St Kilda stalwart Topolino’s late-night pizza ovens face closing time on Fitzroy Street
Those deals mark a potential high of $23.5 million, but prices have since softened.
football towers
The football season is over and the Australian Football League is turning its attention to the former Seven Network headquarters and its own waterfront digs at the Docklands stadium.
The Allan government and the AFL have launched an expressions of interest campaign for two sites at 140 and 160 Harbor Esplanade, covering approximately 2000 square meters of prime land. The widely anticipated move follows a $225 million stadium renovation.
An artist’s impression of the proposed Harbor Esplanade project.
Development Victoria and the AFL jointly own the sites and are seeking an experienced real estate partner with the experience, capacity and capital to deliver a three-tower project.
On the threshold of the stadium, there is a potential development area of 180,000 square meters worth billions of dollars.
Ross Hamilton and Daniel Wolman of Cushman & Wakefield are running the campaign.
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It’s growing, it’s growing, it’s gone
Not so long ago you could feed apples or carrots to horses at Kilby Park Stables in East Kew. Now 4.08 hectares of land on the Eastern Highway is for sale. This farm, which has been used as Kilby Park Tree Farm for the last 25 years, has a water reservoir of 30 million liters and a capacity of 18,000 trees.
The triangular plot borders residences and the popular Hays Paddock playground and sports fields. On the other side of the motorway are the Yarra River, Yarra Road trails and Kew Golf Course.
Kilby Park, 9 Minogue Street, East Kew.
Records show the Hays family sold it in 2001 for $1.25 million. It is currently owned by retail and publishing veteran Ron Hall, former owner of the Reject Shop and SEN group.
Gross Waddell ICR’s Michael Gross, Nick Meadows and Andrew Waddell are running the campaign. Future options are limited as the property is in an urban flood zone, but it could be converted into another sports field or kept as a nursery. It is offered with vacant possession and is expected to sell for more than $5 million.
Another riverside nursery for sale is Poyntons at Aberfeldie in the inland north-west. The property, owned by the Poynton family, is on sale for the first time in 90 years.
Poynton’s Nursery, 80-100 Vida Street, Aberfeldie.Credit: Justin McManus
The 4.89ha property is located at the intersection of The Boulevard and Vida Street, on the Essendon border.
It has 90 meters of frontage to the Maribyrnong River and is zoned as General Residential. The nursery is available in a variety of titles and is available on a two-year short-term lease for $520,000 per year.
The listing is held by Stephen Bolton, James Latos and Tanya Su of Savills, and Anthony Carbone and Peter Daris of CPN Commercial Group. It is expected to generate more than $10 million in revenue.
Healthcare opportunities
Melbourne-based syndication organization The Property Advisory has taken its first step into the healthcare industry by purchasing Australian Union’s Greensborough Medical Center and Day Hospital for $32.5 million.
The center in the north-east suburb has been let to a number of tenants, including ASX-listed Healius, Lumus Radiology and Adora Fertility, generating rental income of more than $2.2 million. This shows that the return on the deal is 6.87 percent.
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TPA, which manages investments worth $443 million, has been monitoring the healthcare real estate sector for some time, according to TPA bosses Lucas Shannon and Hugh O’Brien.
“In our view, the healthcare industry was overheated before and during the COVID period, when interest rates were at historic lows. The current high interest rate environment has since created attractive opportunities for long-term investors,” Shannon said.
Australian Unity will use the funds to reduce debt and fund new projects, including a $67 million aged care project in Knoxfield. CBRE agents Marcello Casani-Muto and Sandro Peluso brokered the deal.
Rare offer in Clifton Hill
A rare Clifton Hill office steeped in history is back on the market. The three-storey red brick building at 24 Groom Street, near the Eastern Ring Road, started as a small boot factory in 1892, but during World War 1 it became the Commonwealth Government’s Harness and Saddlery and became an important outfitter for the army.
24 Groom Street, Clifton Hill.
The 925 square meter building is located on a 340 square meter land. It was the Zig Zag Paper mill, which produced cigarette paper until 1973, when it was purchased by NCI Packaging for its headquarters.
Records show it last changed hands in 2021, when sports digital marketing company Easey Street Group paid $4.97 million. Easey Street is offering the place for sale, paying $266,817 annually by renting back two floors and leaving the penthouse office vacant for a new (owner) occupant.
Angus Parnham and Jeremy Gruzewski of Aston Commercial have the listing and are expecting around $7 million.
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