Penbro estate expected to sell for $3.5m

Philip Hopkins

April 9, 2012

INVESTORS will need more than $3.5 million to buy the signature Penbro property in the Glenburn-Yea Valley district. The property in the Yea River Valley, within one hour and fifteen minutes from the city, will be auctioned by Pat Rice & Hawkins on May 25 at 2pm at the Glenburn Hall. It comprises 568 hectares, located at the junction of the Melba Highway and the Murrindindi Road, only 84 kilometres from the city. The property is being sold by businessman Neville Bertalli, who has owned it for 30 years. It was once owned and run as a stud cattle property by formula one driver Alan Jones.
In Bentleigh a handsome double-storey period building is tipped to fetch at least $2.25 million when it goes under the hammer later this month. Teska Carson will auction the property at 438 Centre Road on April 27 at 2pm. The 340 sq m building is being sold with vacant possession on behalf of the mortgagee in possession.
Knight Frank's Leigh Morris and Chris Tsolis and CBRE's Mark Wizel and Scott Orchard are jointly marketing a development site in Keilor. Located at 31-37 Keilor Road, the property is being offered for sale by expressions of interest closing on April 27, at 3pm. The site has an approved permit for a 7-storey and a 4-storey building consisting of ground floor retail and 106 apartments. The project, ''Ess Garden Apartments'', has been designed by prominent architects Rothelowman.
In Clayton, a new, self-contained and fully fitted-out office suite in the Monash Corporate Centre at 750 Blackburn Road will be auctioned by Crabtrees Real Estate on May 10 on site at noon. The office suite has a building area of 139 sq m and holds a Business 3 zoning. It was previously leased at an annual rental of $34,000, and is expected to sell in the mid-$300,000 range.
A significant property investment with strong cash flow and the security of a Commonwealth government tenant is available in Dandenong. Gross Waddell is selling 53-55 Robinson Street - the Family Law Courts - with the price range expected to be $6.5 million to $7.0 million. The Family Law Courts has occupied the premises since 1984 and a new five-year lease has just been signed on April 1. The annual rental is about $608,567.
In Footscray, a realisation auction of 48 Eleanor Street, occupied by Ambulance Victoria, will be held on April 20 at 1pm. The agent is Sutherland Farrelly. The 700 sq m property that is developed with a weatherboard building is situated directly opposite the Western Hospital.
Sutherland Farrelly is also helping to sell "Murray Park Farm", a rural holding of 83.99 hectares at Barooga with frontage to the Murray River. It will be sold by receivers' tender closing April 18 at 3pm, by Sutherland Farrelly in conjunction with Andrew Jenkins Real Estate (5871 1025). The property, at 153 Seppelts Road, has water entitlements of 480 megalitres. It's expected to sell for at least $11.5 million.
At Victoria Gardens in Richmond, Teska Carson will auction a property at 137 Kent Street on April 27 at noon. It comprises a single-storey building on land of about 207 sq m zoned Business 1. The property is leased on a monthly tenancy at $2500 per calendar month. The agents expect offers of more than $750,000.