Historic island in the market
Another airport on the market is on Fraser Island, Victoria, in the Gippsland Lakes region.
And it’s not just the airport. The 30-hour freehold island, which comes with an 11-bedroom home, tennis courts, and a 9-hole golf course, is for sale.
The 100-year-old island and palace were owned by the Syme family of founders the age. It was owned for many years by Computershare President and Baron Chris Morris of the Colonial Leisure Group.
The owners – a company called Pie Island, which is partly controlled by Chinese interests – bought the island in 2016 for $4.18 million.
Local sources have suggested it could fetch up to $7 million, but RE/MAX Genesis agent Daniel Schumann, who runs an international campaign for expressions of interest, said buyers were expecting a very high price — up to $79 million.
In July, Annie Cannon-Brooks, wife of tech billionaire Mike Cannon-Brooks, struck a deal to buy Dunk Island, which is besieged off the coast of Far North Queensland, for $20-25 million.
Burke’s Road
Vantage Property Investments has sold its Camberwell office building since the last century.
The media-shy private investor is understood to have purchased a six-level office at 697 Burke Road at a price believed to be at less than $20 million, and a solid return of less than 6 percent.
The 2,791 square meter building rents for $1.24 million annually. A price of about $21.5 million would reflect a 5.8 percent return.
CBRE agents, Tom Ryan and Scott Orchard, handled the deal, but declined to comment on the buyer or price.
The property is located just down the road from the intersection in the rapidly changing pocket of Camberwell. The adjacent former funeral parlour and old car park are both undergoing residential development.
When the Camberwell Building was first listed, Matt Spring, president of Vantage, said the property was a solid and dependable asset to a small group of investors who had held it for nearly 25 years.
Technology outperforms rag trading
Fast-growing local technology company Linktree has acquired a string of properties on Islington Street, in Collingwood, in an off-market deal worth about $10 million.
Records show that the owners of the Linktree – northern locals – placed caveats on three properties at 23-35 Islington Street. The deal is understood to have been negotiated by Stonebridge clients Max Warren and Dylan Kellner, who declined to comment.
The three low-rise properties, with an area of about 1,200 square meters, were purchased from the old textile production company that has held it for more than 50 years.
The property is located next to another historic two-story warehouse at 37 Islington Street, purchased by the owners of Linktree in 2020 for $3.2 million. This end of the street runs parallel to Hoddle Street, off Victoria Parade. New Bunnnings are on the corner, and trains, trams and buses are all within easy reach.
Last year, Linktree occupied the top two floors of 1 Sackville Street, a new nine-story office building constructed by Ricdanic at the north end of Collingwood.
The local tech startup provides useful links from social media to multiple websites. Business should be thriving.
An artist’s impression of a new development to be built at 19 Down Street, Collingwood.
DKO . Engineering
DKO Architecture is also making strides in Collingwood. It has entered into a $30 million joint office venture with developer Chapter Group and Monarch Property Partners backed by the Lieberman family.
Records show that the architects settled 19 Down Street in 2019 for $2.5 million. It is located on an area of 468 square metres, close to Wellington and Johnston Streets.
A new eight-storey building with an area of 3,490 square meters has been designed by DKO, which will lease half the space.
Dean Lefkos, president of the chapter group, said there has been a significant shift from large CBD office buildings to more boutique buildings on the outskirts of town.
“There are two main factors: First, margin rental rates are 25 percent lower than CBD commercial space, and second, demographics,” Lefkos said.
He said the millennial workforce likes to be closer to transportation and live in marginal city locations that they consider more lively.
Heritage Bank Room
Bank rooms are no stranger to marble surfaces, so the new tenant at the former NAB branch at 460 Collins Street will likely feel right at home.
Spanish architectural stone countertops retailer Cosentino has built a bridgehead in Melbourne’s CBD, acquiring 539 square meters of ground and basement floors on a 10-year long-term lease.
The retailer will spend the next 12 months converting an Art Deco bank room into a Cosentino City store.
Cosentino, which produces and distributes a wide range of stone countertops, has 26 CBD concept stores around the world, including London, Manhattan, Paris, Dubai, Tokyo and Amsterdam.
The concept of Cosentino City stores means that buyers – architects, designers and home renovators – don’t have to travel far to see samples of their stone countertops.
The lease deal — with two five-year options — was sealed for $280,000 a year by Fitzroys agents Franklin Gekas, Travis Keenan and James Lockwood.
Varga Brothers Investments purchased the heritage-listed building on the corner of William Street for $9.3 million in 2002. NAB sold it in 1999 for $5.42 million.
“Cosentino was drawn to the property’s location in the heart of new Collins Street. The core of the CBD has shifted west, with the new commercial developments of Collins Arch and Olderfleet,” Lockwood said.
Originally published at Melbourne News Vine
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