The 41-hectare farm at 1350 Pound Road, Clyde North is nearly 50 kilometres south-east of the CBD. The parcel is considered a gateway site within a state government Precinct Structure Plan for the suburb, and is near another block the ex-Blue already owns.

Upon completion, Clyde North will be a major employment hub like Cranbourne and Pakenham which it sits between.

Some 120 hectares will be zoned commercial and about 20,000 sites for residential dwellings. The proposed Port of Hastings expansion and an airport, mooted for the Tooradin area, just past Melbourne's southern outskirts, will benefit local economies.

The Pound Road farm was offered with a subdivision plan for 353 dwellings.

To put this in perspective with planning precedents in the CBD, Capital Gain last week reported an application to replace an 849-square-metre block at 63 Exhibition Street with a 67-level tower and 553 dwellings.

Three housing estates are fast approaching the intersection of Pound and Thompson roads, including Arbourlea, The Boulevard and Berwick Waters.

Biggin & Scott Land's Andrew Egan and Frank Nagle listed the farm last month.

Farm sells for $5 million 

Demand from builders catering to the first home buyer market is strong west of Melbourne, too, with one paying $5 million before auction for an 11-hectare Plumpton farm.

The land is within a largely undeveloped suburb about 30 kilometres from the CBD, west of the Calder Park Raceway and Caroline Springs. Within the Urban Growth Boundary, the property was not offered with a permit.

It is expected to yield about 200 lots, according to the selling agents Dominic Gibson and Steve Messina of Melbourne Acquisitions.  More than 25,000 people are expected to move into the suburb, which is zoned within a government Precinct Structure Plan for redevelopment.

The parcel at 1289-1329 Taylors Road is at a T-intersection with Plumpton Road and Vere Court. Major developers so far with an interest in the suburb include Lend Lease, ID Land, Villawood and Villa World, which is also speculated as an under-bidder for Fraser Brown's new Clyde North plot.

Sub-branch offloaded  

The Returned and Services League has offloaded another former sub-branch, this time in Melbourne's north-east.

The 1639 sq m elevated block opposite the Heidelberg train station has sold to a developer who is expected to build a medium density apartment building with lower-level retail on the site.

The RSL Heidelberg sub-branch closed in 2013, ending an era that started in 1919. High pokies-related fees and dwindling memberships were cited as reasons. The RSL is also building larger "super clubs" that amalgamate the smaller sub-branches they've been selling off over the past few years.

In the north-east, new super clubs are at Greensborough and Watsonia.

Miles Real Estate's Dietmar Gregory and Stewart Oldmeadow declined to comment about the Heidelberg sale that carried price expectations of about $3.5 million.

Last month the RSL reaped $3.2 million selling a 2676 sq m block near the Mitcham train station, 21 kilometres east of town.

Gym sells off-market 

A first floor commercial area in Port Melbourne, leased to a gym, has sold off-market for $8 million.

The 1977 sq m asset occupies the first level of the distinctive Bianca apartment complex at 108 Bay Street. It sits atop shops that form part of the popular retail strip.

Based on the annual rent Goodlife Gym pays, the asset sold on an 8.4 per cent yield.

Knight Frank's Marcus Quinn and Langton McHarg with Alexander Robertson's Warwick Bramich marketed the property.

Earlier this month another 2245 sq m gym in the near-new Adesso apartment complex at 86-88 Balcolmbe Road, Mentone sold for $5.7 million.

Big interest in Toorak site

A Toorak property that would be worth a lot more as a development site than a securely leased investment, has sold for a rumoured $12 million. It was listed last month with price expectations of about $9 million.

At 559-569 Malvern Road, the 2375 sq m property is in the middle of a busy retail strip in Melbourne's most exclusive suburb.

A single-level, 1600 sq m supermarket is leased to Woolworths until 2018 - but the retailer has the option to then stay another 20 years. Woolworths signed the current lease in 1998 when medium density development in the suburbs was less common.

Other portions of the block with a May Street address are leased to Stonnington City Council and used as a car park.

Teska Carson's Michael Ludski listed the Hawksburn Village site but declined to comment on buyer or price. Of the campaign, however, he said more than 300 inquiries were received from a mix of international, interstate and local investors and, interestingly, developers.

Nine shops on market 

Anti-high density crusaders will be hoping nine investors buy nine adjoining shops on the corner of Malvern and Williams roads, in Hawksburn Village to lessen the likelihood of valuable airspace being developed.

Icon Constructions bought the former antique furniture store for about $4 million a few years ago, reconfiguring it into smaller retail outlets and building an underground 12-bay car park. Icon chose not to build up.

The shops were recently listed as a whole or separate sale and are expected to sell for a total of about $7 million. Beller Commercial's Fred Nucara and CBRE's Rorey James and Mark Wizel are marketing the fully leased assets.

$7m for prime site 

A developer is believed to be paying about $7 million for a 2029 sq m site in Richmond.

The property has a 20-metre frontage to Swan Street and a 15-metre frontage to Coppin Street and is identified by a collection of old two-storey buildings occupied by a car workshop and an auto service centre.

It was marketed by Gross Waddell's Andrew Waddell and Jonathon McCormack, and Abercromby's Jeff Gole.

Clarification

Equiset Grollo says the Makers Mark building at 464 Collins Street is under offer, not sold, as reported in the Capital Gain column last Saturday. Equiset Grollo also disputes the rest of the story which speculated sale price and buyer.

More in Domain

The producers of hit TV show The Block may finally make a reasonable profit out of the next 10th series which will replace a 12-unit block at 27 Darling Street with four luxury townhouses. Read Saturday Domain for an agent's assessment, in another column I now also prepare with Emily Power.

marcpallisco@gmail.com; Twitter: @marcpallisco