Sisters of the Good Shepherd list historic Little Collins Street building for $18M+
The Garden State Hotel at 95-101 Flinders Lane.
Listed pub giant Australian Venue Co operates the popular hotel, but records show the fund’s original head lease on the property has an expiry date of 2301. It’s a pretty long-term vision.
Values on the Flinders Lane block behind 101 Collins Street are skewed by attempts by the tower’s owner, the Commonwealth Pension Fund, to control possible developments that could cloud its views.
The fund has already undercut the height potential of the Garden State Hotel at 95-101 Flinders Lane, which could limit its peak price. Last month, an office at 107-109 sold for $14.8 million; that was a fraction of the $15 million the fund paid out in 2015.
A similar price is expected for the newly listed 103-105 Flinders Lane. However, none of these are pubs that can work with completely different metrics. Records show Zagames paid $5 million in 2007. The old factory was converted into a restaurant in the late 1980s.
Old Salvos’ suburban haunt shines
A wealthy Liechtenstein family has bought Salvos’ former headquarters in Mont Albert, giving a fresh sign of renewed investor interest in the city’s office market.
Venncap, acting on behalf of Hilti Family Office, is paying $24.5 million for the three-storey office at 3-7 Hamilton Street.
The 3,508 square meter fully leased office generates $1.75 million a year and is the first major office to change hands without stamp duty under the Victorian government’s new Commercial and Industrial Property Tax.
3-7 Hamilton Street, Mont Albert.
This tax will replace the advance stamp duty with a 1 percent annual land value-based tax starting 10 years from the date of purchase. The expressions of interest campaign, led by Lemon Baxter’s Thomas Blencowe, Paul O’Sullivan and Hans Fan, attracted six bids.
Local investment company Forza paid $15.5 million for the vacant office in July 2024, immediately after the new plan was implemented. Larkfield, owned by the Hargrave family, the seller at the time, paid $27.85 million in 2021.
Offices are coming into operation again
In nearby Camberwell Junction, the Lemon Baxter team is selling 695 Burke Road, the office it has held for 30 years, on behalf of Dealcorp, at the behest of Advise Transact.
Records show Dealcorp boss David Kobritz paid $1.6 million for the office at a time when the property market was in a deep hole.
695 Burke Road, Camberwell.
80 percent of the 3500 square meter building on a 1115 square meter land is rented. It returns about $925,000 a year and could yield more than $20 million.
Closer to the city, a vacant Richmond office is up for sale again. The three-storey building at 1 Salisbury Street was previously let to children’s services charity Berry Street.
It last changed hands in 2010 for $7 million and hit the market in 2023 with a price of $13 million, recently falling to $9 million.
The 1873 square meter property was built in 2003. It is located on 1418 square meters of land off Church Street, between Highett and Victoria streets.
1 Salisbury Street, Richmond.
The listing is held by Gorman Commercial agents Peter Bremner and Jonathon McCormack, as well as LDB Property’s Owen Day and Scott Raglus.
Lots of development sites
A 7.55-hectare site at 29 Norvel Road, Ferntree Gully, on the Dandenong foothills, is on the market with Chinese sellers expecting $60 million.
The real estate has a license for 138 parcels. Cushman & Wakefield’s Joe Kairouz, Hamish Burgess and Leon Ma are selling the former quarry site, which last changed hands in 2016, for $40 million.
29 Norvel Road, Ferntree Gully.
Linda Sharky and Max Mahoney of Cushmans and Four Leaves Property in Northcote are also marketing a StoreLocal self-storage center at 150 Arthurton Road, near Darebin Creek.
The 5,190 square meter site comes with an approved plan for a seven-level project. The seller, EG Funds, paid $13.45 million in 2016 and expects about $20 million.
150 Arthurton Road, Northcote.
Entrepreneur Matt Bailey of The Bailey Boys in South Melbourne is selling a site that has been in his family for more than 20 years. The properties at 214-226 Park Street cover 2,432 square meters on the corner of Palmer Street.
214–220 and 222–226 Park Street, South Melbourne.
Colliers representatives Tim Storey, Jozef Dickinson, Philip Heberling and Aaron Choong have the listing and are expecting more than $30 million.
The owners of the 2,547 square meter development at 11-13 Black Street in Bayside Brighton are hoping for around $20 million. The site, close to the Church Street strip, has permission for 23 “oversized” flats designed by Bruce Henderson Architects. The campaign is run by Gross Waddell ICR’s Danny Clark, Andrew Greenway and Glenn Ye.
hawthorn award
Four bidders competed for 556-558 Glenferrie Road in Hawthorn; The sales price of $2.45 million reflected a tight yield of 3.8 percent.
The buyer was a local private investor who added it to his portfolio. Two adjoining properties on the corner of Henrietta Street are up for sale for the first time in 50 years.
They occupy a 372 square meter site in the block south of Glenferrie railway station between Burwood and Riversdale roads.
556-558 Glenferrie Road, Hawthorn.
The auction campaign was led by Fitzroys’ Ben Liu, Chris James and David Bourke.
Across the river, another private investor bought a strata-titled shop in Toorak Village for about $1.1 million after it was sold at auction. Lewis Waddell and Chris Kombi of Fitzroys sold 525 Toorak Road to a local family. The 74 square meter store comes to wellness retailer Nutrition Shark on a three-year lease.
