Grocon Development on Lonsdale

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From: Lan Diep


Recently been to the display suites for Grocon developments "Live@QV". Crn Lonsdale and Swanston St.

What are people's thoughts on this development? (Besides the-never-buy-in-CBD)

Details: www.qv.com.au
 
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Reply: 1
From: Michael McDonald


Lan,

I have "been there and done that". Owned CBD apartments, owned inner-suburban. CBD - almost without exception very little capital growth to speak of. Inner-suburban - excellent capital growth.

More recently, had problems achieving tenants and an acceptable yield. I also became increasingly nervous about the effect that Docklands will have on the CBD apartment market, so sold my CBD apartments - which wasn't easy.

Don't know that project in detail, but you have to be careful the same as any other CBD apartments. Overall, I have had far greater success in inner-suburban areas, where I don't have competition being built all around me.

Just my thoughts.

Michael
 
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Reply: 1.1
From: Dave :)


Lan,

I visited the development last week. When compared to other development sin
the area, it's very competitively priced. Also, it will be the only major
residential apartment development in the CBD that will invlove the building
of new laneway cafe's and Melbourne CBD's first full sized Safeway or Coles
grocery store. This in itself should keep it above other CBD developments
in the CBD in terms of capital growth. Another plus, is that you can do
much worse in the CBD than going for a Grollo project...so the quality will
be good. Finally, I love the view!!...wow, I've been in heaps of apartments
and display suits...this is definately one of the best.

Those are the positives I see. And no, before anyone asks, I have no
interest in the devlopment whatsoever.

Cheers,

Dave
:)

{Life's short...play hard}
 
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From: Paul Zagoridis


Sydney had the same situation regarding a single full-sized CBD Coles. Then within 4-5 months Coles-Myer found they were profitable enough to have 4 within blocks of each other.

So... I know nothing about the Melbourne CBD market. But retail tenancies are relatively easy to establish for a large cash company.

Paul Zag
Dreamspinner
Oz Film Biz is at
http://www.healey.com.au/~paulz
 
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Reply: 1.1.1.1
From: Adam Weisser


Hi.

My friend reckons that Supermarkets in Melbourne CBD will face a lot of opposition, predominantly from Vic Market.

They reckon it'll ruin Vic Market.

I don't know...

Adam
 
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