It’s on the market for the first time in 60 years and is expected to fetch more than $25 million.
Records show the Redemptorist Fathers Property Association paid £32,000 for the property in 1963.
The Catholic Church’s extensive property holdings are held in a raft of different trusts and entities which has made it difficult for the victims of abuse by its clergy to effectively sue.
A 2018 Age investigation conservatively estimated the Church’s Victorian holdings at more than $9 billion with Majellan House worth just $9 million.
Knight Frank agents James Thorpe, Stephen Kelly and Langton McHarg are handling expressions of interest.
Masterstroke
A swim school and two childcare centres have sold for just shy of $19 million – the former on a yield of 5.8 per cent.
The childcare centres, leased to “The Y” – a rebranded YMCA – are located in Tarneit and Clyde North, where the swim school is also located.
Stonebridge agents Rorey James, Kevin Tong and Justin Dowers handled the transaction.
While the childcare centres traded at yields under 5 per cent, there was a great deal of interest in the performance of the swim school, leased to Kingswim, Mr James said.
“We’ve never seen a swim school trade under 6 per cent but there just haven’t been that many swim school sales,” he said.
The long 15-year leases attracted buyers from around the country and overseas, he said.
Grollos offload land
The Grollo family is offloading a large parcel of land in Preston that backs on to the Darebin Creek parklands.
The 21,259 sq m site at 10-18 Chifley Drive is just a few doors down from the Moondog World brewery in a key industrial precinct.
The site is largely vacant, but covered by an assortment of ageing building materials. The rear, bordering the creek, is covered in trees.
Records show the property is owned by Capello Pty Ltd, a company controlled by Bruno, Leanna and Adam Grollo.
Moon Dog’s new site on Chifley Drive in Preston.Credit:Joe Armao
The investment arm of the Grollo family was split from its development and construction arms in 2012 with Daniel Grollo taking control of Grocon.
CBRE agents Bryce Pane, Joe Brzezek and Daniel Eramo, with Killen Thomas’ John Camilleri are running expressions of interest closing November 25. It is expected to sell for more than $14 million.
Fare price
Taxi moguls, the Gange family, are selling a three-storey CBD fringe office building.
The heritage listed property at 96-106 Pelham Street, Carlton is all but vacant and pitched squarely at the resurgent owner-occupier market.
Records show Gange Nominees’ High View acquired the distinctive property in 1998 paying $2.23 million.
The 1357 sq m building was designed by architect Charles Webb and built in 1884 for the Banks & Co clothing manufacturing company.
Interestingly, Solomon Lew’s clothing company Voyager also has a huge amount of space nearby.
The Gange office is on a 1253 sq m piece of land near Melbourne and RMIT unis and a short walk from new underground stations. It is expected to sell for more than $10 million.
Vinci Carbone’s Joe Carbone and Frank Vinci have the listing. Expressions of interest close in December.
Pubs selling
A string of bumper pub deals has prompted a flurry of listings. The latest on the block is the newly refurbished Sarah Sands Hotel in Brunswick.
The Sarah Sands, more recently an Irish-themed Bridie O’Reilly and once a great music venue where the Beasts of Bourbon played in their heyday, is now a gastro-pub leased to Australian Venue Co.
Colliers International agents Guy Wells, Ben Baines and Tom Issakson are marketing the property on the corner of Brunswick and Sydney roads. It has a new 10-year lease and is expected to sell for more than $7 million.
Brunswick’s Sarah Sands Hotel is for sale.Credit:
Peregrine Projects bought the gold rush era pub in 2015 and built a $50 million apartment project above it.
It’s the second AVC-leased pub in a week to be offered to the market. The Village Belle in St Kilda went straight on the market days after its leasing deal was announced.
The Zig Inge Group is also offloading its city-based pub, The Flying Duck in Prahran, on a 768 sq m corner site at 67 Bendigo Street not far from Chapel Street.
The two-storey pub has a glass house atrium and a courtyard beer garden.
CBRE agents Scott Callow and Mathew George are selling both the freehold and the leasehold with expectations of more than $7.5 million.
The Zig Inge group bought The Duck in late 2014 for $4.37 million.
Also on the market after more than 50 years is the Kalkallo pub, on the city’s northern fringe. Mr George, with colleague Daniel Eramo, is marketing the Hume Highway hotel which comes with a bottle shop, several bars, function rooms and the all-important beer garden.
The fully leased pub and carpark at 1324 Hume Freeway is on a huge 18,400 sq m of land and returns $149,348 a year in rent.
The current lease, with options, runs until November 2032 and is expected to sell for more than $7.5 million.
Investors have been pumping out huge prices for pubs during the pandemic lockdown with a bumper summer expected.
