend. Various developers have earmarked surrounding sites for residential conversion: 18 skyscrapers have been announced so far.
The first and tallest proposal, a 50-level, 381-unit building at 134-142 Ferrars Street, was released for community input earlier this month.
Lemon Baxter agents Richard Hutton and Jonathan Walls say the Thistlethwaite Street site is the first offered for auction in Montague since last year's Capital City 1 rezoning. He is expecting about $4 million, which would reflect a land rate of about $3300 a square metre.
Before the rezone, the rate per square metre of land was about $2000.
Club Hawthorn for sale
Another inner-city sports club is being sold and is likely to wind up in the hands of residential developers.
The operators of Club Hawthorn on Glenferrie Road can expect to reap about $6 million for the premises on a 1564-square-metre block with three street frontages, near the corner of Burwood Road.
Club Hawthorn includes three squash courts, a gaming lounge, restaurant, snooker room and commercial kitchen. It is being offered with an adjoining property known as 629-631 Glenferrie Road, a two-storey, 476-square-metre office, subject to leases ending next year.
The club, which bought the site 25 years ago, said it was exploring options to relocate, merge or wind down. Savills' Clinton Baxter and Nick Peden are the marketing agents.
Last July, dwindling memberships and rising costs forced the 85-year old Alma Sports Club in Caulfield North to sell to a residential builder for $7.9 million. The complex included a bowling green, tennis courts and squash rooms. The 100-year-old Preston Bowls Club sold to developers for $3 million in 2009. The nearby Northcote Bowl complex is also being replaced now with flats.