Melbourne Commercial Property News

Investors came hard for a KFC outlet in suburban Melbourne but many sat on their hands at a quiet Burgess Rawson investment auction on Wednesday.

A service station complex on Melbourne’s West Gate Freeway has sold for $22.5 million, making it the most expensive petrol station sold anywhere in Australia in more than 10 years.

Australia’s two-paced retail market has continued to diverge, with rental growth in Sydney and Melbourne still gathering steam, while other cities tread water or lose ground.

The home of the Melbourne City Ballet, on the grounds of the old Pentridge Prison, will be on the block next week as part of the latest Burgess Rawson portfolio auctions.

Starwood Hotels & Resorts has signed a management agreement with the billionaire Fried family’s Spotlight Holdings Group to develop a 176-room Aloft hotel in Melbourne. This article originally appeared on theaustralian.com.au/property.

The market for major apartment sites in the heart of Melbourne is running hot with the old Melbourne convention site that overlooks the Yarra River close to selling for almost $100 million. This article originally appeared on theaustralian.com.au/property.

Doomsday predictions for Melbourne’s apartment development market are “overstated”, with oversupply not nearly as bad as reports suggest, one agent says.

A dearth of potential development sites in inner-city Fitzroy saw a former factory and warehouse sell less than three hours after being put on the market.

ANZ is moving to bring its Gothic-style tower on Melbourne’s Queen St to market, a move that could see it reap around $250 million for the building. This article originally appeared on theaustralian.com.au/property.