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Air-rights tower up for grabs on La Trobe

They strata-titled the units and retained ownership of the ground and top floors – effectively the air rights and future development potential.

Render of the proposed tower above 58 La Trobe Street.

Render of the proposed tower above 58 La Trobe Street.

It is expected to fetch well into the $20 million range. An expressions of interest campaign, run by CBRE agents Mark Wizel, Lewis Tong, Julian White and Nathan Mufale, closes on December 5.

Poly purchase

Poly Holdings has made yet another Box Hill purchase, paying around $7.5 million for a two storey office building at 701 Station Street.

Knight Frank agents Tim Grant, Tom Ryan and Danny Clark took 75 enquiries about the property which sold for around $11,000 a sq m.

The 860 sq m office is on a 662 sq m site. It was offered vacant by vendor, Hong Kong-based Beijing Tong Ren Tang, which paid $6.85 million in 2017.

 701 Station Street, Box Hill.

 701 Station Street, Box Hill.

Poly Holdings, which now trades as APH Australia, recently bought the old Blockbuster Video at 925 Whitehorse Road for $13 million.

The Hawthorn-based company also paid $90 million for Hewlett Packard’s Forest Hill campus last year, then splashed a further $45.85 million on an office complex at 347-351 Burwood Highway.

Toorak crack

Developer Andreas Angelatos has bought a new property, just as he gets ready to sell one of his old projects.

Mr Angelatos paid $2 million over reserve last week to buy 617 Malvern Road, Toorak for $7.41 million.

617 Malvern Road, Toorak.

617 Malvern Road, Toorak.

Teska Carson agent Matthew Feld, who auctioned the property, said about 120 people were at the auction, including several high profile local developers.

Apparently, many of the crowd met the next day at an auction in Hawthorn where car dealer Nick Politis paid $11.2 million for a vacant office-warehouse at 20-24 Hall Street.

The two-storey Toorak property, held for 35 years in one family, is on the corner of Mathoura Road and returns $158,224 a year, reflecting a tight yield of 2.1 per cent.

Mr Angelatos, who slapped a caveat on the property, is expected to develop a new mixed-use project on the site. He is also selling a shop and office complex at 1192 High Street Armadale which he developed in 2016.

With the15 apartments upstairs all sold, Mr Angelatos’ is now offloading the four ground floor shops and first floor office.

The property returns $444,322 a sq m. Fitzroys is selling the property by expressions of interest which close in mid-November. The property is expected to fetch around $9 million.

1192-1200 High Street, Armadale.

1192-1200 High Street, Armadale.

Meanwhile, the Lee family is selling 478 Toorak Road in the heart of Toorak Village, across the road from Vicland Property Group’s proposed $600 million redevelopment of Village Way.

The 256 sq m two-storey faux-Tudor building is on a 420 sq m site with short term leases expiring early next year. Teska Carson agent Jack Kelliher is handling the November 22 auction.

Down the road at 554A High Street, Prahran, the milk bar owned by the Keller family for more than 60 years is going to auction on November 21 through Gross Waddell.

The Keller family ran a youth hostel for young Hungarian migrants out the back of the shop where there is a three bedroom home over two stories.

Royal touch

One of Victoria’s oldest running hotels, Craig’s Royal Hotel in downtown Ballarat is on the market for the first time this century.

Built in 1853, early in the gold rush that transformed Victoria, the hotel was described by American writer Mark Twain as “the pride of Ballarat”.

Current owners John and Mary Finning have decided to sell the hotel they bought 20 years ago.

The hotel has been central to significant historical events, including a royal assassination attempt. The Melbourne Racing Club was established on the premises and the 1855 Royal Commission into the Eureka Stockade was held there.

Craig's Royal Hotel, Ballarat.

Craig’s Royal Hotel, Ballarat.

It gained the Royal moniker in the 1860s when Queen Victoria’s son Prince Alfred visited Ballarat and stayed at the hotel. (After Prince Alfred left for Sydney, he was followed by Ballarat local Henry O’Farrell who attempted to assassinate him.)

JLL agent Will Connolly is marketing the hotel. Expressions of interest open on Wednesday, after Cup Day and close on December 5. Early interest in the 73-room property is at more than $13 million.

“The buyer will be purchasing a brand rather than a hotel – perhaps someone who is looking for a flagship property for their portfolio,” Mr Connolly said.

Kids club

Tom Shelton’s Bridport Property is offloading its Kensington childcare site.

The former office building at 64-66 Stubbs Street is being sold with a new 15 year lease. It’s poised to open as a 100-place Kids Club centre early next year.

CBRE agents Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Capspani-Muto are selling the property which is zoned Mixed Use.

64-66 Stubbs Street, Kensington.

64-66 Stubbs Street, Kensington.

The 824 sq m building is on a 1451 sq m site, returning $450,800 a year in rent. The property is valued on Bridport’s website at $8.6 million.

Title deeds indicate Bridport bought the property in 2017 for $4.51 million. It’s in the middle of the Arden-Macaulay Structure Plan zone and could be redeveloped up to six levels.

The Kensington centre goes to auction on November 21. It’s a rare CBD fringe childcare site. The last to sell was 97 Tope Street, South Melbourne, which fetched $10.3 million.

The listing comes as investor Wilson Guo put three development sites with childcare permits on the market.

Mr Peluso said each of the three sites – 72 Cummins Road, East Brighton; 110-112 Warrighal Road, Oakleigh South and 130 Flinders Avenue Lara – was worth more than $2 million.

Meanwhile, expressions of interest closed for Mike Wu’s $150 million portfolio of centres last Thursday.

Mr Peluso said the portfolio has attracted huge interest and offers have come from as far away as the middle east and Europe.

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