Developer-investor Hengyi has another chance to sell its Abbotsford holdings near Carlton & United Breweries
Speaking of microbreweries, nearby Duke Street Teska Carson agents Matthew Feld and Michael Taylor recently sold the Moondog Brewery for $1.8 million.
The Melbourne home of Sydney-based boutique Dion Lee will go up for auction next month. The boutique, in the heart of the Armadale fashion strip at 1052 High Street, is part of an extensive portfolio of investments held for over 50 years.
The portfolio includes Lu La Belle Studio at 12 Beatty Avenue, opposite Toorak Station, which has a new three-year lease. It should sell for less than a million dollars.
Dion Lee occupies the High Street building on a five-year lease, with no other options after 2026, and the boutique is expected to fetch around $3 million.
Records show the same estate, owned by the Joachim family, also unloaded a row of shops on Glenferrie Road, Malvern late last year.
The five stores at 255–263 Glenferrie Road, Malvern were sold to a local investor for $7.75 million with a passing yield of 2.64%.
The disposal of the estate is being handled by Nic Hage of Stonebridge, Rorey James and Sarah Xi, alongside Zelman Ainsworth of Ainsworth Properties.
Prominent Frankston-based builder Ralph Mackie has made over $13 million from the sale of two properties in the outer suburb of Bayside.
A nonprofit has snapped up a vacant two-story office at 401–403 Nepean Highway for about $5 million.
Records show Mackie paid $1.025 million for the office in 1997 which until recently was occupied by his construction company.
The 982 square meter office sits on a large 1575 square meter lot two blocks from the beach.
The second property was a 6,018 square meter parcel of cleared land at 9–7 Cranbourne Road which was purchased by Mackie in two tranches, in 1981 and 1987, for a total of $163,600.
CBRE agents David Minty, Nathan Mufale, Scott Hawthorne and JJ Heng handled the transactions.
There was strong interest in the office from international parties and companies considering relocating to the coast.
“We facilitated 13 inspections with international property developers, most of whom did not want to expand in the short term, which speaks to the appetite for property on the peninsula,” Heng said.
The property is close to the old movie theater at 438–444 Nepean Highway, for which Pace recently paid $16 million.
Cafe chain St Ali is among the first hotel operators announced for the first stage of Munro’s new development at Queen Victoria Market.
The new 1,800 square meter area, on the corner of Queen and Therry Streets, is being built by developer CEO on the remains of the old Munro Building and Mercat Cross Hotel, opposite the delicatessen section of the market – l place where market customers already buy their coffees, bratwursts and boreks.
New food and drink vendors will include Brick Lane Tavern, Only Mine Chocolates, Moonfishh, Rewine and Market Lane Coffee.
The deals were negotiated by Colliers agents Jennifer Tai and Adam Lester, with rents ranging from $800 to $1,600 per square yard.
Here’s hoping the latest attempt to spruce up Queen Vic Market with a new food district is more successful than the 20th century attempt on the Victoria Street side of the Meat and Fish Hall.
Another week and another list of development sites on the outskirts of the city, owned by their owners for decades, hits the market.
A single-storey office and showroom at 227 Napier Street, Fitzroy, will go up for auction next month. The 394 square meter holding is sandwiched between two apartment blocks south of Johnston Street, with rear access to Young and St David streets.
The property, owned for 35 years, is leased to a music publishing company until September.
Any development on the mixed-use zoned site could go up to seven levels.
JLL agents Josh Rutman, Nick Peden, Tim Carr and MingXuan Li are hosting the August 12 auction. It should sell for around $4.5 million.
In Richmond, a car park at 57-61 Murphy Street, near the corner of Burnley Street and Bridge Road, is expected to sell for between $2.5 million and $3 million.
Records show the 481 square meter land last changed hands five years ago for $1.55 million.
It still has industrial zoning 3 but is in an area where seven- to nine-level projects have been granted permits.
Teska Carson’s agents Matthew Feld and Michael Ludski, along with Statewide Property Advocacy’s Andrew Sutherland, are selling the property via expressions of interest.
Down the street at 432 Church Street, a dance studio near the corner of Swan Street is also on the market.
The 721 square meter first level property is currently leased to Forever Dance but has clearly been a nightclub in the past.
It has two dance floors, a lounge, a bar, toilets and a one-bedroom apartment.
Feld and his colleague Michael Taylor are launching expressions of interest and expecting more than $4 million.
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