NATAGE A023

FOR SALE BY EXPRESSION OF INTEREST

BELLARINE FREEWAY

CHITON WAY

PO

INT

BO

ULE

VAR

D2,143m2

• Prime infill site, approximately 2,143 sqm in size

• Site is adjacent to the future community centre and

retirement village

• Main road frontage with excellent exposure

• Located within The Point estate which will consist of 600 homes

and is in close proximity to The Point Lonsdale village

CLOSING Tuesday 20th of December

at 4.00pm

CONTACT Christian Ranieri 0416 445 078

Peter Kilkenny 0419 310 046

OFFICE Level 5, 52 York Street,

South Melbourne

03 9862 9555

www.rpmrealestate.com.au

PERFECTLY POSITIONED CHILDCARE OPPORTUNITY

LOT 664 CHITON WAY, POINT LONSDALE

CHILD CARE SITE

POINT LONSDALEQUEENSCLIFF

COMMUNITY CENTRE

For all further enquiries, contact: Steve Cropley 0407 886 662 | George Iliopulos 0414 374 161

528 Main Street, Mordialloc, VIC, 3195

A rare opportunity for a club to acquire a long lease• Venue currently approved to operate

82 Electronic Gaming Machines• New long lease to be offered and negotiated• Substantial On Site Car Parking• Excellent views across Port Phillip Bay

03 9690 6444Melbourne - Level 8/468 St Kilda Road, 3004

Sydney –Chifl ey Tower, Level 29, 2 Chifl ey Square, 2000www.cropleycommercial.com.au

EXPRESSIONS OF INTERESTVENUE FOR LEASE - IDEAL FOR A GAMING CLUB

Expressions of interest close Tuesday 20th December at 4.00pm at the Offi ces of Cropley Commercial

WEDNESDAY, DECEMBER 7, 2016 THE AGE

23BUSINESSDAY=?

Chinese in billion-dollar buy-upSimon Johanson

China’s Dahua Group is spending big at Point Cook. Photo: Isamu Sawa

Chinese property heavyweightDahua Group has outmuscled localdevelopers to snap up a billion-dollar land pipeline in a buyingspree that has handed a wealthyfamily, a syndicate of landownersand two young property players a$347 million windfall.

Dahua Group’s purchase of threelarge land parcels in Point Cook inMelbourne’s west for $347 millionmirrors a year-long buying spree inSydney’s south-west in which theShanghai-based group spent morethan $400 million on three growtharea sites in Bardia and MenanglePark.

The east coast land purchases,along with several city-based pro-jects in Sydney and Melbourne,will catapult one of China’s richestmen into one of Australia’s largestland developers with a potentialpipeline of 8750 lots worth morethan $2.5 billion.

Little is known about Dahua’sJin Huiming, who is ranked 310 onForbes’ China rich list. His com-pany – previously a collective – isestimated to be worth about$1.1 billion and is among the coun-try’s top 50 developers.

The group acquired its largestMelbourne holding, a 103-hectaresite at 50a Hacketts Road in PointCook, from Wolfdene developersMichael Goldthorp and HeathWoodman for $190 million.

The deal values each land lot atabout $105,000, a record for land inMelbourne’s west.

Two other parcels, sitesbetween 40 and 50 hectares inPoint Cook and Aviation roads,were bought from a syndicate anda wealthy family for $75 million and

$82 million respectively. The landsits behind Point Cook’s housingestates next to farmland and theRAAF Williams base.

Biggin & Scott Land’s FrankNagle and Andrew Egan, who ne-gotiated the deals, declined to com-ment.

Dahua announced in April it waspressing ahead with a large $1 bil-lion master-planned housing es-tate to be called New Breeze – itsfirst in Sydney – at EdmondsonPark in Sydney’s south-west.

Shortly after, in September, itsnapped up another 134-hectareland parcel from CampbelltownCity Council.

All three of its Sydney sites will

allow for 4380 homes and a newtown centre in Menangle Park.

No other Chinese real estategroup has moved as rapidly intohouse and land development. Mostconcentrate their efforts in theapartment sector mainly inSydney and Melbourne.

A Dahua spokesman said thegroup had aspirations to be a majorland developer. ‘‘It’s where we’reworking towards,’’ he said. ‘‘We be-lieve the market is strong here.’’

Its latest purchases will propelDahua into the major league ofgreenfield land developers along-side Stockland, Satterley andVillawood Properties in terms ofportfolio size. All three of the

Australian-owned groups wereunderbidders on the land.

The Melbourne projects willtake at least six years to movethrough planning and develop-ment hurdles before being avail-able to buyers as individual homesites.

The group’s other projects in-clude a two-hectare developmenton Sydney Water’s Central Work-shops site in inner-city Waterloo.

In Melbourne, development isunder way on a 556-lot housing es-tate in Cranbourne West, south-east of the city.

Another 56-hectare projectcalled King’s Leigh in Werribeewill support 701 homes.

Retailers settle in upstairs as rents spike in Flinders LaneSimon Johanson ‘Previously they have

just been used as officespace.’Phil Cullity, Savills

A spike in demand for retail spacein Flinders Lane has driven uprents and pushed retailers into up-stairs premises where they arecompeting with IT and profession-al consulting firms for space.

Melbourne’s best known lanehas seen a dramatic transforma-tion over the past decade from run-down warehouses and secondaryoffice blocks to funky stores and

chic, exposed-beam workplaces.Retailers, usually reluctant to

take space above street level inbuildings, were now moving intoupper storeys, Savills Australia’sPhil Cullity said.

‘‘We’ve had more interest fromretail for these areas,’’ Mr Cullitysaid. ‘‘Previously they have justbeen used as office space.’’

Wedding salon and dressmakerBluebell Bridal recently opened onlevel 1 at 141 Flinders Lane in a

205-square-metre space oppositethe Chanel Store, which itself set aprecedent when it opened its multi-level store three years ago, he said.

Another fashion boutique,Zambesi, also opened on the

ground and first floors of 75Flinders Lane on the corner of Ex-hibition Street.

Mr Cullity said rents in the lanehad now reached historic highs of$700 per square metre gross asvacancy rates tightened. Ten yearsago, they were half that rate.

Retailers with more establishedbrands were willing to shift out ofthe street level, confident their cli-entele would follow them upstairs,he said.

The boutique office space in theupper levels of Flinders Lane’sbuildings were proving increas-ingly attractive to medium-sizedbusinesses, he said.

Warren and Mahoney Architectshave moved into a 213 sq m office onlevel 4 of 141 Flinders Lane, AkesaPharma recently took 160 sq m onthe top floor of the same buildingand Maxcon Constructions took a500 sq m space on the upper groundfloor at 71 Flinders Lane.

Developerpays $6m tounite nextdoor blocks

P r o p e r t ySimon Johanson

Beijing-based developer HolderEast has snapped up a vacant KingStreet block for $6.02 million be-fore it sold at auction, to add to adevelopment site next door.

The deal, negotiated by ColliersInternational’s Oliver Hay, DanielWolman, Matt Stagg and DavidSia, saw the Chinese group buy thecorner site from local developerVaughan Constructions. ThomsonGeer Lawyers’ Eu Ming Lim actedfor Holder East.

Holder East purchased an ad-joining site at 511-525 King Streetin 2014 for $10.05 million at a landrate of $5100 per square metre.

The new site at 501-509 transac-ted a week before the auction at arate of $6400 per sq m.

Mr Wolman said Holder East in-tended to develop both blocks.

Holder East recently sold a siteit owned at 97 Franklin Street toaccommodation provider ScapeStudent Living for $56 million.

The 2000 sq m block had plansfor a 62-storey apartment tower,which Scape intends to modifywith a proposal for up to 800 stu-dent studios, typically one-bedroom, self-contained units.

Holder East’s West Melbournedevelopment sites are oppositethe small suburban EadesPlace Park.

Interest from Chinese buyers re-mained strong and was expected tocontinue next year, Mr Hay said.