THE PROPERTY DEVELOPMENT REVIEW
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VENDOR/ PURCHASER
DESCRIPTION
AGENCY
SALE $
Undisclosed (Speculated $25 million)
V: MPG Funds Management Pty Ltd P: Offshore Private Investor
Village Lakeside Shopping Centre in Pakenham has sold in what is the first neighbourhood shopping centre to transact in Victoria in 2023.
9 Lakeside Blvd, Pakenham
JLL's Tom Noonan Minxual Li
"A substantial 774 sqm corner landholding sold with General Residential Zone, and a permit approval for a four-level project comprising seven luxury apartments in the prestigious apartment market of South Yarra. A 233 sqm two-level freehold mixed-use office and retail asset, with a 10-metre frontage that falls within a valuable Activity Centre Zone sold on a tight 3.7% yield.
Stonebridge Property Group's Julian White and Chao Zhang
$8 million
1-17 Adams Street, South Yarra
P: Local Developer
Fitzroy's Chris Kombi and Ervin Niyaz
$2.95 million
43 Hall Street, Moonee Ponds
P: Local Owner
This heritage church was sold to housing developer, Ys Housing, who specialises in high- quality, affordable housing in Melbourne.
V: The Uniting Church P: Ys Housing
Burgess Rawson's David Napoleone and Matthew Wright
$3.3 million
34 George Street, Reservoir
A unique tennis court site at 12-14 Rosslyn Street was the second asset to be sold by the Uniting Church in the month. Interestingly, the asset was not sold to the highest bidder, with the successful buyer being a tennis club/academy that intends to retain the tennis court and use it as designed. Marking the largest retail transaction in Victoria since 2018 and nationally since December 2021, Lendlease's Australian Prime Property Fund (APPF) and co-owner Lendlease Group have sold Craigieburn Central
12-14 Rosslyn Street, Blackburn South
V: The Uniting Church P: Private Operator
Burgess Rawson's David Napoleone and Matthew Wright
$2.471 million
V: LendLease & Lendlease's Australian Prime Property Fund P: IP Generation
$300 million
340 Craigieburn Rd, Craigieburn
CBRE's Simon Rooney
Savills' Benson Zhou, Rob Williamson, Julian Heatherich and Nick Lower Fitzroys' Brent Glassford and Marco Sandrin in conjunction with NAI Harcourts' John Georgiou Stonebridge Property Group's Julian White and Chao Zhang Crabtrees Real Estate's Darryl Lever and Chris McKenzie JLL's Josh Rutman, Nick Peden and Mingxuan Li JLL's Jesse Radisich, Nick Pedan and Mingxuan Li
A hotel and serviced apartment in one of Melbourne's most renowned hospitality districts has been sold to a national hotel operator.
V: Family Owner/Operator P: Private Investor
$17.38 million
220-228 Lygon Street, Carlton
A local developer has jumped on an industrial-zoned 3,850 sqm block in Melbourne's North.
$4.427 million
25 Longford Road, Epping
P: Local Developer
A Chinese developer has purchased a large landholding found in Box Hill's activity centre, directly across the road from Box Hill Central. A secure industrial investment located in the tightly held Springvale industrial precinct, with a five year lease and net rental income of $77,250, sold at Public Auction. After a sales campaign that garnered over 200 enquiries, an un-refurbished central Melbourne CBD office tower has sold. A Commercial 1 Zoned 1,179 sqm warehouse asset in Melbourne's inner north sold in an off-market sale The former restaurant site of George Calombaris' Hellenic Republic, has been sold with a 6+6+6 year lease to current tenants, Cotham Dining Restaurant and Nazar Wine Bar, who both operate under the same lease. Education provider, Ashmark, has purchased an office and warehouse space in Port Melbourne for $3.2 million. A three-level office building opposite Flagstaff Gardens has been purchased by privately owned national vocational and education provider.
$12.78 million
69 Carrington Street, Box Hill
P: Private Developer
$1.915 million
2a Brough Street, Springvale
Direct
Circa $30 million
V: Private Family P: Mainland Chinese Investor
99 Queen Street, Melbourne
241-245 Brunswick Road, Brunswick
$6.8 million
P: Local Developer
Fitzroy's Chris James, Chris Kombi and Ben Liu
$5.006 million
26-28 Cotham Road, Kew
P: Local Investor
11-15 Rocklea Drive, Port Melbourne
$3.2 million
P: Ashmark
NSL Property Group's Guy Naselli
P: Southern Cross Education Institute
$2.8 million
445 King Street, West Melbourne
NSL Property Group's Guy Naselli
Selling under the hammer for $900,000 over reserve price, a freehold retail asset was sold sold after a hotly contested auction with 143 live bids across 7 buyers.
V: Private Family P: Local Investor
Aston Commercial's Liam Rafferty and Jeremy Gruzewski Colliers' James Wilson, Tim McIntosh and Mike Crittenden, in conjunction with Stonebridge's Justin Dowers and Kevin Tong Colliers' James Stott and Chalie Woodley Gross Waddell ICR's Alex Ham and Glen Ye in conjunction with Gary Peer's Simon Radolnik
$2.532 million
482 Toorak Road, Toorak
Woolworths has divested its Cranbourne West shopping centre, with the final sale price reflecting a yield of 5.36%.
V: Woolworths P: Mintus"
$41.8 million
665 Hall Road, Cranbourne West
34-36 Commercial Drive, Dandenong South
A multi-tenancy industrial estate encompassing three standalone industrial buildings sold in Melbourne’s Dandenong South.
V: Arrow Capital Partners P: Private Local Buyer
$27 million
A local community strip-retail asset has sold in Glen Waverley after a hotly contested, hour-long auction that saw over 100 people attending. After an auction that saw bidders from across the country competing, a strata titled 165 sqm building has traded hands between two private local investors, representing a tight 4.3% yield.
$5.015 million
96 Kingsway, Glen Waverly
P: Local Investor
V: Private Seller P: Private Investor
Fitzroys’ Chris Kombi and Lewis Waddell
$1.72 million
1272 High Street, Armadale
May / June 2023 – 17
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