Melbourne Commercial Property News

Billionaire Gerry Harvey says it’s impossible to find suitable land for the next rollout of Harvey Norman flagship stores in Australia and will settle on redeveloping one of the group’s pre-existing Melbourne stores.

Singapore-based investor Wharf Street Investments has listed the Melbourne headquarters of the Bendigo and Adelaide Bank for sale in a move that could see it reap more than $80 million.

Hoteliers and gaming magnates the Zagame family have made a major play in Melbourne’s office and development site market, snapping up the Australian Education Union’s former Victorian branch headquarters in Abbotsford.

Diversified property trust GPT Group is forging deeper into the logistics sector, snapping up three sites in Melbourne’s western industrial heartland as it pours more capital into the area.

Hundreds are expected to turn out for the auction of a Box Hill retail property as it is put on the block for the first time this century.

The revitalisation of the Oakleigh business district in Melbourne’s south-east looks set to gather pace, after the sale of another major development site.

The sale of Preston’s former Rivoli Theatre has been a slow motion production.

Businessmen Hector Ktori and Peter Arvanitis are developing an 180-room standalone hotel in Melbourne’s South Yarra that will debut as Australia’s first Moxy hotel by the Marriott International chain.

Rising appetite for office space has pushed the vacancy rates in Melbourne and Sydney’s CBDs to their lowest level in 10 years, according to the Property Council’s Australian Office Market Report.