Last Updated: August 10, 2023
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The property market is starting to spring back with a raft of serious listings offered to investors and developers.
Jewish Care Victoria is offloading an old four-level aged care home on the corner of Punt Road and Raleigh Street in Windsor.
The 4,293 square metre building is on a 4300 sq m site and includes a large car park. It is understood to carry a price tag in the high-$30-40 million range.
Colliers International agents John Marasco, Daniel Wolman, Peter Bremner and Rachael Clohesy are running the expressions of interest campaign.
The facility has been replaced by the nine-level Hannah and Daryl Cohen building to the south. Residents started moving into the new building in April.
Jewish Care-related organisations have occupied this large land holding since the early days of Melbourne’s settlement, in 1848.
While it was out of town back in the mid-19th century, it’s now in the thick of the city’s busiest thoroughfares, close to St Kilda Road, Wesley College and the Alfred Hospital.
It could be attractive to office, residential or even educational developers, Mr Wolman said
This listing follows the sale of Flight Centre’s St Kilda Road headquarters for $62.15 million during the COVID-19 pandemic and Time and Place’s and Woolworth’s $30 million acquisition of 173 Burke Road in Glen Iris.
Nearby in Cremorne, investor Bayley Stuart Capital has settled on its $50 million purchase of ICON Developments’s new 600 Church Street building which is 80 per cent pre-leased.
Doncaster Hill
And out in the east, Chinese capital-backed Nine Dings, led by Yubin Tong, is looking for an exit from its 11-storey Hayball-designed project.
Nine Dings is selling its massive 8176 sq m site at 548-588 Doncaster Road on the corner of Elgar Road. It’s expected to fetch more than $40 million or around $5000 a sq m.
Savills agents Benson Zhou, Julian Heatherich, Clinton Baxter and Jesse Radisich are marketing the expressions of interest campaign which closes on July 15.
The 260-unit project is at the gateway to the Doncaster Hill metropolis anchored by the former Doncaster Shoppingtown, now known more prosaically as Westfield Doncaster.
Nine Dings is owned by Yubin Tong and De Ke Su but the share registry when they bought the site in 2015 also included serious Chinese capital – Wide Way Investments Shanghai and Shanghai Zhongjiu Investment Group.
Records show Nine Dings paid $23.3 million for the former Volkswagen dealership site but it has expanded the holding to include the three neighbouring houses.
Coromandel calls
Four owners in a CBD warehouse apartment block have banded together to sell their two-level building neighbouring the Kelvin Club.
Colliers International agents Oliver Hay, Chris Ling, Leon Ma and Daniel Woman are running the expressions of interest campaign which closes on July 24.
The property was developed in the early 1990s when the now dominant culture of city-living and laneway bars was just getting started.
It will soon by dominated by towers. Golden Age is developing an office building on the former Uniting Church headquarters to the south and the old Theosophical Building to the west remains earmarked for demolition.
Guardian childcare
A Chinese investor snapped up an East Oakleigh childcare centre this week before its sales campaign even started.
The Guardian centre at 82 Ferntree Gully Road fetched more than $8.1 million and sold on a 5.4 per cent yield. It returns 440,072 a year in rent.
The deal was negotiated by CBRE agents Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto.
Mr Peluso said “The price our team achieved was actually stronger than pre-COVID sales results.”
It’s on a 1415 sq m site and has capacity for 106 children. Guardian’s 15-year lease started in 2016.
This article is republished from www.brisbanetimes.com.au under a Creative Commons license. Read the original article.
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