Latest news with #MelbourneCBD
The Guardian
09-08-2025
- Politics
- The Guardian
‘Nazis don't belong in this country': Victorian premier scathing over masked march by ‘goons' in Melbourne CBD
The Victorian premier, Jacinta Allan, has condemned 'goons' who took part in a neo-Nazi march through the streets of Melbourne in the early hours of Saturday morning. Around 100 people dressed in black with face coverings marched through the Melbourne CBD, police said in a statement. Police said they responded to a 'pop-up protest' at about 12.40am Saturday. 'The protest group, carrying Australian flags and chanting, eventually walked to Flagstaff Gardens where they dispersed at about 1.25am,' the statement said. Sign up: AU Breaking News email Footage of the event seen by Guardian Australia showed rows of people marching in unison up an empty La Trobe Street, led by a group carrying a banner and flags, and playing drums and cymbals. They all wore black balaclavas, except for the man at the front of the group. Allan said: 'Nazis don't belong in this country and they know it. That's why they hide behind masks in the dark.' 'I thank Police who maintained the public order. It's clear they need more powers, and we're giving it to them,' the premier added in a statement on Saturday. 'Our criminal anti-vilification laws come into effect next month. We will introduce powers for police to unmask cowards at protests after that. 'We're not afraid of these goons - but we won't tolerate them either,' Allan said. Police said that it is alleged an altercation occurred during the protest where a 26-year-old man confronted the group and was assaulted. 'The man, of no fixed place of abode, was taken to hospital with non-life-threatening injuries and the investigation into the assault remains ongoing,' the police statement said. 'No arrests were made throughout the protest and police had a strong presence to maintain community safety and to prevent any breach of the peace. 'Victoria Police respects the right to protest however there is absolutely no place for antisemitic, racist or hate-based behaviour in our society and police will not tolerate such activity,' the statement said. In a second incident police believe was linked the first, police attended Bacchus Marsh train station to monitor a planned event. 'Members of local and specialist units responded to both the event and a counter protest to that event, about 9am,' police said in a further statement. Police said there were no assaults, and no arrests were made at this second gathering.
The Guardian
01-08-2025
- The Guardian
Melbourne man charged with child abuse offences after images allegedly displayed during university lecture
A man has been charged with child abuse offences after allegedly inappropriate images were inadvertently displayed during a university lecture, Victoria police have said. Police said in a statement that detectives from the Melbourne sexual offence and child abuse investigation team had charged a 70-year-old man after a lengthy investigation. Detectives allege the inappropriate images were inadvertently displayed during a lecture in the Melbourne CBD on 5 February. 'The matter was reported to police and an investigation commenced,' police said. Sign up: AU Breaking News email The man was interviewed on 12 February after a warrant was executed at an address in Middle Park, a suburb in Melbourne's inner south-east, and multiple electronic items were seized. Detectives also travelled to Sydney and executed a search warrant at a second property with the assistance of NSW police on 13 February. 'Further electronic devices were located and the investigation into those devices remains ongoing,' Victoria police said. The Middle Park man was charged with one count of possess child abuse material (Commonwealth Offence) and two counts of possess child abuse material (Crimes Act). He will appear at Melbourne magistrates court on 7 August.
News.com.au
02-07-2025
- Business
- News.com.au
$36m blow to super fund-backed ISPT could hit Aussie retirements
Victoria's nation-topping property taxes and Melbourne's struggle to get office workers back to the CBD have taken a $36m bite out of Australians' retirement plans. Property funds management firm ISPT, who invest in properties nationwide on behalf of a swath of super funds that covers about 50 per cent of all Australian workers, have sold a 206 Bourke St property in an $80.1m deal that is one of the biggest CBD transactions this year. But it's far less than the $116.28m they paid for the property in the heart of Chinatown in 2015, according to CoreLogic records. The six-storey complex currently hosts Michelin-starred dumpling restaurant Tim Ho Wan, JB Hi-Fi, Holmesglen Institute, and Victoria Police. The property sold to a Melbourne-based investor with historic links to China, and half of the other groups that contested the sale were backed by Asia-based capital. Independent commercial property specialist Mark Wizel said the sale was outstanding in the current climate, but noted that additional taxes on foreign investors would have wiped millions from what they would have bid for the site. The founder of Mark Wizel Property Group estimated that if not for the additional costs for internationals, the property would have sold for more than $95m — with such bidders likely to have factored in a $1.5m hit to annual revenues for the property to cover those taxes. 'And there is little doubt that the Melbourne CBD has undergone major repricing post Covid, due to the nature of our lockdowns, an ongoing work from home trend and the CBD going through a big transition from the traditional Monday to Friday, nine to five, hub, to a more vibrant destination Thursday to Sunday evenings,' Mr Wizel said. 'But the Melbourne CBD is now opening itself up from a commercial property pricing point of view to being at an extremely smart counter-cyclical time in the market for buyers to secure core assets in core locations at heavily discounted prices.' Historically, the property was home to Melbourne's old Village Cinemas centre, and prior to ISPT, Singaporean real estate group Hiap Hoe paid $105m for it in 2013. JLL's Stuart Taylor, Josh Rutman and MingXuan Li, as well as Cushman and Wakefield agents Oliver Hay, Leon Ma, and Daniel Wolman handled the most recent sale, which was touted as an indication of the depth of international and particularly Asia-based demand for Melbourne properties. About half of the offers made for the property with a 3157sq m landholding and 11,845sq m of floorspace, were backed by Asian capital, with Mr Ma indicating that the buyer while based in Melbourne today, had relocated from China a number of years ago. The agent added that of the $700m in commercial property the team have sold since January, 50 per cent of sales had been linked to Asia-based capital'. 'But land tax will definitely play a critical role in this space, because it has gone up quite significantly — and that's not helping to get investors back,' Mr Ma said. 'So the government does need to do something.' Mr Hay said there were other positive signs for the CBD, including its relative affordability. 'If you look at foot traffic, that is up beyond where the numbers were pre Covid, and assets like this are starting to rebound reasonably strongly,' he said. 'And the population fundamentals are very strong.' The completion of the nearby Town Hall train station is also likely to have an impact on boosting foot traffic further. JLL's Josh Rutman said while not commenting directly on the 206 Bourke St sale, said the CBD had suffered as a result of uncertainty around government taxation and policies in the property sector — but also as a result of poor clarity on bringing government workers back into the office instead of working from home. 'But it has been heartening to see investors starting to bid on well located properties that present a great deal of potential, and on a historical basis, they are buying in at a very attractive time,' Mr Rutman said. Property Council of Australia Victorian executive director Cath Evans said it was good to see Melbourne's CBD attracting investment, a sign of confidence in its long-term future. 'At the same time, further investment can and should be unlocked through innovative planning solutions and much needed tax relief that levels up Melbourne with other major cities in Australia and throughout the Asia-Pacific region,' Ms Evans said. ISPT remains one of Victoria's bigger property owners, with stakes in a further 10 CBD sites, including the Midtown arcade, The Strand arcade and Melbourne's GPO in the vicinity of their recent sale. Their website indicates they own about 44 properties around the state, and have a total of 139 properties and $20.5bn under management. The property at 206 Bourke St was understood to be a part of its $16.6bn Core Fund, which aims to help super industry groups maintain growth in the long term. Money made in the sale is likely to be put back into the fund in a bid to deliver future gains. The government is also facing calls to alter taxation on international investors to help boost housing supply, with groups including the Housing Industry Association noting additional costs were a major deterrent to bringing in more funding to build homes across Melbourne — especially apartments in the CBD.
News.com.au
23-06-2025
- Business
- News.com.au
Douglas Menzies Chambers sells for $23m in Melbourne CBD
A Melbourne legal chambers with front-row views of the Supreme Court and a name steeped in judicial history has changed hands for the first time in more than 30 years. The prime corner site in Melbourne's legal heartland has been secured by an unknown owner-occupier, with Colliers confirming the $23m sale of Douglas Menzies Chambers, located at 180 William St opposite the Supreme Court of Victoria. The 12-level building was owned and occupied by Barristers Chambers Limited since 1992, and had not been publicly offered in over three decades. AFL icon's family farewells home after 115 yrs Colliers Melbourne's Matt Stagg, Nick Garoni and Yvonne Zhou led the campaign, which attracted significant buyer interest from both owner-occupiers and investors. 'The campaign generated deep purchaser demand with more than 90 enquiries, 30 inspections and seven competitive offers,' Mr Garoni said. 'Owner-occupiers and experienced investors recognise the Melbourne CBD office market represents excellent value at this point of the cycle.' The building sits on a 395sq m corner site at William and Little Bourke streets and enjoys panoramic views over the heritage-listed Supreme Court, founded in 1852. Its location also places it within walking distance of the County, Magistrates' and Federal Courts, making it one of the most strategically positioned assets in the Legal Precinct. Developed in the early 1970s following the demolition of the Four Courts Hotel, the property was named in honour of Sir Douglas Menzies, a High Court judge appointed in 1958. It includes 12 levels of commercial office space with dual frontages, naming and signage rights, and strong future potential for refurbishment or repositioning. The sale follows Barristers Chambers Limited's $176m acquisition of 200 Queen St in 2024 from Charter Hall. The group now occupies several floors within the tower. Head of Colliers Investment Services Victoria Matt Stagg said commercial owner-occupiers such as Barristers Chambers are capitalising upon institutional investors divesting high quality buildings such as 200 Queen St to upgrade their accommodation. 'This provides opportunities for other businesses to acquire tightly held buildings in prime locations such as 180 William Street,' Mr Stagg said. Mr Stagg said the rarity of the location couldn't be overstated. 'In terms of an opportunity directly opposite the Supreme Court, it's incredibly tightly held,' he said. 'That specific location is exceptionally rare. The last time a site like this changed hands was when the Barristers' Chambers bought their building in 1992.' While the buyer has not been named, Mr Stagg confirmed they plan to make the building their long-term base. 'They're an owner-occupier, and over the next year they'll progressively move the majority of their business into the premises,' he said. 'They were extremely happy. Like the Barristers' Chambers, they're viewing this as a long-term hold. 'They see real value in the location and have no intention of leaving any time soon.' Mr Garoni added that the long-term prospects for the CBD remained strong, particularly in precincts underpinned by legal and government activity. 'There is strong capital growth potential from the current historically low base, particularly for properties in strategic locations underpinned by industries such as the Legal Precinct, Collins Street and Bourke Street Financial Precinct and East End Government precinct,' he said. Mr Stagg said broader market confidence was returning in 2025, particularly among seasoned investors and savvy owner-occupiers. 'In the Melbourne CBD, particularly over the past six months, we've seen a real pick-up in activity,' he said. 'A lot of the buyers have been experienced local investors who recognise how strong the capital growth potential is over the next five years. They're taking a position now while the value is compelling.' 'And for owner-occupiers like this buyer, or like Barristers' Chambers at 200 Queen St, it's about upgrading their accommodation while the timing's right.' He added that upcoming infrastructure would help supercharge that trend. 'The Melbourne Metro Tunnel is scheduled to open at the end of this year and will dramatically improve connectivity, particularly along Swanston Street, the Bourke Street Mall, and that whole corridor,' Mr Stagg said. 'It'll make the CBD much easier to navigate and bring more people back into the heart of the city. 'We do expect it to accelerate the recovery and bring in more interstate — and possibly international, investor attention as well.' And the momentum isn't slowing. 'Following this sale, we're working on a couple of select, high-profile sites that are set to come to market soon,' he said. 'I can't say too much just yet, but there's certainly more activity to come.'
News.com.au
24-05-2025
- Business
- News.com.au
Warning as Melbourne's CBD car parks face financial pressure
Melbourne's CBD car parks are under siege as government levies, work from home and close to 1 million square metres of empty office space put them under growing financial pressure. There are now warnings growing numbers of carparking complexes will be sold off, or even converted into data centres to support the city's growing computing needs as operators search for ways to keep them profitable. New research from Ray White's commercial arm shows the average $64.43 daily rate for a car park in the CBD is now cheaper than it was more than a decade ago, with the figure at $65 in 2013. It is the only major capital to have recorded a reduction in parking costs in the 12 years covered by the research, which also shows operators are also now offering nation-leading early bird discounts of 62.9 per cent in a bid to lure commuters back into the city. It comes as Property Council data shows office vacancy rates sit at a national high of 18 per cent, while hospitality magnate Justin Hemmes has revealed plans to turn a recently sold city council carpark into an entertainment hotspot. Ray White head of research Vanessa Rader said carparking was a key indicator for the health of a city's office market and 'Melbourne is looking pretty bad'. 'I wouldn't be surprised if the city's vacancy rate was more than 18 per cent,' Ms Rader said. 'And for a market that is a bit over 5 million square metres of space, that's about 1 million square metres of empty space.' The analyst said while more car park operators would probably consider selling, they might struggle. 'I don't think they will necessarily transact,' she said. 'The levies are high, the occupancy is low and so are the parking rates, and you have to pay land tax. Who will buy that?' However, alternative uses, such as transforming them into data centres to boost digital security and computing power in the CBD, could become more feasible. JLL head of capital markets in Victoria Josh Rutman handled the recent sale of the City of Melbourne's 34-60 Little Collins St complex to Justin Hemmes Merivale Group and said carpark ownership had become far more challenging as a result of congestion levies. This year the state government has applied a levy on all individual carparking spaces of $1750 across Melbourne's CBD and its immediate surrounds. A secondary catchment faces fees of $1240, with this region to be expanded next year. 'The appeal of them has been that it's low-maintenance and easy to do investment, but costs have changed dramatically and the demand has shifted,' Mr Rutman said. 'So the demand for carpark investments has changed, as it's not viewed in the same light it used to be, particularly with the levies on inner city and CBD carparks.' However, the commercial property agent added that they were also typically in strategic locations that could suit other developments. 'That's what we saw with Little Collins St, a great range of interest from hospitality groups and developers who saw value in that location,' Mr Rutman said. 'But not so much in it as a carpark.' While he didn't believe carparks would immediately disappear, he did note operators looking at buying them today would be pricing their budget for them based on the new, lower, demand levels — and heightened costs. With city planners prioritising bike lanes, a nearly completed metro tunnel about to boost rail access to parts of the city and its fringes, Mr Rutman said it was possible Melbourne could head down more of a New York path — where most residents did not use a car day to day. Colliers director Matt Stagg has specialised in CBD and city fringe car park sales for more than two decades and said the market had been polarised since the Covid pandemic. 'Collins Street, Flinders Street and Spring Street have performed well,' Mr Stagg said. 'But car parks in secondary locations have not.' The agent added that weekday demand now peaked on Tuesdays, Wednesdays and Thursdays — but Monday and Friday volumes remained soft. He said institutional landlords and councils were increasingly viewing city car parks as non-core assets, and many were likely to be sold off in the months ahead. 'Yes, I think you'll see more councils and landlords divest car parks over the next 12 to 24 months,' Mr Stagg said. 'Increased land tax and increased car park levies are eroding the net income.' He said many of Melbourne's car parks sat on highly valuable land parcels and were being eyed for development. However, the agent added that tradespeople, essential workers, and commuters from outer suburbs who couldn't rely on public transport continued to drive demand in key locations, but the days of car parks as cash cows were fading. 'I think if new car parks are going to be built, it'll be in the outer suburbs near train stations,' he said. 'Closer to the city, we're going to see many of them redeveloped.' Mr Stagg said individual car spaces in the CBD, especially in premium apartment buildings or strata offices, were still changing hands for anywhere between $50,000 and $100,000, with off-market sales in top-tier locations occasionally pushing as high as $150,000 per bay.
