Bell chimes on church estate in private school heartland
It’s the third deal the BFX Family Office has overseen in the past year. While the name of the buyer is fresh, records show company owner James Zhang also owns APH Holding, a company undertaking developments in Box Hill and Blackburn.
BFX also bought a nearby office building at 858 Glenferrie Road last year and has a permit to transform it into an 87-room Novotel Hotel which is expected to open next year.
And in February, it paid Hong Kong-based Glorious Sun $13 million for 16 Lakeside Drive, East Burwood, an office building in the Tally Ho Business Park that is leased to the Country Fire Authority.
The Hawthorn arcade deal reflected a land rate of $7151 a square metre and a building rate of $16,000 a square metre.
The 360 square metre property is on a large 809 square metre site with two shops and four office suites. The deal reflected a sharp net yield of 2.2 per cent.
Fitzroys agents Chris Kombi and Chris James handled the transaction.
It’s been a classic nonna’s house for decades but no more. A developer has snapped up a large 1562 square metre site 180-184 Clarke Street on Rucker’s Hill, paying $4.5 million.
The sprawling brick house was set amid a leafy garden with views across the inner northern suburbs to the CBD and a phone tower or extra large TV antenna out the back.
Teska Carson agent George Takis said the campaign attracted 80 enquiries and 14 offers, selling at close to $2880 a square metre.
It was the first time it had come to market in 50 years. The house and its neighbour of terraces, built in the 19th century, have unusually elaborate facades at their rear because they once faced a racecourse on the flat ground at the foot of the hill.
In 1837 William Rucker bought 262 acres of land, which spread from the Merri Creek and across the hill. He built a mansion on the corner of nearby Bayview and High Streets and then went broke in the Port Phillip district’s 1840s land bubble and credit squeeze.
Down the hill, an office-warehouse complex in Fairfield’s industrial precinct fetched $8.5 million in an off-market deal reflecting a 4.75 per cent yield.
Records show the office, showroom and warehouse was sold by a syndicate whose owners are associated with the tenant Desa Australia, a subsidiary of French energy giant Engie.
Desa Australia, a provider of electrical and telecommunication services, was established in 1988 and acquired by Engie (formerly GDF Suez) in 2015.
The buildings cover 2670 square metres on a large 4395 square metre site at 171-173 Grange Road on the corner of Montefiore Street.
Desa’s lease expires in June 202, but it has a five-year option remaining. Annual rent is $412,000 a year plus outgoings and land tax.
Gray Johnson’s Rory White handled the transaction.
Clement Lee’s Riverlee has sold out of two development sites on the Bellarine Peninsula, amid a flurry of greenfield fringe development sites that yielded a combined $22.45 million.
Riverlee sold a 15.74 hectare site at 290a The Esplanade, St Leonards for $2.5 million and a 7.7 hectare site in town at 162 Mitchell Street, Portarlington for $1.09 million. Geelong-based landbankers bought the properties.
In other deals, locally based Chinese-backed developer SightStone beat seven other bidders in a boardroom auction to buy 55 Mulcahy Road, Pakenham.
The 5.4 hectare farmlet was bought in 1999 for $175,000 and fetched $10.57 million at the auction. It’s squeezed between new housing estates and a new retail town centre.
In another deal, developer 3L Alliance, who are building an 1800-unit CBD apartment tower at 350 Queen Street, bought a 60 hectare green wedge zoned landholding at 1785 Donnybrook Road, Woodstock, paying $14.1 million.
The deals were negotiated by Stonebridge Property Group agents Julian White, Chao Zhang and Dylan Kilner.
Asian buyers snapped up more than half of the sites the team had sold this year, Zhang said.
“Asian buyers looking at land and development opportunities are well capitalised with little to no reliance on debt funding,” Zhang said.
The owner of the National Tax and Accountants’ Association’s neighbour in South Melbourne has joined forces to create a 988 square metre site at 27-33 Palmerston Crescent.
The NTAA’s five-storey building at No. 29 is on 640 square metres with three frontages. Its two-storey neighbour, which houses technology companies, is on 344 square metres.
With South Melbourne prices running at around $18,000-$20,000 a square metre, that puts the likely result at around $20 million.
CBRE’s Nathan Mufale, Scott Hawthorne, David Minty and JJ Heng are running the relaunched campaign.
The properties are surrounded by several residential, hotel and office projects either under construction or with planning approval. And the new Anzac railway station is just up the road.
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