Collingwood skyline set for new addition:
American real estate group Hines has paid $28.5 million for a 2,120sqm site on the corner of Wellington and Northumberland Street, with plans to build a $200 million office tower from prefabricated timber.
The 36-52 Wellington Street property comprises warehouse-style buildings that have leases expiring within 18 months.
Hines’ new tower will be across from Grocon’s $120 million Northumberland project, which will rise 13 storeys with 15,000sqm of office space, and has pre-commitments from Aesop and co-working space operator The Commons.
Also nearby, construction has started at Pace Development Group’s 10-storey office building at 51 Langridge Street. Across the road is 60-88 Langridge Street block, 1,056sqm of which was acquired last year by Tribe Hotels Group for a new hotel offering, while the remainder has been retained by Peregrine Projects.
Closer to the city, Pellicano Group has bought the 860sqm corner site at 207 Victoria Parade, on the Fitzroy side of Smith Street and opposite McDonald’s, for around $11 million. Currently improvements include a two-level office and retail building formerly tenanted by 7-Eleven, and Pellicano is planning a new office development on the site.
Also on the city fringe, developer Tzuo Zern Yang has reportedly acquired 121-131 Cardigan Street in Carlton for around $20 million, with intentions to build a 10,000sqm office project on the 1,846sqm site that is adjacent to Argyle Square.
Melbourne City Council endorses revised Queen Victoria Market proposal:
Town Hall unanimously approved revised plans for the $287 million Queen Victoria Market precinct renewal this week.
The new proposal would see the creation of a new civic space of 1.5 hectares, and deliver 1,000 parking spaces for market shoppers to be located within future developments on Franklin Street and on the corner of Queen and Therry Streets.
Previous plans to dismantle the existing market sheds, construct three underground levels of parking below and then reassemble the structures were scuppered by Heritage Victoria last year, due to fears that the 19th century sheds would be irreversibly altered.
As part of the latest plans, the sheds would receive on-site renovations, while the new public space, to be known as Market Square, would replace the current open-air car park adjacent to the market and be used as a space for festivals, farmers’ markets, events and eating.
Also included is a $6 million plan to have storage and refrigeration at fruit and vegetable stalls, as well as centralised waste facilities, and new loading facilities, trader storage, amenities and waste management for the Meat and Fish Hall.
An estimated 22,000 extra residents will be living in the surrounds of the Market within five years.
Meriton to make its Melbourne debut:
Harry Triguboff’s Meriton apartments will open in Melbourne for the first time, after the company acquired 140 King Street in the CBD for around $29 million from Chinese-backed developer Besgate.
The 781sqm site currently has a vacant three-storey building and will make way for a Meriton Suites apartment hotel. It was put to the market with a permit for a 57-storey tower with 263 apartments, one of three central Melbourne sites offered by Besgate last year with development approvals.
Meriton has completed around 70,000 apartments in New South Wales and Queensland, with its serviced apartments business, known as Meriton Suites, comprising 18 hotels.
Disclosure:Fitzroys Property Wrapis for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2019 Fitzroys.