A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

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Melbourne buyers advocate Richard Wakelin says the CBD could stand for Could Be Dangerous - especially when buying highrise, non-descript, cookie-cutter units.
That's clearly what the CBD in central business district residential property now stands for in the eyes of the NAB's risk managers.
Our five major CBDs – Sydney, Melbourne, Brisbane, Perth and Adelaide – are now "red-flagged" by our fourth-largest bank, which now requires a 20% deposit from new borrowers buying there, Richard Wakelin wrote recently in the Australian Financial Review.
He added that what was especially telling about their list was the inclusion of Brisbane, Adelaide and Perth.
"These are CBDs where capital growth hasn't been strong in recent times," he said.
"Indeed, in its 20-per-cent-deposit-please list that included 43 postcodes, the only inclusions outside of NSW and Victoria were postcodes 4000, 5000 and 6000."
The bank obviously sees a heightened risk of price falls and mortgage arrears in these areas, but it is being vague about its reasons.
"Some of the factors that we take into consideration include investor growth levels, property price growth, rental yield and the regulatory environment," is how an NAB spokesperson described the lender's criteria in The Australian Financial Review last week.
Wakelin says developers are pumping out residential towers at a rate far in excess of genuine demand with the credit tightening too late to avert the looming crisis for high-rise.
"It was astounding as you would have thought they would have learnt the lessons of previous boom-bust episodes such as we saw in Melbourne's Docklands and the Gold Coast," Richard Wakelin, director of Wakelin Property Advisory.
 
Paul Nugent of Wakelin Property Advisory and Stuart Wemyss of ProSolution Private Clients will discuss strategies for young adults to enter the property market in an upcoming webinar.
The one-hour webinar starts at 12.30pm on Thursday 29 October. You can register <a href="https://wakelin.com.au/fpb_webinar" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

The dangerous CBD residential markets: Richard Wakelin 

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GUEST OBSERVER
The federal government’s rekindled enthusiasm for public transport has sent state and local governments across the country scurrying back to their light rail plans – even those that many of us thought would never see the light of day.
It now looks as if the two-year effective moratorium on rail spending under Tony Abbott will be just a relatively brief hiatus. Besides the Gold Coast and Perth, the light rail revival could also involve Newcastle, Parramatta, Bendigo, Canberra, Cairns, Darwin and Hobart.
All have drawn up plans that they hope could emulate the success of light rail in European and American cities (not to mention Melbourne, home of the world’s largest tram system) as a focal point for urban development.
The main reason that so many Australian cities have been trying to copy this model is that it works. Europe has been using light rail as a major tool of urban regeneration, especially in France where many smaller towns have been very successful. In the United States between 1993 and 2011, public transport use grew by 23% (and light rail by 190%), while car use growth peaked.
The key reason for this seems to be the extra speed and capacity created when light (or heavy) rail goes around, under or over traffic that has been getting slower and slower in every major city (see the table below). Meanwhile, urban regeneration around light rail corridors allows people to end their automobile dependence, helping cities grow inwards faster than outwards.
<a href="/images/2015/10/07/Screen%20Shot%202015-10-08%20at%208.16.18%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/07/Screen%20Shot%202015-10-08%20at%208.16.18%20AM.png" alt="" width="724" height="576">
Tony Abbott forced the genie back into the bottle by following through on his 2013 pre-election decision to drop all federal rail funding. The move showed scant regard for how modern cities attract talented people to live and work in the knowledge economy jobs that are so necessary for innovation.
Around the world, cities compete on walkability and public transport, because these things make it less likely that young, creative workers will leave for London, Paris or New York. A <a href="https://www.smartgrowthamerica.org/documents/walkup-wake-up-call-boston.pdf">r</a>ecent report from Smart Growth America found that in Boston, 70% of young people working in the knowledge economy live in highly walkable areas. Their jobs typically require them to come together with lots of different people in an urban situation, and they don’t have time for long commutes.
So the knowledge economy needs spatial efficiency. Public transport, cycling and walking are spatially efficient; freeways, traffic jams and urban sprawl are not.
<h2>Enough to go around?</h2>
This is precisely the phenomenon on which Turnbull has picked up, by stressing innovation and freeing up infrastructure funding for light rail projects. The genie is out again, but obviously there will not be enough money to make every city’s transport wishes come true. So how can we proceed? 
Cities now need to make a strong case for their light rail projects, based on the benefits of urban regeneration as well saving commuters time. The best way to do this is to attract private funding as well as taxpayers' money, by bringing private investors on board with the financing, who then earn a return on the increased land values generated by rail development. This is called “land value capture” and still has not been done in Australia, although it’s common in the United States and Asia.
In fact, one could argue that the federal government should only release Commonwealth funding if these funds are multiplied many times over by the private sector. So cities could begin by calling for expressions of interest from private companies to design, build, finance, own and operate the light rail link and, crucially, make sure this includes land-development options (rather than letting in outside developers to gain windfall profits instead of directing the money into paying for the light rail).
Government would need to contribute a base grant and an operational fund that could be more specifically focused along the areas where the biggest benefits are felt in the corridor itself, where land values will go up most. Private expertise will ensure that the best sites are chosen for the light rail route.
These land-value increases will flow through taxes into treasury and can be set aside in a dedicated light rail fund for ongoing operations or for raising further finance. This way, with a bit of economic magic, the light rail genie could grant more cities their wishes.
Peter Newman is professor of sustainability, Curtin University, and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/peter-newman-1858" target="_blank">here</a>.
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The light rail genie is out of the bottle, but how many cities will get their wish?

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National buyer's advocacy group Cohen Handler has leased the penthouse office at 52 Park Street Melbourne at $582sqm net - well above what is considered 'A Grade' CBD rents of between $423 to $548sqm net.
The 80sqm space has luxury fittings and private and shared balconies with views to Port Phillip Bay and Albert Park. 
Savills Australia’s Tim Sugar said the presumed record rent has underscored what has been an emerging trend to special or boutique office space on the CBD fringe. 
"There is definitely an emergence of home based businesses that are looking for something special/boutique that is closer to the action for their clientele but also acts as an office away from home or their current office," he said.
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mick.cee-iDmgDDAmu8

Cohen Handler move into Melbourne office penthouse

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New development plans for Martin Place include outdoor dining between Sydney's Pitt and George Streets near the World War One memorial the Cenotaph.
The City is looking for public comment on the new draft policies which include a City North public domain plan that outlines new works to enliven Martin Place and streets running into Alfred Street at Circular Quay in preparation for light rail, and outdoor dining policies to cut red tape and make it easier to introduce outdoor dining by simplifying applications and extending licence periods to help create a more vibrant and active City.
<img src="/images/2015/09/17/martin.jpg" alt="" width="495" height="359">
Under the proposed plan, restaurants can seek permits for outdoor tables well away from the Cenotaph.
Proposed changes also include upgrades to Alfred Street, Loftus Street, Reiby Place, Young Street and Phillip Street.
 
<img src="/images/2015/09/17/martin22.jpg" alt="" width="408" height="306">
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Outdoor dining key to Martin Place makeover

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Businesswoman Patricia Ilhan has sold her Melbourne CBD investment premises to a local investor for close to $9.5 million.
The historic four-level building at 362 Little Collins Street returns annual gross rent of around $400,000.
It was formerly part of a series of buildings occupied by the city's McEwan's hardware store.
<a href="/expert-insights/investing/patricia-iihan-lists-362-little-collins-street">It was sold by Vinci Carbone Property</a>.
The campaign generated over 100 enquiries for her four-level Melbourne office building set adjacent to Brookfield Multiplex's new 39 level development.
Set between Queen and Elizabeth streets, the 312-square-metre block has airspace development potential.
It was expected to sell for more than $8 million having been bought for $4.4 million in 2009.
She is believed to be selling the prime CBD property to reinvest in another commercial property.
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Patricia Ilhan sells Little Collins Street premises

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Sydney's City Tattersalls Club has lodged a Stage 1 development application for the club that includes the airspace above the Pitt St property.
This DA replaces and existing one which was withdrawn in May after appointing ICD Property and Sinclair Brook as developers, along with Elenberg Fraser.
Tony Guilfoyle, chief executive officer of City Tattersalls Club said they have had 'constructive discussions' with neighbours regarding the redevelopment plans.
"We have increased the hotel’s capacity and space has been provided for 67 car spaces," he said. 
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City Tattersalls Club lodges reworked development application

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Entrepreneur Leo Pegoli is opening an organic cafe within the grid retail centre at 567 Collins St Melbourne.
The cafe, named Pressed Lab, will take up 120sqm on a five year lease. 
It was negotiated by Colliers International’s Ben Tremellen and Georgie Cichy.
The grid is a retail outlet on the forecourt at 567 Collins Street and with 13 retail tenancies ranging from 33sqm to 121sqm. 
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Pressed Juices owner joins 567 Collins St

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Education and training providers are snapping up office space in Melbourne with a 44% increase in education leasing deals for 2014 when compared to the previous year - a total of 36,000sqm.
According to research from CBRE in the last 18 months educator leasing deals in the Melbourne CBD has doubled from 5% (20,000sqm) to around 10% (45,000sqm).  
CBRE research analyst Anne Flaherty said in contrast to many industries, tenants in the education sector are most likely to lease secondary grade space and are therefore, playing an important role in the absorption.
"In 2014, vacancy in the secondary market reached its highest level in a decade, forcing landlords to increase incentives in a bid to entice tenants.  This is reflected in annual absorption figures, which totalled only 15,000sqm for secondary space, compared with 52,000sqm for prime," Ms Flaherty said.
“University enrolments are rising on average 4% per year, with domestic university enrolments exceeding one million for the first time in 2014 and the number of international students commencing study was up 10% over the previous year. 
CBRE regional director of office services, Andrew Tracey, said in the first two months of the year alone, he has seen 4,146sqm in new enquiry, with a large portion of this interest in quality buildings that are willing and able to accommodate education providers.
Key Melbourne education lease deals
<ul>
<li>CQU has signed a 12-year lease on 8,000sqm at 120 Spencer Street, a 22-level A-grade office building located opposite the Southern Cross Train Station. </li>
<li>Monash College recently took up 6,570sqm at 271 Collins Street, committing to a 10 year term on the property. </li>
<li>Red Hill Education has also secured space within the building, which is currently listed for sale with CBRE, signing a five-year lease on a 1,600sqm suite on the 8th level. CBRE Senior Negotiator, Office Services, Milly Stockdale negotiated the deal. </li>
<li>Study Group committed to 6,700sqm in Church Lane earlier in the year, signing a 9.5 year lease on the Credit Suisse AG-owned property. </li>
</ul>
Several pockets across Sydney have also witnessed a surge in leasing activity, with Parramatta, Blacktown and Bankstown in the west emerging as some of the city’s largest education hubs, according to the report.
 
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Education sector driving Melbourne CBD office rentals

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A half acre commercial development site on the fringe of Melbourne's CBD is on the market through expressions of interest with expectations higher than $8 million
The 2040 square metre Commercially-zoned site, located at 150-152 Bridge Road and 1 Allowah Terrace, has access from three streets.
He said one of Melbourne’s most active and innovative architectural firms, Elenberg Fraser, had prepared a development scheme for the property comprising 97 one, two and three bedroom units for the site. 
James Moss, from marketers MPC, said the property would be sold subject to five separate tenancies at a current income of $191,000 per annum. He said fully let the property had the potential to return closer to $241,000 per annum. 
"Elenberg Fraser has prepared a development scheme for the property comprising 97 one, two and three bedroom units for the site," Mr Moss said.
Teska Carson's Matthew Feld said the site would be perfect for an apartment developer or hotel development.
The property is being offered for sale by Expressions of Interest closing Thursday, September 3.
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Half acre Richmond site has $8 million expectations

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A two-storey three bedroom penthouse located on the 56th floor of Collins House in Melbourne's CBD has been listed with $6.88 million hopes.
Four sub-penthouses are also available sized between 213 to 225 square metres. The 245 square metre penthouse, located on 466 Collins Street, was designed by architects Bates Smart features floor to ceiling glass providing 180 degree views of the CBD, the Dandenongs and Port Phillip Bay.
The three bedroom sub-penthouses, located on floors 54 and 55, take up half a floor and are available at an asking price of $3.5 million each. Both the penthouse and sub-penthouses feature marble wall fireplaces, timber herringbone flooring and opulent marble kitchens.
The $200 million development is due to be completed 2018 and will feature 263 luxury apartments.
Collins House is being developed by Asian Pacific Group in conjunction with Golden Age Group.
For more information <a href="https://www.collinshousemelbourne.com.au" target="_blank">click here</a>.
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