$1.2 Billion Worth of Melbourne Projects Fast-Tracked
The Victorian Government has added another several major developments to its recent approvals, fast-tracking $1.2 billion worth of projects.
They follow 4 other major projects being given the green light late last month, including the mixed-use Green Spine tower on Southbank that will become the tallest building in Australia.
The recent lot of approvals include Charter Hall's $290 million, 21-storey office building at 140 Lonsdale Street, which will become the Melbourne headquarters of the Australian Federal Police. The new A-Grade building will comprise 16,500 sqm of office space and is part of the $1.3 billion Wesley Place Precinct that Charter Hall is developing, and which will have another new tower at 130 Lonsdale Street, and an existing building at 150 Lonsdale Street that also had its $50 million refurbishment cleared.
In the west of the CBD, a $234 million 68-storey residential tower with 857 apartments on the Eliza Tinsley building site at 640 Bourke Street was approved, as was a $180 million, 41-storey hotel designed by Skidmore, Owings & Merrill and Fender Katsalidis
on the corner site at 600 Lonsdale Street.
PDG received approval for a 20-storey tower of nearly 17,000sqm of office space at 683-699 Elizabeth Street within a future $60 million biomedical precinct, while the former Commonwealth Games village will at 67-81 Galada Avenue in Parkville will make way for a $60 million residential development.
Fitzroys Director Rob Harrington says "This positive stimulus will generate a high level of continued activity within the CBD office sector as other major projects such as the Olderfleet Building, Collins Arch and Two Melbourne Quarter reach completion in the most recent phase of construction."
The Government also called in from VCAT a $250 million development at 31 Station Street in Caulfield, which includes a build-to-rent scheme, affordable housing, a supermarket, and retail and office space.
Lowy-backed Fund Buys Sunshine North Homemaker Centre
Assembly Funds Management, backed by Westfield founders the Lowy family, has bought the Harvey Norman-anchored City West Plaza for $39 million from Sentinel Property Group.
The 22,000sqm large-format centre at 484 Ballarat Road, Sunshine North is on a 6ha site with 4 buildings, and has 13 tenancies and 812 parking spaces. It was acquired at a passing yield of 5.84%, and 6.95% fully-let market yield.
Assembly partnered with Cadence Property Group for the acquisition and plans to revitalise the centre.
Vendor Sentinel Property Group bought the plaza in November 2015 for $29.5 million.
Fitzroys Recruiting Coup
In a major recruiting coup, Fitzroys has appointed a new Director with Michael Ridler joining the board and taking responsibility for the business’s growing Asset Management Department, which acts on behalf of institutional clients and numerous local and overseas private clients and funds.
Michael has been a senior figure in the Melbourne commercial property market for the last 20 years and held senior appointments with Juilliard Group, JLL and more recently Knight Frank, where as a National Partner he led the Victorian Asset Management Services business for the past 9 years.
“Michael is one of the most experienced and respected commercial Asset Management specialists in Victoria. In his career to date he has won the confidence and respect of many of Australia's major property owners and achieved the enviable position of being highly regarded by both owners and his peers,” Fitzroys Director, David Bourke said.
Ridler said, “It is a unique opportunity to join such an established business and an Asset Management team known for its expertise and consistently high service levels, and which has excelled under the pressure that the current COVID-19 pandemic has created for landlords and tenants”.
Peter Weatherby, who has overseen the Department for the past 32 years is stepping back from his current role , and will continue to be involved with the firm in an ongoing consultancy role.
Disclosure: The weekly Fitzroys Property Wrap is 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 2020 Fitzroys.