australian property market wrap 04102023
Image: Canva.
  • A home on Mount Panorama has hit the market.
  • Melbourne hotel construction recognised with multiple awards.
  • Victorian warehouse acquired for $31.5M.

Today’s wrap is encompassed in the pinnacle of luxury, from hotels to multi-million dollar homes. A warehouse located in a tightly held part of Victoria was also sold for over $30 million.


Dandenong South warehouse acquired for $31.5M

A national private owner-occupier specialising in hardware products has secured an institutional-grade freestanding office and warehouse facility in the tightly-held Dandenong South industrial market for $31.5 million.

Colliers‘ Gordon Code, James Stott, and Daniel Telling negotiated the deal in conjunction with Cameron’s James Roux and Angus Clark on behalf of Glasscocks 25, with the successful on-market sale campaign being met with significant interest due to the rare opportunity in the tightly held location.

“The purchaser was interested in the site due to the growing occupancy costs in New South Wales, which incentivised the group to focus on expanding their Victorian footprint instead of in the neighbouring state,” said Code.

“Instead of growing in New South Wales, they decided to double their base in metro Melbourne, expanding their local manufacturing, purchasing the 23,476 sqm property with a total building area of 13,154 sqm.”

25 Glasscocks Road_Colliers
Image: Supplied.

The modern high clearance warehouse and corporate office facility incorporates a mix of docks and on-grade doors, a 12-metre canopy for all-weather loading, and sits among various well-known brands already located in the tightly held precinct within Dandenong South’s core Industrial and Logistics hub at 25 Glasscocks Road.

Recent data from Colliers reported that the average southeastern prime grade net face rent was $100 per sqm in Q1 2021. In Q2 2023, this average has moved to $130 per sqm, representing a 30% increase in just 18 months.


Builders recognised for Le Meridien Melbourne

L. U. Simon Builders has taken home multiple awards for its construction of the Le Meridien hotel in Melbourne.

The project team won the Australian Institute of Building’s National Professional of the Year and was similarly honoured by the Victorian chapter for the third time.

The company also took home the Master Builders Victoria’s Master Builder of the Year for 2023.

Senior project manager, Dennis L. Moschoyiannis said the company rose to the challenge that other builders shied away from.

“Significantly, we developed a build methodology that satisfied the Melbourne City Council sufficiently to let us demolish the former Palace Theatre.

“It helped that we had 60 years of local knowledge to convince stakeholders that the job could be built and that it would be built with minimal disruption to the adjacent Princes Theatre and public transport network.

“To dig 12 metres underground, required specific rigs, equipment and even a mining conveyor-belt to remove over 5000 trucks worth of material through the CBD, this was trammelled by a landlocked building, a heritage façade, public protection orders, neighbouring outdoor dining, one-way traffic and busy tram network, not to mention over 120 protests at nearby Parliament House as well as impromptu city closures during construction.

“We also like to acknowledge our key design consultants, Peddle Thorp, JBA, Northrop and Marriott Design. This job would not have been a success without a devoted team providing not only professional but also practical services from start to finish.”

The firm commenced construction in November 2020, between Melbourne’s second and third lockdown and completed the build in October 2022, a year after the city’s sixth lockdown – handing over the project three weeks before its scheduled delivery.


Mount Panorama home hits the market

A luxury home located at 457 Conrod Straight on Mount Panorama in Bathurst will go under the hammer on 17 November. The property has a price guide of $5 million, according to the director of Raine & Horne Bathurst, Grant Maskill-Dowton.

Spread across five acres, the property features a main house and a four-bedroom guest cottage, both offering luxury living, scenic views of the Mount Panorama racing circuit, and easy access to major racing events.

“We are also confident this property is well-priced as several properties changed hands nearby for between $3.6 and $4.2 million that are nowhere near the calibre of this property,” said Maskill-Dowton.

“It is one of the fantastic properties around the famous track, and the owners have not spared any expense in building this one-of-a-kind property.

“It will be hard to miss this superb property when the coverage of the Great Race starts this weekend, as the big V8s speed past.”

The property also features landscaped grounds with established gardens and a large reflection pond and has a town water supply plus a 131,000-litre water tank, bore and an Ecco septic system.

The four-bedroom guest cottage offers fully furnished separate accommodation and an extensive deck entertaining area with a BBQ and views over Bathurst towards the mountains.

Luxury regional NSW home listed

A three-level luxury home in Wollongong has come to market and is expecting offers over $4 million.

The four-bedroom, three-bathroom house at 5 Hillcrest Road in Austinmer, a northern village of Wollongong in the Illawarra region, is now being marketed for sale by Knight Frank’s Nathan Berlyn, after first hitting the market last year.

It is being sold by Wollongong’s Mortgage Success founders and owners Katrina and John Rowlands, who have owned it for more than two decades.

The 305 sqm Austinmer house sits on a 626 sqm block and has been designed across three levels, with a multitude of living and entertaining spaces, a four-car garage and a two-bedroom self-contained apartment incorporated into the floorplan.

Image: Supplied.

The upper level, which has the kitchen and butler’s pantry and master suite, is the highlight of the home, boasting soaring pitched ceilings with exposed beams, stunning timber flooring, open plan living and expansive picture windows, revealing uninterrupted panoramic views of the ocean and coastline.

The two-bedroom self-contained apartment is on the middle level, and features a full kitchen and butler’s pantry, a modern bathroom and stunning 180 degree ocean views via an enclosed balcony.

The lower level features another large versatile space with a bathroom, fourth bedroom, and expansive deck for quality entertaining.

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