Sydney shoppers target Melbourne boutique office
Micro-ownership investment fund BrickX weighed on a partially demolished Southbank development site that went into liquidation earlier in the year.
It is not yet known how much BrickX paid for the 915 m² site. Liquidator Pitcher Partners was worth $ 15 million in its report to creditors and JLL’s agent Josh Rutman was citing more than $ 13 million when it went to market.
The 63-69 City Road site was to be Australia’s first Yotel hotel as part of a development led by Jason Chong’s Cornerstone Partners Group.
But the project went bankrupt, due to more than 17 million dollars, after the start of the demolition on the site, the n ° 67 was razed despite its inscription in the local heritage.
BrickX Development Director Benni Aroni, a key player in the development of Southbank Australia108 skyscrapers and the Eureka Tower, is handling the conceptual planning for the site.
Mr. Aroni was recently appointed chairman of BrickX’s parent company, Thundering Herd, a venture capital and private equity group.
Thundering Herd bought BrickX in December 2019. The investment platform has 80,000 investors and over $ 20 million in assets.
It previously focused on residential investments, but is now branching out into commercial projects, said Thundering Herd founder and director Joe Galvez. “A lot of our investors wanted a little more sizzle,” Mr. Galvez said.
An investor spent around $ 11 million in one of Blue Cross’s retirement homes in Northcote.
The 75-bed facility is located on a large 2895 m² site at 14-24 Pearl Street – on the corner of its premises on Westgarth Street.
CBRE agents Marcello Caspani-Muto, Sandro Peluso and Jimmy Tat handled the case.
Ten bids were made for the facility, with three parties competing in the second round.
Mr Caspani-Muto said the team will launch a rental campaign to find a new tenant for the facility, which closed earlier in the year.
“We had developers, investors and homeowners for the property, but the latter were the strongest. It is a very good quality building that would cost between 15 and 20 million dollars to build a new one, ”said Mr. Caspani-Muto.
“You wouldn’t get the return if you demolished it and built apartments,” he said.
The property runs along the east side of the High Street-Ruckers Hill road and is close to train stations, light rail and bus lines.
The former fast growing credit union Bank Australia sells its headquarters in Kew.
The 1,857m² three-level office building is located on a large 1,548m² site at 222 High Street in Kew Junction.
Colliers agents Alex Browne, Peter Bremner and Ted Dwyer are running the expressions of interest campaign and expect more than $ 14 million.
The property has been owned by the MECU Credit Union, an earlier incarnation of Bank Australia, since its construction in 1982.
The bank started in 1957 as CSIRO Co-operative Credit Society and after merging with 72 other credit unions and cooperatives it became Bank Australia in 2015.
It is understood that Bank Australia is moving its head office to leased space in Collingwood.
Sale of land
Interests associated with the founders of the construction group Henley beat 13 other bidders to buy an 11.37 hectare site in Sunbury for $ 14.55 million.
The land at 195-205 Vineyard Road was owned by a private union that paid only $ 391,000 in 2003.
Julian White, Dylan Kilner and Chao Zhang of Stonebridge Property Group managed the transaction.
The land is part of the structure plan for the South Sunbury Riding and is expected to deliver between 163 and 190 lots.
Founded in the 1980s, Henley is now majority owned by Japanese conglomerate Sumitomo and is involved in real estate development as well as house construction.
As the next federal election approaches, the new election office of Greens leader Adam Bandt has hit the market and is expected to bring in around $ 3 million.
The ground floor office at 142 Johnston Street has a new five-year lease with the Commonwealth of Australia, which brings in $ 165,000 a year in rent.
It is at the foot of the recently completed Estilo Apartments building designed by Stoll Architecture.
Government leases are in high demand, providing investors with a stable and long-lasting income stream.
CBRE’s Nathan Mufale, Alex Brierley, Scott Hawthorne and JJ Heng are managing the transaction on behalf of a private syndicate.
Adam Bandt is the MP for Melbourne and became the leader of the Greens in 2020.
Collins Street always attracts new tenants, with jeweler Artelia coming from the suburbs to stake a concession on 243 Collins Street.
Fitzroys manager Rick Berry has leased the space from the jeweler who is currently digging in the Fountain Gate Mall, 50 miles to the southeast.
Artelia takes over the space previously occupied by the Ganache chocolate factory for a seven-year lease with a five-year option. Rents for this block are approximately $ 2,500 per m².
On Flinders Lane, one of the city’s oldest pubs, Tavistock House, has been leased to a new bar operator.
AP’s Tan Thach, Josh Luftig and Zelman Ainsworth have leased the 84m² bar for a five-year term.