Chinese developer Dahua Group is making another major Melbourne land acquisition, snapping up a 56.4 hectare farm in Wollert for a speculated price of more than $70 million.
The deal reflects an enormous capital gain for the vendor, local developer Greencor, which paid a reported $26 million in 2012, around the time agents considered the "low" in this city's residential property cycle.
Kilarnie Farm, about 27 kilometres north of the city, includes more than 1.5km of street frontage to thoroughfares including the Hume Highway, Epping Road and Bodycoats Road.
The opportunity was marketed as "the best development land in Australia" by Kane Malcolmson of agency Core Projects, who was advertising the property's potential to be subdivided into more than 920 lots.
The establishing precinct, between Craigieburn and Doreen, has attracted major developers including Evolve Development and Stockland, which is redeveloping the former Lockerbie Sheep Station in Kalkallo (a 1121ha holding the Sydney-based builder bought for $300 million in 2010).
Dahua Group is chaired by Shanghai-based property developer and investor Jin Huiming, who, according to Forbes, has an estimated wealth of $1.4 billion.
The Wollert deal comes almost a year since Dahua Group paid $360 million for three adjoining development sites covering a speculated size of more than 180ha, in Point Cook. The builder is also behind the distinctive Hawthorn Park project, in Hawthorn East, which will include Melbourne's first Marina Bay Sands-style skypool.
Last month, a 27-year-old developer, relatively unknown, according to industry sources, agreed to pay $27 million for a 14ha block at 440-448 Point Cook Road, Point Cook. This deal came as a 30ha site in Junction Village, in Melbourne's south-east, changed hands for $42 million.
Sacred Heart sells Avonsleigh Terrace
Sacred Heart Mission has sold a St Kilda hostel for about $6 million.
The 1154 square metre site at 41-43 Robe Street includes a historic property known as Avonsleigh Terrace. The community group will spend the sale proceeds on a $27.3 million redevelopment of another St Kilda site it owns around the corner of Grey and Robe streets.
Residents who have occupied the 29-bedroom Robe Street property, also known as Avonsleigh Terrace Community, will move to the new facility, which will accommodate 97, and also include a supported rooming house, community hub and health clinic. Chisholm & Gamon selling agent Torsten Kasper represented Sacred Heart Mission.
Swan Plumbing sells 40-year Forest Hill site
Swan Plumbing is banking just over $5.7 million from the sale of a commercial property it has occupied for some 40 years. The Forest Hill site at 291-295 Canterbury Road was purchased by a local developer, who intends to land bank in the medium term.
The sale price reflects a land rate of $2500 per square metre - which is about what 281-285 Canterbury Road, nearby, achieved a year ago (though that asset, which changed hands for $9 million, was sold as an investment with a 10-year lease). Vinci Carbone's Frank Vinci represented Swan Plumbing, which will relocate to a purpose-built facility next year.
Brian "Bristle" Taylor selling shop
Brian "Bristle" Taylor - who was earlier this year the basis of an AFL discussion forum honouring him as "the best man to ever commentate football" - is selling a city shop.
The passionate and moustached sports observer - who after being recruited from Mandurah at age 16, played for Richmond, then Collingwood, between 1980 and 1990 - is in for a circa $2 million-plus payday, sources speculate.
Also known as BT, Mr Taylor won the Coleman Medal in 1986, after kicking 100 goals for the Magpies.
The vacant 195sq m strata titled ground floor asset, which Taylor co-owns, is within the 10-level office building at the north-east corner of Lonsdale Street, which was completed in 1990 and replaced the former Lord Cecil House.
Mr Taylor is represented by Teska Carson's Richard Munday and Rogan Sedger.
Earlier this year Robert "Wallsy" Walls, another footballer from when the code was known as the VFL, listed a three-level office and commercial building in High Street, Armadale, with circa $3 million price hopes. The retail component of this building is leased to Jaggad, the clothing range of AFL player, Chris Judd and his wife, ex-model, Rebecca.
Distribution centre delivers $11.6m
A large distribution centre in Notting Hill - whose previous owners have included Becton, a Macquarie Bank syndicate, and jailed real estate developer, Mark Letten - has sold for a speculated price of about $11.6 million.
On a 1.6ha block, the asset at 40-48 Howleys Road includes office and warehouse buildings with a net lettable area of more than 11,200sq m, and 130 car parks.
Colliers International's Jonathan Mercuri and Justin Fried listed the vacant property for sale or lease in August. About 19 kilometres south-east of town, high-profile businesses to have previously occupied the building include Linfox and Philip Morris.
Fitzroys execs past & present sell-down
Peter Weatherby - a director of commercial property agency Fitzroys, with Geoff Emmett - who was until recently an executive with the same company - are selling four small adjoining investments in city's Hardware Street.
The assets - two shops and two offices - part of the strata titled Forecourt Building, are expected to sell for a total of about $5 million, sources say, following an auction next month.
Mr Emmett recently left Fitzroys after more than 30 years. His son, Charles Emmett, had only previously just established an agency - Emmetts Real Estate. Charles and colleague Andrew Mulligan, with Fitzroys agents David Bourke and Terence Yeh, are marketing the businessmen's outgoing assets individually.
The listing comes as another director in the Fitzroys office, Paul Burns, readies to sell a retail asset he part owns at 201 Bay Street, Port Melbourne, next Friday. Agents Chris Kombi and Chris James can a result in excess of $1.8 million, sources say, for the tenanted 86 square metre shop.
About a year ago, another Fitzroys executive Michael Donovan banked a reported $23 million selling a potential residential redevelopment site in Port Melbourne to Citipower, which had tenanted the property since 1965.
Email: marcpallisco@gmail.com
