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Business

Property Focus

Old Colonists' hostel and nursing home development builds on the past

Quality: New work reflects the estate's architectural legacy.

Stephen Crafti The Old Colonialists Association of Victoria, Rushall Park, in North Fitzroy, is one of Melbourne's best-kept secrets, maybe not for locals. Founded by William Coppin in 1870 for early pioneers as a refuge for early pioneers who had fallen on difficult times, the heritage-listed time capsule is a showcase of some of the city's finest architectural styles; including terraces, arts and craft-style homes and later Californian Bungalows. While the triangular-shaped site has been thoughtfully expanded over the years, there was a small pocket of development in the 1960s that 'under-delivered' in quality. "They were fairly ordinary buildings, a hostel and nursing home that were quite prosaic," says Architect Peter Williams, Director of Williams Boag Architects.

Spencer Street properties reportedly selling for $50m

Marc Pallisco - Capital Gains - dink - dinkus

MARC PALLISCO Two adjoining properties at the super-prominent south-west corner of the Melbourne CBD Hoddle Grid are speculated to be selling to a high-rise builder for about $50 million.

Home lots shrink as more residents move west

Frank Oliveri Sydney's south-west area is set to be home to more than 300,000 new residents in 110,000 new dwellings, while the north-west will be home to more than 200,000 new residents in 70,000 new dwellings.

Mobile tech creating new opportunities and challenges for time-sensitive business

Handy: But devices such as smart watches will also create another data stream that needs to be managed.

CAROLYN CUMMINS How many times are the words "what's the IT number?" yelled across an office?

Iris Capital on expansion path

Strategic: Iris Capital is selling the refurbished Oxford Hotel and an adjoining commercial property.

CAROLYN CUMMINS Iris Capital group will use cash raised from the sale of non-core pubs to tap into the booming residential apartment sector.

Hotel sector set for expansion

New developments: Lend Lease's revised plan for a hotel at Darling Harbour.

CAROLYN CUMMINS Major sporting events including the AFL Grand Final are set to boost demand for hotel accommodation in Melbourne in the next few months.

Without reserve

Direct Factory Outlet  DFO  at Homebush

CAROLYN CUMMINS Makeover reveals shopping mecca, says Carolyn Cummins.

Premier to take on overseas retailers

Brand expands: Smiggle store.

CAROLYN CUMMINS Premier Investments to expand its retail outlets for Smiggle and Peter Alexander brands.

Clock ticks down for new town St Germain

An artist's impression of the retail development at St Germain.

SIMON JOHANSON What makes a town centre tick? A clock, among other things, says architect and community advocate Dean Landy.

Buyer outlays $11m for Carlton office building

Auction sign.

Nicole Lindsay A Chinese investor has splashed out $11.4 million at auction to buy a small Carlton office building that is right in the heart of the city-fringe apartment and education precinct.

Chinese funds enter Melbourne market

The 12-storey building at 231 Swanston Street sold on a 3.5 per cent yield.

Nicole Lindsay The property investment arm of Hong Kong conglomerate Glorious Sun has made its first foray into Melbourne’s CBD, paying $25.3 million for a Chinatown-fringe office building.

Viva Energy to set up base in Docklands

Docklands development.

SIMON JOHANSON Viva Energy, formerly known as Shell Australia, is the latest blue-chip tenant to make the leap from suburbs to city in a trend driven by high CBD incentives.

Seeding a new building

The Australian Grains Genebank building at Horsham has a metal core and a timber skin.

Philip Hopkins "Challenging" is the way H2o architects director Mark O'Dwyer described his latest project: how to protect Horsham's new world-class genetic seed bank, which requires specimens to be stored at minus 20 degrees?

Melbourne Airport to remain one of Victoria's biggest construction sites

Work on Terminal 4 at Melbourne Airport, which will house Jetstar, Rex and Tiger airlines.

SIMON JOHANSON Melbourne Airport is the sleeping giant of construction in Victoria spending $420 million last financial year, with outlays set to almost double this financial year.

Land for cemetery snapped up

The plots thicken: An artist's impression of the proposed Macarthur Memorial Park.

CAROLYN CUMMINS A $30 million proposal from the not-for-profit Catholic Metropolitan Cemeteries Trust (CMCT) to build a new 113-hectare cemetery near Campbelltown at Varroville has been unanimously supported by the Joint Regional Planning Panel.

Lend Lease expands in London

Lend Lease building.

CAROLYN CUMMINS Lend Lease has applied to Southwark council for permission to build nearly 593 homes and develop 3990 square metres of retail space at Elephant Park - the latest step in its £1.5 billion regeneration of the Elephant & Castle in south-east London.

Lantern Hotel Group acquires Waterworks Hotel for $8.25m

Generic beer

CAROLYN CUMMINS Lantern Hotel Group has paid $8.25 million for the Waterworks Hotel in Botany.

RBA 'uneasy' about risk of fall in city house prices

stephen cauchi House prices in major cities were at risk of a damaging fall and required "close observation", according to the Reserve Bank minutes released on Tuesday.

Jewell station to get $70 million facelift

Artist's impression of Jewell Station Precinct, Brunswick.

SIMON JOHANSON About 100 apartments are expected to be built in two buildings next to Jewell Railway Station in Brunswick as part of a government push to rejuvenate infrastructure.

Lend Lease to refinance $550m fund

Menai Marketplace: One of the shopping centres included in the Lend Lease fund.

CAROLYN CUMMINS Investors in the $550 million-plus Lend Lease Real Estate Partners Fund 3 have opted to support a partial recapitalisation and keep ownership of the shopping centre assets, rather than support a trade sale.

Infants front and centre: Perkins Architects' Boorai childcare facility at Ocean Grove

Ocean Grove’s Boorai Centre keeps a safe outdoor play space close by.

Stephen Crafti Ian Perkins, director of Perkins Architects, has been designing childcare and early learning centres since the mid-1980s. With almost 100 centres completed, he has seen their development and growth, as well as their changes over the decades.

Another skyscraper shadow looms

Marc Pallisco - Capital Gains - dink - dinkus

MARC PALLISCO Lunchtime rays near the Banana Alley Vaults and Sandridge Bridge may be a thing of the past if the City of Melbourne council approves another application for a skyscraper that would overshadow the north bank of the Yarra River.

Hot Property: Rooms and revenues

Ross Beardsell Hot property

Zara finds a home in Pitt St Mall

Spanish label Zara, is said to be looking at opening a Zara Home store in the Glasshouse arcade adjoining the new H&M flagship store.

CAROLYN CUMMINS Pitt Street Mall is the new battleground for the international retailers, with the Spanish label Zara, said to be looking at opening a Zara Home store in the Glasshouse arcade adjoining the new H&M flagship store.

Laneways the new retail hubs

Breathing new life into the city centre: Sydney Laneways project.

CAROLYN CUMMINS Melbourne has had the rub on Sydney over laneway occupation for years but changes in legislation in Sydney have paved the way for its current laneway revitalisation program.

Investment demand focuses on Western corridor

Former warehouse: Vince Kernahan says 156 Clarence Street, Sydney is the next investment offering likely to attract considerable interest.

CAROLYN CUMMINS Investors have started to move on acquiring numerous properties in Sydney CBD's western corridor.

Without reserve

Beverly Hills Cinemas
and Subway Restaurant has sold for $6.5 million.

CAROLYN CUMMINS The Beverly Hills Cinemas and Subway Restaurant has been sold for $6.5 million through Michael Ajaka and Ari Danas, from JLL, who are also selling the Cronulla Cinema and Retail Complex.

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