Heady Cremorne auction roars 70 per cent through reserve price
Meanwhile, Richard Munao, the Sydney-based founder of retailer Cult Design, is obviously planning to spend a lot more time in Melbourne, but in Fitzroy rather than Cremorne.
Munao, who recently splashed out $6.5 million on the Tait Furniture shop at 209-211 Smith Street, has also emerged as the buyer of Chapter Group's Fitzroy Fitzroy penthouse up the road at 411-421 Smith Street.
The retailer also bought two of the building's three retail lots – about 800 sq m – for Cult's new headquarters and flagship showroom.
The deal, understood to be worth more than $10 million, will involve Cult furnishing the development's communal areas.
The nine-level 52-unit Fitzroy Fitzroy project, designed by DKO, retains the red-brick facade of the old MacRobertson's garage and workshop.
Records show Dean Lefkos' Chapter Group paid $16 million for the 1820 sq m site in 2019. Construction is expected to be completed next year.
Leafy boulevard
Another office building on St Kilda Road's leafy boulevard has quietly come to market. So quiet, its agents aren't even quoting a price.
The former Victoria Police headquarters at 412 St Kilda Road, a 17-storey office building near the new Anzac railway station, was bought for $107 million in 2019.
Singapore-based SC Capital Partners paid a serious premium. Then vendor UEM Sunrise had picked it up for $58 million in 2015 with plans for a new luxury development designed by the late starchitect Zaha Hadid.
Other towers have suffered steep falls in value as the boulevard returns to its residential roots, especially in the block stretching from 424-480 St Kilda Road, where the vacancy rate has been hovering around 40 per cent.
Bayley Stuart picked up No. 468 for $42.55 million from Australian Unity, who had it on their books at $63 million; developer John Marro bought No. 432 for $28 million – a third less than the vendor, British fund manager abrdn, paid in 2014; and this year, Hong Kong-based Mars group listed 420 St Kilda Road for $50 million after paying $98 million in 2019.
No. 412 is in the better patch of St Kilda Road, near the new station, and where the vacancy rate hovers around 20 per cent. It's 80 per cent leased after a splashy refurbishment.
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Colliers agents John Marasco and Anna Cavar, with Cushman & Wakefield's Nick Rathgeber and Leigh Melbourne, have the listing.
Knight Frank research by Tony McGough shows 36 offices have been converted to residential since 1995, with the number of dwellings increasing more than sevenfold to 8929 since 1992 and by 29 per cent in the past three years.
McGough identifies two parts of the precinct as still good for offices – around the Alfred Hospital and Anzac station. Fingers crossed.
Divine intervention
It was third time lucky for St Joseph's Home for Destitute Boys in Surrey Hills. Records show former Mag Nation newsagent Vali Valibhoy has put a caveat over the property.
No longer a cult magazine seller, Valibhoy has turned Mag Nation into a property company, completing small projects in North Fitzroy and Brunswick.
The orphanage, established by Mary MacKillop in 1890, is a step up in scale and complexity. It first went to market in 2020 with a price tag of $25 million; two years later, that fell to $20 million-plus. It's believed last year's asking price of around $20 million finally met a willing buyer.
Stonebridge agents Julian White, Andrew Milligan and Chao Zhang got the deal over the line but declined to comment on the price.
The vendor, Youth With a Mission Church, which runs a much-advertised not-for-profit Medical Ship charity, bought the huge 9147 sq m site at 1 Kent Road in 1999.
The property, set in the English Counties precinct near Chatham Station, has some heritage protection.
Carlton
A boarding house operation behind Lygon Street, Carlton, is for sale after more than 30 years in the same family.
Three properties at 236 and 238-40 Faraday Street and 12-18 Powell Lane, at its rear, are on two titles covering 598 sq m of land.
Records show they last changed hands during the recession of the early 1990s for a total of $646,500. They're expected to fetch around $6 million.
Colliers' Josef Dickinson, Aaron Choong and Philip Heberling have the listing.
Broadie
Broadmeadows' former Centrelink office has sold to a not-for-profit owner-occupier for $8.5 million after only three weeks on the market.
The 2185 sq m office at 16–22 Pearcedale Parade is 4694 sq m of land, with car parking, in the heart of the Broadie CBD near other government buildings. Colliers' Alex Browne, Travis Keenan and Ben Baines did the deal.
South Yarra
There aren't too many development sites left in South Yarra's formerly industrial Forrest Hill precinct, but one of a clutch of low-rise office warehouses on Claremont Street is back on the market.
The former office of tyre industry supplies business Sealtite International faces Melbourne High School's hockey ground at 24-26 Claremont Street.
The business has moved out to Hallam and its owners, who bought the property 40 years ago for $105,000, are selling it unconditionally.
Now a deceased estate, it's for sale through Gross Waddell ICR agents Andrew Greenway and Michael Gross. It's quoted at more than $6 million, which sounds cheap for South Yarra. But with the long settlement period preferred by developers ruled out, owner-occupiers are expected to be keen.
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News.com.au
29 minutes ago
- News.com.au
Revealed: Sydney's most overvalued and undervalued suburbs
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ABC News
an hour ago
- ABC News
With RBA in their corner, investors are treating shares and property as sure bets — and that's risky
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Bitcoin and gold, too, are also consistently at or approaching all-time highs weekly. Analysts say there is a direct link between this asset price appreciation and record levels of liquidity, or cash, in the economy. Central banks can increase levels of liquidity by lowering interest rates and buying bonds — anything that puts cash in the economy. It's worth bringing up a bit of economic jargon at this point. "Moral hazard" is an economic concept that describes the pickle firms get into when they know they'll be bailed out — for example, by a central bank or government — if they make mistakes or take on too much risk. You could argue moral hazard was created in 2008 when the US government bailed out some of Wall Street's biggest banks with the "troubled assets relief program" and the Emergency Economic Stabilisation Act. 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"The RBA has a mandate to maintain economic stability, including price stability, full employment and financial system stability. "During crises, it can inject liquidity into the financial system through measures like quantitative easing or providing funding to banks via facilities like the term funding facility (TFF) introduced during COVID-19. "These actions aim to stabilise markets, ensure credit availability and prevent systemic collapses." But the mere presence of this backstop now also seems to be supporting asset prices. "However, this expectation can encourage excessive risk-taking. "Investors may overweight riskier assets or overpay for stock, disregarding their price." There was an increased chance, he said, that investors would be "more inclined to FOMO [fear of missing out]". "The central bank's action may shorten the pain but it won't prevent the decline," he said. It all raises a crucial question for asset markets more broadly — has the very concept of risk changed? 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West Australian
2 hours ago
- West Australian
BSA hatches a new Bantam
Plenty of motorcyclists learnt to ride in the 1970s in Britain on a BSA Bantam. I'm one of them. It was ubiquitous for British riders — a two-stroke single. The 125cc or, if you were lucky (like me), a black and chrome 175cc. And the renewed Birmingham Small Arms Company has drawn on the famous Bantam name for its new, affordable, entry-level, single-cylinder roadster. The BSA Bantam is back in Britain, but as a 350cc single, for $7200 (£3499). The bike's Euro5+ compliant, liquid-cooled, double overhead cam engine produces a claimed 28.8bhp. It has a six-speed gearbox, dual-channel ABS, telescopic forks and twin shock absorbers. Aesthetically, there's a nod to the past with a classic round headlight, 13-litre teardrop fuel tank and curved rear fender. Minimalist styling has a touch of retro about it, right down to the pair of 'Bantam 350' side panels beneath the flat bench seat. The dials come with the option of either analogue or digital. The engine itself is black, on all of the five colour options available. The bike has an easygoing riding upright, a wet weight of 185kg and an 800mm seat height. This looks like a forgiving, usable bike. Just like Royal Enfield, BSA is now based in India, having been resurrected in 2016 by Classic Legends, a subsidiary of the massive Mahindra Group. BSA's roots trace back to 1861 and it was once the world's largest motorcycle manufacturer, but it collapsed in the 1970s. A BSA spokesperson says: 'The original BSA Bantam was credited with getting post-war Britain moving again during the 1940s, and being the UK's bestselling bike of all time with three iterations of engine: the 125cc, 148cc and 175cc.' It was first produced in 1948 — the start of a 500,000 run. 'Much like the original, the new BSA Bantam 350 is for all ages, levels of experience, and attainable for new bikers who can ride it on an A2 licence, providing accessible mobility and more independence for the masses,' says the spokesperson. In the UK, an A2 motorcycle licence is a 'standard' motorcycle licence, allowing riders aged 19 or over to ride a bike with a power output up to 35kW (46.6 bhp) — typically a bike with an engine size up to 500cc or a restricted version of a bigger bike. PRIDE & AUDACIOUS HOPE In unveiling the new BSA Bantam, Anupam Thareja, co-founder of Classic Legends, said: 'With pride, gratitude and a bit of audacious hope, I present not just a motorcycle, but a movement: the return of the BSA Bantam. 'What is the new Bantam 350? It's not a relic, and it's certainly not an imitation. It's a vibrant, modern classic — built on the principles that made the original legendary — simplicity and pure riding joy at an attractive price. 'In a digital, distracted world, the spirit of motorcycling is shrinking and BSA is here to change that. The new BSA Bantam 350 is built to reignite that passion, especially in the next generation. With a price that invites everyone to start their own two-wheeled story, it's more than a motorcycle — it's a movement.' 'Our promise to you: every BSA will honour the craftsmanship, character and 'built-to-last' beauty that made this brand famous from Birmingham to every corner of the world. Look closely at what we've built, ride it, feel its heartbeat. 'We're not here to borrow heritage for a quick headline — we are here to build the next chapter of a living story with all of you. Let's ride into the future — with the heart of the past, and the eyes wide open to new horizons. The Bantam is back.'
