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Developer Time & Place circles Mobil’s $52m West Gate site


A deal will be set at a land rate around $600 per square metre, suggesting a price near $52 million, but neither company would confirm details.

Mobil said it was cleaning up the land under an Environment Protection Authority remediation plan. “As such, we sought expressions of interest from parties who intend to develop this land,” the company said.

“Mobil is currently managing a tender process for the development of our parcel of land.”

Time & Place controls a diverse development portfolio ranging from residential and commercial office projects to retail and industrial subdivisions.

Founded by Tim Price, the platform is no stranger to Melbourne’s western industrial market, where it currently has several developments in progress. Mr Price would not comment on the transaction.

Two months ago, it sealed an acquisition with ASX-listed logistics operator Qube Holdings to take over a large 137,000-square-metre property in Francis Street, Brooklyn, for $65 million.

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Just before the coronavirus pandemic hit, the group sold a large office project in East Melbourne on Victoria Parade for $330 million in a fund-through arrangement to Singapore-based ARA Asset Management.

Along with joint venture partner Jeff Xu’s Golden Age Group, it will manage that development through to completion.

Mobil’s bill for remediation of the Spotswood site is likely to run into millions of dollars, chewing up a significant portion of funds the company will net from the transaction.

The fuel refiner began remediation of the site in 2014, razing the above-ground petro-chemical infrastructure and removing piping, storage tanks, warehouses and office buildings.

The visibility of the high-volume storage tanks to many thousands of commuters crossing the 2.5-kilometre West Gate Bridge was a reminder of the inner west’s fast-changing industrial past.

The property is listed on the EPA’s latest polluted sites register, meaning it is subject to a legally enforceable clean-up or pollution abatement notice.

The freshly cleared land in Simcock Avenue, just a few kilometres from the city’s shipping docks, is likely to be carved up into smaller industrial allotments, developed with warehouse offices and sold or leased to multiple users.

Time & Place is completing a 16.7-hectare Williams Point industrial development in Maddox Road in Williamstown North this year and has another 21.5-hectare site at 16 – 36 Dohertys Road, Laverton North, under construction.

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Local News - Victoria

Controversial developer seeks new eco-resort in Cape Bridgewater


Save Cape Bridgewater Association president Patrick O’Brien said the project was inappropriate for the hamlet, which has a permanent population of about 80 people.

He said the sprawling development, which will spread across 10 hectares, included buildings far bigger than any other structure in Cape Bridgewater. One of the proposed buildings will have five levels.

The bay at Cape Bridgewater

The bay at Cape BridgewaterCredit:Jason South

The plans for the tourism development comes after the state government rejected a hotel proposal by the same applicant, Graham Duff, for Apollo Bay in 2019.

Mr Duff had wanted to build a 180-room hotel complex with 82 detached villa units and two restaurants at an estimated cost of $70 million.

Mr Duff declined to respond when contacted by The Age, saying it would be inappropriate to comment on any planning application awaiting a decision.

Architectural plans show several buildings sitting against a hillside overlooking the water.

The developer insists the project will deliver a financial boon for the region and nearby Portland by injecting $60 million into the economy and creating 245 ongoing full-time jobs.

Mr O’Brien said residents accepted tourism was part of the local economy and there would be developments in future.

But he said Mr Duff’s proposal would spoil the charm and natural appeal of Cape Bridgewater, undermining the development’s claimed benefits.

“This is not low-scale. We don’t believe it’s sensitive,” he said. “We think it’s completely out of character with the local environment and beauty of Cape Bridgewater.”

The proposed development has yet to receive approval from the Glenelg Shire Council, which will formally consider the plan in coming weeks.

A planning report submitted on behalf of Australian Tourism Trust argues there is a need to prepare for tourism growth and “protect scenic values” of coastal areas.

“ATT intends to deliver an eco-tourism destination that celebrates the culture and heritage of the Gunditjmara people and the rugged natural beauty of Victoria’s south-west coast,” it says.

The project would be “delivered in an environmentally sensitive manner” and will promote Aboriginal cultural heritage in Victoria’s south-west, the report says.

A Glenelg Shire Council spokeswoman said the application was still under consideration and the council was still waiting for an approved cultural heritage management plan to be submitted.

“We are not really in a position to advise on the type of things being considered,” she said. “These will be detailed and publicly available once council is ready to determine the matter.”

The plans also say the project would protect “employment options” in the area if there was a change in Alcoa’s Portland plant.

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Hotel plans upended as developer trio sell for $9.5m


The developers decided not to undertake the project themselves.

They put both sites, with the planning permit, on the market before finding separate buyers for each portion, throwing the original proposal into doubt.

CBRE’s Mark Wizel, who managed the sale with Julian White, said the deal for 920-square-metre site 102-108 Jeffcott Street was struck at a “healthy” underlying land rate at just over $10,000 per square metre.

The site was purchased by the developers four years ago for $6.1 million.

“Some of the activity and successfully completed deals we have seen over the past 10 days indicate that buyers continue to look for opportunities in these times of uncertainty,’’ Mr Wizel said.

The sale campaign’s 11 March closing date coincided with the World Health Organization declaring the coronavirus a global pandemic.

Mr White said while the timing had “not been a positive”, a solid result was achieved nonetheless.

Mr Aziz said it was “disappointing” not to find a sole buyer.

“They are now likely to develop Jeffcott Street and 355 Spencer as standalone developments,” he said.

Lawyers are finalising contracts for the sale of 355 Spencer Street with another party, he said.

Mr Kheir owns developer Resimax Property Group and is building up a stable of city restaurants and venues, including the Adelphi Hotel in Flinders Lane.

Earlier this year, he concluded two years of negotiations to tie up a $300 million deal to buy the troubled Eynesbury Estate development in Melbourne’s west. The 828-hectare site has approval for 4500 home lots.

“We’re hoping to relaunch it to the market in August or September this year,” Mr Khier said.

His passion for racehorses connects him with Mr Mehrten, who also dabbles in property development. The pair jointly own two Melbourne Cup runners Marmelo and Wall of Fire.

Mr Palazzo owns a large stake in home builder Symonds Group and has developed high-end projects in Maribyrnong, Malvern East and Sandringham.

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Business

Land developer snaps up 5.8 hectare Epping Road site


Clifton Hill

It was third time lucky for a former medical centre at 105 Queens Parade when it sold for $3 million. The vendors first marketed the freestanding double-storey Edwardian in late 2018. It had previously failed to draw any offers – despite two public auctions and one EoI campaign – before selling through CBRE’s Marcello Caspani-Muto, Sandro Peluso, Josh Twelftree and Jimmy Tat. “Despite the level of work required to uplift the facility, the inclusions of a medical permit for eight practitioners held substantial value,” Mr Caspani-Muto said.

105 Queens Parade sold for $3 million.

105 Queens Parade sold for $3 million.

Malvern East

A private investor outmuscled owner-occupiers to buy a vacant commercial office at 4 Illowa Street for $790,000. Gorman Commercial’s Tom Maule and Stephen Gorman handled the transaction.

Kew

Retail properties remain a drawcard for a range of buyers. Fitzroys’ Chris James and David Bourke negotiated the sale of a double-storey shop at 602-604 High Street within Harp Village for $1,135,000. Mr James said a local buyer looking to reposition the vacant building was successful at the auction.

Oakleigh

Gorman Commercial’s Stephen Gorman and David Minton negotiated the sale of 28 Station Street for $855,000 to a local investor on a 4.2 per cent yield. The two-level shop and residence metres from Oakleigh Central sold with a four-year lease in place returning $36,356 per annum.

LEASES

South Yarra

Multinational firm S&C Electric required more space in South Yarra and leased a warehouse at 24 Ellis Street. The 250 sq m building was leased for $85,000 per annum plus GST plus outgoings, a rate just under $349 per sq m, said Morley Commercial’s Josh McMullin.

Coburg North

A new gym will open in the formerly working class suburb at 140 Gaffney Street. SAJ Fitness, who have several outlets across Melbourne, leased the 460 sq m clear span building for $40,000 per annum on a five-year term, with further options, through CBRE’s Guy Naselli, Renee Ferraro, Broderick Turmaine and Amanda Traficante.

Bayswater

An activity centre at 13-17 Burton Court, previously used as one of Victoria’s first indoor soccer centres, will be transformed into the eastern region’s newest Ninja Park. CVA’s Stan Dawidowski and Jarrod Moran arranged the lease of the 2944 sq m northern warehouse at annual rent of $213,000 on a 10+5+5 year term. The site’s southern warehouse operates as Ramp It indoor skatepark.

Mulgrave

Salta Properties has fully leased 10 Nexus Court at its Nexus Corporate Park. Infinity Property Group took the remaining space on the top floor of 10 Nexus Court in a deal negotiated by Colliers International’s Ash Dean. The property group will pay net face rent of $335 sq m for its 350 sq m office and joins City Holdings, Renault, Brenntag and Group 4 Building Surveyors in the office.

Sunshine North

A transport and logistics firm has leased a modern office warehouse with large hardstand area at 10a Burwood Avenue, signing a 3+3 year deal for the 2210 sq m premises. Knight Frank’s Steve Jones and Joel Davy handled the negotiations.

Notting Hill

ASX listed Sienna Cancer Diagnostics has leased 11 Howleys Road. The business will move from Scoresby to the new larger refurbished premises which have a building area of 1665 sq m. It was leased for $175,000 per annum on a 5+5 year lease negotiated by Lawson Real Estate’s Mark Spigelman.

Dandenong South

Education toy retailer My Happy Helpers, which creates Montessori-inspired wooden toys for open-ended play, has leased a 1496 sq m warehouse at 11-15 Micro Circuit for three years. Happy Helpers will pay $115,000 net per annum, with 3.5 per cent annual increases in a deal negotiated by James Glen and Rory De Polo from Nichols Crowder.

Hawthorn

Developer Miura Group has secured a new 130 sq m office space at 548 Burwood Road which will become its new headquarters. The rental struck was at $45,000 per annum, said Gorman Commercial’s Tom Maule.

Submissions to sjohanson@theage.com.au

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