The 85 hectare parcel at 85-87 Sewells Road is covered by a lucrative Urban Growth zoning but is restricted from being entirely replaced with houses, also containing a Rural Conservation Zone area.

About 50 hectares of the site can be developed, according to sources. First National Commercial Westwood selling agent Bob Westwood would not confirm any details including the deal value, speculated by land agents to be worth around $45 million.

The sale comes as Biggin & Scott Land is marketing a major Tarneit parcel at 1070 Sayers Road permitted for an 800-lot subdivision and expected to exchange for in excess of $60 million.

In February, Central Equity paid $98 million for a 105 hectare nearby site which valued local land at just over $930,000 per square metre (a surge on the average $250,000 per square metre said to be have been achieved in the area 10 years ago). Central Equity is expected to build 1500 dwellings on its holding, on the south west corner of Sayers and Davis roads.

Late last year, ASX-listed PEET paid $90 million for a 123 hectare block at 1030 Tarneit Road with a permit for a 1500-lot subdivision.

Other developers in the first and second home buyer hot spot include Stockland and the Satterley Property Group, which like PEET, is headquartered in Western Australia.

Lonely Planet leases Bentleigh factory

One of the world's biggest travel publishers, Lonely Planet, which was established and is still based in Melbourne despite being purchased by Nashville based NC2 Media in 2013, has leased an industrial property in south east Bentleigh.

The 1282 square metre facility, marketed earlier this year as a warehouse and workshop, adjoins a 318 square metre office and reception area with a boardroom. On a 2271 square metre block at 16-20 Clairmont Avenue, the property also provides about 10 car parks. The factory was advertised asking annual net rent of $120,000, ex GST via Ray White Commercial Oakleigh's Paul Rizzo and George Kelepouris.

Lonely Planet said the need for a new local distribution centre came after relocating from its long-time headquarters within an historic building on the banks of the Maribyrnong River in Footscray. The ex Lonely Planet building will also, before too long, have a horrible view over the state government's proposed Western Distributor bridge.

The company's 20-something billionaire chief executive David Houghton recently opened Lonely Planet's opulent operation centre within Carlton's heritage listed Malt Store building at 551 Swanston Street.

Lonely Planet was established in a Melbourne kitchen 44 years ago by Tony and Maureen Wheeler, who sold a share of the company to BBC Worldwide in 2007 and the balance in 2011. NC2 Media paid £51.5 million ($88.7 million) for Lonely Planet, reportedly £80 million ($137.8 million) less than BBC's initial asking price.

IKEA puts Campbellfield off again

After last month announcing expansion plans including three stores, and a 70,000 square metre furniture distribution centre in Sydney's Marsden Park, IKEA has again put off plans to build its largest Australian store in Campbellfield, 16 kilometres north of Melbourne's CBD.

The 400-430 Mahoneys Road site, which former planning minister Justin Madden approved for redevelopment in 2010, was, according to IKEA, expected to make way for a 41,000 square metre outlet by 2012.

In 2014, the furniture giant announced a smaller 24,500 square metre Campbellfield outlet would be trading by March 2016.

This week, IKEA spokeswoman Rachel White said there were no immediate plans to develop the Mahoneys Road site, the company's focus would be on the Marsden Park distribution centre and a new store in Queensland's North Lakes.

IKEA still plans to build on the Campbellfield site, Ms White added, ending speculation the site could be sold. IKEA settled on buying the former Pipeworks Market property in early 2011.

In recent years IKEA has completed a 36,000 square metre store in Melbourne's Springvale and another 39,000 square metre facility in Sydney's Tempe.

Chefs sign 30 year lease with Gurner

Award-winning restaurateurs Rocco Esposito and his business partner wife, Lisa Pidutti, have taken out a super long-term lease on three adjoining retail premises, occupying the ground floor of the 107 Cambridge Street residential redevelopment being undertaken by their friend, Tim Gurner.

Behind a heritage façade, the 500 square metre space, which the couple have committed to until 2046, will open in October an as as-yet unnamed high-end provedore and wine bar with a function and event space and a separate restaurant/cafe.

The wine list, with national offerings, will also include produce from the couple's Beechworth label, Project Forty Nine. The food menu, with a farm-to-table philosophy, will serve breakfast, lunch and dinner, seven days a week.

Mr Esposito worked for a period at wine director at the city's exclusive Vue de Monde. The couple first made waves in the hospitality pages in 2004, when their Wardens Food and Wine restaurant achieved a Chef's Hat rating within a year.

Gurner director Tim Gurner said working with the couple to create a coherent hospitality offering completes his vision to replace the former Foy & Gibson building as a high-end residential address.

Another Haymarket tower

Development is about to ramp up abutting the Haymarket Roundabout, about a kilometre north of the CBD.

In what seems like a case of keeping up with the Jones', Brisbane's Blue Sky Funds - the new owner of the historic Turf Club Hotel at 1-3 Flemington Road - has applied to fill airspace with a 22-level student accommodation complex containing 389 apartments.

The approximate 1000 square metre parcel, on the western side of the busy roundabout, and also covering 245-249 Peel Street, was purchased by Blue Sky last year following a campaign managed by Vinci Carbone Property.

Blue Sky's proposal follows another lodged last year for 696-708 Elizabeth Street, on the eastern edge of the thoroughfare, where a 20-level building containing nearly 89 apartments – 80 of them with just one bedroom – was planned.

On the north west edge of the intersection, the state government is completing construction of the 13-level Victorian Comprehensive Cancer Centre.

Bob Jane Corporation also lodged plans in 2014 to increase the permissible density allowable at 683-699 Elizabeth Street, abutting the south side of the roundabout. Four towers, the tallest rising 22 levels, are also mooted for Elizabeth Street sites occupied by Toyota between the junction and the CBD.

Email: marcpallisco@gmail.com

Twitter: @marcpallisco