The historic low-rise building was reported as under offer in August. On a 483-square-metre block, the ministerial-approved permit allowed for the airspace to be replaced with a 55-level office  and apartment tower.

Golden Age is also developing the Victoria One tower at 452Elizabeth Street after recently completing projects in Little Collins Street and South Melbourne.

Investor's world

An investor is paying more than $23million for the former Praemium House  at 406 Collins Street.

The building is identified at ground level by a statue of Atlas holding the world.

Developed as the Atlas Assurance Co Ltd building in 1958, and also once known as Concept House, 406Collins Street was listed last month by local private investors, who paid $14.6 million for the building in 2006. The 12-level building on a 410-square-metre block was offered with a concept plan for a 50-level apartment tower, which also covered the neighbouring property. The owner of that site –410Collins Street – also listed the property last month via a different agency. That site is expected to fetch about $27 million separately, with the proposed skyscraper scheme unlikely to proceed.

Colliers International's Matthew Stagg and Leigh Melbourne marketed 406 Collins Street with Ryder Commercial's George Harris and Mark Ryder.

Hotel moves in

A hotel will be refitted into a West Melbourne office, which was, until only a couple of years ago, the headquarters of the Australian Labor Party's Victorian branch.

The double-storey building at 356-362 King Street, on the north-west corner of Walsh Street, sits on an 1150-square-metre block near the Flagstaff Gardens.

Formerly owner-occupied by the ALP, the asset sold to the current owner for $3.4 million in mid-2012. Later that year, the ALP Victorian branch spent that same amount on a luxurious 596-square-metre replacement office in Docklands within ING's Waterfront City precinct.

Factory to go

One of the western suburbs' best-located factories – surrounded by parkland – is  believed to be selling to a developer, who will exploit the recent rezoning to allow the large plot to be replaced with houses.

The West Footscray site at 41-49Robbs Road is understood to be exchanging for more than $7.5million. On 7879 square metres about seven kilometres from the CBD, the site also has frontage to Glamis Road and Exhibition Street.

With factories to the north and houses to the east, the industrial block has been offered with a planning scheme (not a permit) for a 49-townhouse project. It is unknown whether the new owner,  believed to be an interstate builder, will propose a higher-density complex.

Last month, a developer paid $8.4million for the nearby former 501 Receptions site in Barkly Street, Footscray. The 6271-square-metre site was offered with a permit for a five-level apartment building.

Fitzroys agents Chris Kombi and Dean Alexander marketed Robbs Road with CBRE's Jamus Campbell and Mark Wizel.

Flemington tower

In what is a familiar Melbourne tale this year, the new owner of an inner-city block has applied to make a permitted project taller and denser.

This time, at 1 Ascot Vale Road – aysite many Melburnians will recognise as the northern boundary of the Racecourse Road roundabout (and opposite an entrance to the Flemington Racecourse) – developer Caydon is seeking to builda 23-level, 409-unit complex.

The proposed building would replace a permitted 21-level, 381-unit apartment tower.

Only a few years ago, the block,  3773 square metres,  carried a permit for a 21-level, 219-unit complex.

Officer build

An 11.2-hectare development site in outer south-east Officer has sold to a residential developer for a speculated $10 million. Lot 2 Brunt Road, at the intersection of Rix Road, is within Melbourne's urban growth boundary. Paul Sutherland and Grant Sutherland of Sutherland Farrelly said there was strong interest from  prospective purchasers.

George now Alex

Alex Theatre is the new name for the St Kilda premises known for years as George Cinema.

Entrepreneur Aleksander Vass, who bought the Fitzroy Street assetthis year, is converting the space into a new arts hub for live shows. Vass bought the asset from a developer who had proposed replacing the three cinemas with 21 apartments.

Tally Ho sale

The Zagame family has sold prior to auction a prominent restaurant at an entrance to the Tally Ho business park in Burwood East.

The two-storey, 856-square-metre complex at 380 Burwood Highway is fully leased to China Express, which pays annual rent of $350,000. Listed with price expectations of about $7 million, the asset is speculated to have traded for closer to $8.5 million.

The campaign targeted investors and developers who might consider replacing the 5071-square-metre block with a taller complex; possibly with offices atop a ground floor retail space. Vinci Carbone marketed it.

Tally Ho, across 26 hectares at the south-west corner of Springvale Road, is considered Melbourne's first large-scale suburban office park and includes as tenants Hewlett-Packard, Motorola, VicRoads and Whirlpool.

For years, 380 Burwood Highway was a Zagame-occupied restaurant.

Educated move

Classrooms will replace jail cells at the former Carlton Police Station with the new owner revealed as Sydney's Education Development Association. The training organisation, whose services include social outreach initiatives, paid $3.64 million for the historic buildings in July 2013. The deal, on a long settlement, was only finalised recently.

Said to have accommodated notorious 1920s gangland figure Squizzy Taylor more than once, 334-344 Drummond Street ceased operating as a police house in 2010 after 130 years.

The low-rise administration offices and six-room bluestone jailhouse occupy a 910-square-metre site close to the University of Melbourne and Royal Melbourne Institute of Technology.

The former Brighton police station was listed for sale at about the same time as Carlton.

On a 1047-square-metre block, 27Wilson Street sold for more than $2.4 million to a resident who planned to renovate it into a family home.

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Twitter: @marcpallisco