NEWS PROPERTY

A Mornington medical practice property has sold for $3.7 million, which was 33 per cent above the reserve according to agency CBRE. A general practitioner nailed the fully-leased building at 93-95 Tanti Ave at auction.

Former aged care facility Hathaway Cottages in Oberon is going to auction. The council-owned property consists of 11 bedrooms (all with ensuites), two sitting rooms, two living rooms, staff rooms, kitchen and numerous storage areas.

Sandy Creek Orchard represents the opportunity to purchase 20ha (49 acres) of agribusiness development land on Tamborine Mountain. The property on Geissmann Street is made up of eight freehold titles. A new school and retirement village neighbour the parcel, which has six access points on three separate roads. The managed orchard enjoys a cooler climate with rich, red volcanic topsoils. The average annual rainfall is 1525mm, with subsurface streams for irrigation supported by a 13ha licence.

A huge 9.2ha block of land was bought by council 15 years ago and earmarked for sport and recreation. Now, it’s up for sale. Moreton Bay Regional Council listed the block of land at 159-181 Morris Rd, Rothwell for sale via tender. If sold, it could be home to a high density housing estate or a retirement village.

New Zealand’s Vital Healthcare has stepped up its expansion through Australia, snapping up Hirondelle Private Hospital, a rehabilitation facility in Sydney’s Chatswood for $23.5 million. The hospital and its operation were sold by a private owner and operator in one two-pronged deal, with Vital taking over the real estate and operator Healthe Care taking over the operational side. Recently refurbished, Hirondelle is a 53-bed private rehabilitation facility on Sydney’s lower north shore.

The Castle Fun Park site in Mandurah has gone on the market with a multi-storey retirement village one of the proposals for development.

A residential development infill site with preliminary approvals in place at Darra in Brisbane’s south-west is being offered for sale by Ray White Special Projects (Qld). The approximately 7ha site at 242 Englefield Road, Darra, is being marketed via Expressions of Interest by Ray White Special Projects Qld Directors Mark Creevey and Tony Williams in conjunction with Adam Rubie and Brendan Hogan of Colliers International. “The Englefield Rd property is an enviable location and has preliminary development approval for low-to-medium density residential use and potential for small lot subdivision, townhouses and aged care/retirement, subject to council approval.

Prominent barrister Stuart Morris QC is selling a controversial Ivanhoe East holding to SHL Development, a Canberra-based apartment builder with billionaire directors reportedly with powerful friends in the Chinese government. Morris, a former Justice of the Supreme Court and president of the Victorian Civil and Administrative Tribunal between 2003 and 2007, is understood to have achieved a price of about $30 million for the unusual Z-shaped development site of 14 homes, which took 26 years to amalgamate. The offering covers 1.5 hectares and has four street frontages including to Wamba Road, opposite Ivanhoe Park. The southern part of the block snakes around one home. The parcel shares a fence with three more homes and a block of units. In 2006, while at VCAT, which decided on many sensitive suburban apartment developments, Morris proposed replacing the site with a medium-density aged care complex that would have added a new product type to the quiet, leafy area. In that year, Morris also offered the site for sale before withdrawing it. The lawyer declined to comment about the current sales transaction when contacted by Capital Gain. A number of old homes on the site, which aren’t heritage protected, are expected to be razed as part of upcoming redevelopment plans. SHL Development made its first Melbourne purchase in 2015 paying $30 million for a 6320-square-metre Brunswick block at 699 Park Street, opposite Princes Park, then in March unveiled plans to build on it that suburb’s tallest apartment complex (with 13 levels). In 2015 the company paid $64 million for land next door to the new Canberra headquarters of Australia’s domestic spy agency. This property is now being marketed as the Campbell 5 housing estate. Last February SHL Development paid $47 million at auction for the city’s rundown Currong and Allawah flats complex, in Braddon. Last week it lodged an application to replace this site with 329 flats in buildings up to 12 storeys. Morris, whose Ivanhoe East home is about a kilometre away from the development site he is selling, is being represented by Colliers International’s Jeremy Gruzewski and Ted Dwyer.