Marwood Property has bought its second Melbourne development site in a week - this time in the north east. The developer and investor has paid $11 million for the former Courtney & Patterson car yard marketed as 11 Yarra Street, in Heidelberg.

Telstra has sold another outgoing telephone exchange to a developer. The ASX-listed telco is reaping about $1.7 million, sources say, for the 1751 square metre holding at 752 Pascoe Vale Road, Glenroy. Brick improvements span 865 sqm.

Developer John Marro has shrugged off gloom about Melbourne’s weak office market, commissioning a New York-style charging bull statue for the 15-level city fringe building he bought for $28 million and will spend a further $5 million to upgrade and refit.