A prime Fishermans Bend corner - that may be more valuable if the Napthine government wins this month's state election - is selling to a developer for a speculated price well in excess of $30 million.

The 1.94 hectare block occupying the north-west side of Salmon and Plummer streets, is in Wirraway, one of four new suburbs created following the landmark rezoning of former industrial land in Port Melbourne and South Melbourne in mid-2012.

A collection of industrial buildings, the asset was only recently listed with concept plans for a $250 million mixed-use development including a multi-level shopping centre, offices and apartments.

The planning scheme allowed for five towers of eight-24 levels capable of accommodating thousands of flats and residents.

The block has a 161-metre frontage to Plummer Street - earmarked by the Liberal government to become a tree-lined boulevard serviced by light rail and connecting the CBD to Sandridge Beach via Garden City.

Despite numerous applications and approvals since last year (mostly in the suburb known as Montague) - no developer has yet started construction of a major Fishermans Bend apartment project.

Should the ALP win the election, shadow planning minister Brian Tee has told Capital Gain he would tear up the new Fishermans Bend strategy and hand decision-making rights to the City of Port Phillip.

In this case, the 240-hectare precinct is expected to be replaced with largely low and medium density buildings. A recently introduced Capital City 1 blanket zoning may be stripped.

At the time of Planning Minister Matthew Guy's announcement, the council was conducting research about how to best fit new housing into the inner-city industrial area.

GrayJohnson's Matt Hoath listed 365-391 Plummer Street, Port Melbourne last month but declined to comment, as did CBRE's Harry Kalaitzis and Rory Hilton representing the undisclosed buyer. The site was expected to sell for between $25 million and $28 million.

Super skyscraper plan

Two neighbouring, historic and low-rise King Street buildings are set to be replaced with one super-skyscraper after being acquired in separate transactions last year.

Matthew Guy is reviewing the new owner's application seeking to demolish the Koorie Heritage Trust Cultural Centre at 295-299 King Street, a building that was developed in 1919, and the neighbouring Elizabeth Andrews building, also on the Victorian Heritage Database.

Replacing the blocks could be an 83-level, 603-unit skyscraper with 124 car spaces and ground-floor retail.

Last April, the applicant paid the Koorie Heritage Trust $8.6 million for its 857-square-metre block. The three-level, 2300-square-metre building accommodated an exhibition space, gallery, library and museum and was offered with a two-year leaseback.

Eight months later the applicant paid $4.1 million for 307-309 King Street, adding 436 square metres. Both blocks back onto a council laneway.

In a show of how dense developer proposals have become this year, the King Street application follows a developer last week seeking to replace the 430 square metre Bennetts Lane Jazz Club site with a 52-level building.

Shell site for lease

Months after Shell announced it would quit the suburbs for Docklands, the private investor owner of a near-new office near the Camberwell Junction is seeking new occupants.

The outgoing Shell headquarters at 8 Redfern Road, Hawthorn East can be leased in pieces or in its entirety for about $3 million a year.

The three-level office of 8118 square metres includes a 300-bay basement car park and sophisticated "end-of-trip" facilities, including bike storage and showers.

Longer-term, the 1.1 hectare block on which the office sits is expected to make way for a higher density residential development given its location opposite parkland, potential city views and proximity to Camberwell public transport.

Gorman Commercial's Stephen Gorman and Adrian Chew, with CBRE's Anthony Park and Gianni Macdonald, are seeking a new tenant from early 2015.

Shell moved to Redfern Road after quitting the distinctive 1 Spring Street office for which it also had naming rights. Shell struggled to find tenants to backfill the city office it was committed to occupy for years after it moved out.

$7m tip for bar

The Zagame family is expected to pocket more than $7 million from next week's auction of a Burwood East restaurant at an entrance to the 26-hectare Tally Ho suburban business park.

The two-storey, 856-square-metre space at 380 Burwood Highway was formerly a Zagame's restaurant but is now leased to China Bar Express.

With 104 car spaces, it occupies a 5071-square-metre block with redevelopment potential - something a number of Asian developers are said to have been attracted to. Vinci Carbone's Frank Vinci and Joseph Carbone are marketing the asset.

Bowens expands

Prestige car dealer and property investor Nick Theodossi has leased the remaining area of a prominent 6300-square-metre warehouse on almost a hectare of land in Port Melbourne to hardware chain Bowens.

The facility, for years known as Southbank Auto Auctions, is at 128 Salmon Street, but also has frontage to Thackray Road.

When it hit the market earlier this year the complex was asking annual rent of about $450,000. Bowens has leased the space for 15 years.

Gross Waddell's Jonathan McCormack and Daniel Greenlees were marketing agents with Sutherland Farrelly's Sam Wallace and Paul Sutherland.

Major sale on the quiet

A major suburban office sale has quietly taken place in Box Hill, an activity centre about 14 kilometres east of the CBD.

At 37-41 Prospect Street, a five-level, 4256-square-metre complex has traded for a speculated $22 million. With 130 car spaces, the complex is fully leased to a variety of tenants and returns $1.34 million in annual rent.

Knight Frank's Marcus Quinn and Tim Grant negotiated the sale, but details remain confidential.

The office was renovated after syndicate Lachlan REIT bought it in 2003 for $12.8 million. At the time almost half the building was vacant - yet Lachlan had no trouble raising funds from investors - achieving the required amount to service the Box Hill purchase in just 10 days.

Not far away, a new 19-level office for the ATO is under construction in Whitehorse Road. A 35-level apartment tower was also recently approved in Station Street.

Email: marcpallisco@gmail.com

Twitter: @marcpallisco