Pomeroy Pacific is selling a high-profile retail complex with redevelopment potential in Clayton.
Monash Central Square, as it was marketed, is the homemaker centre component of the mixed-use asset listed on Pomeroy's website as the Wareca complex.
Covering the most valuable 8376 square metres of Wareca, with seven large showrooms and more than 150 car parks, 1866 Princes Highway has the potential to generate annual rent of more than $1.7 million.
It is understood to be selling for more than $25 million but this could not be confirmed.
Situated opposite the proposed Nova Centre – a hotel and residential complex with 629 apartments – Monash Central Square has over 140 metres frontage to the Princes Highway where it is estimated 60,000 vehicles pass daily.
The low-rise showrooms have the potential to be replaced with a more substantial shopping centre in the medium term. The new Springvale Homemaker Centre, with an IKEA and Harvey Norman, is nearby.
CBRE's Mark Wizel, Justin Dowers, Rorey James and Kevin Tong represented Pomeroy which will retain 17 warehouses behind Monash Central Square.
Chubb sells 25-Year HQ
Chubb Security has divested its North Melbourne headquarters, occupying the corner of Racecourse Road and Citylink.
The 5630-square metre office on a 6515-square metre block with 249 car spaces was marketed for its residential redevelopment potential and is speculated to be selling for more than $12 million.
Chubb offered the asset with vacant possession.
Jones Lang LaSalle's Lincoln Reynolds and Langton McHarg marketed 87-105 Racecourse Road for the security company which bought it 25 years ago.
Three kilometres from town, the land was recently favourably affected by the C190 Arden-Macaulay amendment to the Melbourne planning scheme, allowing for developments substantially higher that previously permissible in the area.
Investor pays $16.7 Million for Richmond asset
Private investor Gus Cooper, reportedly on behalf of another family, bid $16.7 million at auction – some $4 million over initial price expectations – for a retail asset in inner east Richmond.
The brown brick double storey building on a 1540-square metre block is configured with 10 ground floor shops and eight upper-level office suites. Based on the annual rental return of $490,000 it sold on a very low yield of less than 3 per cent.
The investment, also with frontage to Lennox and Carroll streets, was offered with a permit for a five-level mixed-use building containing five shops, two restaurants, 57 apartments and 44 car spaces.
Some sources speculate this permit was an under-development of the site and that any new owner may propose something taller and denser.
At a lively but protracted boardroom auction with multiple bids rising at times by $5000, one buyer asked for a lunch break. Another made an announcement that he was about to make a bid. "When," said the auctioneer. "I'm thinking," he replied. "You look like you're not at all cerebrally challenged," the auctioneer shot back.
Gross Waddell's Raoul Salter and Jonathon McCormack marketed the investment with CBRE's Josh Rutman, Mark Wizel and Rorey James. Ian C Dungey was the transaction manager for the vendors, private investors.
Mr Rutman said the property attracted in excess of 20 expressions of interest which prompted the boardroom auction.
Places Vic Sells Roxburgh Park Land
Places Victoria has offloaded a residential development site abutting the Roxburgh Park Football Club and Cricket Ground, about 20 kilometres north of town.
The 2.2-hectare block at 11-33 Sommerville Drive, permitted for a medium density residential development and a small park, is understood to have sold for about $3 million.
Oliver Hume's Robbie Demian represented the government authority, which has been selling down parts of its substantial property portfolio this year.
$16m For Collingwood Sites
It may still be grungy at ground level, but Collingwood airspace is quickly filling with shiny glass towers – and another may be on the way.
Less than two weeks after an expressions of interest campaign closed, a collection of low-rise industrial and retail showroom sites occupying a battleaxe block of 1718 square metres is speculated to be close to selling to a local developer.
With 40 metres of street frontage to Cambridge Street, 28 metres to Langridge Street and 22 metres to Oxford Street, the parcel has the flexibility to be replaced with more than one major apartment building.
Elsewhere in Collingwood, towers of more than 10 levels have recently been approved. The suburb's public housing buildings are more than 20 storeys.
Selling agents Jamus Campbell, Ed Wright and Mark Wizel of CBRE declined to comment about a Collingwood sale when contacted. The property is speculated to be exchanging for about $16 million.
Wadhawan Lists Waterfront Block
After arriving in Melbourne sensationally – spending $57 million on three sites in three months – Indian billionaire Rakesh Wadhawan has quietly listed what is arguably his best-placed local asset.
The waterfront block of flats at 312 Beaconsfield Parade, at the north east corner of Fraser Street, is expected to sell for $13 million – about the same price Wadhawan's DEC Group paid at the beginning of a local property downturn in 2008.
DEC bought the 950-square metre Beaconsfield Parade parcel from local builder Fridcorp which had obtained a five-level redevelopment permit which is still active.
It was speculated the penthouse of the Middle Park redevelopment would act as Mr Wadhawan's Australian base. Instead, the undeveloped site is being offered to somebody else with a permit for a 34-unit dwelling, via Greg Hocking and Warwick Gardiner of Greg Hocking Elly Partners.
In Southbank, a collection of buildings DEC planned to replace with skyscrapers after buying for $40 million, was recently leased to the Planetshakers church.
For three years until 2012, DEC was a major sponsor of Victorian cricket team the Bushrangers.
$24 Million For Bunnings Eltham Site
A Bunnings-occupied asset which returns annual rent of $1.65 million – comparable to a mid-size shopping centre – is selling for a speculated $24 million.
In Eltham, about 24 kilometres east of town, the 7255-square metre warehouse is leased to the hardware chain, with options, until 2042. On a 1.2-hectare rectangle-shaped island block known as 25 Bridge Street, the asset, with access to Brisbane, Silver and Susan streets, contains 217 car parks.
Bunnings started trading from the store in 2007.
CBRE's Justin Dowers and Mark Wizel marketed this investment.
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Twitter: @marcpallisco
