Capital Gain: VCAT approves shady Flinders Street tower

Written by admin on 08/09/2019 Categories: 杭州桑拿

Peter Singer was part of a consortium to pocket $2.7 million from the sale of a complex in Rowena Parade, Richmond. Photo: Michael Nagle
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Caydon’s 14-level apartment at 443 Upper Heidelberg Road. Photo: Supplied

VCAT approved plans for a 25-level building above the old home of Fletcher Jones at 1-5 Queen Street.

VCAT approved plans for a 25-level building above the old home of Fletcher Jones at 1-5 Queen Street.

Peter Singer was part of a consortium to pocket $2.7 million from the sale of a complex in Rowena Parade, Richmond. Photo: Michael Nagle

Caydon’s 14-level apartment at 443 Upper Heidelberg Road. Photo: Supplied

VCAT approved plans for a 25-level building above the old home of Fletcher Jones at 1-5 Queen Street.

Peter Singer was part of a consortium to pocket $2.7 million from the sale of a complex in Rowena Parade, Richmond. Photo: Michael Nagle

Caydon’s 14-level apartment at 443 Upper Heidelberg Road. Photo: Supplied

VCAT approved plans for a 25-level building above the old home of Fletcher Jones at 1-5 Queen Street.

A proposed Flinders Street skyscraper which would cast a shadow over the Yarra River banks has been approved by the Victorian Civil and Administrative Tribunal after some cosmetic amendments and a (one-level) height reduction.

Malaysian developer Creative Wealth (Aust) Pty Ltd’s permitted 25-storey development may likely not be allowed under controversial new controls Planning Minister Richard Wynne was spruiking this week. The regulations would enforce, among other things, tower setbacks, density, a builder’s contribution to open space, and his own decision-making discretion.

Creative Wealth’s proposal is to replace blue-ribbon airspace over an existing three-level building, with a tower to rise a total of about 90 metres from the ground.

The 1873 Cobden Buildings, a structure known by the address of 1-5 Queen Street, will be restored externally to its 1955 state and partly act as a podium for the new tower, which would offer unobstructed views over the Banana Alley Vaults and Yarra River, Albert Park Lake and Port Phillip Bay.

The property was occupied from the mid-1950s until recently by clothing manufacturer Fletcher Jones.

A shadow test which accompanied Creative Wealth’s 26-level proposal last year showed the complex would shade part of the river precinct for three hours from 11am.

As well as a reduction in height, Creative Wealth’s revised tower is set back from the historic building more than it was in the 2014 application.

Across the Yarra River, in Southbank, riverside sites arguably more connected to waterfront public spaces have made way for skyscrapers twice the height of Creative Wealth’s proposal.

Creative paid $11 million for the 737-square metre site in 2012.

Another Major Brunswick Site Sale?

Melbourne businessman Tony Beris is speculated to have sold his outgoing and long-time company headquarters, ending an era in inner-north Brunswick.

Mr Beris, who moved to Melbourne in 1956 as an imitation jewellery salesman then went on to establish successful importing business Delta Sales, listed the 3667-square metre asset at 17-23 Hodgson Street earlier this year via agency TCI Teneketzis.

Despite its super size, the property is in a low-rise pocket of Brunswick and is unlikely to make way for a medium or high-rise development, according to sources. It was expected to exchange for a little over $10 million but this could not be confirmed with selling agent Jack Teneketzis​.

A deal would be the latest in a string for the suburb – just last week, a 2946-square metre Ballarat Street site sold for a speculated price of more than $8 million to a developer. A few weeks earlier, the neighbouring 3136-square metre property, on the corner of Ballarat and Ovens streets, exchanged for $8.3 million to an investor.

In his heyday, Mr Beris, now an octogenarian, distributed more than 850 tonnes of cheese and 250 tonnes of olive oil, imported to the Hodgson Street factory. For a period until the mid-1980s, Mr Beris was business partner with John Kotis, who went on to establish his own import business, Elco Foods.

Play Central Leases Bayside Building

Former merchant banker James McIntosh has leased one of Port Melbourne’s most prominent buildings for his latest business venture.

The 2000-square metre deal will see the former Mitchell Laminates site at 37-53 Crockford Street repurposed as a children’s entertainment venue, Play Central.

The Mitchell family recently rejected an offer to sell their vacated Port Melbourne site to a developer – the gentrifying suburb finding favour in recent years with builders able to buy commercial land cheap, then propose medium and high-density projects.

At least three towers of more than 35 levels are proposed for the Fishermans Bend area nearby.

A Mitchell spokesman said the presence of Play Central will enhance the evolving neighbourhood. The former laminates showroom will now include, among other things, a section for dodgem cars and another, with climbing apparatus.

Bayley Stuart’s Alasdair MacGillivray​ signed Play Central to the site.

Banyule Council Offers Public Land to Private Market

The Banyule City Council can expect just over $2 million from the sale of a Heidelberg West property earmarked for decades as a potential public housing site.

The 3319-square metre vacant tract known as 219 Southern Road abuts parkland near Darebin Creek, also the border with the more valuable suburb of Preston.

Knight Frank’s Tim Grant and Ken Smirk are marketing the property, which is also walking distance to the Northland Shopping Centre (a major bus hub).

Earlier this month local developer Caydon was permitted to build a controversial 14-level apartment building on an Upper Heidelberg Road, Ivanhoe, site which was until recently deemed to be in Heidelberg.

Church Sells Viewbank Land

An investor is paying just over $6.5 million for a 9370-square metre former church site in Viewbank, 15 kilometres north-east of the CBD.

The property at 19-35 Graham Road, zoned GRZ2 – which allows for a medium-density redevelopment – is currently configured with a church hall and seven self-contained units.

Offloaded by the New South Wales-registered Community of Christ Limited Pty Ltd, the site is a short walk from Banyule Creek and Viewbank Primary School, but some distance from the nearest train stations, Macleod and Rosanna.

Barry Plant Eltham agents Aaron Yeats and Jamin Silluzio​ settled on the deal within a week of expressions of interest campaign closing.

Icon Corners East Melbourne Site

Local developer Icon Property is paying a speculated $15 million for a relatively large corner block in East Melbourne – the suburb often said to carry the city’s highest land rate value, when measured per square metre.

The 1000-square metre plot at 30 Powlett Street, at the south-east intersection of George Street, is currently configured as a three-level hotel with 45 studio suites.

The asset was offered with a permit to add 13 rooms – though the property was expected to attract larger developers, like Icon, who may propose a new concept – including a lower-density, luxury development.

Carroll McKeddie’s Peter McKeddie​ and Kay & Burton’s Gerald Delany were the marketing agents.

Their deal comes six months after another local developer paid $13 million for a 709-square metre block at 132-142 Wellington Parade, on the corner of Powlett Street – a property now mooted to become a mid-rise apartment complex.

Nearby, in August, philosopher Peter Singer was part of a consortium to pocket $2.7 million from the sale of a Rowena Parade, Richmond, complex, configured as ten bedsit flats.

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