The two sites known as 251 and 261 Salmon Street, in the traditional Fishermans Bend pocket of Port Melbourne, are speculated to be selling for more than $35 million, reflecting a capital gain for vendor Altis Property Partners which paid $28.3 million two years ago.

The art deco buildings were developed in 1936 for GMH but were investments for Altis, returning annual rent of almost $2.6 million. Combined the properties offer a lettable area of 9453 square metres about two thirds of which is fitted out as office.

Any deal would be the latest in the precinct for Mr Jane, who in recent years has fought in acrimonious legal battles with his father, ex-race car driver and tyre king, Bob,

Mr Jane also owns a major site in the Fishermans Bend Urban Renewal Precinct, nearby, which he has been lobbying to replace with two 30-level apartment towers containing 645 flats.

GMH vacated 251-261 Salmon Street in 2005 for a purpose-built office at 191-197 Salmon Street which coincidentally was purchased by Altis last year for $85 million.

Colliers International agents Tony Landrigan and Adrian Rowse, as well as Rodney Jane, were unavailable for comment.

Altis listed the site in February as part of a $285 million nine-property portfolio which also included assets in New South Wales and Queensland.

GMH meanwhile is in the process of selling what is left of its Fishermans Bend manufacturing plant, nearby, which is speculated to be worth $130 million.

Lascorp sells Coles Warrnambool complex

Five months after paying Wesfarmers-owned Coles Group nearly $30 million for Queensland's Nambour Mill Village, Lascorp Development Group is close to selling a Warrnambool retail asset for a speculated $14.5 million.

Coincidentally the regional complex at 131-141 Lava Street was offered with 20-year lease to Coles, which has an option to renew until 2048.

The property sold on a low yield of approximately 5.5 per cent yield based on the current annual return of $803,630. The 2670 square metre supermarket occupies a 4022 square metre site with 157 car parks.

CBRE's Mark Wizel, Justin Dowers and Joseph De Rieu represented Lascorp, a diversified developer, which has built retail assets specifically for large supermarket chains since 1972.

Late last year, Federation Centres disposed of a former Centro-branded shopping centre in Warrnambool for $13.7 million. That asset also includes a Coles occupied supermarket plus nine specialty stores.

Rich Lister offers Torquay site

BRW Rich Lister, Rupert Murdoch's nephew, Paddy Handbury, is selling The Sands Torquay resort – a 195-hectare master-planned community with a Stuart Appleby designed golf course, hotel and health club facilities integrated around a residential subdivision.

The offering, 22 kilometres from Geelong, is expected to exchange for about $25 million to a developer who may add more value to vacant land. Colliers Internationals Guy Wells, Stephen Burt and Raymond Tran are the marketing agents.

Nine months ago, the entrepreneur's Handbury Developments sold the 238-hectare Moonah Links resort for a speculated $18 million. Like The Sands Torquay, that offering included a Peppers-branded hotel and golf course (which has twice hosted the Australian Open).

Doncaster East proposal trades for $13m

A controversial development opportunity within Doncaster East's Jackson Court precinct has sold for a speculated price of just over $13 million.

The five-level, mixed use proposal, with an estimated development value of more than $20 million, allows for 69 apartments and four ground floor retail tenancies, one expected to be occupied by a supermarket.

A hospitality venue is permitted for the top floor of the 3-11 Mitchell Street complex however, subject to approval, this space could make way for 13 more flats, CBRE marketing agents, Julian White, Ed Wright and Scott Orchard said throughout the marketing campaign. The agents declined to comment when contacted about the transaction this week.

The vendors listed the 3661 square metre parcel almost a year after the City of Manningham council approved it be rezoned mixed-use against community concerns related to access, parking, traffic and building bulk.

Circa flips at Fishermans Bend

Circa Property Group has offloaded a Fishermans Bend site it had big plans for.

The local developer is understood to be banking more than $8 million, sources say, disposing 15-35 Thistlethwaite Street, South Melbourne – a low-rise factory on a 1194 square metre block, which it bought for $4.4 million in 2013.

Based on discussions with government planners, Circa applied to build a 38-level complex with approximately 291 apartments that same year.

However in a surprise move shortly after, new planning minister Richard Wynne revised height limits for the 240-hectare Fisherman Bend precinct – preventing Circa's site rising higher than four levels.

The developer later obtained a permit to replace the property with an eight-level, 83 unit complex.

Colliers Internationals Trent Hobart, Andrew Ryan and Hamish Burgess marketed the site.

Asia One sells Stokes Building

Developer Asia One has sold King Street's Stokes Building for $12.35 million – $4 million more than it paid in 2013.

The 353 square metre CBD site was offered with a permit for a thin 29-level apartment tower containing 120 flats. The proposal replaced a failed bid for a 43-level building containing 168 apartments and an office component.

Knight Frank selling agents, Stephen Kelly, Andrew Hansen and Danny Clark, said the price achieved for 33-35 King Street equates to more than $35,000 per square metre, or $103,000 per approved unit.

Asia One was responsible for another super-high density CBD proposal to replace an 849 square metre site at 63 Exhibition Street with a 67-level, 555-unit structure.

Roger David sells South Yarra HQ

Prominent rag trader Roger David is selling his long-time South Yarra headquarters after last year winning approval to replace the site with a 31-level, 399 unit apartment tower.

The 2125 square metre site at 16-22 Claremont Street is expected to sell for more than $35 million according to marketing agents John Marasco and Trent Hobart of Colliers, with Mark Wizel, with Lewis Tong, of CBRE.

Abutting Melbourne High School's hockey field, the site is being offered with amended plans for a 336-unit complex branded Vista.

Mr Wizel said $450 million of deals have been struck within a kilometres of the site in the past 15 months.

Clarification

In last week's Capital Gain an item about popular dance venue Seven in Albert Road South Melbourne had a headline which suggested the venue may close. That is not the case, Seven nightclub will be partying-on until at least 2034 when its lease expires. 

Email: marcpallisco@gmail.com

Twitter: @marcpallisco