For the second time in as many weeks, a local developer backed by Chinese capital has bought an enormous farm west of Melbourne.
This time, in Lara, 18 kilometres north-east Geelong, a 79.6-hectare rural holding zoned for residential development is trading for $25 million to Soaraway Development Pty Ltd, an Australian registered division of China's Yucai Group – a diversified group that also has interests in mining, energy and electronics.
The irregular-shaped property, which arguably fits the silhouette of a chess pawn, has extensive street frontage to Patullos and Bacchus Marsh roads. It is also close to the Lara Town Centre and two new housing estates: Lara Views and Manzeene Village Lara.
Gross Waddell's Andrew Thorburn and Andrew Waddell with Darcy Jarman Geelong's Simon Jarman marketed the farm, zoned urban growth, but likely now to be subdivided into about 900 housing plots. The deal values the land at $315,000 per hectare.
Lara is bound by Anakie, Avalon, Corio, Little River and the You Yangs Regional Park. About 55km from Melbourne, it is part of the Greater Geelong municipality which is expected to accommodate more than 300,000 residents by 2031, the agents said.
The site which has sold, known as 285 Patullos Road, is within a precinct known as the Lara West Growth Area and which is expected to cater for some 11,600 new residents over the period.
The marketing agents said the strategic corner location as well as the holding's size, future growth and proximity to retail and lifestyle amenity, contributed to the strong result.
Last week, it was reported residential developer Growland Group was paying a speculated price of more than $30 million for a 143-hectare farm in Werribee, about 45km west of the Melbourne CBD. Agents say this site, zoned for commercial use but surrounded by new housing estates, is a strategic land bank for Growland.
Pellicano family tie up Parkview Estate
After more than two decades, Pellicano Group has filled the last space within its 55ha master-planned Parkview Estate business park in Moorabbin.
With South Australia-based childcare provider Precious Cargo Education pre-committing to a $6.5 million, 2450sq m building, the local family has completed a $500 million redevelopment of land it bought from South East Water in 1996.
Today Parkview Estate houses 100 companies with 3500 staff – or 4.2 per cent the total number employed in the City of Kingston municipality. It also includes residential dwellings as well as a shopping centre, gym and Quest apartment complex. Pioneer moved its corporate headquarters to the Parkview Estate in 2010.
Pellicano owns and operates six business parks in Victoria including the M2 Industry and Innovation Park in Dandenong South, where last month, e-commerce giant Amazon confirmed it had leased its first Australian fulfilment centre.
First Footscray skyscraper site for sale
The first apartment skyscraper approved in the riverside Footscray pocket known in planning documents as the Joseph Road Precinct has been re-offered for sale.
Number 12 Moreland Street is expected to trade for between $9 million and $10 million.
This property failed to trade in 2014 when demand for Melbourne development sites was much weaker.
Opposite the train line between Footscray and South Kensington stations, the 1278sq m holding comes with a permit for a 25-level tower containing 198 dwellings above four shops.
TCI Property Consultant's Jack Teneketzis is representing the vendors, private investors, who have held the site since 1979.
Next door to this offering, on Warde Street, developer Tim Gurner owns a 2170sq m parcel with a permit for a 26-level 388-unit complex.
The Joseph Road Precinct – a former industrial zone – is over the next 10 years set to be replaced with more than a dozen skyscrapers containing more than 3000 dwellings. Abutting the Maribyrnong River, also the Kensington suburb border, the area accommodates the stately Heavenly Queen Temple, the first stage which was completed in 2013.
Ex-Viewbank House sold
The former Rosanna nursing home, which was shut after the occupant stopped paying the rent for months, has sold with vacant possession.
It is speculated a residential developer has swooped on the 3869sq m holding at 69 Banyule Road, but this could not be confirmed.
Currently configured with an 81-bed aged care facility, the sales campaign, by ICR's Raff De Luise and Julian Materia, also targeted potential owner occupiers.
Administrator Deloitte was appointed in February to oversee the closure of the former Viewbank House nursing home and the relocation of nearly two dozen residents – one aged 100 years old. The site was subsequently listed for sale in April.
Developer builds a Camberwell corner in three parts
Historic buildings on the blue-ribbon Camberwell corner of Burke Road and Broadway could be razed following their sale this week to an investor who develops.
The three Burke Road properties – 780-782, 784 and 786 – were auctioned one after the other last Friday, all selling to the one buyer who outlaid $6.73 million.
The purchase gives the new owner access to a 925sq m Commercial 1 zoned development site, which can be fully exploited after 2022, when leases affecting 784 and 786 Burke Road expire.
Prowse Burns Commercial Real Estate's Philip Prowse, Fred Bartlett and Vinson Phu ran the successful marketing campaign, auctioning the properties before about 100 people.
Prominent Australian QC buys in Armadale
John Karkar QC, recognised as one of Australia's best senior counsel's, is paying $10 million for a trophy retail property in Armadale.
The 926-930 High Street building, developed 105 years as the Armadale Picture Theatre, sold last month for almost twice the price the vendors paid four years earlier.
Leased to auction house Mossgreen on a long-term basis, the deal, managed by CBRE's Josh Rutman, Rorey James and Lewis Tong, was struck on a yield of about 4.8 per cent.
On a 1221sq m double-fronted block, the site provides long-term airspace redevelopment potential.
Mr Karkar told Capital Gain the family was attracted to the location and building's architectural features together with the long-term nature of the investment which they "felt would provide growth and stability".
The selling agents said they had noticed a number of investors taking a long-term view on the Melbourne retail strip market recently despite perceived volatility in the retail mix and turnover in retailers.
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