Land ahoy
Developer Poly Australia is selling off a major Richmond development site, an L-shaped chunk of land on Bridge Road curling around to Lennox Street.
The 3531 sq m super-site at 150-152 Bridge Road and 195 Lennox Street was purchased in 2016. Poly originally planned a residential project but switched to office in 2019, gaining a permit for a six level 18,000 sq m office.
CBRE’s David Minty, Scott Orchard, Nathan Mufale and Jing Jun Heng along with Knight Frank’s Trent Preece, Paul Kempton, Langton McHarg and Dominic Ong are on the case with $35 million expected.
Poly is obviously not merging the Lennox Street neighbour into the site. Final negotiations are understood to be underway through Colliers for 193a Lennox Street where a group of surgeons, lawyers and investors are selling their strata offices.
80s-era office
A private investor has picked up a three-level office building on Johnston Street, Fitzroy, next to Gurner’s redevelopment of the Spanish Club.
CVA agents Ryan Milivojac and Charles Cini sold it for more than $14,000 a sq m – more than $6.34 million.
Private investor swoops on three-level office building in Johnston Street, Fitzroy.Credit:
The 80s-era office is on a $453 sq m parcel of land at No.51-55 with rear access to Harrison Place.
The buyer is understood to be planning to occupy part of the 1292 sq m office in the medium term. There is a tenant with a year left to run on its lease and a five-year option.
“This transaction is the most recent in a long line of strong results throughout Fitzroy. Developers, occupiers and investors are flocking to the suburb in droves,” Mr Milivojac said.
Developer crush
Brunswick is also firmly in the sights of developers.
“Demand for Brunswick has gone through the roof,” JLL agent Jesse Radisich said. “We are now working with groups who have firmly placed Brunswick as a top priority for their next site and project, rather than seeing it as a secondary option to pockets closer to the CBD.”
Mr Radisich, with Nick Peden, Josh Rutman and MingXuan Li, is marketing a warehouse at 17-23 Hodgson Street which is expected to fetch more than $10 million.
The 3705 sq m site is covered in warehousing. It’s close to Temple and Royal parks and Jewell station.
The suburb is now attracting big name developers. International group Hines paid $16 million for a build-to-rent project in Ballarat Street and listed developers Stockland and Mirvac have plans for apartment and townhouse projects on Albert Street
Recently, JLL recently sold 288-290 Victoria Street, Brunswick at an online auction with 13 bidders competing for the 930 sq m site. It sold for $5.127 million or $5500 a sq m – the sorts of values found in nearby inner suburbs a few years ago.
Agents declined to comment on the identity of bidders but it’s understood the auction “crowd” was a who’s who of local and offshore development groups.
Meanwhile, Vision Real Estate’s Frank Romeo has sold an increasingly rare industrial-zoned property for $4.26 million – the day after expressions of interest closed. The 1660 sq m warehouse at 45-59 Tinning Street is on a 1858 sq m site.
Market mission
The original Brunswick market, a 1930s era Spanish Mission style building currently operating as office space is up for grabs.
The 1930s Spanish Mission-style Brunswick market hall.Credit:
One of very few Spanish Mission public buildings still standing, the 910 sq m building at 1 Tripovich Street is on a 710 sq m parcel of land.
The renovated building has four two-level studio apartments and 15 offices. It currently trades as T.O.M.S Place and returns $301,000 a year but could achieve up to $380,000.
Records show the vendors are investors David Frid and Michael Kahane who paid $2.8 million in 2017. The property could fetch up to $5 million this time around.
Mr Frid moved to Byron Bay a few years ago, buying and renovating the 80s-era Sunseeker Motel which is also for sale at between $15 and $20 million.
Expressions of interest are being handled by Fitzroys agents Chris Kombi and Ervin Niyaz.
Retail portfolio
A portfolio of 15 shops belonging to the late Harry Oviss has hit the market with expectations of more than $22 million.
The shops are predominantly in strips in the north-eastern suburbs: Station Street, Fairfield, the Were Street, Montmorency village with others in Ivanhoe, North Melbourne, Ascot Vale and High Street, Northcote.
The real estate auctions follow the recent sale of Mr Oviss’ “Aladdin’s Cave” of art, furniture and jewellery through Gibson’s Auctioneers and Valuers.
Mr Oviss, who died in January aged 97, opened his first shop in the Block Arcade, selling knitwear, aged just 19. His portfolio was acquired over decades.
Gross Waddell agents Michael Gross, Alex Ham and Danny Clark are handling the auction which will be held at Leonda in Hawthorn on November 25. The individual shops are expected to fetch between $850,000 and $4 million.
“The Covid‐19 pandemic has shown people how important high streets are. Not only are they a place to stock up on essential items but they are a meeting point for surrounding communities,” Mr Ham said.
