When fully operating, the portfolio will return an estimated annual income of $1.55 million.
By the time the new centres open, there will be 16 Nino Early Learning Adventures centres across Melbourne. The agents have sold 12 of them for a total of more than $200 million.
Large parcel
Blazer Clothing founder Peter Murray is expecting at least $40 million for his Cremorne landholding.
It’s the second large parcel of prime Cremorne land to hit the market this month.
Mr Murray amassed the 3538 sq m site at 31-53 Cremorne Street over the past six years. Records show he bought 33-37 from the Schwartz family in 2018 for $10 million and 33-37 from Micheal Gannon in 2015 for $2.875 million.
The state land registry reveals Mr Murray put a caveat on number 31 in April.
Teska Carson agents Matthew Feld and Luke Bisset are handling the sale.
Last month, former Porsche dealer Alan Hamilton listed a large portion of the historic Bryant & May match factory with expectations of more than $80 million.
Cremorne, dubbed “silicon Yarra”, has become home to numerous technology companies including Seek, MYOB, REA Group, Carsales and Domain.
Luxury project
A local developer has snapped up an 1100 sq m development site in Toorak, paying $7.4 million.
A syndicate including Spotlight’s Fried family and Marne Properties’ Peter Gyopar sold the property with a permit for a 13-unit luxury development designed by Bruce Henderson Architects.
JLL agents Josh Rutman, Nick Peden, Tim Carr and MingXuan Li handled the deal.
Mr Peden said the buyer, who beat competition from off-shore groups, is planning to complete the permitted project.
St Kilda hotel
Hotel developers Renzella group are offloading another of their hotels, this one in St Kilda, and should make more than $20 million on the deal.
The Bayside St Kilda hotel is for sale.Credit:
Formerly the Bayside St Kilda, the property in the heart of the seaside suburb at 63-73 Fitzroy Street, near the corner of Jackson Street.
The three-level property is on a large 1924 sq m site, with 40 studio apartments, eight shops and a large car park out the back. The rooms were converted into six-12 months leaseholds last year when tourist numbers dried up.
Records show the Renzella’s Morraine Nominees bought the hotel for $2.55 million back in 1988 when Fitzroy Street last sported a seedy atmosphere.
The owners rode St Kilda’s wave of gentrification and then weathered the doldrums that followed with a sea of overseas tourists.
The property has a permit for a five-storey residential development designed by Cactus Architects on the car park. There is a three-level limit on the street frontage.
It’s half a kilometre to the beach and close to the new Victoria Pride Centre. Gurner’s luxury redevelopment, St Moritz, is around the corner.
Teska Carson agent Luke Bisset and Michael Ludski are handling the expressions of interest campaign which closes on November 10.
The pair sold Renzella’s South Yarra hotel in August for $22 million.
CBD strata
An investor has snapped up a strata office occupying half of level 11 and the rooftop of 343 Little Collins Street, paying $2.14 million.
The deal for the 208 sq m office and 164 sq m rooftop reflected a yield of 4.9 per cent and sold at $10,288 a sq m – quite a premium for the central CBD and really an indication of the development potential of the rooftop.
Colliers agents George Davies, Anthony Kirwan and Alexander Leggo negotiated the transaction, fielding five offers and 100 enquiries.
The property is leased to the Clinton Institute on a five-year lease returning $105,400 a year in rent.
The buyer is understood to be keen to develop the rooftop down the track.
The Colliers team also sold a level 1 of 362 Little Bourke Street last week for around $3 million. The 325 sq m office sold on a 14-day settlement.
Coming up, JLL is marketing level 7 of 21 Victoria Street, a building on the corner of MacKenzie Street overlooking the Carlton Gardens.
JLL agent Nick Peden, who is selling the property with Mark Stafford, Tim Carr and MinXuan Li, is expecting offers in the low $2 million range for the office.
Car yard
Former auto-dealer Gary Lechte is selling the freehold of Bayside Chrysler Jeep Dodge in the heart of Frankston.
The Bayside Car Dealership in Frankston at 126-130 Dandenong Road.Credit:
The 11,200 sq m property at 126-130 Dandenong Road comes with a lease to ASX-listed Eagers Automotive and returns more than $1.13 million a year in rent. It’s expected to fetch more than $20 million.
CBRE agents Nathan Mufale, David Minty, Scott Hawthorne and JJ Heng are marketing the property which is set amid a long strip of car yards in central Frankston.
“The offering spans several titles, with the owner acquiring the collection of assets over several decades. Opportunities of this scale in major activity centres are highly sought after and never found,” Mr Mufale said.
Records show the property was purchased by Mr Lechte’s Frankston Properties in 2001 for $3.35 million.
The landmark gateway site has recently been rezoned to Commercial 2 which allows for a range of future development potential.
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