Uniting Church is selling its West Hawthorn church in Melbourne’s eastern suburbs
This is the third transaction overseen by the BFX Family Office in the past year. Although the name of the buyer is recent, records show that 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 planning permission to turn it into an 87-room Novotel hotel due 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 Agreement reflected a land rate of $7,151 per square meter and a construction rate of $16,000 per square meter.
The 360 square meter property sits on a large 809 square meter site with two stores and four office suites. The transaction reflected a strong net return of 2.2%.
Fitzroys agents Chris Kombi and Chris James handled the transaction.
It’s been a classic nonna house for decades, but no more. A developer has snapped up a large 1,562 square meter site at 180-184 Clarke Street on Rucker’s Hill, paying $4.5 million.
The sprawling brick house was situated in the middle of a leafy garden with a view of the northern suburbs of the central business district and a telephone tower or very large television antenna in the back.
Teska Carson’s agent, George Takis, said the campaign attracted 80 inquiries and 14 offers, selling for nearly $2,880 per square metre.
It was the first time it had hit the market in 50 years. The house and its adjoining terraces, built in the 19th century, have singularly elaborate rear facades as they once faced a racecourse on the flat ground at the foot of the hill.
In 1837 William Rucker purchased 262 acres of land, which stretched from Merri Creek and across the hill. He built a mansion on the corner of Bayview and nearby High Streets, then went bankrupt in the Port Phillip district’s 1840s land bubble and credit crunch.
Down the hill, an office and warehouse complex in the Fairfield Industrial Estate fetched $8.5 million in an off-market deal reflecting a 4.75% yield.
Records show the office, showroom and warehouse were sold by a syndicate whose owners are associated with tenant Desa Australia, a subsidiary of French energy giant Engie.
Desa Australia, an electrical and telecommunications services provider, was established in 1988 and acquired by Engie (formerly GDF Suez) in 2015.
The buildings cover 2670 square meters on a large 4395 square meter site at 171-173 Grange Road on the corner of Montefiore Street.
Desa’s lease expires in June 202, but she still has a five-year option. Annual rent is $412,000 per year plus expenses and property tax.
Rory White of Gray Johnson handled the transaction.
Purchase by the bay
Clement Lee’s Riverlee has sold two development sites on the Bellarine Peninsula, amid a flurry of outlying development sites that fetched a total of $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. Land bankers based in Geelong purchased the properties.
In other deals, China-backed local developer SightStone beat seven other bidders in a boardroom auction to buy 55 Mulcahy Road, Pakenham.
The 5.4-hectare farm was purchased in 1999 for $175,000 and fetched $10.57 million at auction. It’s wedged between new housing estates and a new commercial downtown.
In a separate deal, developer 3L Alliance, which is building an 1,800-unit CBD apartment tower at 350 Queen Street, has bought 60 hectares of green-corner zoned land at 1785 Donnybrook Road, Woodstock, paying $14.1 million of dollars.
The deals were brokered 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 for land and development opportunities are well capitalized with little or no reliance on debt financing,” Zhang said.
The owner of the National Tax and Accountants’ Association neighbor in South Melbourne has joined forces to create a 988 square meter site at 27-33 Palmerston Crescent.
The five-story NTAA building at No. 29 spans 640 square meters with three facades. Its two-story neighbor, which houses tech companies, spans 344 square meters.
With South Melbourne prices hovering between $18,000 and $20,000 per square metre, that brings the likely outcome to around $20 million.
CBRE’s Nathan Mufale, Scott Hawthorne, David Minty and JJ Heng are leading the revived campaign.
The properties are surrounded by several residential, hotel and office projects under construction or with planning permission. And the new Anzac station is just up the road.
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