MARKE T MOVES
08
MARKET MOVES
VICTORIA
QUEENSLAND
Besgate sold two development sites it acquired in 2013, then obtained permits to redevelop, in the Melbourne CBD: 640 Bourke Street traded to Far East Consortium as an apartment play for $90 million – a rise on the $23.9 million Besgate paid, while 140-146 King Street is exchanging for about $29 million. The latter site, which cost Besgate $10 million, is being acquired by Harry Triguboff AO marking his first Melbourne investment after more than 50 years in the construction industry. It will make way for a Meriton Suites serviced accommodation complex. In the suburbs, Dahua Group is paying $140 million for a 98.4 hectare site at 688 Aviation Road, Point Cook. Dahua paid $52 million for the neighbouring 96 hectare block at 640 Aviation Road in 2016. Frasers Property Australia is outlaying about $80 million for a 41.3 hectare industrial development site in Dandenong South. The acquisition follows its $40 million acquisition of a 63.4 hectare block in the city’s Epping late last year – where it is also proposing an industrial park. CBD investments with long-term development potential also found buyers last month. Boston-based AEW Capital Management stumped up some $200 million for a 22-storey office on a corner site at 31 Queen Street. Swinburne University meanwhile is paying about $45 million for the historic seven-storey Invicta House at 226-232 Flinders Lane.
Poly Australia is now a true eastern seaboard developer after paying $35.25 million for its first Queensland site - a 6.2 hectare residential building block on the corner of Lamington and Mordant streets, Ascot, near the Doomben Racecourse. The site is seven kilometres north-east of the Brisbane CBD. Poly Australia has been active in New South Wales and Victoria since 2015. Some significant investment property deals were also sealed in the sunshine state last month. In the Brisbane CBD, Perri Projects and AMB Capital Partners offloaded a 16-storey office at 179 North Quay for $52.6 million to an offshore party. A little closer to the City Botanic Gardens, ARA Asset Management paid Canada’s Quadra Pacific $96.5 million for a 15-level commercial building at 133 Mary Street. Five kilometres west of the city, in St Lucia, the University of Queensland outlaid $19 million for a five-storey office until January occupied by Allianz Global Alliance. The college needs the additional space ahead of a refurbishment of its 114-hectare campus, nearby, which is expected to take about five years to complete.
140 -146 King Street. Image Credit: Victoria State Government
Content by: Marc Pallisco realestatesource.com.au
179 North Quay, Brisbane. Image Credit: JLL
