Mirvac is understood to be paying more than $100 million for a 55-hectare block in Point Cook, an establishing bayside western suburb 25 kilometres from the CBD.

The vacant tract, known as Lot 2 Aviation Road, is expected to be subdivided into 800 residential blocks. It is adjacent to other housing estates being developed by Mirvac rivals Australand and Villawood.

Biggin & Scott Land directors Frank Nagle and Andrew Egan were unavailable to comment about the Point Cook block they are marketing.

A Mirvac spokeswoman was also unavailable to comment about Point Cook and other speculation the company was no longer part of a shortlist to buy the outgoing Kingswood golf course in Dingley.

An imminent $100 million sale of the 54-hectare Dingley block was reported in June, but with the eastern suburbs site now the subject of a court appeal, it looks unlikely to proceed in the short term, sources say.

In mid-2011, Mirvac paid $100 million for the outgoing Eastern golf course in Doncaster. It paid the same amount in 2007 for the former Austral Bricks quarry, then spread across two south-east suburbs (Scoresby and Wantirna South). Mirvac plans to replace both blocks with residential-based villages.

Last year, the Perth-based Satterley Group paid $100 million for a 125-hectare site in Point Cook West.

That deal, the biggest land sale of 2013, was also negotiated by Biggin & Scott Land's Mr Nagle and Mr Egan.

Meanwhile Mirvac rival GPT, Australia's first REIT, this week paid $608.1 million for the CBW office complex at the corner of Bourke and William streets in the Melbourne CBD.

It brings the tally spent on commercial assets by GPT since the start of this year to $1.7 billion.

In this online interview with chief investment officer Carmel Hourigan, GPT reveals its deliberate strategy to have almost 90 per cent of its portfolio in Sydney and Melbourne

77 Queens Road downsize

In an unexpected planning application, the new owner of an inner-city development site is seeking permission to reduce, not increase, the density of a proposed apartment building.

If approved, a rundown block of 36 flats at 77 Queens Road will be replaced with a 13-level, Fender Katsalidis complex containing 160 apartments, 178 car park bays and 181 bicycle spaces.

The applicant bought the 2329-square-metre block for $13.5 million last November with a planning scheme for a 13-level Elenberg Fraser building it was estimated would contain about 200 flats.

At 74 Queens Road, Ron Walker's building company Evolve Development recently replaced the former Suntory Japanese restaurant with a 13-level, 228-unit complex, Monarc.

Another site at 70 Queens Road has also recently been replaced with a 13-level building, Proximity. Queens Road runs parallel to St Kilda Road and offers view security over Albert Park Lake, Hobsons and Port Phillip bays.

Eumemmerring School relist

A deal to sell one of nine former schools, shut by the former ALP government but listed for sale earlier this year by the Napthine government after a residential rezoning, has fallen through.

The former Eumemmerring Primary School, 33 kilometres south-east of town has now been relisted with price expectations of about $4.5 million. On 2.8 hectares the general residential zoned land is being marketed by Knight Frank's Ken Smirk. The site is expected to make way for a medium-density townhouse project.

The former Brandon Park Secondary College was the most valuable former school sale in the portfolio achieving $47.5 million against initial expectations of $25 million. The former Oakleigh South Primary School sold for $13.6 million against price expectations of about $8 million.

Council paddles plans to lease prime Echuca buildings

Having just invested $14.2 million rejuvenating the historic Port of Echuca precinct, the Shire of Campaspe is seeking an operator to lease five council-owned buildings including one for years occupied by popular waterfront restaurant Oscar W's.

As well as the former restaurant building at 52-56 Murray Street, council is seeking tenants for two former train station houses (Kotta and Strathmerton stations), a former blacksmith workshop and a historic building, Shackell's Bond Store, which is occupied by a movie-house until mid next year.

Colliers International's Guy Wells, who is representing council with David Warren, expects the former Oscar W's tenancy to attract national interest from experienced operators seeking a flagship food and beverage offering.

"The historic Port of Echuca precinct is a unique asset, which is largely unrivalled across Australia," Mr Wells said. "Echuca, and its port, is a regional destination in Victoria and is the jewel of the crown of the Murray ports system.

"The impressive wharf structure and the many paddle steamers that still call the port home today, are engaging to the visitor and authentic to the heritage of the majestic Murray River."

The five properties are for lease individually or as a whole.

Williamstown goes greek

Celebrity chef George Calombaris has successfully lobbied the Hobsons Bay Council for permission to refit the 105-year old Hobsons Bay Hotel in Williamstown as Melbourne's third Hellenic Republic restaurant.

Mr Calombaris had to revise his first Williamstown application – reducing the maximum number of patrons from 300 to 220. A proposed rooftop terrace, which would have offered spectacular views of the CBD, Hobsons and and Port Phillip bays, was also ditched following neighbour objections.

The restaurateur was part of a syndicate that paid $3 million for the hotel last year.

Last month, Mr Calombaris and business interests auctioned the Brunswick East building, home to Melbourne's first Hellenic Republic, for $2.4 million. Another Hellenic Republic is in a Kew building that Calombaris sold for $4.3 million in 2012.

Macquarie eyeing 82 Collins?

The corporate giant dubbed the Millionaire Factory is speculated to be quitting the most exclusive office in Melbourne to anchor an unusual building mooted for a block across the road.

Sources say Macquarie Group is in advanced negotiations to lease about 7000 square metres of a proposed office at 82 Collins Street, opposite its long-time headquarters within the glamorous 101 Collins Street.

QIC has been seeking a tenant to pre-commit to 82 Collins Street, which will appear developed atop stilts on what is currently a forecourt to the Nauru House building known as 80 Collins Street.

QIC proposed the office after paying Melbourne retailer Lillian Wightman a reported $12 million for the historic 74 Collins Street building that for decades housed exclusive boutique Le Louvre, which relocated to South Yarra.

Macquarie did not respond to speculation it will relocate offices.

Earlier this year KPMG announced it would quit another enviable "Paris-end" location at 161 Collins Street for an as-yet-undeveloped office in Docklands being developed by Sydney-based billionaire Lang Walker, founder of developer Walker Corporation.

Twitter: @marcpallisco