Another Victoria Parade Corner Sale
A Liberty petrol station and Ultra Tune car service centre property has sold for more than $20 million to a local buyer with offshore interests, in the latest corner development site sale on Victoria Parade.
The 1,700 sqm site at 151-159 Victoria Parade, Fitzroy was owned by Angelo Property Group’s Ange Angelo and Domenic Pulitano.
Located between Brunswick and Smith Streets, the site is close to Australian Catholic University, St Vincent’s Hospital and Epworth Freemasons.
A few blocks over, Pellicano Group last year bought 207 Victoria Parade, on the corner of Smith Street and opposite McDonald’s. Earlier this year it lodged plans for a $22 million, 13-storey office tower with ground floor retail for the site.
Also early in 2020, Singapore-listed ARA Asset Management and Canada’s QuadReal Property bought the 200 Victoria Parade site, on the corner of Lansdowne Street, for $330 million in a fund-through deal. That site is earmarked for an 11-storey, 26,000sqm commercial development.
Stamp Duty Waiver for Build-to-Rent
The Victorian Government’s state budget this week included the halving of land tax for build-to-rent developments from 2022, and to continue until 2040.
More than half of the country’s development pipeline in the budding sector is in Victoria, and includes Mirvac’s projects on the Munro site next to Queen Victoria Market, at the former Melbourne Convention Centre site on Spencer Street in the CBD, and its 527-unit project on a 1ha site in Brunswick in partnership with Milieu.
Other major developments in the sector include part of Lendlease’s Melbourne Quarter precinct in the city, Sentinel’s West Melbourne project, and components Salta’s developments next to Victoria Gardens in Richmond and a tower in Docklands.
Also within the state budget was the previously-announced $5.3 billion package for social housing, and the fast-tracking of a 50% stamp duty concession for regional commercial and industrial properties that was originally scheduled for July 2023.
Stamp duty revenue is expected to be worth $4.6 billion this financial year, and grow to $7 billion in 2023/24.
The budget also included stamp duty waiver of as much as 50% on residential homes worth up to $1 million for the remainder of the current financial year. New builds are eligible for the full discount, and existing homes for up to 25%.
A further $52 million in the budget was put towards implementing planning reforms recommended by the Commissioner for Better Regulation, and $59 million for targeted planning system changes.
10 Strata Suites Sell
Ten strata office suites within the Lifestyle Working Collins Street building in Docklands have been sold.
A Brisbane-based business expanding into Melbourne bought 6 adjoining offices, suites 1.16-1.21, of a combined 380sqm for $2.6 million.
Neighbouring suites 2.24-2.26 were bought by a local investor for $1.128 million, while an architect moving from South Yarra bought the 80sqm suite 2.16 for $610,000.
Located at 838 Collins Street, the 4-level building has 137 individual commercial suites.
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.