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Quiet listing for Chinese bank’s city HQ

Maybe the neighbours will be keen. The Brady Group now has full control over 280 Queen Street, a triple-storey building it bought with David Wu back in 2014.

Its plans for a 68 storey tower on the site, with tiny one and two bedroom apartments, triggered controversy about minimum size standards for the city’s flats.

But the tower never got up. Relations between the parties fell apart and ended in the Supreme Court where Justice Michael Sifris was forced to come up with a market value.

Early last year, the Brady Group paid Mr Wu $12.41 million for his one-third stake in the venture. Mr Wu had wanted to be paid according to the project’s end value but the longer the stoush went on, the longer it was taking to build anything and the further away it got from the market’s December 2017 peak.

Independent reports submitted to Justice Sifris valued the property at $41.5 m or a net $37.64 million. The Brady Group did not respond to any questions about their plans for the site. The permit is about to expire without an extension.

Nimble funds

The investors who pooled their funds to buy a home for complementary medicine research house, the National Institute of Integrative Medicine, are selling up.

11-23 Burwood Road, Hawthorn.

11-23 Burwood Road, Hawthorn.Credit:

NIIM’s backers, a host of healthy heavy weights, include property players Michael Drapac and Peter Copulos, cinema titan Robert Kirby, aromatherapist Sharon Kepper and Spotlight scion Zac Fried.

They paid $5.75 million in 2013 for an office building at 11-23 Burwood Road, Hawthorn.

The 2400 sq m office is on a large 1521 sq m parcel of land and offered with a three year leaseback to NIIM. It’s opposite the Epworth’s Hawthorn hospital, near the railway station.

NIIM was established by Avni Sali – father of Swisse Vitamin king Radek Sali – in 2005.

Knight Frank agents Ed Wright, Tom Ryan and Tim Grant will be fielding interest in the forthcoming campaign.

NIIM Property Investments, the buildings owner, can expect to triple the initial outlay and sell for more than $16 million.

Epping quarry

Riverlee has got the green light to go ahead with its $2 billion redevelopment of the Epping Quarry after the state government rezoned the 51 hectare site to mixed use from industrial.

The former quarry was acquired by Riverlee in 2015 for $14 million.

The former quarry was acquired by Riverlee in 2015 for $14 million.Credit:

Riverlee is flagging a mix of medical, residential and commercial buildings, including affordable housing, town houses, apartments, a private hospital and office buildings.

Riverlee Development director David Lee said: “A significant amount of the recent rezoning application also extends to the land along the Edgars Creek corridor to protect the creek and enhance environmental values and conservation,including the protected Growling Grass Frog.”

The former quarry, acquired by Riverlee in 2015 for $14 million, ceased operations almost 20 years ago. It’s surrounded by the Epping Wholesale Market to the west, the Alter family’s Pacific Epping shopping centre to the east and the McMullin Groups Northpoint business park and the Northern Hospital to the north.

Major move

In other major moves this week, Salta announced a deal that will kick off the long mooted intermodal rail terminal on its 180 hectare Nexus industrial estate in Dandenong South.

The Federal and State governments are jointly investing $28 million to connect the rail on state-owned land to the boundary of Salta’s estate and the developer will pump in $50 million to build the rail terminal.

Nexus Dandenong is already home to distribution centres operated by Woolies and Bunnings and other third party logistics outfits, Visa Global and Silk Contract Logistics. Work starts early next year.

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