REAL ESTATE – VICTORIA – COMMERCIAL

ABC pockets $30m in studio sale

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Original article by Sophie Elsworth
The Australian – Page: 3 : 2-Jul-21

The ABC has sold its Gordon Street television studios in the Melbourne suburb of Elsternwick for an undisclosed price, which is believed to be about $30m. The public broadcaster had previously sold its Selwyn St properties in Elsternwick, which included studios and warehouse facilities. The ABC relocated its Melbourne headquarters and production facilities to inner-city Southbank after closing its historic Elsternwick studios, which were built when television was introduced in Australia in 1956.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Alarm bells in housing as losses widen

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Original article by Elizabeth Redman
The Australian – Page: 17 & 21 : 30-Oct-18

UBS has reported that the percentage of capital city apartments that are being resold at a loss when compared to their previous purchase price has risen to 14.3 per cent, the highest since the 1990s. UBS also notes one in three homes sold off the plan in Sydney have a lower valuation at settlement when compared to the original sale price. Meanwhile, Fragrance Group has abandoned plans for an apartment project at 555 Collins Street in Melbourne. The site has been sold to a Charter Hall fund with the expectation that it will now be used for an office tower.

CORPORATES
UBS HOLDINGS PTY LTD, FRAGRANCE GROUP LIMITED, CHARTER HALL GROUP – ASX CHC, MOODY’S ASIA-PACIFIC LIMITED, AMP CAPITAL INVESTORS LIMITED, MORGAN STANLEY AUSTRALIA LIMITED

A $49m pay day for Harold Mitchell in sale of former HQ

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Original article by Nick Lenaghan
The Australian Financial Review – Page: Online : 13-Sep-18

Crown Resorts director Harold Mitchell has sold the office building that he had built for his advertising company Mitchell Communications Group in 2010 for $49 million. Mitchell founded the company in 1976 and sold it to Dentsu Aegis in the same year that the building was constructed. Dentsu Aegis currently occupies the building, and has a lease on it until 2021. The building, which is located at 105 York Street in South Melbourne, was bought by a private investor.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MITCHELL COMMUNICATION GROUP LIMITED, DENTSU AEGIS MEDIA AUSTRALIA PTY LTD, CBRE PTY LTD

Liberal Party to sell $30m Victorian HQ as state election looms

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Original article by Nick Lenaghan
The Australian Financial Review – Page: Online : 5-Sep-18

The Liberal Party of Victoria has engaged Colliers International to sell its headquarters at 104 Exhibition Street in Melbourne. The building was built in the 1930s and was acquired by the Liberal Party for $576,000 in 1976. Located close to QIC’s $800 million mixed development project at 80 Collins Street, it is expected to sell for around $30 million.

CORPORATES
LIBERAL PARTY OF VICTORIA, COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED, QIC LIMITED, CORMACK FOUNDATION PTY LTD, FEDERAL COURT OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Morgan’s property fight ends in stalemate

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Original article by Simon Johanson
The Age – Page: 32 : 11-May-16

The Supreme Court of Victoria has ruled that there are no grounds for either Roy Morgan Research or Impact Investment Group to terminate the former’s lease at 401 Collins Street, Melbourne. Justice Clyde found that neither party had breached the terms of the 10-year lease and are therefore not entitled to damages. The dispute centred on the replacement of the building’s elevators. Roy Morgan Research executive chairman Gary Morgan had withheld rent payments due to the dispute, which culminated in IIG locking the market research firm out of its premises.

CORPORATES
ROY MORGAN RESEARCH LIMITED, IMPACT INVESTMENT GROUP PTY LTD, SUPREME COURT OF VICTORIA

Eviction, then litigation ramps up blueblood battle on Collins Street

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Original article by Sarah Danckert, Nick Lenaghan
The Australian Financial Review – Page: 3 : 22-Dec-15

The Supreme Court of Victoria’s Justice Clyde Croft has criticised Impact Investment Group’s actions in locking Roy Morgan Research out of its premises in Melbourne’s CBD. Justice Croft ruled that the market research firm must be allowed back into 401 Collins St, and said Impact’s actions were inappropriate given that the dispute between the parties was already the subject of court proceedings. Roy Morgan Research has withheld rent payments since September due to a dispute over work on the building’s lifts and the amount of time the work is expected to take.

CORPORATES
ROY MORGAN RESEARCH LIMITED, IMPACT INVESTMENT GROUP PTY LTD, SUPREME COURT OF VICTORIA

Lang Walker launches final leg of Collins Sq

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 39 : 14-May-15

Property developer Lang Walker has commenced talks with potential tenants of the fifth and final office tower in his Collins Square development in Melbourne. The $A400m tower will feature 40,000sq m of space, and construction has commenced on the podium and parking levels of the building. Link Group recently agreed to lease 25,000 sq m in Tower 4. The Collins Square project will cost $A2bn in total.

CORPORATES
WALKER CORPORATION LIMITED, LINK GROUP PTY LTD, CIMB TRUSTCAPITAL ADVISORS SINGAPORE PTE LTD, WOODS BAGOT PTY LTD, AUSTRALIAN TAXATION OFFICE

A pain in the glass for Grocon

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 13-Jun-14

Grocon has experienced quality control problems with glass used in the construction of a 12-storey office tower in the Melbourne CBD. The developer has agreed to replace about 50 per cent of the heat-tempered glass due to flaws in its manufacture. The building is being constructed on behalf of the GPT Wholesale Office Fund

CORPORATES
GROCON PTY LTD, GPT WHOLESALE OFFICE FUND NUMBER ONE, WESTPAC BANKING CORPORATION – ASX WBC, APN PROPERTY GROUP LIMITED – ASX APD, CHINA SOUTHERN GLASS (AUSTRALIA) PTY LTD