Capital Gain
Number 8 stands for luck in Chinese culture, and an office at 888 Doncaster Road just sold for a similarly fortuitous $8.8 million.
Some of that good fortune has already rubbed off on its soon-to-be tenant, Chinese electric car giant BYD (Build Your Dreams). Itโs making significant inroads in Australia, accounting for a staggering 14.4 per cent of cars sold in June, just 243 fewer than Toyota.
The East Doncaster office, which previously housed RT Edgarโs Manningham headquarters, has been bought by veteran auto dealer Darren Bourke. BYD distributor Harmony Automotive Group is the incoming tenant, according to the banners currently hoisted on the buildingโs glass surface.
The EV manufacturer sells through 110 dealerships in Australia, nearly double the 60 locations it had a year ago.
The marque has a range of cars branded with aquatic creatures and recently opened a display shop in the old Volkswagen car yard on Heidelberg Road, Fairfield. The Europeans have been notoriously slow to adopt EV technology.
Nearly one-quarter of the record-breaking number of vehicles sold in June (140,058) were electric vehicles โ up from 8.4 per cent in January, according to the Federal Chamber of Automotive Industries.
According to the chamberโs data, BYDโs Sealion 7 and Shark 6, were among the five best-selling cars in the country. Youโre not imagining all those sealions chased by sharks on our roads.
Allard Shelton agents Joseph Walton and Tony Nguyen handled the East Doncaster real estate deal and fielded five offers for the lucky address.
โThe deal is good for the market. It shows thereโs underlying confidence for quality property,โ Walton said.
Barry and Darren Bourke, former Melbourne and St Kilda footballers, are still in the game and cashed up. Last year, Barry Bourke Motors, led by Darren Bourke, sold 10 dealerships to listed auto dealer Autosports Group for $34 million.
Golden Age
The biggest strata deal in the past year has been struck for the sub-penthouse office at Golden Ageโs 28-level $180 million tower at 130 Little Collins Street.
The new buyer on level 26 is understood to be a high-end watch retailer keen to own its office space. While the buyer remains unidentified, thereโs quite a few to choose from if you stroll down Collins Streetโs watch precinct.
The 346-square metre whole floor office on level 26 is understood to have fetched about $19,100 a square metre โ a price which translates to the high $6 million mark.
There might be competition in the tower. Records show fellow watch retailer Patricia Chiu, who owns Monards, paid $6.88 million for level 25.
Restaurateur Chris Lucas, the most high-profile buyer to date, spent $13.35 million on the two levels below the watch sellers.
The latest deal follows the recent settlement of two offices on level two. Some offices have achieved rates of more than $25,000 a square metre โ record strata prices for Melbourne.
It brings the sales tally at 130 Little Collins Street, which was completed last year, to about 75 per cent.
Cushman & Wakefieldโs Oliver Hay and Jack Cooper did the deal.
The luxury tower has replaced the Uniting Churchโs very sober and modest 1960s era brown brick headquarters. The church sold up in 2019 for more than $40 million.
Golden Age has weathered serious construction and market difficulties since then. Its first builder, Probuild, collapsed in 2021 and the replacement, Roberts & Co, fell over in early 2025.
Fire stations
The state government is understood to have reaped about $8 million from the sale of four fire stations put on the market by the Metropolitan Fire Brigade in April.
The remainder of the $20 million portfolio, another five stations, are in negotiations. The Moonee Ponds site, at 23-29 Dean Street, is expected to fetch the biggest price.
Sources say fast-food retailers, service stations and large format developers showed most interest in the sites which were generally small but well-located.
The largest of the sold group is a 5079-square metre corner property in Sunshine West. The others are in Laverton, Yarraville and Lara โ all in the western suburbs.
The move to sell the ageing and vacant stations has caused controversy with some parties demanding the sale proceeds be spent on new fire-fighting infrastructure.
Gross Waddell ICRโs Danny Clark, Nick Meadows and Glenn Ye ran the campaign but declined to comment.
Moon Dog neighbour
A private investor has snapped up her second government-leased building in 12 months, paying $14.5 million for the Services Australia building in Footscray.
The building at 75 Moore Street is located at the rear of the old Franco Cozzo building โ now the Moon Dog Wild West pub โ on the edge of the Footscray CBD, a short walk from the station.
The 2259-square metre office was purpose-built in 2012 for the federal government agencies, Centrelink, Medicare and My Aged Care, and returns $1.15 million a year in rent. That gives the deal a 7.8 per cent yield.
Records show it last changed hands in 2021 for $16.75 million and was bought by Softmed owner and property investor Denis Midor.
Coincidentally, the buyerโs last purchase, the Family Court building in Dandenong, was also bought from Midor.
That transaction was a better deal for Midor who paid $12 million for the 55 Robinson Street court building in 2021 and sold it for $17.4 million.
Knight Frank agents Tom Ryan, Paul Lillis and Jacob Haydock handled the off-market deal while the buyer was represented by Charter Keck Cramerโs Lachlan Devince.
Itโs good to see investors back in the market. An interstate investor snapped up a Heidelberg office last week for $2.25 million.
The 428-square metre office at 8a/486-490 Lower Heidelberg Road had been recently refurbished and comes with a staggering 18 car parks.
The property has a fresh three-year lease to its long-standing tenant, Kestrel, a healthcare tech business which is part of the Canadian-owned Jonas Software group.
Fitzroysโ Shane Mills and David Bourke did the deal.
Church sale
The Uniting Church in Kensington has changed hands and denominations.
St Maryโs Coptic Church has snapped up the church at 76 McCracken Street for $2.8 million.
The church is on a 1288-square metre site with frontage to busy Epsom Road where St Maryโs is located.
Stonebridgeโs Andrew Milligan, Lucas Duffy and Chao Zhang did the deal.
Itโs not the first time a church has bought a church. Last year, the Coptic Orthodox Church paid $1 million for a church at 11 Lyttleton Street, Castlemaine.
And the Presbyterian Church at 2 Alma Road, St Kilda, which is on an1162-square metre site on the corner of Barkly Street, is now occupied by newcomer Society church. It sold last year for $3.82 million.
The Market Recap newsletter is a wrap of the dayโs trading. Get it each weekday afternoon.
From our partners
About the Author
