Village Belle is banking on an exceptional summer and a new owner
Developer Poly Australia is selling a major Richmond development site, an L-shaped piece of land on Bridge Road that wraps around Lennox Street.
The 3,531 m² super-site at 150-152 Bridge Road and 195 Lennox Street was purchased in 2016. Poly initially planned for a residential project but moved to offices in 2019, obtaining a permit for a six-level office. of 18,000 m².
CBRE’s David Minty, Scott Orchard, Nathan Mufale and Jing Jun Heng as well as Knight Frank’s Trent Preece, Paul Kempton, Langton McHarg and Dominic Ong are on the deal with $ 35 million expected.
Poly obviously does not merge the Lennox Street neighbor with the site. Final negotiations are said to be underway via Colliers for 193a Lennox Street, where a group of surgeons, lawyers and investors are selling their strata offices.
A private investor bought a three-story office building on Johnston Street, Fitzroy, adjacent to the Spanish Club redevelopment by Gurner.
CVA agents Ryan Milivojac and Charles Cini sold it for over $ 14,000 per m², or over $ 6.34 million.
The 1980s office is located on 453m² of land at number 51-55 with rear access to Harrison Place.
The buyer plans to occupy part of the 1,292 m² of office space in the medium term. There is a tenant with one year to run on their lease and a five year option.
“This transaction is the most recent in a long line of good results across Fitzroy. Developers, occupants and investors are flocking to the suburbs in droves, ”said Milivojac.
Favorite for developers
Brunswick is also firmly in the sights of promoters.
“Demand for Brunswick has exploded,” 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 CBD.”
Mr. Radisich, along with Nick Peden, Josh Rutman and MingXuan Li, markets a warehouse at 17-23 Hodgson Street that is expected to make more than $ 10 million.
The 3705 m² site is covered in warehouses. It is close to Temple and Royal Parks and Jewell Station.
The suburbs are now attracting renowned developers. International group Hines has paid $ 16 million for a construction project for rent 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 in an online auction with 13 bidders vying for the 930 m² site. It sold for $ 5.127 million or $ 5,500 per square meter – the kind of value you found in the nearby suburbs a few years ago.
Agents declined to comment on the identity of the bidders, but it is understood that the auction “crowd” was a who’s who of local and offshore development groups.
Meanwhile, Vision Real Estate‘s Frank Romeo sold an increasingly rare industrial estate property for $ 4.26 million – the day after the expressions of interest closed. The 1660 m² warehouse at 45-59 Tinning Street is located on an 1858 m² site.
The original Brunswick Market, a 1930s Spanish Mission-style building, currently used as office space, is up for grabs.
One of the few public buildings of the Spanish mission still standing, the 910 m² building at 1, rue Tripovich sits on a 710 m² plot of land.
The renovated building has four studios on two levels and 15 offices. It currently trades as TOMS Place and earns $ 301,000 per year, but could reach $ 380,000.
Records show that the sellers are investors David Frid and Michael Kahane who paid $ 2.8 million in 2017. The property could fetch as much as $ 5 million this time around.
Mr Frid moved to Byron Bay a few years ago, buying and renovating the ’80s Sunseeker Motel, also for sale between $ 15 million and $ 20 million.
Expressions of interest are handled by Fitzroys agents Chris Kombi and Ervin Niyaz.
A portfolio of 15 stores owned by the late Harry Oviss has hit the market with expectations of over $ 22 million.
The stores are mainly located in the northeastern suburban strips: Station Street, Fairfield, Were Street, Montmorency village with others in Ivanhoe, North Melbourne, Ascot Vale and High Street, Northcote.
The estate auctions follow the recent sale of Mr. Oviss’ “Aladdin’s Cave” of artwork, furniture and jewelry through Gibson’s auctioneers and appraisers.
Mr. Oviss, who died in January at the age of 97, opened his first store in the Block Arcade, selling knitwear, at just 19 years old. Its portfolio has been acquired over the decades.
Gross Waddell’s agents Michael Gross, Alex Ham and Danny Clark are handling the auction to be held at Leonda in Hawthorn on November 25. Individual stores are expected to fetch between $ 850,000 and $ 4 million.
“The Covid-19 pandemic has shown people how important shopping streets are. Not only are they a place to stock up on essential items, but they are a meeting point for surrounding communities, ”said Mr. Ham.